UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-05349
Goldman Sachs Trust
(Exact name of registrant as specified in charter)
71 South Wacker Drive, Chicago, Illinois 60606
(Address of principal executive offices) (Zip code)
Copies to:
Caroline Kraus, Esq. | Stephen H. Bier, Esq. | |
Goldman Sachs & Co. LLC | Dechert LLP | |
200 West Street | 1095 Avenue of the Americas | |
New York, New York 10282 | New York, NY 10036 |
(Name and address of agents for service)
Registrants telephone number, including area code: (312) 655-4400
Date of fiscal year end: October 31
Date of reporting period: April 30, 2022
ITEM 1. | REPORTS TO STOCKHOLDERS. |
The Semi-Annual Report to Shareholders is filed herewith. |
Goldman Sachs Funds
Semi-Annual Report | April 30, 2022 | |||
Dividend Focus Funds | ||||
Income Builder | ||||
Rising Dividend Growth |
Goldman Sachs Dividend Focus Funds
∎ | INCOME BUILDER |
∎ | RISING DIVIDEND GROWTH |
Market Review |
1 | |||
6 | ||||
12 | ||||
34 | ||||
37 | ||||
37 | ||||
43 | ||||
50 | ||||
70 |
NOT FDIC-INSURED | May Lose Value | No Bank Guarantee |
MARKET REVIEW
The following are highlights both of key factors affecting the global capital markets broadly and the U.S. equity and energy MLP markets more specifically as well as of any key changes made to the Goldman Sachs Dividend Focus Funds (the Funds) during the six months ended April 30, 2022 (the Reporting Period). Attribution highlights are provided for those Funds that materially outperformed or underperformed their respective benchmark during the Reporting Period. A fuller review will appear in the Funds annual shareholder report covering the 12 months ended October 31, 2022.
Market and Economic Review
Global Capital Markets
| Overall, the global capital markets struggled during the Reporting Period. The MSCI World Index returned -11.30%; the MSCI Emerging Markets Index returned -14.15%; and the Bloomberg Global Aggregate Index returned -11.69%. The Russell 1000® Value Index returned -3.95% and the ICE BofAML BB to B US High Yield Constrained Index returned -7.16% for the Reporting Period. |
| As the Reporting Period began in November 2021, developed markets equities, as measured by the MSCI World Index, and emerging market equities, as measured by the MSCI Emerging Markets Index, were resilient despite elevated U.S. inflation data. However, with the emergence of the COVID-19 Omicron variant and concerns around tighter monetary policy from the U.S. Federal Reserve (the Fed) at the end of the month, global equities experienced a sharp sell-off, more than erasing earlier month gains, and bond yields declined. High yield corporate bonds edged down, as investor sentiment was challenged by interest rate volatility, softer oil prices, concerns about the Omicron variant and high levels of supply. |
| After a weak November, global equities recovered strongly in December 2021 and bond yields generally rose, as financial markets proved rather immune to rising COVID-19 cases due to the lower severity of the Omicron variant and in line with healthy economic growth globally and expectations of tighter monetary policy in the U.S. and Europe. High yield corporate bonds posted modest gains as investor risk appetite improved. |
| In response to higher inflationary pressures, the U.S. Fed signaled a more aggressive interest rate hike path than it had previously indicated and announced its plan to double the pace of its asset purchase tapering beginning in January 2022. |
| Entering 2022, the rapidly evolving outlook for inflation and Fed policy had already complicated the macroeconomic outlook, but the February Russian invasion of Ukraine significantly increased uncertainty and volatility. |
| For the first quarter of 2022 overall, valuations declined broadly across multiple asset classes. Credit spreads widened as bond yields simultaneously rose in response to inflationary pressures. Against this backdrop, high yield corporate bonds retreated. Global equities, both in the developed and emerging markets, declined significantly. |
| Fed officials raised short-term interest rates by 25 basis points in March, the first U.S. rate hike since the end of 2018. (A basis point is 1/100th of a percentage point.) Fed officials also forecast six more increases by the end of 2022. |
| Elsewhere, the Bank of England and Norways central bank raised their policy interest rates. The European Central Bank (ECB) delivered a hawkish message but did not hike rates, signaling its asset purchases would conclude in the third quarter of 2022 and suggesting to many that ECB policymakers were more focused on upside inflation risks than on downside economic growth risks. |
| April 2022 proved to be another difficult month for capital markets, as both equities and fixed income markets were down sharply, pressured by sustained high inflation, hawkish central banks and the prolonged conflict in Ukraine. (Hawkish tends to suggest higher interest rates; opposite of dovish.) |
1
MARKET REVIEW
U.S. Equities
| Overall, U.S. equities struggled during the Reporting Period. The Standard & Poors 500 Index (the S&P 500 Index) ended the Reporting Period with a return of -9.65%. The Russell 3000® Index generated a return of -11.75%. |
| Persistent supply-chain disruptions, hawkish Fed policy and inflationary pressures remained the common themes during the Reporting Period, while the biggest headlines were the COVID-19 variants and the start of the yet ongoing Russia/Ukraine war. |
| As the Reporting Period began in November 2021, the S&P 500 Index fell, though retail earnings upside surprises and hints of easing supply chain constraints supported the U.S. equity markets upward trajectory through most of the month. |
| Later in November, a $1 trillion infrastructure bill was signed into law, and Fed Chair Powell was appointed for a second term, bringing clarity to the Feds leadership. |
| However, renewed concerns around COVID-19 developments pressured U.S. equities, with the emergence of the more contagious Omicron variant triggering a sell-off. Persistently high inflation also weighed on market sentiment. |
| In December, the S&P 500 Index rebounded despite record COVID-19 case counts in many population centers in the U.S., as studies showed the variant was generally accompanied by milder symptoms than previous variants. |
| Positive seasonality and the so-called Santa Rally also lifted the S&P 500 Index towards the end of the month. |
| The Fed walked back its use of transitory in describing the inflationary environment, announced it would double its pace of asset purchase tapering and indicated potential interest rate hikes in 2022. |
| The S&P 500 Index fell in the first quarter of 2022, marking its first quarterly decline since the first quarter of 2020. |
| The dramatic repricing of the Feds interest rate hike path and expectations for a more aggressive balance sheet runoff phase were accelerated due to concerns about elevated and persistent inflation pressures. |
| Tensions arising from geopolitical conflict, most notably Russias invasion of Ukraine, also brought about concern, as commodity prices became volatile and the global supply chain came back into question. |
| Dampened corporate earnings momentum, the velocity and magnitude of the U.S. Treasury yield increase, and the overhang of the Omicron variant bringing about supply chain issues and worker shortages further played into the bearish narrative during the quarter. |
| In April 2022, the S&P 500 Index decreased, as U.S. equities remained under pressure, ending the month with its worst one-day return since June 11, 2020 and in correction territory. |
| First quarter inflation, as measured by the Consumer Price Index, was reported in April, with the 8.5% year-over-year increase marking the largest 12-month advance since December 1981. |
| Later in the month, Fed Chair Powell confirmed a 50 basis point interest rate hike was on the table for May 2022 and that the Fed was expected to formally announce the start of its balance sheet runoff. |
| Geopolitical overhang brought concern, as it affected energy prices, leading, in turn, to low consumer sentiment and potentially changing consumer spending trends. |
| Moreover, tightening financial conditions, spans of yield curve inversion (meaning short-term U.S. Treasury yields were higher than longer-term U.S. Treasury yields) and negative real wage growth dynamics drove some recession talk. |
| Chinas unwillingness to deviate from its zero-tolerance approach to COVID-19 and related lockdowns affecting supply chains as well as labor shortages and negative U.S. Gross Domestic Product growth for the first quarter of 2022 were also prevalent themes for the month even as the U.S. labor market remained strong and early corporate earnings reports highlighted a number of positive themes. |
2
MARKET REVIEW
| For the Reporting Period overall, all segments of the U.S. equity market declined, but value stocks significantly outperformed growth stocks across the capitalization spectrum in part as a potential byproduct of anticipated higher interest rates in the near term. |
| The best performing sectors within the S&P 500 Index during the Reporting Period were energy, consumer staples, utilities and materials, while the weakest performing sectors were communication services, consumer discretionary, financials and information technology. |
Energy MLPs
| During the Reporting Period, commodity prices saw significant strength, with West Texas Intermediate (WTI) crude oil and natural gas prices up 30.60% and 33.51%, respectively. |
| Early in the Reporting Period, commodity prices moved higher, as the market reacted to an emerging energy crisis amid rebounding economic activity and disciplined commodities supply. |
| Later in November 2021, concerns around the spread of the COVID-19 Omicron variant drove a brief but sharp sell-off in commodities and energy-related equities. The spread of the Omicron variant raised concerns about the potential impact on near-term demand. However, data suggested that although highly transmissible, the variant was less severe, which ultimately helped ease market fears. |
| Despite the brief sell-off, the fundamental backdrop for commodities remained strong heading into 2022. |
| U.S. oil demand continued to tick higher, and supply struggled to keep pace given years of upstream1 capital expenditure cuts, strong discipline from OPEC+2 and U.S. producers remaining focused on maximizing free cash flow. |
| This dynamic ultimately led to undersupplied energy markets, which were exacerbated by the Russian invasion of Ukraine on February 24th, given Russias position as a major global exporter of crude oil and natural gas. |
| Following the invasion of Ukraine, crude oil prices reached $128 per barrel their highest level since 2008 and continued to experience significant volatility through the end of the Reporting Period driven by developments surrounding the Russia/Ukraine conflict, the possibility of a European Union ban on Russian oil and potential oil demand-side concerns stemming from rising COVID-19 cases and lockdown procedures in China. |
| While the midstream3 energy markets traded alongside the volatility in crude oil prices during April 2022, driven by geopolitical developments and China lockdown procedures, the sector continued to outperform the broader U.S. equity markets. |
| For the Reporting Period as a whole, midstream energy markets moved higher alongside strong commodity prices. |
| The Alerian MLP Index4, which measures energy infrastructure master limited partnerships (MLPs), and the Alerian Midstream Energy Index5, which measures the broader midstream sector inclusive of both energy MLPs and C corporations, generated total returns of 13.70% and 13.90%, respectively, during the Reporting Period, significantly outperforming broader equity markets, as represented by the -9.65% return of the S&P 500 Index. |
1 | The upstream component of the energy industry is usually defined as those operations stages in the oil and gas industry that involve exploration and production. Upstream operations deal primarily with the exploration stages of the oil and gas industry, with upstream firms taking the first steps to first locate, test and drill for oil and gas. Later, once reserves are proven, upstream firms will extract any oil and gas from the reserve. |
2 | OPEC+ is comprised of the Organization of the Petroleum Exporting Countries (OPEC) and Russia. |
3 | The midstream component of the energy industry is usually defined as those companies providing products or services that help link the supply side (i.e., energy producers) and the demand side (i.e., energy end-users for any type of energy commodity. Such midstream businesses can include, but are not limited to, those that process, store, market and transport energy commodities. |
4 | Source: Alerian. The Alerian MLP Index is the leading gauge of energy infrastructure MLPs. The capped, float-adjusted, capitalization-weighted index, whose constituents earn the majority of their cash flow from midstream activities involving energy commodities, is disseminated real-time on a price-return basis (AMZ) and on a total-return basis (AMZX). It is not possible to invest directly in an unmanaged index. |
5 | Source: Alerian. The Alerian Midstream Energy Index is a broad-based composite of North American energy infrastructure companies. The capped, float-adjusted, capitalization-weighted index, whose constituents earn the majority of their cash flow from midstream activities involving energy commodities, is disseminated real-time on a price-return (AMNA), total-return (AMNAX), net total-return (AMNAN), and adjusted net total-return (AMNTR) basis. It is not possible to invest directly in an unmanaged index. |
3
MARKET REVIEW
| In our view, midstream fundamentals remained, at the end of the Reporting Period, the healthiest on record. |
| Management teams were no longer prioritizing growth and instead focusing on capital discipline, balance sheet strength, and above all, generating free cash flow and returning it back to investors via dividends and buybacks. |
| At the same time, from a valuation perspective, the midstream sector screened as inexpensive, trading at a 3.1x discount to the S&P 500 Index on an enterprise value/earnings before interest, taxes, depreciation and amortization (EBITDA) basis, which was far below the long-term average premium of 1.2x versus the S&P 500 Index. |
| The midstream sector continued to offer some of the highest yields in the equity asset class at the end of the Reporting Period, with the Alerian MLP Index yielding more than 7%, which was five times that of the S&P 500 Index and twice the yields of both utilities and real estate investment trusts. |
| Strong oil and natural gas prices supported earnings momentum across the sector with the majority of the top U.S. midstream companies beating consensus EBITDA expectations for the fourth quarter of 2021.6 |
| The midstream sector benefited, we believe, not only from this constructive fundamental backdrop during the Reporting Period but also from technical factors including strong money flows from energy equity investors. |
Fund Changes and Highlights
Goldman Sachs Income Builder Fund
| Effective January 3, 2022, Alexandra Wilson-Elizondo became a portfolio manager for the Fund, joining Ashish Shah, Ron Arons, Collin Bell, Charles Brook Dane and Neill Nuttall. |
Goldman Sachs Rising Dividend Growth Fund
| While posting disappointing absolute returns, the Fund outperformed its benchmark, the Standard & Poors® 500 Index (with dividends reinvested) (the S&P 500 Index), on a relative basis during the Reporting Period. |
| The Funds dividend-paying investments outperformed the S&P 500 ex-Energy Index, the benchmark used for the dividend-paying growers portion of the Fund, during the Reporting Period. |
| While sector allocations are the result of stock selection in the dividend-paying growers portion of the Fund, having an average underweight in communication services was a significant positive contributor to relative returns during the Reporting Period. Effective stock selection in the communication services, information technology and materials sectors also added notable value. |
| These positive contributors were only partially offset by having an average underweight position in the utilities sector and by weaker stock selection in the utilities, financials, industrials, consumer staples and health care sectors, which detracted from relative performance during the Reporting Period. |
| Further, not holding certain individual stocks that outperformed the S&P 500 ex-Energy Index during the Reporting Period including Apple, Berkshire Hathaway, Johnson & Johnson, Procter & Gamble and AbbVie dampened relative results. |
| The Funds MLP & Energy Infrastructure Sleeve outperformed the Alerian MLP Index, the benchmark used for the MLP & Energy Infrastructure Sleeve of the Fund, during the Reporting Period. |
| Relative overweights to the gathering & processing and integrated sub-industries contributed most positively. These sub-industries benefited from the strong recovery in crude oil and natural gas liquid prices during the Reporting Period given that these sub-industries are close to the wellhead and therefore tend to be sensitive to commodity price movements. |
6 | Ten of the top 15 U.S. midstream companies in the Alerian US Midstream Energy Index beat consensus EBITDA expectations for the fourth quarter of 2021. |
4
MARKET REVIEW
| Stock selection in and a relative underweight to the pipeline transportation/petroleum sub-industry added value as well. This sub-industry benefited from the strong commodity backdrop but to a lesser degree, as the companies within this sub-industry generally have lower commodity price beta, or volatility of returns relative to the overall market. Our focus within the sub-industry was on what the Goldman Sachs Energy Infrastructure & Renewables Team viewed as high quality companies with strong dividend/distribution coverage, cash flow growth potential, a robust outlook for free cash flow generation and a healthy balance sheet. |
| These positive contributors were only partially offset by having an overweight exposure to the power generation sub-industry, particularly renewable power generation companies, which detracted. During the Reporting Period, concerns around inflation and higher U.S. interest rates drove a broad rotation from growth to value stocks, which ultimately weighed on the clean energy sector, including renewable power generation companies. |
5
Income Builder Fund
as of April 30, 2022
PERFORMANCE REVIEW |
|
|||||||||||||
November 1, 2021April 30, 2022 | Fund Total Return (based on NAV)1 |
Russell 1000® Value Index2 |
ICE BofAML BB to B U.S. High Yield Constrained Index3 |
|||||||||||
Class A |
-5.84 | % | -3.94 | % | -7.16 | % | ||||||||
Class C |
-6.19 | -3.94 | -7.16 | |||||||||||
Institutional |
-5.69 | -3.94 | -7.16 | |||||||||||
Investor |
-5.75 | -3.94 | -7.16 | |||||||||||
Class R6 |
-5.72 | -3.94 | -7.16 | |||||||||||
Class P |
-5.68 | -3.94 | -7.16 |
1 | The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Funds performance assumes the reinvestment of dividends and other distributions. The Funds performance does not reflect the deduction of any applicable sales charges. |
2 | The Russell 1000® Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000® Index companies with lower price-to-book ratios and lower expected growth values. This index is constructed to provide a comprehensive and unbiased barometer for the large-cap value segment. The Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics. It is not possible to invest directly in an unmanaged index. |
3 | The ICE BofAML BB to B U.S. High Yield Constrained Index contains all securities in the ICE BofAML U.S. High Yield Index rated BB1 through B3, based on an average of Moodys, S&P and Fitch, but caps issuer exposure at 2%. Index constituents are capitalization-weighted, based on their current amount outstanding, provided the total allocation to an individual issuer does not exceed 2%. Issuers that exceed the limit are reduced to 2% and the face value of each of their bonds is adjusted on a pro-rata basis. Similarly, the face values of bonds of all other issuers that fall below the 2% cap are increased on a pro-rata basis. It is not possible to invest directly in an unmanaged index. |
The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Funds investment return and principal value will fluctuate so that an investors shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
6
FUND BASICS
TOP TEN EQUITY HOLDINGS AS OF 4/30/224 | ||||||||
Holding |
% of Net Assets |
Line of Business | ||||||
JPMorgan Chase & Co. |
1.0 | % | Banks | |||||
Johnson & Johnson |
0.9 | Pharmaceuticals | ||||||
UnitedHealth Group, Inc. |
0.9 | Health Care Providers & Services | ||||||
Bristol-Myers Squibb Co. |
0.9 | Pharmaceuticals | ||||||
Schneider Electric SE ADR |
0.8 | Electrical Equipment | ||||||
Shell PLC ADR |
0.7 | Oil, Gas & Consumable Fuels | ||||||
Bank of America Corp. |
0.7 | Banks | ||||||
Zurich Insurance Group AG ADR |
0.7 | Insurance | ||||||
Medtronic PLC |
0.7 | Health Care Equipment & Supplies | ||||||
Nordea Bank Abp ADR |
0.7 | Banks |
4 | The top 10 holdings may not be representative of the Fund's future investments. |
FUNDS EQUITY SECTOR ALLOCATIONS VS. BENCHMARK5 | ||||||
As of April 30, 2022 |
5 | The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund's overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard ("GICS"), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of the total value of the Fund's Equity investments. The graph depicts the Fund's investments but may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. |
7
FUND BASICS
FUNDS FIXED INCOME COMPOSITION6 |
6 | The percentage shown for each investment category reflects the value of investments in that category as a percentage of the Fund's Fixed Income investments. The graph depicts the Fund's investments but may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. |
For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Funds investment strategies, holdings, and performance.
8
FUND BASICS
Rising Dividend Growth Fund
as of April 30, 2022
PERFORMANCE REVIEW |
| |||||||||
November 1, 2021April 30, 2022 | Fund Total Return (based on NAV)1 |
S&P 500 Index2 | ||||||||
Class A |
-5.14 | % | -9.65 | % | ||||||
Class C |
-5.51 | -9.65 | ||||||||
Institutional |
-4.99 | -9.65 | ||||||||
Investor |
-4.96 | -9.65 | ||||||||
Class R6 |
-4.92 | -9.65 | ||||||||
Class R |
-5.21 | -9.65 | ||||||||
Class P |
-4.99 | -9.65 |
1 | The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Funds performance reflects the reinvestment of dividends and other distributions. The Funds performance does not reflect the deduction of any applicable sales charges. |
2 | The S&P 500 Index is the Standard & Poors 500 Composite Index of 500 stocks, an unmanaged index of common stock prices. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Funds investment return and principal value will fluctuate so that an investors shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
9
FUND BASICS
TOP TEN HOLDINGS AS OF 4/30/223 | ||||||||
Holding |
% of Net Assets |
Line of Business | ||||||
Comcast Corp. Class A |
2.1 | % | Media | |||||
NextEra Energy, Inc. |
2.1 | Electric Utilities | ||||||
Activision Blizzard, Inc. |
2.1 | Entertainment | ||||||
MPLX LP |
1.9 | Oil, Gas & Consumable Fuels | ||||||
Energy Transfer LP |
1.8 | Oil, Gas & Consumable Fuels | ||||||
Western Midstream Partners LP |
1.8 | Oil, Gas & Consumable Fuels | ||||||
Mastercard, Inc. Class A |
1.6 | IT Services | ||||||
Visa, Inc. Class A |
1.6 | IT Services | ||||||
Microsoft Corp. |
1.5 | Software | ||||||
QUALCOMM, Inc. |
1.5 | Semiconductors & Semiconductor Equipment |
3 | The top 10 holdings may not be representative of the Funds future investments. The top 10 holdings exclude investments in money market funds. |
FUND VS. BENCHMARK SECTOR ALLOCATION4 |
As of April 30, 2022 |
4 | The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Funds overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (GICS), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in securities lending reinvestment vehicle, if any). The graph depicts the Funds investments but may not represent the Funds market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. |
For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Funds investment strategies, holdings, and performance.
10
PORTFOLIO RESULTS
Index Definition
Bloomberg Global Aggregate Index is a flagship measure of global investment grade debt from twenty-four local currency markets. This multi-currency benchmark includes treasury, government-related, corporate and securitized fixed-rate bonds from both developed and emerging markets issuers.
MSCI World Index captures large and mid cap representation across 23 Developed Markets countries which include Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the UK and the US.. With 1,539 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.
MSCI Emerging Markets Index captures large and mid cap representation across 24 Emerging Markets countries which include Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. With 1,398 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.
11
GOLDMAN SACHS INCOME BUILDER FUND
April 30, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks 37.8% | ||||||||
Aerospace & Defense 0.5% | ||||||||
50,057 | L3Harris Technologies, Inc. | $ | 11,626,239 | |||||
|
|
|||||||
Banks 3.9% | ||||||||
450,337 | Bank of America Corp. | 16,068,024 | ||||||
434,861 | BNP Paribas SA ADR | 11,258,551 | ||||||
198,767 | JPMorgan Chase & Co. | 23,724,829 | ||||||
80,085 | M&T Bank Corp. | 13,345,365 | ||||||
1,556,813 | Nordea Bank Abp ADR | 15,723,811 | ||||||
236,060 | Truist Financial Corp. | 11,413,501 | ||||||
|
|
|||||||
91,534,081 | ||||||||
|
|
|||||||
Beverages 0.7% | ||||||||
60,985 | Coca-Cola Europacific Partners PLC | 3,046,201 | ||||||
188,057 | The Coca-Cola Co. | 12,150,363 | ||||||
|
|
|||||||
15,196,564 | ||||||||
|
|
|||||||
Biotechnology 0.3% | ||||||||
27,920 | Amgen, Inc. | 6,510,665 | ||||||
|
|
|||||||
Capital Markets 0.9% | ||||||||
13,077 | BlackRock, Inc. | 8,168,940 | ||||||
91,688 | Morgan Stanley | 7,389,136 | ||||||
59,418 | Singapore Exchange Ltd. ADR | 6,307,815 | ||||||
|
|
|||||||
21,865,891 | ||||||||
|
|
|||||||
Chemicals 0.7% | ||||||||
23,093 | Air Products & Chemicals, Inc. | 5,405,378 | ||||||
38,535 | Linde PLC | 12,021,379 | ||||||
|
|
|||||||
17,426,757 | ||||||||
|
|
|||||||
Commercial Services & Supplies 0.6% | ||||||||
102,594 | Republic Services, Inc. | 13,775,296 | ||||||
|
|
|||||||
Communications Equipment 0.9% | ||||||||
300,718 | Cisco Systems, Inc. | 14,729,167 | ||||||
35,606 | Intelsat Emergence SA | 1,126,040 | ||||||
156,086 | Juniper Networks, Inc. | 4,919,831 | ||||||
|
|
|||||||
20,775,038 | ||||||||
|
|
|||||||
Construction & Engineering 0.3% | ||||||||
284,572 | Vinci SA ADR | 6,829,728 | ||||||
|
|
|||||||
Consumer Finance 0.4% | ||||||||
54,047 | American Express Co. | 9,442,551 | ||||||
|
|
|||||||
Containers & Packaging 0.2% | ||||||||
108,738 | International Paper Co. | 5,032,395 | ||||||
|
|
|||||||
Diversified Telecommunication Services 0.7% | ||||||||
811,562 | AT&T, Inc. | 15,306,059 | ||||||
|
|
|||||||
Electric Utilities 1.3% | ||||||||
1,699,227 | Enel SpA ADR | 10,943,022 | ||||||
191,905 | NextEra Energy, Inc. | 13,629,093 | ||||||
90,901 | Xcel Energy, Inc. | 6,659,407 | ||||||
|
|
|||||||
31,231,522 | ||||||||
|
|
|||||||
Common Stocks (continued) | ||||||||
Electrical Equipment 1.4% | ||||||||
98,703 | Eaton Corp. PLC | $ | 14,313,909 | |||||
630,886 | Schneider Electric SE ADR | 17,961,324 | ||||||
|
|
|||||||
32,275,233 | ||||||||
|
|
|||||||
Electronic Equipment, Instruments & Components 0.3% | ||||||||
54,717 | TE Connectivity Ltd. | 6,827,587 | ||||||
|
|
|||||||
Energy Equipment & Services(a) 0.1% | ||||||||
84,943 | Noble Corp. | 2,712,230 | ||||||
|
|
|||||||
Equity Real Estate Investment Trusts (REITs) 2.4% | ||||||||
49,202 | Alexandria Real Estate Equities, Inc. | 8,962,636 | ||||||
44,616 | American Tower Corp. | 10,753,348 | ||||||
39,127 | AvalonBay Communities, Inc. | 8,900,610 | ||||||
39,066 | Boston Properties, Inc. | 4,594,162 | ||||||
79,672 | Duke Realty Corp. | 4,362,042 | ||||||
115,306 | Healthpeak Properties, Inc. | 3,783,190 | ||||||
181,238 | Hudson Pacific Properties, Inc. | 4,219,221 | ||||||
206,746 | Ventas, Inc. | 11,484,740 | ||||||
|
|
|||||||
57,059,949 | ||||||||
|
|
|||||||
Food & Staples Retailing 0.3% | ||||||||
52,305 | Walmart, Inc. | 8,002,142 | ||||||
|
|
|||||||
Food Products 1.9% | ||||||||
76,515 | Archer-Daniels-Midland Co. | 6,852,683 | ||||||
125,443 | General Mills, Inc. | 8,872,583 | ||||||
49,017 | McCormick & Co., Inc. | 4,929,640 | ||||||
141,430 | Mondelez International, Inc. Class A | 9,119,407 | ||||||
106,375 | Nestle SA ADR | 13,684,080 | ||||||
|
|
|||||||
43,458,393 | ||||||||
|
|
|||||||
Health Care Equipment & Supplies 1.0% | ||||||||
151,837 | Medtronic PLC | 15,845,709 | ||||||
52,611 | Zimmer Biomet Holdings, Inc. | 6,352,778 | ||||||
5,261 | Zimvie, Inc.(a) | 118,373 | ||||||
|
|
|||||||
22,316,860 | ||||||||
|
|
|||||||
Health Care Providers & Services 1.5% | ||||||||
147,635 | CVS Health Corp. | 14,192,153 | ||||||
41,644 | UnitedHealth Group, Inc. | 21,178,056 | ||||||
|
|
|||||||
35,370,209 | ||||||||
|
|
|||||||
Hotels, Restaurants & Leisure 1.0% | ||||||||
47,131 | McDonalds Corp. | 11,743,160 | ||||||
42,526 | Starbucks Corp. | 3,174,141 | ||||||
62,925 | Yum! Brands, Inc. | 7,362,854 | ||||||
|
|
|||||||
22,280,155 | ||||||||
|
|
|||||||
Household Products 1.2% | ||||||||
60,652 | Kimberly-Clark Corp. | 8,420,317 | ||||||
32,302 | The Clorox Co. | 4,634,368 | ||||||
97,772 | The Procter & Gamble Co. | 15,697,295 | ||||||
|
|
|||||||
28,751,980 | ||||||||
|
|
12 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INCOME BUILDER FUND
Shares |
Description | Value | ||||||
Common Stocks (continued) | ||||||||
Industrial Conglomerates 0.5% | ||||||||
55,558 | Honeywell International, Inc. | $ | 10,751,029 | |||||
|
|
|||||||
Insurance 2.1% | ||||||||
57,493 | Chubb Ltd. | 11,869,430 | ||||||
53,639 | Marsh & McLennan Cos., Inc. | 8,673,426 | ||||||
176,940 | MetLife, Inc. | 11,621,419 | ||||||
354,323 | Zurich Insurance Group AG ADR | 16,001,227 | ||||||
|
|
|||||||
48,165,502 | ||||||||
|
|
|||||||
IT Services 1.3% | ||||||||
23,409 | Accenture PLC Class A | 7,031,127 | ||||||
87,579 | Cognizant Technology Solutions Corp. Class A | 7,085,141 | ||||||
59,024 | Fidelity National Information Services, Inc. | 5,852,230 | ||||||
74,302 | International Business Machines Corp. | 9,823,467 | ||||||
|
|
|||||||
29,791,965 | ||||||||
|
|
|||||||
Machinery 0.7% | ||||||||
38,428 | Cummins, Inc. | 7,270,193 | ||||||
51,033 | Illinois Tool Works, Inc. | 10,059,115 | ||||||
|
|
|||||||
17,329,308 | ||||||||
|
|
|||||||
Media 0.1% | ||||||||
194,739 | Bright Pattern Holding Co.(b) | 9,737 | ||||||
85,038 | The New York Times Co. Class A | 3,258,656 | ||||||
|
|
|||||||
3,268,393 | ||||||||
|
|
|||||||
Metals & Mining 0.5% | ||||||||
180,605 | Rio Tinto PLC ADR | 12,844,628 | ||||||
|
|
|||||||
Multi-Utilities 1.5% | ||||||||
101,680 | Ameren Corp. | 9,446,072 | ||||||
124,474 | CMS Energy Corp. | 8,550,119 | ||||||
120,920 | National Grid PLC ADR | 8,967,427 | ||||||
54,312 | Sempra Energy | 8,763,785 | ||||||
|
|
|||||||
35,727,403 | ||||||||
|
|
|||||||
Multiline Retail 0.4% | ||||||||
43,286 | Target Corp. | 9,897,344 | ||||||
|
|
|||||||
Oil, Gas & Consumable Fuels 2.8% | ||||||||
1,000 | Chesapeake Energy Corp. | 82,020 | ||||||
79,436 | Chevron Corp. | 12,445,238 | ||||||
142,691 | ConocoPhillips | 13,629,844 | ||||||
189,153 | Devon Energy Corp. | 11,003,030 | ||||||
4,135 | Noble Corp. | 132,031 | ||||||
40,884 | Pioneer Natural Resources Co. | 9,504,304 | ||||||
304,945 | Shell PLC ADR | 16,293,211 | ||||||
86,915 | Summit Midstream Partners LP(a) | 1,474,078 | ||||||
|
|
|||||||
64,563,756 | ||||||||
|
|
|||||||
Pharmaceuticals 3.2% | ||||||||
109,401 | AstraZeneca PLC ADR | 7,264,226 | ||||||
271,022 | Bristol-Myers Squibb Co. | 20,399,826 | ||||||
49,369 | Eli Lilly & Co. | 14,422,166 | ||||||
|
|
|||||||
Common Stocks (continued) | ||||||||
Pharmaceuticals (continued) | ||||||||
122,568 | Johnson & Johnson | $ | 22,118,621 | |||||
130,254 | Novartis AG ADR | 11,466,260 | ||||||
|
|
|||||||
75,671,099 | ||||||||
|
|
|||||||
Road & Rail 0.3% | ||||||||
33,547 | Union Pacific Corp. | 7,859,727 | ||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment 1.0% | ||||||||
25,687 | KLA Corp. | 8,200,832 | ||||||
132,254 | Marvell Technology, Inc. | 7,681,312 | ||||||
40,875 | Texas Instruments, Inc. | 6,958,969 | ||||||
|
|
|||||||
22,841,113 | ||||||||
|
|
|||||||
Software 0.2% | ||||||||
18,538 | Microsoft Corp. | 5,144,666 | ||||||
|
|
|||||||
Specialty Retail 0.3% | ||||||||
21,862 | Advance Auto Parts, Inc. | 4,364,311 | ||||||
11,642 | The Home Depot, Inc. | 3,497,257 | ||||||
|
|
|||||||
7,861,568 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals 0.1% | ||||||||
45,337 | NetApp, Inc. | 3,320,935 | ||||||
|
|
|||||||
Water Utilities 0.3% | ||||||||
46,955 | American Water Works Co., Inc. | 7,234,826 | ||||||
|
|
|||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $721,398,850) | $ | 887,880,786 | ||||||
|
|
Shares | Dividend Rate |
Value | ||||||
Preferred Stocks(c) 0.4% | ||||||||
Capital Markets(d) 0.2% | ||||||||
Morgan Stanley, Inc. (3M USD LIBOR + 3.708%) |
| |||||||
183,597 | 6.375 | % | $ | 4,779,030 | ||||
|
||||||||
Diversified Telecommunication Services 0.1% | ||||||||
Qwest Corp. |
| |||||||
43,276 | 6.500 | 967,219 | ||||||
|
||||||||
Insurance(d) 0.1% | ||||||||
Delphi Financial Group, Inc. (3M USD LIBOR + 3.190%) |
| |||||||
143,849 | 3.696 | 2,948,904 | ||||||
|
||||||||
TOTAL PREFERRED STOCKS |
| |||||||
(Cost $8,780,987) |
|
$ | 8,695,153 | |||||
|
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Corporate Obligations 42.0% | ||||||||||||||
Advertising(c)(e) 0.1% | ||||||||||||||
Terrier Media Buyer, Inc. |
||||||||||||||
$ | 2,850,000 | 8.875 | % | 12/15/27 | $ | 2,778,750 | ||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 13 |
GOLDMAN SACHS INCOME BUILDER FUND
Schedule of Investments (continued)
April 30, 2022 (Unaudited)
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Corporate Obligations (continued) | ||||||||||||||
Aerospace & Defense(c) 0.7% | ||||||||||||||
Bombardier, Inc.(e) |
||||||||||||||
$ | 900,000 | 7.500 | % | 12/01/24 | $ | 895,500 | ||||||||
998,000 | 7.500 | 03/15/25 | 968,060 | |||||||||||
Spirit AeroSystems, Inc. |
||||||||||||||
4,715,000 | 4.600 | 06/15/28 | 4,066,687 | |||||||||||
The Boeing Co. |
||||||||||||||
3,432,000 | 5.150 | 05/01/30 | 3,418,032 | |||||||||||
1,652,000 | 5.805 | 05/01/50 | 1,652,958 | |||||||||||
TransDigm, Inc. |
||||||||||||||
3,300,000 | 5.500 | 11/15/27 | 3,019,500 | |||||||||||
315,000 | 4.625 | 01/15/29 | 273,263 | |||||||||||
266,000 | 4.875 | 05/01/29 | 232,750 | |||||||||||
Triumph Group, Inc. |
||||||||||||||
2,885,000 | 7.750 | 08/15/25 | 2,805,662 | |||||||||||
|
|
|||||||||||||
17,332,412 | ||||||||||||||
|
|
|||||||||||||
Agriculture 0.4% | ||||||||||||||
BAT Capital Corp.(c) |
||||||||||||||
10,000,000 | 4.390 | 08/15/37 | 8,516,600 | |||||||||||
MHP SE(a) |
||||||||||||||
270,000 | 7.750 | 05/10/24 | 136,350 | |||||||||||
|
|
|||||||||||||
8,652,950 | ||||||||||||||
|
|
|||||||||||||
Airlines 0.5% | ||||||||||||||
American Airlines, Inc./AAdvantage Loyalty IP Ltd.(e) |
||||||||||||||
522,000 | 5.500 | 04/20/26 | 517,433 | |||||||||||
1,717,000 | 5.750 | 04/20/29 | 1,648,320 | |||||||||||
Azul Investments LLP(c) |
||||||||||||||
200,000 | 5.875 | 10/26/24 | 178,225 | |||||||||||
200,000 | 7.250 | (e) | 06/15/26 | 170,725 | ||||||||||
Delta Air Lines, Inc.(c) |
||||||||||||||
3,600,000 | 7.375 | 01/15/26 | 3,834,000 | |||||||||||
|
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty |
| ||||||||||||
2,155,000 | 5.750 | 01/20/26 | 2,095,737 | |||||||||||
United Airlines, Inc.(c)(e) |
||||||||||||||
1,625,000 | 4.375 | 04/15/26 | 1,564,062 | |||||||||||
2,080,000 | 4.625 | 04/15/29 | 1,908,400 | |||||||||||
|
|
|||||||||||||
11,916,902 | ||||||||||||||
|
|
|||||||||||||
Automotive 1.4% | ||||||||||||||
BorgWarner, Inc.(e) |
||||||||||||||
2,000,000 | 5.000 | 10/01/25 | 2,055,140 | |||||||||||
Clarios Global LP/Clarios U.S. Finance Co.(c)(e) |
||||||||||||||
1,850,000 | 8.500 | 05/15/27 | 1,852,313 | |||||||||||
Dana, Inc.(c) |
||||||||||||||
2,075,000 | 4.250 | 09/01/30 | 1,784,500 | |||||||||||
Dealer Tire LLC/DT Issuer LLC(c)(e) |
||||||||||||||
5,637,000 | 8.000 | 02/01/28 | 5,531,306 | |||||||||||
Ford Motor Co.(c) |
||||||||||||||
3,726,000 | 3.250 | 02/12/32 | 3,029,059 | |||||||||||
Ford Motor Credit Co. LLC(c) |
||||||||||||||
1,600,000 | 4.140 | 02/15/23 | 1,600,038 | |||||||||||
400,000 | 4.687 | 06/09/25 | 391,890 | |||||||||||
4,260,000 | 3.375 | 11/13/25 | 4,090,985 | |||||||||||
3,111,000 | 4.950 | 05/28/27 | 3,026,636 | |||||||||||
1,640,000 | 3.815 | 11/02/27 | 1,492,981 | |||||||||||
|
|
|||||||||||||
Corporate Obligations (continued) | ||||||||||||||
Automotive (continued) | ||||||||||||||
General Motors Co.(c) |
||||||||||||||
3,000,000 | 6.600 | 04/01/36 | 3,234,390 | |||||||||||
General Motors Financial Co., Inc.(c) |
||||||||||||||
1,975,000 | 5.650 | 01/17/29 | 2,033,539 | |||||||||||
NIO, Inc.(f) |
||||||||||||||
190,000 | 0.000 | (g) | 02/01/26 | 158,758 | ||||||||||
40,000 | 0.500 | 02/01/27 | 31,698 | |||||||||||
Real Hero Merger Sub 2, Inc.(c)(e) |
||||||||||||||
360,000 | 6.250 | 02/01/29 | 292,500 | |||||||||||
Wheel Pros, Inc.(c)(e) |
||||||||||||||
1,420,000 | 6.500 | 05/15/29 | 1,070,325 | |||||||||||
|
|
|||||||||||||
31,676,058 | ||||||||||||||
|
|
|||||||||||||
Banks 2.8% | ||||||||||||||
Absa Group Ltd.(c)(d) (5 year CMT + 5.411%) |
||||||||||||||
460,000 | 6.375 | 12/31/99 | 437,000 | |||||||||||
Access Bank PLC |
||||||||||||||
400,000 | 6.125 | (e) | 09/21/26 | 373,700 | ||||||||||
(5 year CMT + 8.070%) |
||||||||||||||
460,000 | 9.125 | (c)(d) | 10/07/49 | 423,200 | ||||||||||
|
Alfa Bank AO Via Alfa Bond Issuance PLC(a)(c)(d) (5 year CMT + |
| ||||||||||||
360,000 | 5.950 | 04/15/30 | 18,000 | |||||||||||
Banco BBVA Peru SA(c)(d) (5 year CMT + 2.750%) |
||||||||||||||
190,000 | 5.250 | 09/22/29 | 190,154 | |||||||||||
Banco Continental SAECA |
||||||||||||||
720,000 | 2.750 | 12/10/25 | 655,110 | |||||||||||
Banco Davivienda SA(c)(d)(e) (10 year CMT + 5.097%) |
||||||||||||||
220,000 | 6.650 | 12/31/99 | 196,460 | |||||||||||
Banco de Bogota SA |
||||||||||||||
330,000 | 6.250 | 05/12/26 | 327,896 | |||||||||||
Banco do Brasil SA(c)(d) (10 Year CMT + 4.398%) |
||||||||||||||
200,000 | 6.250 | 10/29/49 | 185,538 | |||||||||||
Banco Industrial SA/Guatemala(c)(d)(e) (5 Year CMT + 4.442%) |
||||||||||||||
930,000 | 4.875 | 01/29/31 | 881,175 | |||||||||||
Banco Mercantil del Norte SA(c)(d) |
||||||||||||||
(5 year CMT + 4.643%) |
||||||||||||||
340,000 | 5.875 | (e) | 12/31/99 | 301,708 | ||||||||||
(5 year CMT + 4.967%) |
||||||||||||||
690,000 | 6.750 | 12/31/99 | 663,176 | |||||||||||
Banco Santander SA |
||||||||||||||
2,000,000 | 3.490 | 05/28/30 | 1,821,040 | |||||||||||
Bank Hapoalim BM(c)(d)(e) (5 year CMT + 2.155%) |
||||||||||||||
460,000 | 3.255 | 01/21/32 | 414,000 | |||||||||||
Bank Leumi Le-Israel BM(c)(d)(e) (5 Year CMT + 1.631%) |
||||||||||||||
710,000 | 3.275 | 01/29/31 | 647,165 | |||||||||||
Bank of America Corp.(c)(d) (3M USD LIBOR + 3.898%) |
||||||||||||||
4,000,000 | 6.100 | 12/29/49 | 4,063,400 | |||||||||||
BBVA Bancomer SA(c)(d) (5 Year CMT + 2.650%) |
||||||||||||||
530,000 | 5.125 | 01/18/33 | 490,250 | |||||||||||
BNP Paribas SA(e) |
||||||||||||||
2,700,000 | 4.375 | 05/12/26 | 2,673,297 | |||||||||||
BPCE SA(e) |
||||||||||||||
4,150,000 | 4.625 | 09/12/28 | 4,119,497 | |||||||||||
Citigroup, Inc.(c)(d) |
||||||||||||||
(3M USD LIBOR + 4.517%) |
||||||||||||||
1,890,000 | 6.250 | 12/29/49 | 1,908,900 | |||||||||||
|
|
14 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INCOME BUILDER FUND
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Corporate Obligations (continued) | ||||||||||||||
Banks (continued) | ||||||||||||||
Citigroup, Inc.(c)(d) (continued) |
||||||||||||||
(SOFR + 3.914%) |
||||||||||||||
$ | 900,000 | 4.412 | % | 03/31/31 | $ | 879,651 | ||||||||
Credit Bank of Moscow Via CBOM Finance PLC |
||||||||||||||
260,000 | 4.700 | (e) | 01/29/25 | 37,700 | ||||||||||
(5 Year USD Swap + 5.416%) |
||||||||||||||
280,000 | 7.500 | (c)(d) | 10/05/27 | 35,000 | ||||||||||
Credit Suisse Group AG(c)(d)(e) (5 Year USD Swap + 4.598%) |
||||||||||||||
1,702,000 | 7.500 | 12/29/49 | 1,706,255 | |||||||||||
Deutsche Bank AG(c)(d) |
||||||||||||||
(5 Year CMT + 4.524%) |
||||||||||||||
800,000 | 6.000 | 12/31/99 | 748,000 | |||||||||||
(5 Year USD Swap + 2.248%) |
||||||||||||||
2,000,000 | 4.296 | 05/24/28 | 1,957,010 | |||||||||||
First Bank of Nigeria Ltd. Via FBN Finance Co. BV(e) |
||||||||||||||
200,000 | 8.625 | 10/27/25 | 198,500 | |||||||||||
Freedom Mortgage Corp.(c)(e) |
||||||||||||||
3,225,000 | 7.625 | 05/01/26 | 2,934,750 | |||||||||||
2,610,000 | 6.625 | 01/15/27 | 2,247,862 | |||||||||||
ING Groep NV(c)(d) (5 Year USD Swap + 4.446%) |
||||||||||||||
5,000,000 | 6.500 | 12/29/49 | 5,037,500 | |||||||||||
Intesa Sanpaolo SpA(e) |
||||||||||||||
8,000,000 | 5.017 | 06/26/24 | 7,904,000 | |||||||||||
Ipoteka-Bank ATIB |
||||||||||||||
450,000 | 5.500 | 11/19/25 | 401,850 | |||||||||||
Itau Unibanco Holding SA(c)(d) (5 Year CMT + 3.981%) |
||||||||||||||
500,000 | 6.125 | 12/31/99 | 481,375 | |||||||||||
JPMorgan Chase & Co.(c)(d) |
||||||||||||||
(3M USD LIBOR + 3.330%) |
||||||||||||||
4,000,000 | 6.125 | 12/31/49 | 4,005,200 | |||||||||||
(SOFR + 2.515%) |
||||||||||||||
441,000 | 2.956 | 05/13/31 | 387,820 | |||||||||||
Natwest Group PLC |
||||||||||||||
2,975,000 | 6.000 | 12/19/23 | 3,062,474 | |||||||||||
NBK Tier 1 Financing 2 Ltd.(c)(d) (6 Year USD Swap + 2.832%) |
||||||||||||||
790,000 | 4.500 | 12/31/99 | 755,092 | |||||||||||
Standard Chartered PLC(c)(d)(e) (5 Year CMT + 3.805%) |
||||||||||||||
4,255,000 | 4.750 | 12/31/99 | 3,629,302 | |||||||||||
|
Tinkoff Bank JSC Via TCS Finance Ltd.(c)(d)(e) (5 year CMT + |
| ||||||||||||
200,000 | 6.000 | 12/31/49 | 10,000 | |||||||||||
Truist Financial Corp.(c)(d) (10 Year CMT + 4.349%) |
||||||||||||||
2,237,000 | 5.100 | 12/31/99 | 2,209,798 | |||||||||||
Turkiye Vakiflar Bankasi TAO |
||||||||||||||
200,000 | 6.000 | 11/01/22 | 199,140 | |||||||||||
UBS Group AG(c)(d) (5 Year USD Swap + 4.590%) |
||||||||||||||
4,000,000 | 6.875 | 12/29/49 | 4,050,000 | |||||||||||
UniCredit SpA(c)(d)(e) (5 Year CMT + 4.750%) |
||||||||||||||
1,525,000 | 5.459 | 06/30/35 | 1,376,206 | |||||||||||
United Bank for Africa PLC |
||||||||||||||
670,000 | 7.750 | 06/08/22 | 657,144 | |||||||||||
200,000 | 6.750 | 11/19/26 | 190,163 | |||||||||||
Uzbek Industrial and Construction Bank ATB |
||||||||||||||
600,000 | 5.750 | 12/02/24 | 541,950 | |||||||||||
Yapi ve Kredi Bankasi A/S(c)(d) (5 Year USD Swap + 11.245%) |
||||||||||||||
260,000 | 13.875 | 12/31/99 | 278,005 | |||||||||||
|
|
|||||||||||||
66,712,413 | ||||||||||||||
|
|
|||||||||||||
Corporate Obligations (continued) | ||||||||||||||
Beverages(c) 0.7% | ||||||||||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS(e) |
||||||||||||||
$ | 420,000 | 3.375 | % | 06/29/28 | $ | 345,450 | ||||||||
|
Anheuser-Busch Cos., LLC/Anheuser-Busch InBev Worldwide, |
| ||||||||||||
8,050,000 | 4.700 | 02/01/36 | 7,972,881 | |||||||||||
|
Central American Bottling Corp./CBC Bottling Holdco SL/Beliv |
| ||||||||||||
400,000 | 5.250 | 04/27/29 | 378,000 | |||||||||||
Constellation Brands, Inc. |
||||||||||||||
2,275,000 | 2.875 | 05/01/30 | 2,023,089 | |||||||||||
3,975,000 | 2.250 | 08/01/31 | 3,299,409 | |||||||||||
Keurig Dr Pepper, Inc. |
||||||||||||||
1,055,000 | 3.200 | 05/01/30 | 964,914 | |||||||||||
308,000 | 3.800 | 05/01/50 | 260,275 | |||||||||||
|
|
|||||||||||||
15,244,018 | ||||||||||||||
|
|
|||||||||||||
Building Materials 0.6% | ||||||||||||||
Builders FirstSource, Inc.(c)(e) |
||||||||||||||
1,187,000 | 6.750 | 06/01/27 | 1,221,126 | |||||||||||
1,800,000 | 5.000 | 03/01/30 | 1,656,000 | |||||||||||
Cemex SAB de CV(c)(d)(e) (5 year CMT + 4.534%) |
||||||||||||||
470,000 | 5.125 | 12/31/99 | 426,658 | |||||||||||
CP Atlas Buyer, Inc.(c)(e) |
||||||||||||||
2,160,000 | 7.000 | 12/01/28 | 1,803,600 | |||||||||||
DiversiTech Holdings, Inc.(d) |
||||||||||||||
(1M USD LIBOR) |
||||||||||||||
1,843,571 | 4.453 | 12/22/28 | 1,812,470 | |||||||||||
(1M USD LIBOR) |
||||||||||||||
625,000 | 7.453 | 12/21/29 | 606,250 | |||||||||||
Grupo Cementos De Chihuahua SAB de CV(c)(e) |
||||||||||||||
450,000 | 3.614 | 04/20/32 | 390,938 | |||||||||||
Masonite International Corp.(c)(e) |
||||||||||||||
2,075,000 | 5.375 | 02/01/28 | 1,986,813 | |||||||||||
Standard Industries, Inc.(c)(e) |
||||||||||||||
1,880,000 | 4.375 | 07/15/30 | 1,579,200 | |||||||||||
Standard Industries, Inc.(c)(e) |
||||||||||||||
4,054,000 | 3.375 | 01/15/31 | 3,273,605 | |||||||||||
|
|
|||||||||||||
14,756,660 | ||||||||||||||
|
|
|||||||||||||
Chemicals 0.8% | ||||||||||||||
Air Products & Chemicals, Inc.(c) |
||||||||||||||
200,000 | 2.800 | 05/15/50 | 155,566 | |||||||||||
Ashland LLC(c)(e) |
||||||||||||||
3,225,000 | 3.375 | 09/01/31 | 2,789,625 | |||||||||||
ASP Unifrax Holdings, Inc.(c)(e) |
||||||||||||||
1,025,000 | 5.250 | 09/30/28 | 900,719 | |||||||||||
Axalta Coating Systems LLC(c)(e) |
||||||||||||||
3,100,000 | 3.375 | 02/15/29 | 2,681,500 | |||||||||||
Braskem Netherlands Finance BV |
||||||||||||||
220,000 | 4.500 | 01/31/30 | 198,880 | |||||||||||
Herens Holdco S.a.r.l.(c)(e) |
||||||||||||||
1,795,000 | 4.750 | 05/15/28 | 1,604,281 | |||||||||||
INEOS Quattro Finance 2 PLC(c)(e) |
||||||||||||||
780,000 | 3.375 | 01/15/26 | 711,750 | |||||||||||
Ingevity Corp.(c)(e) |
||||||||||||||
1,305,000 | 3.875 | 11/01/28 | 1,167,975 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 15 |
GOLDMAN SACHS INCOME BUILDER FUND
Schedule of Investments (continued)
April 30, 2022 (Unaudited)
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Corporate Obligations (continued) | ||||||||||||||
Chemicals (continued) | ||||||||||||||
Minerals Technologies, Inc.(c)(e) |
||||||||||||||
$ | 1,695,000 | 5.000 | % | 07/01/28 | $ | 1,576,350 | ||||||||
Rayonier AM Products, Inc.(c)(e) |
||||||||||||||
281,000 | 7.625 | 01/15/26 | 266,247 | |||||||||||
Sasol Financing USA LLC(c) |
||||||||||||||
280,000 | 4.375 | 09/18/26 | 260,400 | |||||||||||
The Chemours Co.(c)(e) |
||||||||||||||
4,560,000 | 4.625 | 11/15/29 | 3,950,100 | |||||||||||
Tianqi Finco Co. Ltd. |
||||||||||||||
200,000 | 3.750 | 11/28/22 | 190,600 | |||||||||||
Valvoline, Inc.(c)(e) |
||||||||||||||
885,000 | 3.625 | 06/15/31 | 716,850 | |||||||||||
WR Grace Holdings LLC(c)(e) |
||||||||||||||
1,855,000 | 5.625 | 08/15/29 | 1,597,619 | |||||||||||
|
|
|||||||||||||
18,768,462 | ||||||||||||||
|
|
|||||||||||||
Commercial Services 1.2% | ||||||||||||||
Allied Universal Holdco LLC/Allied Universal Finance Corp.(c)(e) |
||||||||||||||
2,557,000 | 6.625 | 07/15/26 | 2,467,505 | |||||||||||
1,700,000 | 6.000 | 06/01/29 | 1,406,750 | |||||||||||
APi Escrow Corp.(c)(e) |
||||||||||||||
575,000 | 4.750 | 10/15/29 | 523,969 | |||||||||||
APi Group DE, Inc.(c)(e) |
||||||||||||||
4,304,000 | 4.125 | 07/15/29 | 3,857,460 | |||||||||||
APX Group, Inc.(c)(e) |
||||||||||||||
4,286,000 | 5.750 | 07/15/29 | 3,503,805 | |||||||||||
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.(c)(e) |
||||||||||||||
1,605,000 | 5.375 | 03/01/29 | 1,516,725 | |||||||||||
HealthEquity, Inc.(c)(e) |
||||||||||||||
1,058,000 | 4.500 | 10/01/29 | 966,748 | |||||||||||
Limak Iskenderun Uluslararasi Liman Isletmeciligi AS(c)(e) |
||||||||||||||
200,000 | 9.500 | 07/10/36 | 184,725 | |||||||||||
Metis Merger Sub LLC(c)(e) |
||||||||||||||
717,000 | 6.500 | 05/15/29 | 623,790 | |||||||||||
NESCO Holdings II, Inc.(c)(e) |
||||||||||||||
3,083,000 | 5.500 | 04/15/29 | 2,905,728 | |||||||||||
North Queensland Export Terminal Pty Ltd. |
||||||||||||||
200,000 | 4.450 | 12/15/22 | 193,000 | |||||||||||
Rent-A-Center, Inc.(c)(e) |
||||||||||||||
850,000 | 6.375 | 02/15/29 | 735,250 | |||||||||||
Sabre Global, Inc.(c)(e) |
||||||||||||||
2,405,000 | 9.250 | 04/15/25 | 2,576,356 | |||||||||||
Techem Verwaltungsgesellschaft 674 MBH(c) |
||||||||||||||
EUR | 668,190 | 6.000 | 07/30/26 | 692,360 | ||||||||||
The ADT Security Corp.(c)(e) |
||||||||||||||
$ | 4,387,000 | 4.125 | 08/01/29 | 3,717,982 | ||||||||||
The Bidvest Group UK PLC(c)(e) |
||||||||||||||
470,000 | 3.625 | 09/23/26 | 430,050 | |||||||||||
Verisure Holding AB(c)(e) |
||||||||||||||
EUR | 725,000 | 3.250 | 02/15/27 | 687,598 | ||||||||||
Verisure Midholding AB(c) |
||||||||||||||
800,000 | 5.250 | (e) | 02/15/29 | 751,276 | ||||||||||
1,450,000 | 5.250 | 02/15/29 | 1,360,603 | |||||||||||
|
|
|||||||||||||
29,101,680 | ||||||||||||||
|
|
|||||||||||||
Corporate Obligations (continued) | ||||||||||||||
Commercial Services & Supplies 0.0% | ||||||||||||||
Chesapeake Energy Corp. |
||||||||||||||
$ | 2,000,000 | 5.500 | 09/15/26 | 37,500 | ||||||||||
|
|
|||||||||||||
Computers(c) 0.8% | ||||||||||||||
Booz Allen Hamilton, Inc.(e) |
||||||||||||||
2,513,000 | 3.875 | 09/01/28 | 2,318,242 | |||||||||||
Dell International LLC/EMC Corp. |
||||||||||||||
2,699,000 | 8.100 | 07/15/36 | 3,312,861 | |||||||||||
Hewlett Packard Enterprise Co. |
||||||||||||||
3,000,000 | 6.200 | 10/15/35 | 3,278,400 | |||||||||||
KBR, Inc.(e) |
||||||||||||||
1,161,000 | 4.750 | 09/30/28 | 1,091,340 | |||||||||||
Presidio Holdings, Inc.(e) |
||||||||||||||
2,095,000 | 8.250 | 02/01/28 | 2,047,863 | |||||||||||
Unisys Corp.(e) |
||||||||||||||
1,060,000 | 6.875 | 11/01/27 | 1,073,250 | |||||||||||
Virtusa Corp.(e) |
||||||||||||||
2,371,000 | 7.125 | 12/15/28 | 2,169,465 | |||||||||||
Western Digital Corp. |
||||||||||||||
3,000,000 | 4.750 | 02/15/26 | 2,985,000 | |||||||||||
|
|
|||||||||||||
18,276,421 | ||||||||||||||
|
|
|||||||||||||
Distribution & Wholesale(c)(e) 0.3% | ||||||||||||||
American Builders & Contractors Supply Co., Inc. |
||||||||||||||
2,760,000 | 3.875 | 11/15/29 | 2,435,700 | |||||||||||
BCPE Empire Holdings, Inc. |
||||||||||||||
2,446,000 | 7.625 | 05/01/27 | 2,293,125 | |||||||||||
IAA, Inc. |
||||||||||||||
750,000 | 5.500 | 06/15/27 | 733,125 | |||||||||||
Ritchie Bros Holdings, Inc. |
||||||||||||||
440,000 | 4.750 | 12/15/31 | 440,000 | |||||||||||
|
|
|||||||||||||
5,901,950 | ||||||||||||||
|
|
|||||||||||||
Diversified Financial Services 3.0% | ||||||||||||||
AerCap Holdings NV(c)(d) (5 Year CMT + 4.535%) |
||||||||||||||
1,825,000 | 5.875 | 10/10/79 | 1,709,414 | |||||||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust(c) |
||||||||||||||
3,625,000 | 3.000 | 10/29/28 | 3,151,720 | |||||||||||
Air Lease Corp.(c) |
||||||||||||||
2,750,000 | 3.750 | 06/01/26 | 2,644,785 | |||||||||||
Ally Financial, Inc. |
||||||||||||||
4,000,000 | 8.000 | 11/01/31 | 4,761,880 | |||||||||||
(7 year CMT + 3.481%) |
||||||||||||||
3,415,000 | 4.700 | (c)(d) | 12/31/99 | 2,928,362 | ||||||||||
Aviation Capital Group LLC(c)(e) |
||||||||||||||
800,000 | 1.950 | 01/30/26 | 714,048 | |||||||||||
Avolon Holdings Funding Ltd.(c)(e) |
||||||||||||||
3,450,000 | 5.250 | 05/15/24 | 3,474,736 | |||||||||||
1,927,000 | 2.528 | 11/18/27 | 1,657,220 | |||||||||||
B3 SA Brasil Bolsa Balcao(e) |
||||||||||||||
290,000 | 4.125 | 09/20/31 | 252,445 | |||||||||||
Castlelake Aviation Finance DAC(c)(e) |
||||||||||||||
2,420,000 | 5.000 | 04/15/27 | 2,178,000 | |||||||||||
Coinbase Global, Inc.(c)(e) |
||||||||||||||
2,234,000 | 3.375 | 10/01/28 | 1,742,520 | |||||||||||
|
Global Aircraft Leasing Co.
Ltd.(c)(e)(h) (PIK 7.250%, Cash |
| ||||||||||||
1,879,174 | 6.500 | 09/15/24 | 1,627,834 | |||||||||||
|
|
16 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INCOME BUILDER FUND
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Corporate Obligations (continued) | ||||||||||||||
Diversified Financial Services (continued) | ||||||||||||||
Intercorp Financial Services, Inc., Series I(c) |
||||||||||||||
$ | 340,000 | 4.125 | % | 10/19/27 | $ | 315,520 | ||||||||
Jefferies Finance LLC/JFIN Co-Issuer Corp.(c)(e) |
||||||||||||||
3,829,000 | 5.000 | 08/15/28 | 3,485,485 | |||||||||||
LD Holdings Group LLC(c)(e) |
||||||||||||||
1,910,000 | 6.500 | 11/01/25 | 1,566,200 | |||||||||||
Midcap Financial Issuer Trust(c)(e) |
||||||||||||||
2,567,000 | 6.500 | 05/01/28 | 2,210,829 | |||||||||||
810,000 | 5.625 | 01/15/30 | 644,963 | |||||||||||
Nationstar Mortgage Holdings, Inc.(c)(e) |
||||||||||||||
2,651,000 | 5.500 | 08/15/28 | 2,419,053 | |||||||||||
Navient Corp. |
||||||||||||||
3,000,000 | 5.500 | 01/25/23 | 3,011,250 | |||||||||||
4,388,000 | 5.500 | (c) | 03/15/29 | 3,850,470 | ||||||||||
NFP Corp.(c)(e) |
||||||||||||||
3,360,000 | 6.875 | 08/15/28 | 2,965,200 | |||||||||||
OneMain Finance Corp. |
||||||||||||||
1,602,000 | 7.125 | 03/15/26 | 1,622,025 | |||||||||||
1,643,000 | 4.000 | (c) | 09/15/30 | 1,343,153 | ||||||||||
Oxford Finance LLC / Oxford Finance Co-Issuer II, Inc.(c)(e) |
||||||||||||||
1,365,000 | 6.375 | 02/01/27 | 1,380,356 | |||||||||||
Raymond James Financial, Inc.(c) |
||||||||||||||
900,000 | 4.650 | 04/01/30 | 910,737 | |||||||||||
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.(c)(e) |
||||||||||||||
2,305,000 | 2.875 | 10/15/26 | 2,037,074 | |||||||||||
2,390,000 | 4.000 | 10/15/33 | 1,913,377 | |||||||||||
The Charles Schwab Corp.(c)(d) |
||||||||||||||
(3M USD LIBOR + 3.315%) |
||||||||||||||
2,195,000 | 3.838 | 12/29/49 | 2,180,864 | |||||||||||
(5 year CMT + 3.168%) |
||||||||||||||
2,875,000 | 4.000 | 12/31/99 | 2,621,684 | |||||||||||
(5 Year CMT + 4.971%) |
||||||||||||||
1,250,000 | 5.375 | 12/31/99 | 1,263,100 | |||||||||||
Unifin Financiera SAB de CV(c)(d) (5 year CMT + 6.308%) |
||||||||||||||
280,000 | 8.875 | 12/31/99 | 90,615 | |||||||||||
United Wholesale Mortgage LLC(c)(e) |
||||||||||||||
3,195,000 | 5.500 | 04/15/29 | 2,671,819 | |||||||||||
VistaJet Malta Finance PLC/XO Management Holding, Inc.(c)(e) |
||||||||||||||
1,230,000 | 7.875 | 05/01/27 | 1,156,200 | |||||||||||
3,525,000 | 6.375 | 02/01/30 | 3,066,750 | |||||||||||
|
|
|||||||||||||
69,569,688 | ||||||||||||||
|
|
|||||||||||||
Electrical 0.7% | ||||||||||||||
AES Panama Generation Holdings SRL(c) |
||||||||||||||
460,000 | 4.375 | 05/31/30 | 409,400 | |||||||||||
Calpine Corp.(c)(e) |
||||||||||||||
4,215,000 | 3.750 | 03/01/31 | 3,551,137 | |||||||||||
Cikarang Listrindo Tbk PT(c) |
||||||||||||||
520,000 | 4.950 | 09/14/26 | 507,585 | |||||||||||
EnfraGen Energia Sur SA |
||||||||||||||
200,000 | 5.375 | 12/30/30 | 144,280 | |||||||||||
Eskom Holdings SOC Ltd. |
||||||||||||||
430,000 | 7.125 | 02/11/25 | 409,252 | |||||||||||
Lamar Funding Ltd. |
||||||||||||||
470,000 | 3.958 | 05/07/25 | 455,841 | |||||||||||
LLPL Capital Pte Ltd. |
||||||||||||||
400,982 | 6.875 | 02/04/39 | 391,659 | |||||||||||
|
|
|||||||||||||
Corporate Obligations (continued) | ||||||||||||||
Electrical (continued) | ||||||||||||||
Minejesa Capital B.V. |
||||||||||||||
260,000 | 4.625 | 08/10/30 | 234,029 | |||||||||||
Mong Duong Finance Holdings BV |
||||||||||||||
530,000 | 5.125 | 05/07/29 | 473,025 | |||||||||||
NRG Energy, Inc.(c) |
||||||||||||||
2,800,000 | 3.750 | (e) | 06/15/24 | 2,767,688 | ||||||||||
115,000 | 5.750 | 01/15/28 | 112,413 | |||||||||||
448,000 | 3.375 | (e) | 02/15/29 | 381,920 | ||||||||||
Pacific Gas & Electric Co.(c) |
||||||||||||||
1,470,000 | 3.500 | 08/01/50 | 1,025,193 | |||||||||||
Pike Corp.(c)(e) |
||||||||||||||
2,420,000 | 5.500 | 09/01/28 | 2,208,250 | |||||||||||
Sempra Energy(c)(d) (5 Year CMT + 4.550%) |
||||||||||||||
3,335,000 | 4.875 | 12/31/99 | 3,287,810 | |||||||||||
|
|
|||||||||||||
16,359,482 | ||||||||||||||
|
|
|||||||||||||
Electrical Components & Equipment(c)(e) 0.1% | ||||||||||||||
Wesco Distribution, Inc. |
||||||||||||||
1,473,000 | 7.250 | 06/15/28 | 1,524,555 | |||||||||||
|
|
|||||||||||||
Electronics(c)(e) 0.2% | ||||||||||||||
II-VI, Inc. |
||||||||||||||
1,225,000 | 5.000 | 12/15/29 | 1,148,438 | |||||||||||
Imola Merger Corp. |
||||||||||||||
3,117,000 | 4.750 | 05/15/29 | 2,933,876 | |||||||||||
TTM Technologies, Inc. |
||||||||||||||
799,000 | 4.000 | 03/01/29 | 703,120 | |||||||||||
|
|
|||||||||||||
4,785,434 | ||||||||||||||
|
|
|||||||||||||
Engineering & Construction 0.4% | ||||||||||||||
Aeropuertos Dominicanos Siglo XXI SA(c) |
||||||||||||||
630,000 | 6.750 | 03/30/29 | 609,131 | |||||||||||
Arcosa, Inc.(c)(e) |
||||||||||||||
1,221,000 | 4.375 | 04/15/29 | 1,111,110 | |||||||||||
|
ATP Tower Holdings LLC/Andean Tower Partners Colombia |
| ||||||||||||
950,000 | 4.050 | 04/27/26 | 855,000 | |||||||||||
Dycom Industries, Inc.(c)(e) |
||||||||||||||
2,764,000 | 4.500 | 04/15/29 | 2,487,600 | |||||||||||
Global Infrastructure Solutions, Inc.(c)(e) |
||||||||||||||
2,805,000 | 5.625 | 06/01/29 | 2,566,575 | |||||||||||
IHS Holding Ltd.(c)(e) |
||||||||||||||
200,000 | 5.625 | 11/29/26 | 190,000 | |||||||||||
200,000 | 6.250 | 11/29/28 | 188,000 | |||||||||||
International Airport Finance SA(c) |
||||||||||||||
197,647 | 12.000 | 03/15/33 | 205,792 | |||||||||||
Mexico City Airport Trust |
||||||||||||||
320,000 | 5.500 | 10/31/46 | 255,200 | |||||||||||
|
|
|||||||||||||
8,468,408 | ||||||||||||||
|
|
|||||||||||||
Entertainment(c)(e) 0.8% | ||||||||||||||
Allen Media LLC/Allen Media Co-Issuer, Inc. |
||||||||||||||
1,575,000 | 10.500 | 02/15/28 | 1,425,375 | |||||||||||
Banijay Entertainment SASU |
||||||||||||||
1,800,000 | 5.375 | 03/01/25 | 1,768,500 | |||||||||||
Boyne USA, Inc. |
||||||||||||||
1,275,000 | 4.750 | 05/15/29 | 1,188,938 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 17 |
GOLDMAN SACHS INCOME BUILDER FUND
Schedule of Investments (continued)
April 30, 2022 (Unaudited)
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Corporate Obligations (continued) | ||||||||||||||
Entertainment(c)(e) (continued) | ||||||||||||||
Lions Gate Capital Holdings LLC |
||||||||||||||
$ | 2,540,000 | 5.500 | % | 04/15/29 | $ | 2,247,900 | ||||||||
Motion Bondco DAC |
||||||||||||||
3,250,000 | 6.625 | 11/15/27 | 2,973,750 | |||||||||||
Penn National Gaming, Inc. |
||||||||||||||
3,067,000 | 4.125 | 07/01/29 | 2,599,282 | |||||||||||
Scientific Games International, Inc. |
||||||||||||||
500,000 | 7.000 | 05/15/28 | 513,125 | |||||||||||
SeaWorld Parks & Entertainment, Inc. |
||||||||||||||
4,880,000 | 5.250 | 08/15/29 | 4,440,800 | |||||||||||
Six Flags Entertainment Corp. |
||||||||||||||
1,854,000 | 5.500 | 04/15/27 | 1,812,285 | |||||||||||
|
|
|||||||||||||
18,969,955 | ||||||||||||||
|
|
|||||||||||||
Environmental(c) 0.5% | ||||||||||||||
Covanta Holding Corp. |
||||||||||||||
670,000 | 5.000 | 09/01/30 | 603,838 | |||||||||||
GFL Environmental, Inc.(e) |
||||||||||||||
730,000 | 5.125 | 12/15/26 | 717,225 | |||||||||||
5,647,000 | 4.000 | 08/01/28 | 4,969,360 | |||||||||||
Madison IAQ LLC(e) |
||||||||||||||
4,294,000 | 4.125 | 06/30/28 | 3,767,985 | |||||||||||
485,000 | 5.875 | 06/30/29 | 395,275 | |||||||||||
Stericycle, Inc.(e) |
||||||||||||||
1,950,000 | 5.375 | 07/15/24 | 1,957,312 | |||||||||||
|
|
|||||||||||||
12,410,995 | ||||||||||||||
|
|
|||||||||||||
Finance Bonds(c)(e) 0.1% | ||||||||||||||
Global Infrastructure Solutions, Inc. |
||||||||||||||
1,390,000 | 7.500 | 04/15/32 | 1,294,438 | |||||||||||
|
|
|||||||||||||
Food & Drug Retailing 1.0% | ||||||||||||||
|
Albertsons Cos., Inc./Safeway, Inc./New Albertsons |
| ||||||||||||
2,595,000 | 4.625 | 01/15/27 | 2,429,569 | |||||||||||
1,995,000 | 5.875 | 02/15/28 | 1,937,644 | |||||||||||
502,000 | 4.875 | 02/15/30 | 456,820 | |||||||||||
Arcor SAIC |
||||||||||||||
110,000 | 6.000 | 07/06/23 | 109,725 | |||||||||||
Bellis Acquisition Co. PLC(c)(e) |
||||||||||||||
GBP | 475,000 | 3.250 | 02/16/26 | 522,311 | ||||||||||
H-Food Holdings LLC/Hearthside Finance Co., Inc.(c)(e) |
||||||||||||||
$ | 2,820,000 | 8.500 | 06/01/26 | 2,647,275 | ||||||||||
Kraft Heinz Foods Co.(c) |
||||||||||||||
2,303,000 | 5.000 | 07/15/35 | 2,294,226 | |||||||||||
2,592,000 | 4.375 | 06/01/46 | 2,269,832 | |||||||||||
Performance Food Group, Inc.(c)(e) |
||||||||||||||
1,150,000 | 5.500 | 10/15/27 | 1,114,062 | |||||||||||
Post Holdings, Inc.(c)(e) |
||||||||||||||
5,984,000 | 4.625 | 04/15/30 | 5,131,280 | |||||||||||
United Natural Foods, Inc.(c)(e) |
||||||||||||||
1,455,000 | 6.750 | 10/15/28 | 1,455,000 | |||||||||||
US Foods, Inc.(c)(e) |
||||||||||||||
2,690,000 | 4.750 | 02/15/29 | 2,474,800 | |||||||||||
1,020,000 | 4.625 | 06/01/30 | 918,000 | |||||||||||
|
|
|||||||||||||
23,760,544 | ||||||||||||||
|
|
|||||||||||||
Corporate Obligations (continued) | ||||||||||||||
Forest Products&Paper(c)(e) 0.0% | ||||||||||||||
Glatfelter Corp. |
||||||||||||||
670,000 | 4.750 | 11/15/29 | 536,000 | |||||||||||
|
|
|||||||||||||
Gaming(c) 0.1% | ||||||||||||||
MGM China Holdings Ltd.(e) |
||||||||||||||
915,000 | 4.750 | 02/01/27 | 768,600 | |||||||||||
MGM Resorts International |
||||||||||||||
1,832,000 | 4.750 | 10/15/28 | 1,685,440 | |||||||||||
Wynn Macau Ltd.(e) |
||||||||||||||
330,000 | 5.625 | 08/26/28 | 265,238 | |||||||||||
550,000 | 5.125 | 12/15/29 | 434,500 | |||||||||||
|
|
|||||||||||||
3,153,778 | ||||||||||||||
|
|
|||||||||||||
Gas(c) 0.2% | ||||||||||||||
AmeriGas Partners LP/AmeriGas Finance Corp. |
||||||||||||||
4,125,000 | 5.875 | 08/20/26 | 4,063,125 | |||||||||||
China Oil & Gas Group Ltd. |
||||||||||||||
102,857 | 5.500 | 01/25/23 | 102,266 | |||||||||||
|
|
|||||||||||||
4,165,391 | ||||||||||||||
|
|
|||||||||||||
Healthcare Providers & Services(c) 1.1% | ||||||||||||||
CAB SELAS(e) |
||||||||||||||
EUR | 1,175,000 | 3.375 | 02/01/28 | 1,103,722 | ||||||||||
Catalent Pharma Solutions, Inc.(e) |
||||||||||||||
$ | 1,005,000 | 3.125 | 02/15/29 | 871,837 | ||||||||||
840,000 | 3.500 | 04/01/30 | 732,900 | |||||||||||
Chrome Holdco SASU(e) |
||||||||||||||
EUR | 2,100,000 | 5.000 | 05/31/29 | 1,927,195 | ||||||||||
CHS/Community Health Systems, Inc.(e) |
||||||||||||||
$ | 1,540,000 | 6.125 | 04/01/30 | 1,266,650 | ||||||||||
2,170,000 | 4.750 | 02/15/31 | 1,839,075 | |||||||||||
DaVita, Inc.(e) |
||||||||||||||
3,800,000 | 3.750 | 02/15/31 | 3,097,000 | |||||||||||
Encompass Health Corp. |
||||||||||||||
1,200,000 | 4.500 | 02/01/28 | 1,107,000 | |||||||||||
HCA, Inc. |
||||||||||||||
250,000 | 5.875 | 02/15/26 | 258,750 | |||||||||||
Laboratoire Eimer Selas(e) |
||||||||||||||
EUR | 500,000 | 5.000 | 02/01/29 | 460,364 | ||||||||||
LifePoint Health, Inc.(e) |
||||||||||||||
$ | 2,635,000 | 5.375 | 01/15/29 | 2,252,925 | ||||||||||
MEDNAX, Inc.(e) |
||||||||||||||
725,000 | 5.375 | 02/15/30 | 679,688 | |||||||||||
Molina Healthcare, Inc.(e) |
||||||||||||||
1,893,000 | 3.875 | 05/15/32 | 1,665,840 | |||||||||||
Mozart Debt Merger Sub, Inc.(e) |
||||||||||||||
3,270,000 | 3.875 | 04/01/29 | 2,861,250 | |||||||||||
2,285,000 | 5.250 | 10/01/29 | 1,987,950 | |||||||||||
Rede Dor Finance S.a.r.l. |
||||||||||||||
370,000 | 4.500 | 01/22/30 | 323,149 | |||||||||||
Select Medical Corp.(e) |
||||||||||||||
1,700,000 | 6.250 | 08/15/26 | 1,685,125 | |||||||||||
Tenet Healthcare Corp.(e) |
||||||||||||||
2,000,000 | 6.250 | 02/01/27 | 1,990,000 | |||||||||||
|
|
|||||||||||||
26,110,420 | ||||||||||||||
|
|
18 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INCOME BUILDER FUND
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Corporate Obligations (continued) | ||||||||||||||
Holding Companies-Diversified(c) 0.0% | ||||||||||||||
KOC Holding A/S |
||||||||||||||
$ | 700,000 | 6.500 | % | 03/11/25 | $ | 697,944 | ||||||||
|
|
|||||||||||||
Home Builders 0.6% | ||||||||||||||
|
Brookfield Residential Properties, Inc./Brookfield Residential US |
| ||||||||||||
1,642,000 | 4.875 | 02/15/30 | 1,387,490 | |||||||||||
Century Communities, Inc.(c)(e) |
||||||||||||||
4,550,000 | 3.875 | 08/15/29 | 3,833,375 | |||||||||||
Installed Building Products, Inc.(c)(e) |
||||||||||||||
800,000 | 5.750 | 02/01/28 | 756,000 | |||||||||||
LGI Homes, Inc.(c)(e) |
||||||||||||||
3,698,000 | 4.000 | 07/15/29 | 3,050,850 | |||||||||||
PulteGroup, Inc. |
||||||||||||||
3,000,000 | 7.875 | 06/15/32 | 3,615,000 | |||||||||||
Taylor Morrison Communities, Inc.(c)(e) |
||||||||||||||
1,301,000 | 5.125 | 08/01/30 | 1,180,657 | |||||||||||
|
|
|||||||||||||
13,823,372 | ||||||||||||||
|
|
|||||||||||||
Home Furnishings(c)(e) 0.1% | ||||||||||||||
Tempur Sealy International, Inc. |
||||||||||||||
1,515,000 | 3.875 | 10/15/31 | 1,257,450 | |||||||||||
|
|
|||||||||||||
Household Products(c) 0.1% | ||||||||||||||
Central Garden & Pet Co. |
||||||||||||||
1,380,000 | 4.125 | 10/15/30 | 1,197,150 | |||||||||||
Spectrum Brands, Inc. |
||||||||||||||
108,000 | 5.750 | 07/15/25 | 109,080 | |||||||||||
|
|
|||||||||||||
1,306,230 | ||||||||||||||
|
|
|||||||||||||
Housewares(c) 0.4% | ||||||||||||||
CD&R Smokey Buyer, Inc.(e) |
||||||||||||||
1,094,000 | 6.750 | 07/15/25 | 1,113,145 | |||||||||||
Newell Brands, Inc. |
||||||||||||||
1,380,000 | 5.750 | 04/01/46 | 1,297,200 | |||||||||||
SWF Escrow Issuer Corp.(e) |
||||||||||||||
3,255,000 | 6.500 | 10/01/29 | 2,514,488 | |||||||||||
The Scotts Miracle-Gro Co. |
||||||||||||||
3,702,000 | 4.000 | 04/01/31 | 3,044,895 | |||||||||||
Turkiye Sise ve Cam Fabrikalari A/S |
||||||||||||||
530,000 | 6.950 | 03/14/26 | 515,193 | |||||||||||
|
|
|||||||||||||
8,484,921 | ||||||||||||||
|
|
|||||||||||||
Insurance 0.8% | ||||||||||||||
Acrisure LLC/Acrisure Finance, Inc.(c)(e) |
||||||||||||||
1,550,000 | 10.125 | 08/01/26 | 1,629,438 | |||||||||||
2,230,000 | 4.250 | 02/15/29 | 1,945,675 | |||||||||||
2,490,000 | 6.000 | 08/01/29 | 2,175,637 | |||||||||||
|
Alliant Holdings Intermediate LLC/Alliant Holdings |
| ||||||||||||
1,666,000 | 6.750 | 10/15/27 | 1,576,453 | |||||||||||
American International Group, Inc.(c) |
||||||||||||||
2,250,000 | 3.400 | 06/30/30 | 2,133,112 | |||||||||||
BroadStreet Partners, Inc.(c)(e) |
||||||||||||||
2,940,000 | 5.875 | 04/15/29 | 2,557,800 | |||||||||||
Fidelity & Guaranty Life Holdings, Inc.(c)(e) |
||||||||||||||
2,850,000 | 5.500 | 05/01/25 | 2,937,267 | |||||||||||
|
|
|||||||||||||
Corporate Obligations (continued) | ||||||||||||||
Insurance (continued) | ||||||||||||||
HUB International Ltd.(c)(e) |
||||||||||||||
$ | 1,760,000 | 7.000 | % | 05/01/26 | $ | 1,738,000 | ||||||||
Sagicor Financial Co. Ltd.(c)(e) |
||||||||||||||
200,000 | 5.300 | 05/13/28 | 195,500 | |||||||||||
Transatlantic Holdings, Inc. |
||||||||||||||
75,000 | 8.000 | 11/30/39 | 102,514 | |||||||||||
USI, Inc.(c)(e) |
||||||||||||||
1,850,000 | 6.875 | 05/01/25 | 1,822,250 | |||||||||||
|
|
|||||||||||||
18,813,646 | ||||||||||||||
|
|
|||||||||||||
Internet 1.8% | ||||||||||||||
Booking Holdings, Inc.(c) |
||||||||||||||
2,850,000 | 4.625 | 04/13/30 | 2,921,250 | |||||||||||
Endurance International Group Holdings, Inc.(c)(e) |
||||||||||||||
6,473,000 | 6.000 | 02/15/29 | 5,210,765 | |||||||||||
Expedia Group, Inc.(c) |
||||||||||||||
1,160,000 | 6.250 | (e) | 05/01/25 | 1,216,364 | ||||||||||
1,382,000 | 4.625 | 08/01/27 | 1,388,703 | |||||||||||
3,425,000 | 3.250 | 02/15/30 | 3,061,676 | |||||||||||
Getty Images, Inc.(c)(e) |
||||||||||||||
3,720,000 | 9.750 | 03/01/27 | 3,840,900 | |||||||||||
Go Daddy Operating Co. LLC/GD Finance Co., Inc.(c)(e) |
||||||||||||||
1,305,000 | 5.250 | 12/01/27 | 1,288,688 | |||||||||||
GrubHub Holdings, Inc.(c)(e) |
||||||||||||||
3,400,000 | 5.500 | 07/01/27 | 2,915,500 | |||||||||||
ION Trading Technologies Sarl(c)(e) |
||||||||||||||
1,868,000 | 5.750 | 05/15/28 | 1,751,250 | |||||||||||
Match Group Holdings II LLC(c)(e) |
||||||||||||||
2,103,000 | 3.625 | 10/01/31 | 1,763,891 | |||||||||||
NortonLifeLock, Inc.(c)(e) |
||||||||||||||
4,000,000 | 5.000 | 04/15/25 | 3,990,000 | |||||||||||
Twitter, Inc.(c)(e) |
||||||||||||||
3,735,000 | 5.000 | 03/01/30 | 3,819,038 | |||||||||||
Uber Technologies, Inc.(c)(e) |
||||||||||||||
3,200,000 | 7.500 | 05/15/25 | 3,304,000 | |||||||||||
1,800,000 | 6.250 | 01/15/28 | 1,782,000 | |||||||||||
4,090,000 | 4.500 | 08/15/29 | 3,527,625 | |||||||||||
United Group B.V.(c)(e) |
||||||||||||||
EUR | 1,225,000 | 4.625 | 08/15/28 | 1,148,544 | ||||||||||
Vnet Group, Inc.(f)(g) |
||||||||||||||
$ | 350,000 | 0.000 | 02/01/26 | 301,404 | ||||||||||
|
|
|||||||||||||
43,231,598 | ||||||||||||||
|
|
|||||||||||||
Investment Companies 0.0% | ||||||||||||||
Huarong Finance 2017 Co. Ltd. |
||||||||||||||
200,000 | 4.250 | 11/07/27 | 183,000 | |||||||||||
|
|
|||||||||||||
Iron/Steel 0.2% | ||||||||||||||
ABJA Investment Co. Pte Ltd. |
||||||||||||||
650,000 | 5.950 | 07/31/24 | 664,625 | |||||||||||
CAP SA(c)(e) |
||||||||||||||
200,000 | 3.900 | 04/27/31 | 169,413 | |||||||||||
Cleveland-Cliffs, Inc.(c) |
||||||||||||||
2,250,000 | 5.875 | 06/01/27 | 2,250,000 | |||||||||||
1,620,000 | 4.875 | (e) | 03/01/31 | 1,512,675 | ||||||||||
Metinvest B.V.(c) |
||||||||||||||
200,000 | 7.750 | 04/23/23 | 111,000 | |||||||||||
200,000 | 8.500 | 04/23/26 | 107,000 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 19 |
GOLDMAN SACHS INCOME BUILDER FUND
Schedule of Investments (continued)
April 30, 2022 (Unaudited)
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Corporate Obligations (continued) | ||||||||||||||
Iron/Steel (continued) | ||||||||||||||
Samarco Mineracao SA |
||||||||||||||
$ | 200,000 | 4.125 | % | 11/01/22 | $ | 135,975 | ||||||||
Vale Overseas Ltd.(c) |
||||||||||||||
460,000 | 3.750 | 07/08/30 | 413,712 | |||||||||||
|
|
|||||||||||||
5,364,400 | ||||||||||||||
|
|
|||||||||||||
Leisure Time 0.2% | ||||||||||||||
NCL Corp. Ltd.(c)(e) |
||||||||||||||
3,550,000 | 3.625 | 12/15/24 | 3,292,625 | |||||||||||
Royal Caribbean Cruises Ltd. |
||||||||||||||
955,000 | 5.250 | 11/15/22 | 956,194 | |||||||||||
TUI Cruises GmbH(c)(e) |
||||||||||||||
EUR | 1,100,000 | 6.500 | 05/15/26 | 1,051,769 | ||||||||||
|
|
|||||||||||||
5,300,588 | ||||||||||||||
|
|
|||||||||||||
Lodging(c)(e) 0.2% | ||||||||||||||
|
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand |
| ||||||||||||
$ | 3,795,000 | 5.000 | 06/01/29 | 3,429,731 | ||||||||||
Marriott Ownership Resorts, Inc. |
||||||||||||||
710,000 | 4.500 | 06/15/29 | 629,237 | |||||||||||
Travel + Leisure Co. |
||||||||||||||
598,000 | 6.625 | 07/31/26 | 610,708 | |||||||||||
|
|
|||||||||||||
4,669,676 | ||||||||||||||
|
|
|||||||||||||
Machinery Construction & Mining(c)(e) 0.2% | ||||||||||||||
BWX Technologies, Inc. |
||||||||||||||
1,023,000 | 4.125 | 06/30/28 | 948,833 | |||||||||||
Vertiv Group Corp. |
||||||||||||||
2,956,000 | 4.125 | 11/15/28 | 2,568,025 | |||||||||||
|
|
|||||||||||||
3,516,858 | ||||||||||||||
|
|
|||||||||||||
Machinery-Diversified(c)(e) 0.2% | ||||||||||||||
Titan Acquisition Ltd./Titan Co-Borrower LLC |
||||||||||||||
588,000 | 7.750 | 04/15/26 | 572,565 | |||||||||||
TK Elevator Holdco GmbH |
||||||||||||||
4,509,000 | 7.625 | 07/15/28 | 4,339,913 | |||||||||||
|
|
|||||||||||||
4,912,478 | ||||||||||||||
|
|
|||||||||||||
Media 3.5% | ||||||||||||||
Altice Financing SA(c)(e) |
||||||||||||||
1,848,000 | 5.000 | 01/15/28 | 1,556,940 | |||||||||||
EUR | 2,975,000 | 4.250 | 08/15/29 | 2,666,387 | ||||||||||
AMC Networks, Inc.(c) |
||||||||||||||
$ | 1,800,000 | 4.750 | 08/01/25 | 1,737,000 | ||||||||||
Cable Onda SA(c) |
||||||||||||||
450,000 | 4.500 | 01/30/30 | 418,984 | |||||||||||
CCO Holdings LLC/CCO Holdings Capital Corp.(c)(e) |
||||||||||||||
4,980,000 | 4.750 | 03/01/30 | 4,432,200 | |||||||||||
4,800,000 | 4.750 | 02/01/32 | 4,140,000 | |||||||||||
6,580,000 | 4.250 | 01/15/34 | 5,231,100 | |||||||||||
|
Charter Communications Operating LLC/Charter |
| ||||||||||||
12,000,000 | 6.384 | 10/23/35 | 12,564,600 | |||||||||||
Comcast Corp.(c)(e) |
||||||||||||||
2,827,000 | 2.800 | 01/15/51 | 2,076,827 | |||||||||||
|
|
|||||||||||||
Corporate Obligations (continued) | ||||||||||||||
Media (continued) | ||||||||||||||
CSC Holdings LLC(c)(e) |
||||||||||||||
2,298,000 | 4.625 | 12/01/30 | 1,757,970 | |||||||||||
5,372,000 | 5.000 | 11/15/31 | 4,109,580 | |||||||||||
Cumulus Media New Holdings, Inc.(c)(e) |
||||||||||||||
2,421,000 | 6.750 | 07/01/26 | 2,408,895 | |||||||||||
Diamond Sports Group LLC/Diamond Sports Finance Co.(c)(e) |
||||||||||||||
3,345,000 | 6.625 | 08/15/27 | 694,088 | |||||||||||
Directv Financing LLC/Directv Financing Co.-Obligor, Inc.(c)(e) |
||||||||||||||
5,980,000 | 5.875 | 08/15/27 | 5,621,200 | |||||||||||
DISH DBS Corp. |
||||||||||||||
1,720,000 | 5.250 | (c)(e) | 12/01/26 | 1,573,800 | ||||||||||
1,700,000 | 7.375 | (c) | 07/01/28 | 1,496,000 | ||||||||||
4,195,000 | 5.125 | 06/01/29 | 3,251,125 | |||||||||||
Gray Television, Inc.(c)(e) |
||||||||||||||
3,125,000 | 7.000 | 05/15/27 | 3,226,562 | |||||||||||
iHeartCommunications, Inc.(c) |
||||||||||||||
2,380,000 | 8.375 | 05/01/27 | 2,362,150 | |||||||||||
550,000 | 4.750 | (e) | 01/15/28 | 497,750 | ||||||||||
LCPR Senior Secured Financing DAC(c)(e) |
||||||||||||||
3,156,000 | 5.125 | 07/15/29 | 2,864,070 | |||||||||||
News Corp.(c)(e) |
||||||||||||||
2,470,000 | 3.875 | 05/15/29 | 2,241,525 | |||||||||||
Nexstar Media, Inc.(c)(e) |
||||||||||||||
1,500,000 | 5.625 | 07/15/27 | 1,455,000 | |||||||||||
Scripps Escrow II, Inc.(c)(e) |
||||||||||||||
1,305,000 | 5.375 | 01/15/31 | 1,158,188 | |||||||||||
Scripps Escrow, Inc.(c)(e) |
||||||||||||||
1,050,000 | 5.875 | 07/15/27 | 1,005,375 | |||||||||||
Sinclair Television Group, Inc.(c)(e) |
||||||||||||||
1,210,000 | 5.125 | 02/15/27 | 1,055,725 | |||||||||||
Sirius XM Radio, Inc.(c)(e) |
||||||||||||||
820,000 | 3.125 | 09/01/26 | 754,400 | |||||||||||
2,260,000 | 3.875 | 09/01/31 | 1,904,050 | |||||||||||
TEGNA, Inc.(c) |
||||||||||||||
2,300,000 | 4.625 | 03/15/28 | 2,208,000 | |||||||||||
Townsquare Media, Inc.(c)(e) |
||||||||||||||
2,038,000 | 6.875 | 02/01/26 | 2,030,358 | |||||||||||
Urban One, Inc.(c)(e) |
||||||||||||||
1,690,000 | 7.375 | 02/01/28 | 1,639,300 | |||||||||||
Ziggo B.V.(c)(e) |
||||||||||||||
1,628,000 | 4.875 | 01/15/30 | 1,444,850 | |||||||||||
Ziggo Bond Co. B.V.(c)(e) |
||||||||||||||
EUR | 675,000 | 3.375 | 02/28/30 | 593,236 | ||||||||||
$ | 500,000 | 5.125 | 02/28/30 | 432,500 | ||||||||||
|
|
|||||||||||||
82,609,735 | ||||||||||||||
|
|
|||||||||||||
Mining 0.6% | ||||||||||||||
Constellium SE(c)(e) |
||||||||||||||
2,585,000 | 3.750 | 04/15/29 | 2,229,562 | |||||||||||
Endeavour Mining PLC(c)(e) |
||||||||||||||
200,000 | 5.000 | 10/14/26 | 181,000 | |||||||||||
First Quantum Minerals Ltd.(c)(e) |
||||||||||||||
1,148,000 | 7.250 | 04/01/23 | 1,148,861 | |||||||||||
Freeport-McMoRan, Inc.(c) |
||||||||||||||
2,000,000 | 5.400 | 11/14/34 | 2,050,000 | |||||||||||
Glencore Finance Canada Ltd.(e) |
||||||||||||||
3,000,000 | 5.550 | 10/25/42 | 2,968,290 | |||||||||||
|
|
20 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INCOME BUILDER FUND
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Corporate Obligations (continued) | ||||||||||||||
Mining (continued) | ||||||||||||||
Glencore Funding LLC(c)(e) |
||||||||||||||
$ | 2,975,000 | 2.850 | % | 04/27/31 | $ | 2,544,845 | ||||||||
Novelis Corp.(c)(e) |
||||||||||||||
2,400,000 | 4.750 | 01/30/30 | 2,208,000 | |||||||||||
Vedanta Resources Finance II PLC(c)(e) |
||||||||||||||
200,000 | 9.250 | 04/23/26 | 166,000 | |||||||||||
|
|
|||||||||||||
13,496,558 | ||||||||||||||
|
|
|||||||||||||
Miscellaneous Manufacturing 0.3% | ||||||||||||||
General Electric Co. |
||||||||||||||
850,000 | 6.750 | 03/15/32 | 985,949 | |||||||||||
(3M USD LIBOR + 3.330%) |
||||||||||||||
4,477,000 | 4.156 | (c)(d) | 12/29/49 | 4,243,211 | ||||||||||
Hillenbrand, Inc.(c) |
||||||||||||||
1,349,000 | 3.750 | 03/01/31 | 1,190,493 | |||||||||||
|
|
|||||||||||||
6,419,653 | ||||||||||||||
|
|
|||||||||||||
Multi-National 0.0% | ||||||||||||||
The African Export-Import Bank(c) |
||||||||||||||
200,000 | 3.994 | 09/21/29 | 188,106 | |||||||||||
The Eastern & Southern African Trade & Development Bank |
||||||||||||||
200,000 | 4.125 | 06/30/28 | 184,400 | |||||||||||
|
|
|||||||||||||
372,506 | ||||||||||||||
|
|
|||||||||||||
Office & Business Equipment(c) 0.1% | ||||||||||||||
CDW LLC/CDW Finance Corp. |
||||||||||||||
1,440,000 | 4.125 | 05/01/25 | 1,420,200 | |||||||||||
Xerox Holdings Corp.(e) |
||||||||||||||
1,055,000 | 5.000 | 08/15/25 | 1,016,756 | |||||||||||
|
|
|||||||||||||
2,436,956 | ||||||||||||||
|
|
|||||||||||||
Oil Field Services 2.0% | ||||||||||||||
California Resources Corp.(c)(e) |
||||||||||||||
2,135,000 | 7.125 | 02/01/26 | 2,161,687 | |||||||||||
Cenovus Energy, Inc.(c) |
||||||||||||||
984,000 | 5.375 | 07/15/25 | 1,021,707 | |||||||||||
Cia General de Combustibles SA(e) |
||||||||||||||
560,000 | 9.500 | 03/08/25 | 559,300 | |||||||||||
Civitas Resources, Inc(c)(e) |
||||||||||||||
1,345,000 | 5.000 | 10/15/26 | 1,281,113 | |||||||||||
Continental Resources, Inc.(c)(e) |
||||||||||||||
1,306,000 | 5.750 | 01/15/31 | 1,337,018 | |||||||||||
DNO ASA(c)(e) |
||||||||||||||
420,000 | 8.375 | 05/29/24 | 419,825 | |||||||||||
330,000 | 7.875 | 09/09/26 | 325,978 | |||||||||||
EQT Corp.(c) |
||||||||||||||
460,000 | 3.900 | 10/01/27 | 440,450 | |||||||||||
1,915,000 | 3.625 | (e) | 05/15/31 | 1,737,862 | ||||||||||
Gazprom PJSC via Gaz Finance PLC |
||||||||||||||
400,000 | 2.950 | 01/27/29 | 110,000 | |||||||||||
Genel Energy Finance 4 PLC(c)(e) |
||||||||||||||
200,000 | 9.250 | 10/14/25 | 199,125 | |||||||||||
Geopark Ltd.(c)(e) |
||||||||||||||
200,000 | 5.500 | 01/17/27 | 180,538 | |||||||||||
Guara Norte S.a.r.l |
||||||||||||||
355,030 | 5.198 | 06/15/34 | 314,024 | |||||||||||
|
|
|||||||||||||
Corporate Obligations (continued) | ||||||||||||||
Oil Field Services (continued) | ||||||||||||||
Hunt Oil Co. of Peru LLC Sucursal Del Peru |
||||||||||||||
440,680 | 6.375 | 06/01/28 | 422,309 | |||||||||||
Kosmos Energy Ltd.(c) |
||||||||||||||
300,000 | 7.125 | 04/04/26 | 292,931 | |||||||||||
200,000 | 7.500 | 03/01/28 | 192,500 | |||||||||||
Leviathan Bond Ltd.(c)(e) |
||||||||||||||
470,000 | 5.750 | 06/30/23 | 466,416 | |||||||||||
Lukoil Securities B.V.(e) |
||||||||||||||
500,000 | 3.875 | 05/06/30 | 195,000 | |||||||||||
MEG Energy Corp.(c)(e) |
||||||||||||||
2,480,000 | 7.125 | 02/01/27 | 2,511,000 | |||||||||||
1,250,000 | 5.875 | 02/01/29 | 1,218,750 | |||||||||||
Nabors Industries, Inc.(c)(e) |
||||||||||||||
2,645,000 | 9.000 | 02/01/25 | 2,724,350 | |||||||||||
4,795,000 | 7.375 | 05/15/27 | 4,890,900 | |||||||||||
Noble Finance Co.(c)(h) |
||||||||||||||
(PIK 15.000%, Cash 11.000%) |
||||||||||||||
55,098 | 11.000 | (e) | 02/15/28 | 61,572 | ||||||||||
(PIK 15.000%, Cash 11.000%) |
||||||||||||||
564,689 | 11.000 | 02/15/28 | 631,040 | |||||||||||
Occidental Petroleum Corp.(c) |
||||||||||||||
2,180,000 | 8.000 | 07/15/25 | 2,354,400 | |||||||||||
2,550,000 | 6.625 | 09/01/30 | 2,763,562 | |||||||||||
Petroleos Mexicanos |
||||||||||||||
210,000 | 6.490 | (c) | 01/23/27 | 201,012 | ||||||||||
290,000 | 6.500 | 03/13/27 | 277,034 | |||||||||||
Range Resources Corp.(c) |
||||||||||||||
1,470,000 | 5.000 | 03/15/23 | 1,473,675 | |||||||||||
985,000 | 4.750 | (e) | 02/15/30 | 938,213 | ||||||||||
SEPLAT Energy PLC(c)(e) |
||||||||||||||
630,000 | 7.750 | 04/01/26 | 598,752 | |||||||||||
ShaMaran Petroleum Corp.(c)(e) |
||||||||||||||
260,000 | 12.000 | 07/30/25 | 257,075 | |||||||||||
Southwestern Energy Co.(c) |
||||||||||||||
1,445,000 | 4.750 | 02/01/32 | 1,365,525 | |||||||||||
Sunoco LP/Sunoco Finance Corp.(c) |
||||||||||||||
1,720,000 | 4.500 | 05/15/29 | 1,548,000 | |||||||||||
TechnipFMC PLC(c)(e) |
||||||||||||||
1,934,000 | 6.500 | 02/01/26 | 2,001,690 | |||||||||||
Tiger Holdco Pte Ltd.(c)(e)(h) |
||||||||||||||
210,203 | 13.000 | 06/10/23 | 204,068 | |||||||||||
Transocean Poseidon Ltd.(c)(e) |
||||||||||||||
975,938 | 6.875 | 02/01/27 | 939,340 | |||||||||||
Transocean, Inc.(c)(e) |
||||||||||||||
4,448,000 | 11.500 | 01/30/27 | 4,425,760 | |||||||||||
|
USA Compression Partners LP/USA Compression Finance |
| ||||||||||||
4,480,000 | 6.875 | 04/01/26 | 4,390,400 | |||||||||||
YPF SA |
||||||||||||||
133,000 | 8.750 | 04/04/24 | 123,730 | |||||||||||
262,500 | 8.500 | 03/23/25 | 241,303 | |||||||||||
|
|
|||||||||||||
47,798,934 | ||||||||||||||
|
|
|||||||||||||
Packaging 1.0% | ||||||||||||||
ARD Finance SA(c)(h) (PIK 5.750%, Cash 5.000%) |
||||||||||||||
EUR | 2,648,270 | 5.000 | 06/30/27 | 2,320,469 | ||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 21 |
GOLDMAN SACHS INCOME BUILDER FUND
Schedule of Investments (continued)
April 30, 2022 (Unaudited)
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Corporate Obligations (continued) | ||||||||||||||
Packaging (continued) | ||||||||||||||
|
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal |
| ||||||||||||
EUR | 2,531,000 | 3.000 | % | 09/01/29 | $ | 2,174,245 | ||||||||
$ | 1,463,000 | 4.000 | (e) | 09/01/29 | 1,250,865 | |||||||||
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.(c)(e) |
||||||||||||||
3,295,000 | 5.250 | 08/15/27 | 2,829,581 | |||||||||||
Berry Global, Inc.(c)(e) |
||||||||||||||
1,308,000 | 4.500 | 02/15/26 | 1,286,745 | |||||||||||
2,000,000 | 5.625 | 07/15/27 | 1,990,000 | |||||||||||
Kleopatra Holdings 2 SCA(c)(e) |
||||||||||||||
EUR | 450,000 | 6.500 | 09/01/26 | 348,782 | ||||||||||
LABL, Inc.(c)(e) |
||||||||||||||
$ | 1,750,000 | 6.750 | 07/15/26 | 1,680,000 | ||||||||||
Owens-Brockway Glass Container, Inc.(e) |
||||||||||||||
1,160,000 | 5.875 | 08/15/23 | 1,175,950 | |||||||||||
|
Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group |
| ||||||||||||
1,410,000 | 4.000 | 10/15/27 | 1,230,225 | |||||||||||
Pactiv LLC |
||||||||||||||
2,845,000 | 8.375 | 04/15/27 | 2,816,550 | |||||||||||
|
SAN Miguel Industrias Pet SA/NG PET R&P Latin America |
| ||||||||||||
290,000 | 3.500 | 08/02/28 | 250,633 | |||||||||||
Sealed Air Corp.(e) |
||||||||||||||
1,843,000 | 6.875 | 07/15/33 | 2,018,085 | |||||||||||
Trivium Packaging Finance B.V.(c)(e) |
||||||||||||||
1,075,000 | 5.500 | 08/15/26 | 1,041,406 | |||||||||||
1,300,000 | 8.500 | 08/15/27 | 1,283,750 | |||||||||||
|
|
|||||||||||||
23,697,286 | ||||||||||||||
|
|
|||||||||||||
Pharmaceuticals(c) 1.4% | ||||||||||||||
AbbVie, Inc. |
||||||||||||||
6,650,000 | 3.200 | 11/21/29 | 6,199,263 | |||||||||||
AdaptHealth LLC(e) |
||||||||||||||
1,445,000 | 6.125 | 08/01/28 | 1,365,525 | |||||||||||
670,000 | 4.625 | 08/01/29 | 566,150 | |||||||||||
1,020,000 | 5.125 | 03/01/30 | 882,300 | |||||||||||
Bausch Health Cos., Inc.(e) |
||||||||||||||
2,240,000 | 6.125 | 02/01/27 | 2,153,200 | |||||||||||
1,350,000 | 5.000 | 01/30/28 | 999,000 | |||||||||||
1,350,000 | 5.250 | 01/30/30 | 948,375 | |||||||||||
Becton Dickinson & Co. |
||||||||||||||
3,200,000 | 2.823 | 05/20/30 | 2,862,784 | |||||||||||
Cheplapharm Arzneimittel GmbH(e) |
||||||||||||||
1,268,000 | 5.500 | 01/15/28 | 1,214,110 | |||||||||||
CVS Health Corp. |
||||||||||||||
4,715,000 | 3.750 | 04/01/30 | 4,504,428 | |||||||||||
Herbalife Nutrition Ltd./HLF Financing, Inc.(e) |
||||||||||||||
1,312,000 | 7.875 | 09/01/25 | 1,290,680 | |||||||||||
HLF Financing S.a.r.l. LLC/Herbalife International, Inc.(e) |
||||||||||||||
7,384,000 | 4.875 | 06/01/29 | 5,971,810 | |||||||||||
Organon & Co./Organon Foreign Debt Co.-Issuer BV(e) |
||||||||||||||
700,000 | 4.125 | 04/30/28 | 651,000 | |||||||||||
1,950,000 | 5.125 | 04/30/31 | 1,769,625 | |||||||||||
Prestige Brands, Inc.(e) |
||||||||||||||
1,855,000 | 3.750 | 04/01/31 | 1,574,431 | |||||||||||
|
|
|||||||||||||
Corporate Obligations (continued) | ||||||||||||||
Pharmaceuticals(c) (continued) | ||||||||||||||
Teva Pharmaceutical Finance Netherlands II BV |
||||||||||||||
EUR | 210,000 | 3.750 | 05/09/27 | 199,827 | ||||||||||
Vizient, Inc.(e) |
||||||||||||||
$ | 580,000 | 6.250 | 05/15/27 | 598,125 | ||||||||||
|
|
|||||||||||||
33,750,633 | ||||||||||||||
|
|
|||||||||||||
Pipelines 3.6% | ||||||||||||||
Buckeye Partners LP(c) |
||||||||||||||
2,100,000 | 4.350 | 10/15/24 | 2,055,375 | |||||||||||
4,636,000 | 3.950 | 12/01/26 | 4,381,020 | |||||||||||
929,000 | 4.125 | 12/01/27 | 851,196 | |||||||||||
1,217,000 | 4.500 | (e) | 03/01/28 | 1,110,513 | ||||||||||
Cheniere Energy Partners LP(c) |
||||||||||||||
1,800,000 | 4.500 | 10/01/29 | 1,723,500 | |||||||||||
CNX Midstream Partners LP(c)(e) |
||||||||||||||
1,210,000 | 4.750 | 04/15/30 | 1,107,150 | |||||||||||
CQP Holdco LP/BIP-V Chinook Holdco LLC(c)(e) |
||||||||||||||
4,130,000 | 5.500 | 06/15/31 | 3,799,600 | |||||||||||
DCP Midstream Operating LP(e) |
||||||||||||||
4,000,000 | 6.750 | 09/15/37 | 4,540,000 | |||||||||||
DT Midstream, Inc.(c)(e) |
||||||||||||||
4,130,000 | 4.375 | 06/15/31 | 3,706,675 | |||||||||||
Energy Transfer LP |
||||||||||||||
2,985,000 | 6.625 | 10/15/36 | 3,100,967 | |||||||||||
|
Enterprise Products Operating
LLC(c)(d) (3M USD LIBOR + |
| ||||||||||||
1,000,000 | 3.301 | 06/01/67 | 875,120 | |||||||||||
Genesis Energy LP/Genesis Energy Finance Corp.(c) |
||||||||||||||
2,010,000 | 7.750 | 02/01/28 | 1,919,550 | |||||||||||
Global Partners LP/GLP Finance Corp.(c) |
||||||||||||||
2,055,000 | 6.875 | 01/15/29 | 1,983,075 | |||||||||||
Hess Midstream Operations LP(c)(e) |
||||||||||||||
990,000 | 5.500 | 10/15/30 | 972,675 | |||||||||||
Howard Midstream Energy Partners LLC(c)(e) |
||||||||||||||
1,565,000 | 6.750 | 01/15/27 | 1,502,400 | |||||||||||
ITT Holdings LLC(c)(e) |
||||||||||||||
3,380,000 | 6.500 | 08/01/29 | 2,991,300 | |||||||||||
Kinder Morgan Energy Partners LP |
||||||||||||||
7,000,000 | 7.300 | 08/15/33 | 8,138,550 | |||||||||||
MPLX LP(c) |
||||||||||||||
5,925,000 | 2.650 | 08/15/30 | 5,096,329 | |||||||||||
New Fortress Energy, Inc.(c)(e) |
||||||||||||||
2,110,000 | 6.750 | 09/15/25 | 2,062,525 | |||||||||||
NGL Energy Operating LLC/NGL Energy Finance Corp.(c)(e) |
||||||||||||||
2,345,000 | 7.500 | 02/01/26 | 2,204,300 | |||||||||||
NuStar Logistics LP(c) |
||||||||||||||
2,569,000 | 6.375 | 10/01/30 | 2,530,465 | |||||||||||
Plains All American Pipeline LP/PAA Finance Corp.(c) |
||||||||||||||
3,000,000 | 3.600 | 11/01/24 | 2,964,990 | |||||||||||
Sabine Pass Liquefaction LLC(c) |
||||||||||||||
2,275,000 | 4.200 | 03/15/28 | 2,234,823 | |||||||||||
|
Summit Midstream Holdings LLC/Summit Midstream Finance |
| ||||||||||||
3,260,000 | 5.750 | 04/15/25 | 2,640,600 | |||||||||||
3,370,000 | 8.500 | (e) | 10/15/26 | 3,134,100 | ||||||||||
|
|
22 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INCOME BUILDER FUND
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Corporate Obligations (continued) | ||||||||||||||
Pipelines (continued) | ||||||||||||||
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.(c)(e) |
||||||||||||||
$ | 525,000 | 6.000 | % | 12/31/30 | $ | 484,313 | ||||||||
4,485,000 | 6.000 | 09/01/31 | 4,058,925 | |||||||||||
|
Targa Resources Partners LP/Targa Resources Partners Finance |
| ||||||||||||
1,910,000 | 4.875 | 02/01/31 | 1,833,600 | |||||||||||
The Williams Cos., Inc. |
||||||||||||||
7,000,000 | 7.500 | 01/15/31 | 8,266,650 | |||||||||||
Venture Global Calcasieu Pass LLC(c)(e) |
||||||||||||||
3,243,000 | 4.125 | 08/15/31 | 2,951,130 | |||||||||||
|
|
|||||||||||||
85,221,416 | ||||||||||||||
|
|
|||||||||||||
Real Estate 0.1% | ||||||||||||||
Country Garden Holdings Co. Ltd.(f) |
||||||||||||||
210,000 | 5.625 | 12/15/26 | 140,175 | |||||||||||
IRSA Propiedades Comerciales SA(c) |
||||||||||||||
540,000 | 8.750 | 03/23/23 | 530,989 | |||||||||||
Realogy Group LLC/Realogy Co.-Issuer Corp.(c)(e) |
||||||||||||||
2,080,000 | 5.750 | 01/15/29 | 1,739,400 | |||||||||||
Redsun Properties Group Ltd.(c) |
||||||||||||||
230,000 | 7.300 | 01/13/25 | 46,862 | |||||||||||
The Howard Hughes Corp.(c)(e) |
||||||||||||||
1,096,000 | 4.125 | 02/01/29 | 986,400 | |||||||||||
|
|
|||||||||||||
3,443,826 | ||||||||||||||
|
|
|||||||||||||
Real Estate Investment Trust 0.9% | ||||||||||||||
American Tower Corp.(c) |
||||||||||||||
2,125,000 | 3.950 | 03/15/29 | 2,023,637 | |||||||||||
|
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus |
| ||||||||||||
600,000 | 5.750 | 05/15/26 | 581,769 | |||||||||||
CIBANCO SA Institucion de Banca Multiple Trust CIB/3332(c)(e) |
||||||||||||||
390,000 | 4.375 | 07/22/31 | 314,511 | |||||||||||
Crown Castle International Corp.(c) |
||||||||||||||
300,000 | 4.150 | 07/01/50 | 260,004 | |||||||||||
Growthpoint Properties International Pty Ltd. |
||||||||||||||
270,000 | 5.872 | 05/02/23 | 271,316 | |||||||||||
Iron Mountain Information Management Services, Inc.(c)(e) |
||||||||||||||
2,395,000 | 5.000 | 07/15/32 | 2,107,600 | |||||||||||
MPT Operating Partnership LP/MPT Finance Corp.(c) |
||||||||||||||
3,000,000 | 5.000 | 10/15/27 | 2,878,380 | |||||||||||
2,680,000 | 3.500 | 03/15/31 | 2,271,300 | |||||||||||
SBA Communications Corp.(c) |
||||||||||||||
2,637,000 | 3.875 | 02/15/27 | 2,485,372 | |||||||||||
Starwood Property Trust, Inc.(c) |
||||||||||||||
2,700,000 | 4.750 | 03/15/25 | 2,656,125 | |||||||||||
VICI Properties LP(c) |
||||||||||||||
1,306,000 | 4.625 | (e) | 06/15/25 | 1,299,470 | ||||||||||
2,480,000 | 4.750 | 02/15/28 | 2,469,386 | |||||||||||
VICI Properties LP/VICI Note Co., Inc.(c)(e) |
||||||||||||||
1,526,000 | 3.500 | 02/15/25 | 1,461,145 | |||||||||||
|
|
|||||||||||||
21,080,015 | ||||||||||||||
|
|
|||||||||||||
Regional Banks 0.0% | ||||||||||||||
National Bank of Uzbekistan |
||||||||||||||
200,000 | 4.850 | 10/21/25 | 176,663 | |||||||||||
|
|
|||||||||||||
Corporate Obligations (continued) | ||||||||||||||
Retailing 1.5% | ||||||||||||||
Arko Corp.(c)(e) |
||||||||||||||
1,770,000 | 5.125 | 11/15/29 | 1,568,662 | |||||||||||
Asbury Automotive Group, Inc.(c)(e) |
||||||||||||||
1,462,000 | 4.625 | 11/15/29 | 1,315,800 | |||||||||||
809,000 | 5.000 | 02/15/32 | 722,033 | |||||||||||
AutoNation, Inc.(c) |
||||||||||||||
961,000 | 4.750 | 06/01/30 | 944,874 | |||||||||||
Beacon Roofing Supply, Inc.(c)(e) |
||||||||||||||
2,560,000 | 4.125 | 05/15/29 | 2,246,400 | |||||||||||
Carvana Co.(c)(e) |
||||||||||||||
850,000 | 5.500 | 04/15/27 | 697,000 | |||||||||||
4,235,000 | 4.875 | 09/01/29 | 3,112,725 | |||||||||||
eG Global Finance PLC(c)(e) |
||||||||||||||
3,800,000 | 6.750 | 02/07/25 | 3,686,000 | |||||||||||
Eurotorg LLC Via Bonitron DAC(e) |
||||||||||||||
560,000 | 9.000 | 10/22/25 | 170,800 | |||||||||||
Foundation Building Materials, Inc.(c)(e) |
||||||||||||||
820,000 | 6.000 | 03/01/29 | 670,350 | |||||||||||
GYP Holdings III Corp.(c)(e) |
||||||||||||||
1,160,000 | 4.625 | 05/01/29 | 1,042,941 | |||||||||||
InRetail Consumer(c) |
||||||||||||||
200,000 | 3.250 | 03/22/28 | 176,538 | |||||||||||
LCM Investments Holdings II LLC(c)(e) |
||||||||||||||
3,020,000 | 4.875 | 05/01/29 | 2,646,275 | |||||||||||
Penske Automotive Group, Inc.(c) |
||||||||||||||
2,179,000 | 3.750 | 06/15/29 | 1,865,769 | |||||||||||
|
Specialty Building Products Holdings LLC/SBP Finance |
| ||||||||||||
3,446,000 | 6.375 | 09/30/26 | 3,368,465 | |||||||||||
SRS Distribution, Inc.(c)(e) |
||||||||||||||
1,912,000 | 4.625 | 07/01/28 | 1,744,700 | |||||||||||
3,525,000 | 6.125 | 07/01/29 | 3,102,000 | |||||||||||
|
Suburban Propane Partners LP/Suburban Energy Finance |
| ||||||||||||
2,245,000 | 5.000 | 06/01/31 | 2,026,112 | |||||||||||
The Cheesecake Factory, Inc. |
||||||||||||||
353,000 | 0.375 | 06/15/26 | 301,374 | |||||||||||
The Home Depot, Inc.(c) |
||||||||||||||
1,170,000 | 3.350 | 04/15/50 | 983,385 | |||||||||||
Yum! Brands, Inc.(c)(e) |
||||||||||||||
3,064,000 | 4.750 | 01/15/30 | 2,918,460 | |||||||||||
|
|
|||||||||||||
35,310,663 | ||||||||||||||
|
|
|||||||||||||
Semiconductors(c) 0.5% | ||||||||||||||
Amkor Technology, Inc.(e) |
||||||||||||||
1,398,000 | 6.625 | 09/15/27 | 1,422,465 | |||||||||||
Broadcom, Inc. |
||||||||||||||
3,723,000 | 4.150 | 11/15/30 | 3,520,134 | |||||||||||
2,069,000 | 3.469 | (e) | 04/15/34 | 1,755,505 | ||||||||||
1,856,000 | 3.137 | (e) | 11/15/35 | 1,487,788 | ||||||||||
3,319,000 | 3.187 | (e) | 11/15/36 | 2,627,254 | ||||||||||
NXP B.V./NXP Funding LLC/NXP USA, Inc.(e) |
||||||||||||||
982,000 | 3.400 | 05/01/30 | 894,484 | |||||||||||
Qorvo, Inc. |
||||||||||||||
750,000 | 4.375 | 10/15/29 | 703,125 | |||||||||||
|
|
|||||||||||||
12,410,755 | ||||||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 23 |
GOLDMAN SACHS INCOME BUILDER FUND
Schedule of Investments (continued)
April 30, 2022 (Unaudited)
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Corporate Obligations (continued) | ||||||||||||||
Software(c) 1.1% | ||||||||||||||
Brunello Bidco SpA(e) |
||||||||||||||
EUR | 3,100,000 | 3.500 | % | 02/15/28 | $ | 2,978,827 | ||||||||
Castle U.S. Holding Corp.(e) |
||||||||||||||
$ | 4,104,000 | 9.500 | 02/15/28 | 3,765,420 | ||||||||||
Clarivate Science Holdings Corp.(e) |
||||||||||||||
3,509,000 | 3.875 | 07/01/28 | 3,123,010 | |||||||||||
2,401,000 | 4.875 | 07/01/29 | 2,112,880 | |||||||||||
Elastic NV(e) |
||||||||||||||
1,835,000 | 4.125 | 07/15/29 | 1,644,619 | |||||||||||
Minerva Merger Sub, Inc.(e) |
||||||||||||||
4,765,000 | 6.500 | 02/15/30 | 4,359,975 | |||||||||||
Oracle Corp. |
||||||||||||||
1,405,000 | 3.600 | 04/01/50 | 1,008,734 | |||||||||||
Playtika Holding Corp.(e) |
||||||||||||||
3,198,000 | 4.250 | 03/15/29 | 2,878,200 | |||||||||||
PTC, Inc.(e) |
||||||||||||||
4,000 | 3.625 | 02/15/25 | 3,885 | |||||||||||
ROBLOX Corp.(e) |
||||||||||||||
1,975,000 | 3.875 | 05/01/30 | 1,703,437 | |||||||||||
SS&C Technologies, Inc.(e) |
||||||||||||||
850,000 | 5.500 | 09/30/27 | 834,063 | |||||||||||
ZoomInfo Technologies LLC/ZoomInfo Finance Corp.(e) |
||||||||||||||
1,450,000 | 3.875 | 02/01/29 | 1,292,312 | |||||||||||
|
|
|||||||||||||
25,705,362 | ||||||||||||||
|
|
|||||||||||||
Sovereign(c)(d) 0.2% | ||||||||||||||
CoBank ACB (3M USD LIBOR + 4.660%) |
||||||||||||||
5,350,000 | 6.250 | 12/29/49 | 5,356,420 | |||||||||||
|
|
|||||||||||||
Telecommunication Services 1.5% | ||||||||||||||
Altice France SA(c)(e) |
||||||||||||||
4,695,000 | 5.500 | 10/15/29 | 4,002,487 | |||||||||||
America Movil SAB de CV(c)(e) |
||||||||||||||
360,000 | 5.375 | 04/04/32 | 327,492 | |||||||||||
AT&T, Inc.(c) |
||||||||||||||
2,900,000 | 2.750 | 06/01/31 | 2,557,974 | |||||||||||
3,000,000 | 5.250 | 03/01/37 | 3,193,050 | |||||||||||
Axian Telecom(c)(e) |
||||||||||||||
250,000 | 7.375 | 02/16/27 | 242,188 | |||||||||||
CommScope, Inc.(c)(e) |
||||||||||||||
1,100,000 | 6.000 | 03/01/26 | 1,038,125 | |||||||||||
1,430,000 | 7.125 | 07/01/28 | 1,145,788 | |||||||||||
CT Trust(c) |
||||||||||||||
440,000 | 5.125 | 02/03/32 | 408,232 | |||||||||||
Digicel Group Holdings Ltd.(c)(e)(h) (PIK 3.000%, Cash 5.000%) |
||||||||||||||
646,348 | 8.000 | 04/01/25 | 540,024 | |||||||||||
|
Digicel International Finance Ltd./Digicel international Holdings |
| ||||||||||||
230,000 | 8.750 | 05/25/24 | 224,538 | |||||||||||
Frontier Communications Holdings LLC(c)(e) |
||||||||||||||
873,000 | 5.000 | 05/01/28 | 794,430 | |||||||||||
Intelsat Jackson Holdings SA(b) |
||||||||||||||
708,000 | 5.500 | 08/01/23 | | |||||||||||
3,000,000 | 8.500 | 10/15/24 | | |||||||||||
Lorca Telecom Bondco SA(c)(e) |
||||||||||||||
EUR | 1,525,000 | 4.000 | 09/18/27 | 1,478,132 | ||||||||||
|
|
|||||||||||||
Corporate Obligations (continued) | ||||||||||||||
Telecommunication Services (continued) | ||||||||||||||
Lumen Technologies, Inc. |
||||||||||||||
$ | 1,450,000 | 5.125 | %(c)(e) | 12/15/26 | 1,308,625 | |||||||||
2,870,000 | 7.650 | 03/15/42 | 2,525,600 | |||||||||||
MTN Mauritius Investments Ltd. |
||||||||||||||
420,000 | 6.500 | 10/13/26 | 433,466 | |||||||||||
Network i2i, Ltd.(c)(d) (5 year CMT + 4.274%) |
||||||||||||||
360,000 | 5.650 | 12/31/99 | 355,230 | |||||||||||
Nokia of America Corp. |
||||||||||||||
3,000,000 | 6.450 | 03/15/29 | 3,120,000 | |||||||||||
Sprint Capital Corp. |
||||||||||||||
1,150,000 | 8.750 | 03/15/32 | 1,469,125 | |||||||||||
T-Mobile USA, Inc.(c) |
||||||||||||||
2,700,000 | 3.875 | 04/15/30 | 2,555,550 | |||||||||||
1,896,000 | 4.500 | 04/15/50 | 1,727,654 | |||||||||||
Telecom Argentina SA(e) |
||||||||||||||
608,000 | 8.500 | 08/06/25 | 587,784 | |||||||||||
Telecom Italia Capital SA |
||||||||||||||
1,800,000 | 7.200 | 07/18/36 | 1,629,000 | |||||||||||
1,000,000 | 7.721 | 06/04/38 | 943,750 | |||||||||||
Verizon Communications, Inc.(c) |
||||||||||||||
2,800,000 | 3.150 | 03/22/30 | 2,569,252 | |||||||||||
|
|
|||||||||||||
35,177,496 | ||||||||||||||
|
|
|||||||||||||
Toys/Games/Hobbies(c) 0.2% | ||||||||||||||
Mattel, Inc. |
||||||||||||||
2,475,000 | 3.150 | 03/15/23 | 2,462,625 | |||||||||||
2,185,000 | 3.375 | (e) | 04/01/26 | 2,130,375 | ||||||||||
|
|
|||||||||||||
4,593,000 | ||||||||||||||
|
|
|||||||||||||
Transportation 0.1% | ||||||||||||||
Canadian Pacific Railway Co.(c) |
||||||||||||||
1,900,000 | 2.450 | 12/02/31 | 1,653,304 | |||||||||||
Cargo Aircraft Management, Inc.(c)(e) |
||||||||||||||
785,000 | 4.750 | 02/01/28 | 733,975 | |||||||||||
MV24 Capital B.V.(e) |
||||||||||||||
307,044 | 6.748 | 06/01/34 | 292,121 | |||||||||||
|
|
|||||||||||||
2,679,400 | ||||||||||||||
|
|
|||||||||||||
Trucking & Leasing(c)(e) 0.1% | ||||||||||||||
Fortress Transportation & Infrastructure Investors LLC |
||||||||||||||
2,220,000 | 5.500 | 05/01/28 | 1,914,750 | |||||||||||
|
|
|||||||||||||
TOTAL CORPORATE OBLIGATIONS | ||||||||||||||
(Cost $1,080,783,605) | $ | 987,479,452 | ||||||||||||
|
|
|||||||||||||
Mortgage-Backed Obligations(d) 0.0% | ||||||||||||||
Collateralized Mortgage Obligation 0.0% | ||||||||||||||
Sequential Floating Rate 0.0% | ||||||||||||||
|
Merrill Lynch Alternative Note Asset
Trust Series 2007-OAR3, |
| ||||||||||||
$ | 142,165 | 0.858 | % | 07/25/47 | $ | 132,631 | ||||||||
(Cost $55,089) | ||||||||||||||
|
|
|||||||||||||
TOTAL MORTGAGE-BACKED OBLIGATIONS | ||||||||||||||
(Cost $55,089) | $ | 132,631 | ||||||||||||
|
|
|||||||||||||
24 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INCOME BUILDER FUND
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Foreign Debt Obligations 0.1% | ||||||||||||||
Sovereign 0.1% | ||||||||||||||
Oman Government International Bond |
||||||||||||||
$ | 280,000 | 5.625 | % | 01/17/28 | $ | 280,000 | ||||||||
200,000 | 6.250 | (e) | 01/25/31 | 203,000 | ||||||||||
Republic of Ecuador(e)(g) |
||||||||||||||
57,283 | 0.000 | 07/31/30 | 31,194 | |||||||||||
Republic of El Salvador(f) |
||||||||||||||
220,000 | 7.750 | 01/24/23 | 172,700 | |||||||||||
Republic of Nigeria |
||||||||||||||
690,000 | 6.500 | 11/28/27 | 610,650 | |||||||||||
Republic of Turkey |
||||||||||||||
260,000 | 6.125 | 10/24/28 | 231,124 | |||||||||||
Ukraine Government Bond |
||||||||||||||
220,000 | 7.750 | 09/01/23 | 86,900 | |||||||||||
|
|
|||||||||||||
TOTAL FOREIGN DEBT OBLIGATIONS | ||||||||||||||
(Cost $1,863,880) | $ | 1,615,568 | ||||||||||||
|
|
|||||||||||||
Bank Loans(d)(l) 7.0% | ||||||||||||||
Advertising 0.1% | ||||||||||||||
CMG Media Corp. (1M LIBOR + 3.500%) |
||||||||||||||
$ | 1,173,150 | 4.264 | % | 12/17/26 | $ | 1,155,131 | ||||||||
|
|
|||||||||||||
Aerospace & Defense 0.2% | ||||||||||||||
ADS Tactical, Inc. (3M LIBOR + 5.750%) |
||||||||||||||
4,295,443 | 6.750 | 03/19/26 | 4,066,367 | |||||||||||
|
|
|||||||||||||
Automotive 0.6% | ||||||||||||||
First Brands Group LLC |
||||||||||||||
(3M LIBOR + 5.000%) |
||||||||||||||
3,325,736 | 6.000 | 03/30/27 | 3,312,233 | |||||||||||
(3M LIBOR + 8.500%) |
||||||||||||||
2,900,000 | 9.739 | 03/30/28 | 2,889,125 | |||||||||||
Garrett LX I S.a.r.l. (3M LIBOR + 3.250%) |
||||||||||||||
2,786,000 | 4.490 | 04/30/28 | 2,708,215 | |||||||||||
Holley Purchaser, Inc.(j) |
||||||||||||||
(3M LIBOR + 3.750%) |
||||||||||||||
2,878,393 | 4.500 | 11/17/28 | 2,822,034 | |||||||||||
(3M LIBOR + 3.750%) |
||||||||||||||
143,920 | 4.576 | 11/17/28 | 141,102 | |||||||||||
OEConnection LLC (1M LIBOR + 4.000%) |
||||||||||||||
2,544,841 | 4.554 | 09/25/26 | 2,519,393 | |||||||||||
|
|
|||||||||||||
14,392,102 | ||||||||||||||
|
|
|||||||||||||
Automotive Parts 0.0% | ||||||||||||||
Rough Country LLC (3M LIBOR + 6.500%) |
||||||||||||||
800,000 | 7.506 | 07/26/29 | 774,000 | |||||||||||
|
|
|||||||||||||
Building & Construction Materials 0.2% | ||||||||||||||
Energize HoldCo LLC(j) (1M LIBOR + 3.750%) |
||||||||||||||
2,325,000 | 4.514 | 12/08/28 | 2,297,402 | |||||||||||
Energize HoldCo. LLC (1M LIBOR + 6.750%) |
||||||||||||||
1,250,000 | 7.514 | 12/07/29 | 1,231,250 | |||||||||||
KKR Apple Bidco LLC(j) (1M LIBOR + 5.750%) |
||||||||||||||
325,000 | 6.514 | 09/21/29 | 324,188 | |||||||||||
|
|
|||||||||||||
3,852,840 | ||||||||||||||
|
|
|||||||||||||
Bank Loans(d)(l) (continued) | ||||||||||||||
Chemicals 0.2% | ||||||||||||||
Momentive Performance Materials, Inc. (1M LIBOR + 3.250%) |
||||||||||||||
2,090,875 | 4.020 | 05/15/24 | 2,073,897 | |||||||||||
Starfruit Finco B.V. (3M LIBOR + 3.000%) |
||||||||||||||
2,234,279 | 4.006 | 10/01/25 | 2,199,827 | |||||||||||
|
|
|||||||||||||
4,273,724 | ||||||||||||||
|
|
|||||||||||||
Commercial Services 0.2% | ||||||||||||||
Allied Universal Holdco LLC (1M LIBOR + 3.750%) |
||||||||||||||
1,442,750 | 4.514 | 05/12/28 | 1,403,825 | |||||||||||
Vaco Holdings, LLC (3M SOFR + 5.000%) |
||||||||||||||
1,271,813 | 5.801 | 01/21/29 | 1,268,633 | |||||||||||
Verscend Holding Corp. (1M LIBOR + 4.000%) |
||||||||||||||
1,352,054 | 4.764 | 08/27/25 | 1,346,145 | |||||||||||
|
|
|||||||||||||
4,018,603 | ||||||||||||||
|
|
|||||||||||||
Computers 0.0% | ||||||||||||||
Ola Singapore PTE Ltd. (3M SOFR+6.250%) |
||||||||||||||
822,938 | 7.000 | 12/15/26 | 797,221 | |||||||||||
|
|
|||||||||||||
Consumer Cyclical Services 0.1% | ||||||||||||||
The Hertz Corp. |
||||||||||||||
(1M LIBOR + 3.250%) |
||||||||||||||
507,443 | 4.014 | 06/30/28 | 504,972 | |||||||||||
(1M LIBOR + 3.250%) |
||||||||||||||
2,672,362 | 4.014 | 06/30/28 | 2,659,348 | |||||||||||
|
|
|||||||||||||
3,164,320 | ||||||||||||||
|
|
|||||||||||||
Diversified Financial Services 0.1% | ||||||||||||||
Fiserv Investment Solutions, Inc. (3M LIBOR + 4.000%) |
||||||||||||||
638,625 | 4.488 | 02/18/27 | 635,962 | |||||||||||
Syncapay, Inc. (3M LIBOR + 6.500%) |
||||||||||||||
2,082,813 | 7.506 | 12/10/27 | 2,077,605 | |||||||||||
|
|
|||||||||||||
2,713,567 | ||||||||||||||
|
|
|||||||||||||
Diversified Manufacturing 0.1% | ||||||||||||||
Apex Tool Group, LLC (1M SOFR + 5.250%) |
||||||||||||||
2,650,000 | 5.750 | 02/08/29 | 2,530,750 | |||||||||||
|
|
|||||||||||||
Environmental 0.1% | ||||||||||||||
Packers Holdings LLC (3M LIBOR + 3.250%) |
||||||||||||||
2,426,417 | 4.000 | 03/09/28 | 2,379,709 | |||||||||||
|
|
|||||||||||||
Food & Drug Retailing 0.0% | ||||||||||||||
B&G Foods, Inc. (1M LIBOR + 2.500%) |
||||||||||||||
619,375 | 3.264 | 10/10/26 | 606,368 | |||||||||||
|
|
|||||||||||||
Health Care Services 0.1% | ||||||||||||||
ICON Luxembourg S.a.r.l. |
||||||||||||||
(3M LIBOR + 2.250%) |
||||||||||||||
853,021 | 3.313 | 07/03/28 | 847,553 | |||||||||||
(3M LIBOR + 2.250%) |
||||||||||||||
212,531 | 3.313 | 07/03/28 | 211,168 | |||||||||||
U.S. Renal Care, Inc.(b) (1M LIBOR + 5.500%) |
||||||||||||||
2,388,000 | 6.500 | 06/26/26 | 2,101,440 | |||||||||||
|
|
|||||||||||||
3,160,161 | ||||||||||||||
|
|
|||||||||||||
Healthcare Providers & Services 0.2% | ||||||||||||||
Insulet Corp. (1M LIBOR + 3.250%) |
||||||||||||||
1,389,500 | 4.014 | 05/04/28 | 1,387,180 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 25 |
GOLDMAN SACHS INCOME BUILDER FUND
Schedule of Investments (continued)
April 30, 2022 (Unaudited)
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Bank Loans(d)(l) (continued) | ||||||||||||||
Healthcare Providers & Services (continued) | ||||||||||||||
|
RegionalCare Hospital Partners Holdings, Inc. (1M LIBOR
+ |
| ||||||||||||
$ | 3,200,000 | 4.499 | % | 11/16/25 | $ | 3,158,656 | ||||||||
|
|
|||||||||||||
4,545,836 | ||||||||||||||
|
|
|||||||||||||
Home Construction 0.2% | ||||||||||||||
Chamberlain Group, Inc. (3M LIBOR + 3.500%) |
||||||||||||||
4,413,938 | 4.506 | 11/03/28 | 4,327,027 | |||||||||||
|
|
|||||||||||||
Industrial Services 0.1% | ||||||||||||||
LaserShip, Inc. (3M LIBOR + 4.500%) |
||||||||||||||
2,437,750 | 5.250 | 05/07/28 | 2,413,373 | |||||||||||
|
|
|||||||||||||
Leisure Time 0.1% | ||||||||||||||
Arcis Golf LLC (1M LIBOR + 4.250%) |
||||||||||||||
2,025,000 | 5.014 | 11/24/28 | 2,017,406 | |||||||||||
|
|
|||||||||||||
Machinery 0.0% | ||||||||||||||
Brown Group Holding LLC (3M LIBOR + 2.500%) |
||||||||||||||
988,904 | 3.506 | 06/07/28 | 973,576 | |||||||||||
|
|
|||||||||||||
Machinery-Diversified 0.1% | ||||||||||||||
Clark Equipment Co. |
||||||||||||||
350,000 | 3.242 | 04/20/29 | 348,796 | |||||||||||
Engineered Machinery Holdings, Inc. |
||||||||||||||
(3M EURIBOR + 3.750%) |
||||||||||||||
EUR | 870,625 | 3.750 | 05/21/28 | 899,095 | ||||||||||
(3M LIBOR + 3.750%) |
||||||||||||||
$ | 1,866,446 | 4.756 | 05/19/28 | 1,855,957 | ||||||||||
|
|
|||||||||||||
3,103,848 | ||||||||||||||
|
|
|||||||||||||
Media Broadcasting & Radio 0.2% | ||||||||||||||
Getty Images, Inc. (3M LIBOR + 4.500%) |
||||||||||||||
1,913,846 | 5.063 | 02/19/26 | 1,904,277 | |||||||||||
Grinding Media, Inc. (3M LIBOR + 4.000%) |
||||||||||||||
2,661,625 | 4.796 | 10/12/28 | 2,601,738 | |||||||||||
|
|
|||||||||||||
4,506,015 | ||||||||||||||
|
|
|||||||||||||
Media Cable 0.5% | ||||||||||||||
CSC Holdings LLC |
||||||||||||||
(1M LIBOR + 2.250%) |
||||||||||||||
1,667,695 | 2.804 | 07/17/25 | 1,633,091 | |||||||||||
(1M LIBOR + 2.500%) |
||||||||||||||
3,716,333 | 3.054 | 04/15/27 | 3,639,702 | |||||||||||
Cumulus Media New Holdings, Inc. (6M LIBOR + 3.750%) |
||||||||||||||
602,528 | 4.750 | 03/31/26 | 599,642 | |||||||||||
DirecTV Financing LLC (1M LIBOR + 5.000%) |
||||||||||||||
2,459,125 | 5.764 | 08/02/27 | 2,446,583 | |||||||||||
Syndigo LLC |
||||||||||||||
(3M LIBOR + 8.000%) |
||||||||||||||
625,000 | 8.750 | 12/15/28 | 612,500 | |||||||||||
(6M LIBOR + 4.50%) |
||||||||||||||
2,054,250 | 5.250 | 12/15/27 | 2,023,436 | |||||||||||
|
|
|||||||||||||
10,954,954 | ||||||||||||||
|
|
|||||||||||||
Oil Field Services 0.1% | ||||||||||||||
Apergy Corp. (3M LIBOR + 5.000%) |
||||||||||||||
3,182,051 | 6.000 | 06/03/27 | 3,186,029 | |||||||||||
|
|
|||||||||||||
Bank Loans(d)(l) (continued) | ||||||||||||||
Packaging 0.3% | ||||||||||||||
LABL, Inc.(j) (1M LIBOR + 5.000%) |
||||||||||||||
1,895,250 | 5.764 | 10/29/28 | 1,858,539 | |||||||||||
Pretium PKG Holdings, Inc. (1M LIBOR + 4.000%) |
||||||||||||||
1,197,000 | 4.500 | 10/02/28 | 1,160,491 | |||||||||||
Reynolds Group Holdings, Inc. (1M LIBOR + 3.250%) |
||||||||||||||
1,061,563 | 4.014 | 02/05/26 | 1,031,043 | |||||||||||
Trident TPI Holdings, Inc. |
||||||||||||||
(1M LIBOR + 4.000%) |
||||||||||||||
163,154 | 4.764 | 09/15/28 | 161,035 | |||||||||||
(1M LIBOR + 4.000%) |
||||||||||||||
1,829,935 | 4.764 | 09/15/28 | 1,805,542 | |||||||||||
|
|
|||||||||||||
6,016,650 | ||||||||||||||
|
|
|||||||||||||
Pharmaceuticals 0.5% | ||||||||||||||
Bausch Health Cos., Inc. (1M LIBOR + 3.000%) |
||||||||||||||
4,960,367 | 3.764 | 06/02/25 | 4,930,406 | |||||||||||
Gainwell Acquisition Corp. (3M LIBOR + 4.000%) |
||||||||||||||
6,320,000 | 5.006 | 10/01/27 | 6,292,382 | |||||||||||
|
|
|||||||||||||
11,222,788 | ||||||||||||||
|
|
|||||||||||||
Retailers 0.1% | ||||||||||||||
TruGreen LP (3M LIBOR + 8.500%) |
||||||||||||||
2,650,000 | 9.264 | 11/02/28 | 2,656,625 | |||||||||||
|
|
|||||||||||||
Retailing 0.2% | ||||||||||||||
New Era Cap LLC (6M LIBOR + 5.750%) |
||||||||||||||
2,025,000 | 6.750 | 07/13/27 | 2,004,750 | |||||||||||
Rough Country LLC (3M LIBOR + 3.500%) |
||||||||||||||
1,925,625 | 4.506 | 07/28/28 | 1,871,072 | |||||||||||
|
|
|||||||||||||
3,875,822 | ||||||||||||||
|
|
|||||||||||||
Semiconductors 0.0% | ||||||||||||||
Allegro Microsystems, Inc. (1M LIBOR + 3.750%) |
||||||||||||||
73,077 | 4.514 | 09/30/27 | 72,346 | |||||||||||
|
|
|||||||||||||
Services Cyclical Business Services 0.1% | ||||||||||||||
Travelport Finance (Luxembourg) S.a.r.l. (3M LIBOR + 1.500%) |
||||||||||||||
1,691,913 | 2.500 | 02/28/25 | 1,725,751 | |||||||||||
|
|
|||||||||||||
Services Cyclical Consumer Services 0.1% | ||||||||||||||
Asurion LLC (1M LIBOR + 3.250%) |
||||||||||||||
3,283,573 | 4.014 | 12/23/26 | 3,206,967 | |||||||||||
|
|
|||||||||||||
Technology Software/Services 1.9% | ||||||||||||||
AppLovin Corp. (1M LIBOR + 3.250%) |
||||||||||||||
839,158 | 4.014 | 08/15/25 | 835,558 | |||||||||||
Banff Merger Sub, Inc. (1M LIBOR + 3.750%) |
||||||||||||||
4,317,366 | 4.514 | 10/02/25 | 4,259,643 | |||||||||||
Ceridian HCM Holding, Inc. (1M LIBOR + 2.500%) |
||||||||||||||
2,895,000 | 3.264 | 04/30/25 | 2,854,296 | |||||||||||
Cloudera, Inc. (1M LIBOR + 3.750%) |
||||||||||||||
3,250,000 | 4.514 | 10/08/28 | 3,193,125 | |||||||||||
DCert Buyer, Inc. |
||||||||||||||
(1M LIBOR + 4.000%) |
||||||||||||||
2,060,407 | 4.764 | 10/16/26 | 2,050,105 | |||||||||||
(1M LIBOR + 7.000%) |
||||||||||||||
2,700,000 | 7.764 | 02/19/29 | 2,667,384 | |||||||||||
Endure Digital, Inc. (3M LIBOR + 3.500%) |
||||||||||||||
2,009,813 | 4.250 | 02/10/28 | 1,917,703 | |||||||||||
|
|
26 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INCOME BUILDER FUND
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||
Bank Loans(d)(l) (continued) | ||||||||||||||
Technology Software/Services (continued) | ||||||||||||||
Epicor Software Corp. |
||||||||||||||
(1M LIBOR + 3.250%) |
||||||||||||||
$ | 4,038,500 | 4.014 | % | 07/30/27 | $ | 4,009,302 | ||||||||
(1M LIBOR + 7.750%) |
||||||||||||||
1,275,000 | 8.750 | 07/31/28 | 1,298,116 | |||||||||||
Grab Holdings, Inc. (6M LIBOR + 4.500%) |
||||||||||||||
3,019,500 | 5.500 | 01/29/26 | 2,935,195 | |||||||||||
Idera, Inc. |
||||||||||||||
(1M LIBOR + 3.750%) |
||||||||||||||
2,377,617 | 4.520 | 03/02/28 | 2,343,641 | |||||||||||
(1M LIBOR + 6.750%) |
||||||||||||||
405,000 | 7.500 | 03/02/29 | 394,875 | |||||||||||
Loyalty Ventures, Inc. (1M LIBOR + 4.500%) |
||||||||||||||
2,600,313 | 5.264 | 11/03/27 | 2,530,441 | |||||||||||
Peraton Corp. (1M LIBOR + 7.750%) |
||||||||||||||
1,747,455 | 8.500 | 02/01/29 | 1,725,612 | |||||||||||
Taboola.com Ltd (1M LIBOR + 4.000%) |
||||||||||||||
3,905,375 | 4.500 | 09/01/28 | 3,866,321 | |||||||||||
The Dun & Bradstreet Corp. (1M LIBOR + 3.250%) |
||||||||||||||
3,482,666 | 3.918 | 02/06/26 | 3,453,063 | |||||||||||
The Ultimate Software Group, Inc. (3M LIBOR + 3.750%) |
||||||||||||||
1,608,750 | 4.756 | 05/04/26 | 1,599,870 | |||||||||||
Virtusa Corp. (1M LIBOR + 3.750%) |
||||||||||||||
3,757,050 | 4.514 | 02/11/28 | 3,713,618 | |||||||||||
|
|
|||||||||||||
45,647,869 | ||||||||||||||
|
|
|||||||||||||
Telecommunication Services 0.1% | ||||||||||||||
Level 3 Financing, Inc. (1M LIBOR + 1.750%) |
||||||||||||||
2,023,967 | 2.514 | 03/01/27 | 1,953,634 | |||||||||||
|
|
|||||||||||||
Wireless Telecommunications(j) 0.2% | ||||||||||||||
Intelsat Jackson Holdings S.A. (6M SOFR + 4.250%) |
||||||||||||||
3,526,489 | 4.920 | 02/01/29 | 3,420,695 | |||||||||||
|
|
|||||||||||||
TOTAL BANK LOANS | ||||||||||||||
(Cost $165,815,308) | $ | 163,712,073 | ||||||||||||
|
|
Shares | Description | Expiration Date |
Value | |||||||||
Rights 0.0% | ||||||||||||
Intelsat Jackson Holdings SA | ||||||||||||
3,728 | 0.000 | 12/05/25 | $ | 13,980 | ||||||||
3,728 | 0.000 | 12/05/25 | 18,640 | |||||||||
|
||||||||||||
TOTAL RIGHTS |
|
|||||||||||
(Cost $) |
|
$ | 32,620 | |||||||||
|
||||||||||||
Units | Expiration Date |
Value | ||||||||||
Warrants 0.0% | ||||||||||||
Aspect Software, Inc. Class B(b) (Technology Software/Services) |
| |||||||||||
194,739 | 12/31/99 | $ | 9,737 | |||||||||
Chesapeake Energy Corp.(a) (Oil, Gas & Consumable Fuels) |
| |||||||||||
1,888 | 09/02/26 | 100,989 | ||||||||||
|
||||||||||||
Warrants (continued) | ||||||||||||
Noble Corp.(a) (Oil, Gas & Consumable Fuels) |
| |||||||||||
5,288 | 02/05/28 | 85,163 | ||||||||||
| ||||||||||||
TOTAL WARRANT |
| |||||||||||
(Cost $572,891) | $ | 195,889 | ||||||||||
|
Shares | Dividend Rate |
Value | ||||||
Investment Companies(k) 10.1% | ||||||||
Goldman Sachs Emerging Markets Equity Fund Class R6 |
| |||||||
2,549 | 0.308 | % | $ | 59,419 | ||||
Goldman Sachs Financial Square Government Fund Class R6 |
| |||||||
52,208,721 | 0.317 | 52,208,721 | ||||||
Goldman Sachs Financial Square Government Fund Institutional Shares |
| |||||||
125,403,031 | 0.317 | 125,403,031 | ||||||
Goldman Sachs High Yield Fund Class R6 |
| |||||||
9,514 | 4.886 | 54,899 | ||||||
Goldman Sachs MLP Energy Infrastructure Fund Class R6 |
| |||||||
2,149,221 | 5.558 | 60,994,899 | ||||||
|
||||||||
TOTAL INVESTMENT COMPANIES |
| |||||||
(Cost $224,840,669) |
|
$ | 238,720,969 | |||||
|
||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE |
| |||||||
(Cost $2,204,111,279) |
|
$ | 2,288,465,141 | |||||
|
||||||||
Securities Lending Reinvestment Vehicle(k) 0.6% | ||||||||
Goldman Sachs Financial Square Government Fund Institutional Shares |
| |||||||
13,511,889 | 0.317 | % | $ | 13,511,889 | ||||
(Cost $13,511,889) |
| |||||||
|
||||||||
TOTAL INVESTMENTS 98.0% |
| |||||||
(Cost $2,217,623,168) |
|
$ | 2,301,977,030 | |||||
|
||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES 2.0% |
|
47,400,488 | ||||||
|
||||||||
NET ASSETS 100.0% |
|
$ | 2,349,377,518 | |||||
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
(a) |
Security is currently in default and/or non-income producing. | |
(b) |
Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3. | |
(c) |
Security with Call features with resetting interest rates. Maturity dates disclosed are the final maturity dates. | |
(d) |
Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on April 30, 2022. | |
(e) |
Exempt from registration under Rule 144A of the Securities Act of 1933. | |
(f) |
Security with Put features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on April 30, 2022. |
The accompanying notes are an integral part of these financial statements. | 27 |
GOLDMAN SACHS INCOME BUILDER FUND
Schedule of Investments (continued)
April 30, 2022 (Unaudited)
(g) |
Issued with a zero coupon. Income is recognized through the accretion of discount. | |
(h) |
Pay-in-kind securities. | |
(i) |
Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on April 30, 2022. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London-Interbank Offered Rate (LIBOR), and secondarily the prime rate offered by one or more major United States banks (the Prime Rate) and the certificate of deposit (CD) rate or other base lending rates used by commercial lenders. | |
(j) |
This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate. | |
(k) |
Represents an affiliated issuer. |
| ||
Currency Abbreviations: | ||
EUR |
Euro | |
GBP |
British Pound | |
USD |
U.S. Dollar | |
Investment Abbreviations: | ||
ADR |
American Depositary Receipt | |
CMT |
Constant Maturity Treasury Indexes | |
CP |
Commercial Paper | |
EURO |
Euro Offered Rate | |
LIBOR |
London Interbank Offered Rate | |
LLC |
Limited Liability Company | |
LP |
Limited Partnership | |
MTN |
Medium Term Note | |
PLC |
Public Limited Company | |
REIT |
Real Estate Investment Trust | |
SOFR |
Secured Overnight Funding Rate | |
WR |
Withdrawn Rating | |
|
ADDITIONAL INVESTMENT INFORMATION |
UNFUNDED LOAN COMMITMENTS At April 30, 2022, the Fund had unfunded loan commitments which could be extended at the option of the borrowers, pursuant to the following loan agreements:
Borrower | Principal Amount |
Current Value |
Unrealized Loss |
|||||||||
DiversiTech Holdings, Inc, due 12/22/28 |
$ | 381,429 | $ | 374,994 | $ | (6,435 | ) | |||||
Holley Purchaser, Inc., due 11/17/28 |
337,500 | 330,892 | (6,608 | ) | ||||||||
Trident TPI Holdings, due 09/15/28 |
97,043 | 95,694 | (1,349 | ) | ||||||||
TOTAL | $ | 815,972 | $ | 801,580 | $ | (14,392 | ) |
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS At April 30, 2022, the Fund had the following forward foreign currency exchange contracts:
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN
Counterparty | Currency Purchased |
Currency Sold |
Settlement Date |
Unrealized Gain |
||||||||||||||
MS & Co. Int. PLC |
USD | 29,552,919 | EUR | 25,930,839 | 05/05/22 | $ | 2,191,896 |
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS
Counterparty | Currency Purchased |
Currency Sold |
Settlement Date |
Unrealized Loss |
||||||||||||||
MS & Co. Int. PLC |
EUR | 2,589,537 | USD | 2,835,990 | 05/05/22 | $ | (103,629 | ) |
28 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INCOME BUILDER FUND
ADDITIONAL INVESTMENT INFORMATION (continued) |
FUTURES CONTRACTS At April 30, 2022, the Fund had the following futures contracts:
Description | Number of Contracts |
Expiration Date |
Notional Amount |
Unrealized Appreciation/ (Depreciation) |
||||||||||||
Long position contracts: |
||||||||||||||||
Euro Stoxx 50 Index |
2,163 | 06/17/22 | $ | 9,572,392 | $ | 13,111 | ||||||||||
S&P 500 E-Mini Index |
155 | 06/17/22 | 31,988,125 | (984,197 | ) | |||||||||||
Ultra Long U.S. Treasury Bonds |
670 | 06/21/22 | 107,493,125 | (14,923,853 | ) | |||||||||||
2 Year U.S. Treasury Notes |
440 | 06/30/22 | 92,757,500 | (1,153,769 | ) | |||||||||||
5 Year U.S. Treasury Notes |
102 | 06/30/22 | 11,492,531 | (334,799 | ) | |||||||||||
20 Year U.S. Treasury Bonds |
91 | 06/21/22 | 12,802,562 | (1,201,135 | ) | |||||||||||
Total | $ | (18,584,642 | ) | |||||||||||||
Short position contracts: |
||||||||||||||||
5 Year German Euro-Bobl |
(75 | ) | 06/08/22 | (10,062,643 | ) | 480,157 | ||||||||||
10 Year German Euro-Bund |
(34 | ) | 06/08/22 | (5,509,013 | ) | 477,716 | ||||||||||
10 Year U.S. Treasury Notes |
(348 | ) | 06/21/22 | (41,466,375 | ) | 2,510,391 | ||||||||||
10 Year U.S. Treasury Notes |
(226 | ) | 06/21/22 | (29,154,000 | ) | 2,424,844 | ||||||||||
Total | $ | 5,893,108 | ||||||||||||||
TOTAL FUTURES CONTRACTS | $ | (12,691,534 | ) |
SWAP CONTRACTS At April 30, 2022, the Fund had the following swap contracts:
CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS
Payments Made by the Fund | Payments Received by Fund |
Termination Date |
Notional Amount (000s) |
Market Value |
Upfront Premium (Received) Paid |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||
3M SOFR(a) |
0.000%(a) | 03/16/23 | $ | 110 | $ | (2,056 | ) | $ | (415 | ) | $ | (1,641 | ) | |||||||||
3M SOFR(b) |
0.000(b) | 03/16/24 | 40 | 1,813 | 396 | 1,416 | ||||||||||||||||
0.500%(b) |
3M SOFR(b) | 03/16/25 | 230 | 14,545 | 11,995 | 2,549 | ||||||||||||||||
(0.250)(b) |
6M EURO(c) | 03/16/25 | EUR | 360 | 15,632 | 673 | 14,959 | |||||||||||||||
3M SOFR(b) |
1.000(b) | 03/16/27 | 12,010 | (947,258 | ) | (59,018 | ) | (888,240 | ) | |||||||||||||
(0.250)(b) |
6M EURO(c) | 03/16/27 | 180 | 15,071 | 1,574 | 13,497 | ||||||||||||||||
3M SOFR(b) |
1.250(b) | 03/16/29 | $ | 10 | (909 | ) | 72 | (981 | ) | |||||||||||||
3M SOFR(b) |
1.500(b) | 03/16/32 | 16,110 | (1,660,355 | ) | 265,827 | (1,926,182 | ) | ||||||||||||||
TOTAL | $ | (2,563,517 | ) | $ | 221,104 | $ | (2,784,623 | ) |
(a) | Payments made at maturity. |
(b) | Payments made annually. |
(c) | Payments made semi-annually. |
The accompanying notes are an integral part of these financial statements. | 29 |
GOLDMAN SACHS INCOME BUILDER FUND
Schedule of Investments (continued)
April 30, 2022 (Unaudited)
ADDITIONAL INVESTMENT INFORMATION (continued) |
CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACT
Referenced Obligation/Index | Financing Rate Received/(Paid) by the Fund(a) |
Credit Spread at April 30, 2022(b) |
Termination Date |
Notional Amount (000s) |
Value | Upfront Premiums (Received) Paid |
Unrealized Appreciation/ (Depreciation) |
|||||||||||||||||
Protection Purchased: |
||||||||||||||||||||||||
Transocean, Inc., 8.000%, 02/01/2027 |
(1.000)% | 6.240% | 12/20/22 | $ | 550 | $ | 17,638 | $ | 28,388 | $ | (10,750 | ) |
(a) | Payments made quarterly. |
(b) | Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase. |
WRITTEN OPTIONS CONTRACTS At April 30, 2022, the Fund had the following written options:
OVER-THE-COUNTER OPTIONS ON EQUITIES
Description | Counterparty | Exercise Rate |
Expiration Date |
Number of Contracts |
Notional Amount |
Market Value |
Premiums Paid (Received) by Fund |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||||||||
Written option contracts |
|
|||||||||||||||||||||||||||||||
Calls |
|
|||||||||||||||||||||||||||||||
SPX Index |
Citibank NA | 4,317.870 | % | 05/31/2022 | (18,781 | ) | $ | (8,109,391,647 | ) | $ | (871,717 | ) | $ | (760,497 | ) | $ | (111,220 | ) | ||||||||||||||
Euro Stoxx Index |
MS & Co. Int. PLC | 3,920.750 | 05/31/2022 | (10,096 | ) | (3,958,389,200 | ) | (396,281 | ) | (315,927 | ) | (80,354 | ) | |||||||||||||||||||
TOTAL | (28,877 | ) | $ | (12,067,780,847 | ) | $ | (1,267,998 | ) | $ | (1,076,424 | ) | $ | (191,574 | ) |
| ||
Abbreviations: | ||
MS & Co. Int. PLC |
Morgan Stanley & Co. International PLC | |
|
30 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS RISING DIVIDEND GROWTH FUND
Schedule of Investments
April 30, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks 97.1% | ||||||||
Automobiles 0.4% | ||||||||
23,365 | Thor Industries, Inc. | $ | 1,788,591 | |||||
|
|
|||||||
Biotechnology 1.2% | ||||||||
25,790 | Amgen, Inc. | 6,013,970 | ||||||
|
|
|||||||
Building Products 2.0% | ||||||||
42,805 | A.O. Smith Corp. | 2,501,096 | ||||||
10,250 | Lennox International, Inc. | 2,185,197 | ||||||
61,240 | Masco Corp. | 3,226,736 | ||||||
25,560 | UFP Industries, Inc. | 1,977,577 | ||||||
|
|
|||||||
9,890,606 | ||||||||
|
|
|||||||
Capital Markets 5.6% | ||||||||
7,810 | BlackRock, Inc. | 4,878,751 | ||||||
17,352 | Evercore, Inc. Class A | 1,834,974 | ||||||
9,105 | FactSet Research Systems, Inc. | 3,673,776 | ||||||
15,930 | Moodys Corp. | 5,041,526 | ||||||
14,725 | S&P Global, Inc. | 5,543,963 | ||||||
46,675 | SEI Investments Co. | 2,600,731 | ||||||
32,364 | T. Rowe Price Group, Inc. | 3,982,067 | ||||||
|
|
|||||||
27,555,788 | ||||||||
|
|
|||||||
Chemicals 1.1% | ||||||||
20,206 | The Sherwin-Williams Co. | 5,555,842 | ||||||
|
|
|||||||
Commercial Services & Supplies 0.7% | ||||||||
105,167 | Rollins, Inc. | 3,527,301 | ||||||
|
|
|||||||
Communications Equipment 2.4% | ||||||||
140,435 | Cisco Systems, Inc. | 6,878,506 | ||||||
24,665 | Motorola Solutions, Inc. | 5,270,664 | ||||||
|
|
|||||||
12,149,170 | ||||||||
|
|
|||||||
Consumer Finance 0.9% | ||||||||
41,190 | Discover Financial Services | 4,632,227 | ||||||
|
|
|||||||
Distributors 0.8% | ||||||||
9,265 | Pool Corp. | 3,754,363 | ||||||
|
|
|||||||
Electric Utilities 2.1% | ||||||||
144,945 | NextEra Energy, Inc. | 10,293,994 | ||||||
|
|
|||||||
Electronic Equipment, Instruments & Components 2.9% | ||||||||
82,345 | Amphenol Corp. Class A | 5,887,667 | ||||||
156,510 | Corning, Inc. | 5,507,587 | ||||||
12,055 | Littelfuse, Inc. | 2,763,609 | ||||||
|
|
|||||||
14,158,863 | ||||||||
|
|
|||||||
Entertainment 2.1% | ||||||||
134,760 | Activision Blizzard, Inc. | 10,187,856 | ||||||
|
|
|||||||
Equity Real Estate Investment Trusts (REITs) 2.4% | ||||||||
20,255 | American Tower Corp. | 4,881,860 | ||||||
19,520 | Extra Space Storage, Inc. | 3,708,800 | ||||||
64,965 | Iron Mountain, Inc. | 3,490,570 | ||||||
|
|
|||||||
12,081,230 | ||||||||
|
|
|||||||
Food & Staples Retailing 2.0% | ||||||||
10,511 | Costco Wholesale Corp. | 5,588,909 | ||||||
|
|
|||||||
Common Stocks (continued) | ||||||||
Food & Staples Retailing (continued) | ||||||||
81,100 | The Kroger Co. | $ | 4,376,156 | |||||
|
|
|||||||
9,965,065 | ||||||||
|
|
|||||||
Food Products 2.2% | ||||||||
82,245 | Hormel Foods Corp. | 4,308,816 | ||||||
26,525 | Ingredion, Inc. | 2,257,543 | ||||||
48,690 | Tyson Foods, Inc. Class A | 4,535,960 | ||||||
|
|
|||||||
11,102,319 | ||||||||
|
|
|||||||
Health Care Equipment & Supplies 1.1% | ||||||||
23,385 | Stryker Corp. | 5,641,865 | ||||||
|
|
|||||||
Health Care Providers & Services 7.2% | ||||||||
31,945 | AmerisourceBergen Corp. | 4,832,959 | ||||||
12,450 | Anthem, Inc. | 6,249,029 | ||||||
62,485 | CVS Health Corp. | 6,006,683 | ||||||
12,830 | Humana, Inc. | 5,703,705 | ||||||
31,220 | Quest Diagnostics, Inc. | 4,178,485 | ||||||
26,686 | The Ensign Group, Inc. | 2,143,686 | ||||||
13,251 | UnitedHealth Group, Inc. | 6,738,796 | ||||||
|
|
|||||||
35,853,343 | ||||||||
|
|
|||||||
Hotels, Restaurants & Leisure 1.3% | ||||||||
66,170 | Starbucks Corp. | 4,938,929 | ||||||
86,120 | The Wendys Co. | 1,701,731 | ||||||
|
|
|||||||
6,640,660 | ||||||||
|
|
|||||||
Household Products 0.3% | ||||||||
7,645 | WD-40 Co. | 1,406,527 | ||||||
|
|
|||||||
Insurance 2.9% | ||||||||
23,110 | American Financial Group, Inc. | 3,200,273 | ||||||
16,275 | Aon PLC Class A | 4,687,037 | ||||||
16,930 | Primerica, Inc. | 2,193,451 | ||||||
34,570 | The Allstate Corp. | 4,374,488 | ||||||
|
|
|||||||
14,455,249 | ||||||||
|
|
|||||||
IT Services 8.6% | ||||||||
22,597 | Accenture PLC Class A | 6,787,235 | ||||||
28,470 | Automatic Data Processing, Inc. | 6,211,585 | ||||||
31,092 | Broadridge Financial Solutions, Inc. | 4,481,290 | ||||||
41,810 | Global Payments, Inc. | 5,727,134 | ||||||
21,644 | Jack Henry & Associates, Inc. | 4,103,269 | ||||||
21,730 | Mastercard, Inc. Class A | 7,896,247 | ||||||
35,430 | Visa, Inc. Class A | 7,551,196 | ||||||
|
|
|||||||
42,757,956 | ||||||||
|
|
|||||||
Life Sciences Tools & Services 2.2% | ||||||||
41,095 | Agilent Technologies, Inc. | 4,901,400 | ||||||
23,390 | Danaher Corp. | 5,873,931 | ||||||
|
|
|||||||
10,775,331 | ||||||||
|
|
|||||||
Machinery 1.4% | ||||||||
44,410 | Graco, Inc. | 2,754,308 | ||||||
28,775 | Mueller Industries, Inc. | 1,558,166 | ||||||
30,175 | The Toro Co. | 2,417,923 | ||||||
|
|
|||||||
6,730,397 | ||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 31 |
GOLDMAN SACHS RISING DIVIDEND GROWTH FUND
Schedule of Investments (continued)
April 30, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks (continued) | ||||||||
Media 3.5% | ||||||||
262,915 | Comcast Corp. Class A | $ | 10,453,500 | |||||
209,905 | The Interpublic Group of Cos., Inc. | 6,847,101 | ||||||
|
|
|||||||
17,300,601 | ||||||||
|
|
|||||||
Metals & Mining 1.5% | ||||||||
16,990 | Reliance Steel & Aluminum Co. | 3,368,267 | ||||||
45,005 | Steel Dynamics, Inc. | 3,859,179 | ||||||
|
|
|||||||
7,227,446 | ||||||||
|
|
|||||||
Multiline Retail 0.5% | ||||||||
7,540 | Dillards, Inc. Class A | 2,290,727 | ||||||
|
|
|||||||
Oil, Gas & Consumable Fuels 16.6% | ||||||||
35,100 | Cheniere Energy Partners LP | 1,886,976 | ||||||
20,800 | Cheniere Energy, Inc. | 2,824,848 | ||||||
4,000 | Chevron Corp. | 626,680 | ||||||
96,000 | Crestwood Equity Partners LP | 2,799,360 | ||||||
157,800 | DCP Midstream LP | 5,396,760 | ||||||
10,900 | Devon Energy Corp. | 634,053 | ||||||
6,650 | Diamondback Energy, Inc. | 839,430 | ||||||
30,600 | DTE Midstream, Inc.* | 1,644,750 | ||||||
795,000 | Energy Transfer LP | 8,808,600 | ||||||
268,337 | EnLink Midstream LLC | 2,648,486 | ||||||
222,600 | Enterprise Products Partners LP | 5,767,566 | ||||||
5,600 | EOG Resources, Inc. | 653,856 | ||||||
9,900 | Exxon Mobil Corp. | 843,975 | ||||||
73,600 | Genesis Energy LP | 808,128 | ||||||
28,200 | Hess Midstream LP Class A | 829,362 | ||||||
24,500 | Holly Energy Partners LP | 419,685 | ||||||
22,800 | Kinder Morgan, Inc. | 413,820 | ||||||
112,400 | Magellan Midstream Partners LP | 5,445,780 | ||||||
42,772 | Marathon Oil Corp. | 1,065,878 | ||||||
295,700 | MPLX LP | 9,568,852 | ||||||
110,200 | NuStar Energy LP | 1,682,754 | ||||||
19,000 | ONEOK, Inc. | 1,203,270 | ||||||
27,500 | PBF Logistics LP | 431,475 | ||||||
2,800 | Pioneer Natural Resources Co. | 650,916 | ||||||
505,900 | Plains All American Pipeline LP | 5,241,124 | ||||||
72,566 | Plains GP Holdings LP Class A | 810,562 | ||||||
31,250 | Rattler Midstream LP | 420,313 | ||||||
147,500 | Shell Midstream Partners LP | 2,084,175 | ||||||
24,200 | Suncor Energy, Inc. | 869,748 | ||||||
20,400 | Sunoco LP | 853,332 | ||||||
38,900 | Targa Resources Corp. | 2,855,649 | ||||||
66,900 | The Williams Cos., Inc. | 2,294,001 | ||||||
359,000 | Western Midstream Partners LP | 8,684,210 | ||||||
|
|
|||||||
82,008,374 | ||||||||
|
|
|||||||
Personal Products 1.1% | ||||||||
20,565 | The Estee Lauder Cos., Inc. Class A | 5,430,394 | ||||||
|
|
|||||||
Pharmaceuticals 0.4% | ||||||||
64,385 | Perrigo Co. PLC | 2,208,405 | ||||||
|
|
|||||||
Professional Services 0.9% | ||||||||
16,495 | Insperity, Inc. | 1,749,295 | ||||||
28,230 | Robert Half International, Inc. | 2,775,291 | ||||||
|
|
|||||||
4,524,586 | ||||||||
|
|
|||||||
Common Stocks (continued) | ||||||||
Semiconductors & Semiconductor Equipment 4.6% | ||||||||
18,279 | KLA Corp. | 5,835,754 | ||||||
29,922 | Power Integrations, Inc. | 2,393,760 | ||||||
52,395 | QUALCOMM, Inc. | 7,319,058 | ||||||
41,778 | Texas Instruments, Inc. | 7,112,704 | ||||||
|
|
|||||||
22,661,276 | ||||||||
|
|
|||||||
Software 4.1% | ||||||||
14,600 | Intuit, Inc. | 6,113,750 | ||||||
26,885 | Microsoft Corp. | 7,461,125 | ||||||
91,965 | Oracle Corp. | 6,750,231 | ||||||
|
|
|||||||
20,325,106 | ||||||||
|
|
|||||||
Specialty Retail 4.8% | ||||||||
43,220 | Best Buy Co., Inc. | 3,886,775 | ||||||
24,780 | Dicks Sporting Goods, Inc. | 2,389,288 | ||||||
27,920 | Lowes Cos., Inc. | 5,520,621 | ||||||
20,005 | The Home Depot, Inc. | 6,009,502 | ||||||
17,840 | Tractor Supply Co. | 3,593,868 | ||||||
19,635 | Williams-Sonoma, Inc. | 2,561,975 | ||||||
|
|
|||||||
23,962,029 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals 1.1% | ||||||||
153,101 | HP, Inc. | 5,608,090 | ||||||
|
|
|||||||
Textiles, Apparel & Luxury Goods 2.4% | ||||||||
25,935 | Columbia Sportswear Co. | 2,130,820 | ||||||
47,695 | NIKE, Inc. Class B | 5,947,566 | ||||||
74,038 | VF Corp. | 3,849,976 | ||||||
|
|
|||||||
11,928,362 | ||||||||
|
|
|||||||
Trading Companies & Distributors 1.8% | ||||||||
74,815 | Fastenal Co. | 4,138,018 | ||||||
22,833 | MSC Industrial Direct Co., Inc. Class A | 1,891,942 | ||||||
10,214 | Watsco, Inc. | 2,724,891 | ||||||
|
|
|||||||
8,754,851 | ||||||||
|
|
|||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $352,181,297) | $ | 481,148,760 | ||||||
|
|
Shares | Dividend Rate |
Value | ||||||
Investment Companies(a) 1.7% | ||||||||
Goldman Sachs Financial Square Government Fund Class R6 |
| |||||||
7,726,042 | 0.317 | % | $ | 7,726,042 | ||||
Goldman Sachs Financial Square Government Fund Institutional Shares |
| |||||||
441,332 | 0.317 | 441,332 | ||||||
|
||||||||
TOTAL INVESTMENT COMPANIES |
| |||||||
(Cost $8,167,374) |
|
$ | 8,167,374 | |||||
|
||||||||
TOTAL INVESTMENTS 98.8% |
| |||||||
(Cost $360,348,671) |
|
$ | 489,316,134 | |||||
|
||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES 1.2% |
|
6,132,156 | ||||||
|
||||||||
NET ASSETS 100.0% |
|
$ | 495,448,290 | |||||
|
32 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS RISING DIVIDEND GROWTH FUND
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
* |
Non-income producing security. | |
(a) |
Represents affiliated funds. |
| ||
Investment Abbreviations: | ||
GP |
General Partnership | |
LLC |
Limited Liability Company | |
LP |
Limited Partnership | |
PLC |
Public Limited Company | |
|
ADDITIONAL INVESTMENT INFORMATION |
FUTURES CONTRACTS At April 30, 2022, the Fund had the following futures contracts:
Description | Number of Contracts |
Expiration Date |
Notional Amount |
Unrealized Appreciation/ (Depreciation) |
||||||||||||
S&P 500 E-Mini Index |
73 | 06/17/22 | $ | 15,065,375 | $ | (234,222 | ) |
The accompanying notes are an integral part of these financial statements. | 33 |
GOLDMAN SACHS DIVIDEND FOCUS FUNDS
Statements of Assets and Liabilities
April 30, 2022 (Unaudited)
Income Builder Fund |
Rising Dividend Growth Fund |
|||||||||
Assets: |
| |||||||||
Investments of unaffiliated issuers, at value (cost $1,979,270,610 and $352,181,297, respectively)(a) |
$ | 2,049,744,172 | $ | 481,148,760 | ||||||
Investments of affiliated issuers, at value (cost $224,840,669 and $8,167,374, respectively) |
238,720,969 | 8,167,374 | ||||||||
Investments in securities lending reinvestment vehicle affiliated issuer, at value (identified cost $13,511,889 and $0, respectively) |
13,511,889 | | ||||||||
Foreign currencies, at value (cost $1,761,307 and $0, respectively) |
1,446,199 | | ||||||||
Cash |
33,712,505 | 886,391 | ||||||||
Unrealized gain on forward foreign currency exchange contracts |
2,191,896 | | ||||||||
Receivables: |
| |||||||||
Dividends and interest |
17,143,812 | 884,200 | ||||||||
Collateral on certain derivative contracts(b) |
9,580,895 | 899,360 | ||||||||
Fund shares sold |
4,954,390 | 125,622 | ||||||||
Investments sold |
3,746,685 | 4,679,675 | ||||||||
Due from broker |
1,471,071 | | ||||||||
Foreign tax reclaims |
1,279,061 | 62,144 | ||||||||
Investments sold on an extended settlement basis |
375,233 | 48,725 | ||||||||
Reimbursement from investment adviser |
79,928 | 37,023 | ||||||||
Securities lending income |
9,144 | 114 | ||||||||
Other assets |
110,096 | 71,525 | ||||||||
Total assets | 2,378,077,945 | 497,010,913 | ||||||||
Liabilities: |
| |||||||||
Variation margin on futures contracts |
1,532,385 | 455,881 | ||||||||
Written option contracts, at value (premium received $1,076,424 and $0, respectively) |
1,267,998 | | ||||||||
Unrealized loss on forward foreign currency exchange contracts |
103,629 | | ||||||||
Variation margin on swaps contracts |
89,215 | | ||||||||
Unrealized loss on unfunded loan commitment |
14,392 | | ||||||||
Payables: |
||||||||||
Payable upon return of securities loaned |
13,511,889 | | ||||||||
Investments purchased |
6,543,524 | 2,680 | ||||||||
Fund shares redeemed |
2,228,819 | 339,734 | ||||||||
Due to broker |
1,660,000 | | ||||||||
Management fees |
801,097 | 287,037 | ||||||||
Distribution and service fees and transfer agency fees |
527,471 | 154,220 | ||||||||
Accrued expenses |
420,008 | 323,071 | ||||||||
Total liabilities | 28,700,427 | 1,562,623 | ||||||||
Net Assets: |
| |||||||||
Paid-in capital |
2,281,812,573 | 341,232,181 | ||||||||
Total distributable earnings |
67,564,945 | 154,216,109 | ||||||||
NET ASSETS | $ | 2,349,377,518 | $ | 495,448,290 | ||||||
Net Assets: |
||||||||||
Class A |
$ | 527,646,590 | $ | 240,489,769 | ||||||
Class C |
299,382,374 | 53,066,266 | ||||||||
Institutional |
1,053,548,672 | 117,890,035 | ||||||||
Investor |
395,964,175 | 64,923,284 | ||||||||
Class R6 |
27,450,114 | 3,174,105 | ||||||||
Class R |
| 1,496,850 | ||||||||
Class P |
45,385,593 | 14,407,981 | ||||||||
Total Net Assets |
$ | 2,349,377,518 | $ | 495,448,290 | ||||||
Shares Outstanding $0.001 par value (unlimited number of shares authorized): |
||||||||||
Class A |
21,884,741 | 20,109,880 | ||||||||
Class C |
12,663,616 | 4,345,627 | ||||||||
Institutional |
42,583,857 | 9,231,386 | ||||||||
Investor |
16,059,079 | 5,093,912 | ||||||||
Class R6 |
1,109,801 | 248,641 | ||||||||
Class R |
| 125,890 | ||||||||
Class P |
1,834,580 | 1,128,014 | ||||||||
Net asset value, offering and redemption price per share:(c) |
||||||||||
Class A |
$24.11 | $11.96 | ||||||||
Class C |
23.64 | 12.21 | ||||||||
Institutional |
24.74 | 12.77 | ||||||||
Investor |
24.66 | 12.75 | ||||||||
Class R6 |
24.73 | 12.77 | ||||||||
Class R |
| 11.89 | ||||||||
Class P |
24.74 | 12.77 |
(a) | Includes loaned securities having a market value of $13,224,175 and $0, respectively. |
(b) | Segregated for initial margin and/or collateral as follows: |
Fund | Futures | Swaps | ||||||
Income Builder |
$ | 8,269,458 | $ | 1,311,437 | ||||
Rising Dividend Growth |
899,360 | |
(c) | Maximum public offering price per share for Class A Shares of the Income Builder and the Rising Dividend Growth Funds is $25.51 and $12.66, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value or the original purchase price of the shares. |
34 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DIVIDEND FOCUS FUNDS
Statements of Operations
For the Six Months Ended April 30, 2022 (Unaudited)
Income Builder Fund |
Rising Dividend Growth Fund |
|||||||||
Investment income: |
| |||||||||
Interest |
$ | 33,086,727 | $ | 351 | ||||||
Dividends unaffiliated issuers (net of foreign withholding taxes of $414,522 and $3,260, respectively) |
13,499,243 | 3,807,116 | ||||||||
Dividends affiliated issuers |
1,110,274 | 4,975 | ||||||||
Securities lending income unaffiliated issuer |
26,483 | | ||||||||
Securities lending income affiliated issuer |
| 1,564 | ||||||||
Total investment income | 47,722,727 | 3,814,006 | ||||||||
Expenses: |
| |||||||||
Management fees |
6,018,815 | 1,992,953 | ||||||||
Distribution and Service fees(a) |
1,915,801 | 562,922 | ||||||||
Transfer Agency fees(a) |
966,398 | 337,683 | ||||||||
Service fees Class C |
420,776 | 81,556 | ||||||||
Printing and mailing costs |
150,167 | 55,403 | ||||||||
Custody, accounting and administrative services |
133,929 | 57,328 | ||||||||
Registration fees |
87,735 | 51,169 | ||||||||
Professional fees |
74,381 | 89,891 | ||||||||
Trustee fees |
11,926 | 10,650 | ||||||||
Prime broker fees |
296 | | ||||||||
Other |
20,777 | 10,701 | ||||||||
Total expenses | 9,801,001 | 3,250,256 | ||||||||
Less expense reductions |
(1,490,048 | ) | (575,515 | ) | ||||||
Net expenses | 8,310,953 | 2,674,741 | ||||||||
NET INVESTMENT INCOME | 39,411,774 | 1,139,265 | ||||||||
Realized and unrealized gain (loss): |
| |||||||||
Net realized gain (loss) from: |
||||||||||
Investments unaffiliated issuers |
6,248,394 | 45,246,039 | ||||||||
Futures contracts |
(6,467,567 | ) | (633,093 | ) | ||||||
Written options |
2,138,767 | | ||||||||
Forward foreign currency exchange contracts |
1,234,999 | | ||||||||
Swap contracts |
510,491 | | ||||||||
Foreign currency transactions |
(85,145 | ) | (45 | ) | ||||||
Net change in unrealized gain (loss) on: |
||||||||||
Investments unaffiliated issuers |
(172,314,708 | ) | (71,796,829 | ) | ||||||
Investments affiliated issuers |
2,853,416 | | ||||||||
Futures contracts |
(15,301,979 | ) | (665,588 | ) | ||||||
Swap contracts |
(2,399,167 | ) | | |||||||
Forward foreign currency exchange contracts |
1,429,415 | | ||||||||
Written options |
(231,116 | ) | | |||||||
Unfunded loan commitments |
(14,614 | ) | | |||||||
Foreign currency translation |
(208,365 | ) | (2 | ) | ||||||
Net realized and unrealized loss | (182,607,179 | ) | (27,849,518 | ) | ||||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (143,195,405 | ) | $ | (26,710,253 | ) |
(a) | Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows: |
Distribution and/or Service (12b-1) Service Fees |
Transfer Agency Fees | |||||||||||||||||||||||||||||||||||||||
Fund |
Class A |
Class C |
Class R |
Class A |
Class C |
Institutional |
Class IR |
Class R6 |
Class R |
Class P |
||||||||||||||||||||||||||||||
Income Builder |
$ | 653,475 | $ | 1,262,327 | $ | | $ | 313,668 | $ | 201,972 | $ | 212,763 | $ | 226,027 | $ | 3,994 | $ | | $ | 7,974 | ||||||||||||||||||||
Rising Dividend Growth |
314,695 | 244,668 | 3,559 | 201,405 | 52,196 | 25,266 | 54,981 | 484 | 1,139 | 2,212 |
The accompanying notes are an integral part of these financial statements. | 35 |
GOLDMAN SACHS DIVIDEND FOCUS FUNDS
Statements of Changes in Net Assets
Income Builder Fund | Rising Dividend Growth Fund | |||||||||||||||||||||
For the Six Months Ended April 30, 2022 (Unaudited) |
For the Fiscal Year Ended October 31, 2021 |
For the Six Months Ended April 30, 2022 (Unaudited) |
For the Fiscal Year Ended October 31, 2021 |
|||||||||||||||||||
From operations: |
| |||||||||||||||||||||
Net investment income |
$ | 39,411,774 | $ | 65,544,332 | $ | 1,139,265 | $ | 2,174,653 | ||||||||||||||
Net realized gain |
3,579,939 | 97,686,210 | 44,612,901 | 65,240,557 | ||||||||||||||||||
Net change in unrealized gain (loss) |
(186,187,118 | ) | 175,868,243 | (72,462,419 | ) | 125,038,384 | ||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (143,195,405 | ) | 339,098,785 | (26,710,253 | ) | 192,453,594 | ||||||||||||||||
Distributions to shareholders: |
| |||||||||||||||||||||
From distributable earnings |
||||||||||||||||||||||
Class A Shares |
(26,598,503 | ) | (13,460,914 | ) | (23,185,013 | ) | (7,247,645 | ) | ||||||||||||||
Class C Shares |
(17,214,753 | ) | (9,402,892 | ) | (6,290,215 | ) | (3,375,426 | ) | ||||||||||||||
Institutional Shares |
(55,482,133 | ) | (31,390,661 | ) | (11,396,809 | ) | (3,851,415 | ) | ||||||||||||||
Investor Shares |
(19,299,892 | ) | (10,372,177 | ) | (6,098,968 | ) | (2,548,791 | ) | ||||||||||||||
Class R6 Shares |
(1,364,012 | ) | (682,902 | ) | (280,619 | ) | (83,317 | ) | ||||||||||||||
Class R Shares |
| | (131,478 | ) | (45,180 | ) | ||||||||||||||||
Class P Shares |
(2,794,122 | ) | (999,603 | ) | (1,293,344 | ) | (366,629 | ) | ||||||||||||||
Total distributions to shareholders | (122,753,415 | ) | (66,309,149 | ) | (48,676,446 | ) | (17,518,403 | ) | ||||||||||||||
From share transactions: |
| |||||||||||||||||||||
Proceeds from sales of shares |
462,479,042 | 785,436,537 | 39,925,788 | 105,355,066 | ||||||||||||||||||
Reinvestment of distributions |
109,721,091 | 58,761,283 | 46,100,160 | 16,498,250 | ||||||||||||||||||
Cost of shares redeemed |
(325,983,924 | ) | (464,970,124 | ) | (67,989,524 | ) | (193,071,374 | ) | ||||||||||||||
Net increase (decrease) in net assets resulting from share transactions | 246,216,209 | 379,227,696 | 18,036,424 | (71,218,058 | ) | |||||||||||||||||
TOTAL INCREASE (DECREASE) | (19,732,611 | ) | 652,017,332 | (57,350,275 | ) | 103,717,133 | ||||||||||||||||
Net assets: |
| |||||||||||||||||||||
Beginning of period |
2,369,110,129 | 1,717,092,797 | 552,798,565 | 449,081,432 | ||||||||||||||||||
End of period |
$ | 2,349,377,518 | $ | 2,369,110,129 | $ | 495,448,290 | $ | 552,798,565 |
36 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INCOME BUILDER FUND
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs Income Builder Fund | ||||||||||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||||
Six Months Ended (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data |
| |||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 26.97 | $ | 23.40 | $ | 23.67 | $ | 21.67 | $ | 22.72 | $ | 21.60 | ||||||||||||||
Net investment income(a) |
0.41 | 0.81 | 0.73 | 0.82 | 0.80 | 0.79 | ||||||||||||||||||||
Net realized and unrealized gain (loss) |
(1.91 | ) | 3.58 | (0.21 | ) | 2.02 | (1.02 | ) | 1.17 | |||||||||||||||||
Total from investment operations |
(1.50 | ) | 4.39 | 0.52 | 2.84 | (0.22 | ) | 1.96 | ||||||||||||||||||
Distributions to shareholders from net investment income |
(0.43 | ) | (0.82 | ) | (0.76 | ) | (0.84 | ) | (0.80 | ) | (0.80 | ) | ||||||||||||||
Distributions to shareholders from net realized gains |
(0.93 | ) | | | | | | |||||||||||||||||||
Distributions to shareholders from return of capital |
| | (0.03 | ) | | (0.03 | ) | (0.04 | ) | |||||||||||||||||
Total distributions |
(1.36 | ) | (0.82 | ) | (0.79 | ) | (0.84 | ) | (0.83 | ) | (0.84 | ) | ||||||||||||||
Net asset value, end of period |
$ | 24.11 | $ | 26.97 | $ | 23.40 | $ | 23.67 | $ | 21.67 | $ | 22.72 | ||||||||||||||
Total return(b) | (5.84 | )% | 18.90 | % | 2.29 | % | 13.34 | % | (1.03 | )% | 9.21 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 527,647 | $ | 505,134 | $ | 328,039 | $ | 314,951 | $ | 309,719 | $ | 387,349 | ||||||||||||||
Ratio of net expenses to average net assets |
0.79 | %(c) | 0.79 | % | 0.92 | % | 0.95 | % | 0.97 | % | 0.98 | % | ||||||||||||||
Ratio of total expenses to average net assets |
0.92 | %(c) | 0.92 | % | 0.98 | % | 1.00 | % | 1.02 | % | 1.10 | % | ||||||||||||||
Ratio of net investment income (loss) to average net assets |
3.22 | %(c) | 3.07 | % | 3.15 | % | 3.63 | % | 3.54 | % | 3.55 | % | ||||||||||||||
Portfolio turnover rate(d) |
13 | % | 47 | % | 46 | % | 47 | % | 42 | % | 51 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 37 |
GOLDMAN SACHS INCOME BUILDER FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs Income Builder Fund | ||||||||||||||||||||||||||
Class C Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data |
| |||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 26.47 | $ | 22.98 | $ | 23.26 | $ | 21.31 | $ | 22.35 | $ | 21.26 | ||||||||||||||
Net investment income(a) |
0.31 | 0.60 | 0.55 | 0.64 | 0.62 | 0.61 | ||||||||||||||||||||
Net realized and unrealized gain (loss) |
(1.87 | ) | 3.51 | (0.21 | ) | 1.98 | (1.00 | ) | 1.16 | |||||||||||||||||
Total from investment operations |
(1.56 | ) | 4.11 | 0.34 | 2.62 | (0.38 | ) | 1.77 | ||||||||||||||||||
Distributions to shareholders from net investment income |
(0.34 | ) | (0.62 | ) | (0.60 | ) | (0.67 | ) | (0.64 | ) | (0.65 | ) | ||||||||||||||
Distributions to shareholders from net realized gains |
(0.93 | ) | | | | | | |||||||||||||||||||
Distributions to shareholders from return of capital |
| | (0.02 | ) | | (0.02 | ) | (0.03 | ) | |||||||||||||||||
Total distributions |
(1.27 | ) | (0.62 | ) | (0.62 | ) | (0.67 | ) | (0.66 | ) | (0.68 | ) | ||||||||||||||
Net asset value, end of period |
$ | 23.64 | $ | 26.47 | $ | 22.98 | $ | 23.26 | $ | 21.31 | $ | 22.35 | ||||||||||||||
Total return(b) | (6.19 | )% | 18.01 | % | 1.57 | % | 12.44 | % | (1.74 | )% | 8.41 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 299,382 | $ | 368,881 | $ | 380,590 | $ | 463,483 | $ | 475,897 | $ | 619,357 | ||||||||||||||
Ratio of net expenses to average net assets |
1.54 | %(c) | 1.54 | % | 1.67 | % | 1.70 | % | 1.72 | % | 1.73 | % | ||||||||||||||
Ratio of total expenses to average net assets |
1.67 | %(c) | 1.67 | % | 1.73 | % | 1.75 | % | 1.77 | % | 1.85 | % | ||||||||||||||
Ratio of net investment income to average net assets |
2.46 | %(c) | 2.32 | % | 2.41 | % | 2.88 | % | 2.79 | % | 2.79 | % | ||||||||||||||
Portfolio turnover rate(d) |
13 | % | 47 | % | 46 | % | 47 | % | 42 | % | 51 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
38 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INCOME BUILDER FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs Income Builder Fund | ||||||||||||||||||||||||||
Institutional Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data |
| |||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 27.64 | $ | 23.96 | $ | 24.21 | $ | 22.15 | $ | 23.20 | $ | 22.04 | ||||||||||||||
Net investment income(a) |
0.47 | 0.91 | 0.84 | 0.93 | 0.90 | 0.90 | ||||||||||||||||||||
Net realized and unrealized gain (loss) |
(1.97 | ) | 3.67 | (0.21 | ) | 2.06 | (1.03 | ) | 1.19 | |||||||||||||||||
Total from investment operations |
(1.50 | ) | 4.58 | 0.63 | 2.99 | (0.13 | ) | 2.09 | ||||||||||||||||||
Distributions to shareholders from net investment income |
(0.47 | ) | (0.90 | ) | (0.85 | ) | (0.93 | ) | (0.89 | ) | (0.88 | ) | ||||||||||||||
Distributions to shareholders from net realized gains |
(0.93 | ) | | | | | | |||||||||||||||||||
Distributions to shareholders from return of capital |
| | (0.03 | ) | | (0.03 | ) | (0.05 | ) | |||||||||||||||||
Total distributions |
(1.40 | ) | (0.90 | ) | (0.88 | ) | (0.93 | ) | (0.92 | ) | (0.93 | ) | ||||||||||||||
Net asset value, end of period |
$ | 24.74 | $ | 27.64 | $ | 23.96 | $ | 24.21 | $ | 22.15 | $ | 23.20 | ||||||||||||||
Total return(b) | (5.69 | )% | 19.29 | % | 2.68 | % | 13.76 | % | (0.63 | )% | 9.64 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 1,053,549 | $ | 1,061,582 | $ | 669,848 | $ | 609,414 | $ | 680,661 | $ | 818,309 | ||||||||||||||
Ratio of net expenses to average net assets |
0.46 | %(c) | 0.46 | % | 0.56 | % | 0.57 | % | 0.58 | % | 0.58 | % | ||||||||||||||
Ratio of total expenses to average net assets |
0.59 | %(c) | 0.59 | % | 0.62 | % | 0.61 | % | 0.63 | % | 0.70 | % | ||||||||||||||
Ratio of net investment income to average net assets |
3.55 | %(c) | 3.40 | % | 3.52 | % | 4.03 | % | 3.93 | % | 3.93 | % | ||||||||||||||
Portfolio turnover rate(d) |
13 | % | 47 | % | 46 | % | 47 | % | 42 | % | 51 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 39 |
GOLDMAN SACHS INCOME BUILDER FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs Income Builder Fund | ||||||||||||||||||||||||||
Investor Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data |
| |||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 27.55 | $ | 23.89 | $ | 24.14 | $ | 22.09 | $ | 23.14 | $ | 21.98 | ||||||||||||||
Net investment income(a) |
0.45 | 0.89 | 0.81 | 0.89 | 0.87 | 0.86 | ||||||||||||||||||||
Net realized and unrealized gain (loss) |
(1.95 | ) | 3.65 | (0.21 | ) | 2.05 | (1.03 | ) | 1.20 | |||||||||||||||||
Total from investment operations |
(1.50 | ) | 4.54 | 0.60 | 2.94 | (0.16 | ) | 2.06 | ||||||||||||||||||
Distributions to shareholders from net investment income |
(0.46 | ) | (0.88 | ) | (0.82 | ) | (0.89 | ) | (0.86 | ) | (0.85 | ) | ||||||||||||||
Distributions to shareholders from net realized gains |
(0.93 | ) | | | | | | |||||||||||||||||||
Distributions to shareholders from return of capital |
| | (0.03 | ) | | (0.03 | ) | (0.05 | ) | |||||||||||||||||
Total distributions |
(1.39 | ) | (0.88 | ) | (0.85 | ) | (0.89 | ) | (0.89 | ) | (0.90 | ) | ||||||||||||||
Net asset value, end of period |
$ | 24.66 | $ | 27.55 | $ | 23.89 | $ | 24.14 | $ | 22.09 | $ | 23.14 | ||||||||||||||
Total return(b) | (5.75 | )% | 19.22 | % | 2.53 | % | 13.59 | % | (0.77 | )% | 9.51 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 395,964 | $ | 355,534 | $ | 256,919 | $ | 263,228 | $ | 239,226 | $ | 302,778 | ||||||||||||||
Ratio of net expenses to average net assets |
0.54 | %(c) | 0.54 | % | 0.67 | % | 0.70 | % | 0.72 | % | 0.73 | % | ||||||||||||||
Ratio of total expenses to average net assets |
0.67 | %(c) | 0.67 | % | 0.73 | % | 0.75 | % | 0.77 | % | 0.85 | % | ||||||||||||||
Ratio of net investment income to average net assets |
3.47 | %(c) | 3.32 | % | 3.40 | % | 3.87 | % | 3.79 | % | 3.77 | % | ||||||||||||||
Portfolio turnover rate(d) |
13 | % | 47 | % | 46 | % | 47 | % | 42 | % | 51 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
40 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INCOME BUILDER FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs Income Builder Fund | ||||||||||||||||||||||||||
Class R6 Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data |
| |||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 27.64 | $ | 23.95 | $ | 24.21 | $ | 22.15 | $ | 23.20 | $ | 22.04 | ||||||||||||||
Net investment income(a) |
0.47 | 0.92 | 0.83 | 0.93 | 0.85 | 0.90 | ||||||||||||||||||||
Net realized and unrealized gain (loss) |
(1.97 | ) | 3.67 | (0.21 | ) | 2.06 | (0.98 | ) | 1.19 | |||||||||||||||||
Total from investment operations |
(1.50 | ) | 4.59 | 0.62 | 2.99 | (0.13 | ) | 2.09 | ||||||||||||||||||
Distributions to shareholders from net investment income |
(0.48 | ) | (0.90 | ) | (0.85 | ) | (0.93 | ) | (0.89 | ) | (0.88 | ) | ||||||||||||||
Distributions to shareholders from net realized gains |
(0.93 | ) | | | | | | |||||||||||||||||||
Distributions to shareholders from return of capital |
| | (0.03 | ) | | (0.03 | ) | (0.05 | ) | |||||||||||||||||
Total distributions |
(1.41 | ) | (0.90 | ) | (0.88 | ) | (0.93 | ) | (0.92 | ) | (0.93 | ) | ||||||||||||||
Net asset value, end of period |
$ | 24.73 | $ | 27.64 | $ | 23.95 | $ | 24.21 | $ | 22.15 | $ | 23.20 | ||||||||||||||
Total return(b) | (5.72 | )% | 19.35 | % | 2.70 | % | 13.72 | % | (0.62 | )% | 9.69 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 27,450 | $ | 25,215 | $ | 65,293 | $ | 10,486 | $ | 130 | $ | 11 | ||||||||||||||
Ratio of net expenses to average net assets |
0.45 | %(c) | 0.46 | % | 0.54 | % | 0.56 | % | 0.57 | % | 0.57 | % | ||||||||||||||
Ratio of total expenses to average net assets |
0.58 | %(c) | 0.58 | % | 0.61 | % | 0.61 | % | 0.61 | % | 0.69 | % | ||||||||||||||
Ratio of net investment income to average net assets |
3.57 | %(c) | 3.44 | % | 3.51 | % | 3.96 | % | 3.72 | % | 3.93 | % | ||||||||||||||
Portfolio turnover rate(d) |
13 | % | 47 | % | 46 | % | 47 | % | 42 | % | 51 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 41 |
GOLDMAN SACHS INCOME BUILDER FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs Income Builder Fund | ||||||||||||||||||||||
Class P Shares | ||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||
2021 | 2020 | 2019 | 2018(a) | |||||||||||||||||||
Per Share Data | ||||||||||||||||||||||
Net asset value, beginning of period |
$ | 27.64 | $ | 23.96 | $ | 24.21 | $ | 22.15 | $ | 22.95 | ||||||||||||
Net investment income(b) |
0.47 | 0.91 | 0.84 | 0.94 | 0.45 | |||||||||||||||||
Net realized and unrealized gain (loss) |
(1.96 | ) | 3.68 | (0.21 | ) | 2.05 | (0.71 | ) | ||||||||||||||
Total from investment operations |
(1.49 | ) | 4.59 | 0.63 | 2.99 | (0.26 | ) | |||||||||||||||
Distributions to shareholders from net investment income |
(0.48 | ) | (0.91 | ) | (0.85 | ) | (0.93 | ) | (0.51 | ) | ||||||||||||
Distributions to shareholders from net realized gains |
(0.93 | ) | | | | | ||||||||||||||||
Distributions to shareholders from return of capital |
| | (0.03 | ) | | (0.03 | ) | |||||||||||||||
Total distributions |
(1.41 | ) | (0.91 | ) | (0.88 | ) | (0.93 | ) | (0.54 | ) | ||||||||||||
Net asset value, end of period |
$ | 24.74 | $ | 27.64 | $ | 23.96 | $ | 24.21 | $ | 22.15 | ||||||||||||
Total return(c) | (5.68 | )% | 19.31 | % | 2.70 | % | 13.77 | % | (1.18 | )% | ||||||||||||
Net assets, end of period (in 000s) |
$ | 45,386 | $ | 52,764 | $ | 16,404 | $ | 13,919 | $ | 16,122 | ||||||||||||
Ratio of net expenses to average net assets |
0.45 | %(d) | 0.45 | % | 0.55 | % | 0.56 | % | 0.58 | %(d) | ||||||||||||
Ratio of total expenses to average net assets |
0.58 | %(d) | 0.58 | % | 0.61 | % | 0.61 | % | 0.58 | %(d) | ||||||||||||
Ratio of net investment income to average net assets |
3.56 | %(d) | 3.38 | % | 3.51 | % | 4.04 | % | 3.60 | %(d) | ||||||||||||
Portfolio turnover rate(e) |
13 | % | 47 | % | 46 | % | 47 | % | 42 | % |
(a) | Commenced operations on April 16, 2018. |
(b) | Calculated based on the average shares outstanding methodology. |
(c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
42 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS RISING DIVIDEND GROWTH FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs Rising Dividend Growth Fund | ||||||||||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 13.87 | $ | 9.81 | $ | 11.18 | $ | 19.56 | $ | 22.54 | $ | 19.66 | ||||||||||||||
Net investment income(a) |
0.03 | 0.05 | 0.08 | 0.10 | 0.09 | 0.11 | ||||||||||||||||||||
Net realized and unrealized gain (loss) |
(0.68 | ) | 4.44 | (0.23 | ) | 0.78 | 1.25 | 3.48 | ||||||||||||||||||
Total from investment operations |
(0.65 | ) | 4.49 | (0.15 | ) | 0.88 | 1.34 | 3.59 | ||||||||||||||||||
Distributions to shareholders from net investment income |
(0.09 | ) | (0.39 | ) | (0.24 | ) | (0.22 | ) | (0.28 | ) | (0.25 | ) | ||||||||||||||
Distributions to shareholders from net realized gains |
(1.17 | ) | (0.04 | ) | (0.98 | ) | (9.04 | ) | (4.04 | ) | (0.46 | ) | ||||||||||||||
Total distributions |
(1.26 | ) | (0.43 | ) | (1.22 | ) | (9.26 | ) | (4.32 | ) | (0.71 | ) | ||||||||||||||
Net asset value, end of period |
$ | 11.96 | $ | 13.87 | $ | 9.81 | $ | 11.18 | $ | 19.56 | $ | 22.54 | ||||||||||||||
Total return(b) | (5.14 | )% | 46.88 | % | (1.80 | )% | 10.41 | % | 6.27 | % | 18.59 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 240,490 | $ | 255,730 | $ | 167,765 | $ | 208,416 | $ | 297,772 | $ | 370,204 | ||||||||||||||
Ratio of net expenses to average net assets |
1.03 | %(c) | 1.03 | % | 1.09 | % | 1.15 | % | 1.17 | % | 1.16 | % | ||||||||||||||
Ratio of total expenses to average net assets |
1.26 | %(c) | 1.27 | % | 1.29 | % | 1.27 | % | 1.20 | % | 1.19 | % | ||||||||||||||
Ratio of net investment income (loss) to average net assets |
0.40 | %(c) | 0.42 | % | 0.81 | % | 0.86 | % | 0.42 | % | 0.52 | % | ||||||||||||||
Portfolio turnover rate(d) |
30 | % | 38 | % | 43 | % | 45 | % | 101 | % | 45 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 43 |
GOLDMAN SACHS RISING DIVIDEND GROWTH FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs Rising Dividend Growth Fund | ||||||||||||||||||||||||||
Class C Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 14.13 | $ | 9.99 | $ | 11.36 | $ | 19.71 | $ | 22.69 | $ | 19.79 | ||||||||||||||
Net investment income (loss)(a) |
(0.02 | ) | (0.03 | ) | | (b) | 0.01 | (0.07 | ) | (0.05 | ) | |||||||||||||||
Net realized and unrealized gain (loss) |
(0.70 | ) | 4.52 | (0.23 | ) | 0.80 | 1.26 | 3.50 | ||||||||||||||||||
Total from investment operations |
(0.72 | ) | 4.49 | (0.23 | ) | 0.81 | 1.19 | 3.45 | ||||||||||||||||||
Distributions to shareholders from net investment income |
(0.03 | ) | (0.31 | ) | (0.16 | ) | (0.12 | ) | (0.13 | ) | (0.13 | ) | ||||||||||||||
Distributions to shareholders from net realized gains |
(1.17 | ) | (0.04 | ) | (0.98 | ) | (9.04 | ) | (4.04 | ) | (0.42 | ) | ||||||||||||||
Total distributions |
(1.20 | ) | (0.35 | ) | (1.14 | ) | (9.16 | ) | (4.17 | ) | (0.55 | ) | ||||||||||||||
Net asset value, end of period |
$ | 12.21 | $ | 14.13 | $ | 9.99 | $ | 11.36 | $ | 19.71 | $ | 22.69 | ||||||||||||||
Total return(c) | (5.51 | )% | 45.74 | % | (2.50 | )% | 9.55 | % | 5.49 | % | 17.68 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 53,066 | $ | 75,965 | $ | 108,840 | $ | 194,302 | $ | 348,220 | $ | 463,110 | ||||||||||||||
Ratio of net expenses to average net assets |
1.78 | %(d) | 1.78 | % | 1.84 | % | 1.90 | % | 1.92 | % | 1.91 | % | ||||||||||||||
Ratio of total expenses to average net assets |
2.01 | %(d) | 2.03 | % | 2.03 | % | 2.02 | % | 1.95 | % | 1.94 | % | ||||||||||||||
Ratio of net investment income (loss) to average net assets |
(0.31 | )%(d) | (0.23 | )% | 0.03 | % | 0.12 | % | (0.33 | )% | (0.23 | )% | ||||||||||||||
Portfolio turnover rate(e) |
30 | % | 38 | % | 43 | % | 45 | % | 101 | % | 45 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Amount is less than $0.005 per share. |
(c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
44 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS RISING DIVIDEND GROWTH FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs Rising Dividend Growth Fund | ||||||||||||||||||||||||||
Institutional Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 14.72 | $ | 10.38 | $ | 11.76 | $ | 20.08 | $ | 23.02 | $ | 20.08 | ||||||||||||||
Net investment income(a) |
0.05 | 0.10 | 0.12 | 0.15 | 0.18 | 0.20 | ||||||||||||||||||||
Net realized and unrealized gain (loss) |
(0.72 | ) | 4.70 | (0.24 | ) | 0.83 | 1.28 | 3.55 | ||||||||||||||||||
Total from investment operations |
(0.67 | ) | 4.80 | (0.12 | ) | 0.98 | 1.46 | 3.75 | ||||||||||||||||||
Distributions to shareholders from net investment income |
(0.11 | ) | (0.42 | ) | (0.28 | ) | (0.26 | ) | (0.36 | ) | (0.31 | ) | ||||||||||||||
Distributions to shareholders from net realized gains |
(1.17 | ) | (0.04 | ) | (0.98 | ) | (9.04 | ) | (4.04 | ) | (0.50 | ) | ||||||||||||||
Total distributions |
(1.28 | ) | (0.46 | ) | (1.26 | ) | (9.30 | ) | (4.40 | ) | (0.81 | ) | ||||||||||||||
Net asset value, end of period |
$ | 12.77 | $ | 14.72 | $ | 10.38 | $ | 11.76 | $ | 20.08 | $ | 23.02 | ||||||||||||||
Total return(b) | (4.99 | )% | 47.16 | % | (1.47 | )% | 10.85 | % | 6.75 | % | 19.01 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 117,890 | $ | 130,706 | $ | 97,358 | $ | 191,509 | $ | 425,555 | $ | 759,274 | ||||||||||||||
Ratio of net expenses to average net assets |
0.72 | %(c) | 0.72 | % | 0.78 | % | 0.80 | % | 0.78 | % | 0.76 | % | ||||||||||||||
Ratio of total expenses to average net assets |
0.89 | %(c) | 0.90 | % | 0.90 | % | 0.88 | % | 0.81 | % | 0.79 | % | ||||||||||||||
Ratio of net investment income to average net assets |
0.72 | %(c) | 0.75 | % | 1.10 | % | 1.25 | % | 0.83 | % | 0.92 | % | ||||||||||||||
Portfolio turnover rate(d) |
30 | % | 38 | % | 43 | % | 45 | % | 101 | % | 45 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 45 |
GOLDMAN SACHS RISING DIVIDEND GROWTH FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs Rising Dividend Growth Fund | ||||||||||||||||||||||||||
Investor Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 14.69 | $ | 10.36 | $ | 11.75 | $ | 20.07 | $ | 23.01 | $ | 20.07 | ||||||||||||||
Net investment income(a) |
0.04 | 0.09 | 0.11 | 0.14 | 0.14 | 0.17 | ||||||||||||||||||||
Net realized and unrealized gain (loss) |
(0.70 | ) | 4.69 | (0.25 | ) | 0.83 | 1.29 | 3.54 | ||||||||||||||||||
Total from investment operations |
(0.66 | ) | 4.78 | (0.14 | ) | 0.97 | 1.43 | 3.71 | ||||||||||||||||||
Distributions to shareholders from net investment income |
(0.11 | ) | (0.41 | ) | (0.27 | ) | (0.25 | ) | (0.33 | ) | (0.27 | ) | ||||||||||||||
Distributions to shareholders from net realized gains |
(1.17 | ) | (0.04 | ) | (0.98 | ) | (9.04 | ) | (4.04 | ) | (0.50 | ) | ||||||||||||||
Total distributions |
(1.28 | ) | (0.45 | ) | (1.25 | ) | (9.29 | ) | (4.37 | ) | (0.77 | ) | ||||||||||||||
Net asset value, end of period |
$ | 12.75 | $ | 14.69 | $ | 10.36 | $ | 11.75 | $ | 20.07 | $ | 23.01 | ||||||||||||||
Total return(b) | (4.96 | )% | 47.09 | % | (1.55 | )% | 10.73 | % | 6.56 | % | 18.85 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 64,923 | $ | 71,231 | $ | 64,328 | $ | 105,498 | $ | 227,158 | $ | 362,752 | ||||||||||||||
Ratio of net expenses to average net assets |
0.78 | %(c) | 0.78 | % | 0.84 | % | 0.90 | % | 0.92 | % | 0.91 | % | ||||||||||||||
Ratio of total expenses to average net assets |
1.01 | %(c) | 1.02 | % | 1.03 | % | 1.02 | % | 0.95 | % | 0.94 | % | ||||||||||||||
Ratio of net investment income to average net assets |
0.65 | %(c) | 0.71 | % | 1.04 | % | 1.13 | % | 0.68 | % | 0.79 | % | ||||||||||||||
Portfolio turnover rate(d) |
30 | % | 38 | % | 43 | % | 45 | % | 101 | % | 45 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
46 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS RISING DIVIDEND GROWTH FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs Rising Dividend Growth Fund | ||||||||||||||||||||||
Class R6 Shares | ||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | Period Ended October 31, 2018(a) |
||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||
Net asset value, beginning of period |
$ | 14.71 | $ | 10.37 | $ | 11.76 | $ | 20.08 | $ | 20.18 | ||||||||||||
Net investment income(b) |
0.05 | 0.10 | 0.12 | 0.14 | 0.02 | |||||||||||||||||
Net realized and unrealized gain (loss) |
(0.71 | ) | 4.70 | (0.25 | ) | 0.85 | 0.29 | |||||||||||||||
Total from investment operations |
(0.66 | ) | 4.80 | (0.13 | ) | 0.99 | 0.31 | |||||||||||||||
Distributions to shareholders from net investment income |
(0.11 | ) | (0.42 | ) | (0.28 | ) | (0.27 | ) | (0.28 | ) | ||||||||||||
Distributions to shareholder from net realized gains |
(1.17 | ) | (0.04 | ) | (0.98 | ) | (9.04 | ) | (0.13 | ) | ||||||||||||
Total distributions |
(1.28 | ) | (0.46 | ) | (1.26 | ) | (9.31 | ) | (0.41 | ) | ||||||||||||
Net asset value, end of period |
$ | 12.77 | $ | 14.71 | $ | 10.37 | $ | 11.76 | $ | 20.08 | ||||||||||||
Total return(c) | (4.92 | )% | 47.22 | % | (1.47 | )% | 10.78 | % | 1.54 | % | ||||||||||||
Net assets, end of period (in 000s) |
$ | 3,174 | $ | 3,063 | $ | 1,868 | $ | 2,240 | $ | 10 | ||||||||||||
Ratio of net expenses to average net assets |
0.71 | %(d) | 0.71 | % | 0.76 | % | 0.80 | % | 0.77 | %(d) | ||||||||||||
Ratio of total expenses to average net assets |
0.88 | %(d) | 0.89 | % | 0.90 | % | 0.89 | % | 0.80 | %(d) | ||||||||||||
Ratio of net investment income to average net assets |
0.71 | %(d) | 0.75 | % | 1.11 | % | 1.19 | % | 0.16 | %(d) | ||||||||||||
Portfolio turnover rate(e) |
30 | % | 38 | % | 43 | % | 45 | % | 101 | % |
(a) | Commenced operations on February 28, 2018. |
(b) | Calculated based on the average shares outstanding methodology. |
(c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 47 |
GOLDMAN SACHS RISING DIVIDEND GROWTH FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs Rising Dividend Growth Fund | ||||||||||||||||||||||||||
Class R Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 13.79 | $ | 9.76 | $ | 11.13 | $ | 19.51 | $ | 22.49 | $ | 19.63 | ||||||||||||||
Net investment income(a) |
0.01 | 0.02 | 0.06 | 0.07 | 0.04 | 0.06 | ||||||||||||||||||||
Net realized and unrealized gain (loss) |
(0.66 | ) | 4.42 | (0.24 | ) | 0.78 | 1.25 | 3.47 | ||||||||||||||||||
Total from investment operations |
(0.65 | ) | 4.44 | (0.18 | ) | 0.85 | 1.29 | 3.53 | ||||||||||||||||||
Distributions to shareholders from net investment income |
(0.08 | ) | (0.37 | ) | (0.21 | ) | (0.19 | ) | (0.23 | ) | (0.21 | ) | ||||||||||||||
Distributions to shareholders from net realized gains |
(1.17 | ) | (0.04 | ) | (0.98 | ) | (9.04 | ) | (4.04 | ) | (0.46 | ) | ||||||||||||||
Total distributions |
(1.25 | ) | (0.41 | ) | (1.19 | ) | (9.23 | ) | (4.27 | ) | (0.67 | ) | ||||||||||||||
Net asset value, end of period |
$ | 11.89 | $ | 13.79 | $ | 9.76 | $ | 11.13 | $ | 19.51 | $ | 22.49 | ||||||||||||||
Total return(b) | (5.21 | )% | 46.38 | % | (2.01 | )% | 10.08 | % | 6.07 | % | 18.27 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 1,497 | $ | 1,357 | $ | 1,131 | $ | 2,575 | $ | 3,484 | $ | 4,506 | ||||||||||||||
Ratio of net expenses to average net assets |
1.28 | %(c) | 1.28 | % | 1.35 | % | 1.40 | % | 1.42 | % | 1.41 | % | ||||||||||||||
Ratio of total expenses to average net assets |
1.51 | %(c) | 1.52 | % | 1.53 | % | 1.52 | % | 1.45 | % | 1.44 | % | ||||||||||||||
Ratio of net investment income to average net assets |
0.17 | %(c) | 0.19 | % | 0.57 | % | 0.61 | % | 0.18 | % | 0.27 | % | ||||||||||||||
Portfolio turnover rate(d) |
30 | % | 38 | % | 43 | % | 45 | % | 101 | % | 45 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
48 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS RISING DIVIDEND GROWTH FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs Rising Dividend Growth Fund | ||||||||||||||||||||||
Class P Shares | ||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | Period Ended October 31, 2018(a) |
||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||
Net asset value, beginning of period |
$ | 14.72 | $ | 10.38 | $ | 11.76 | $ | 20.08 | $ | 20.21 | ||||||||||||
Net investment income (loss)(b) |
0.05 | 0.09 | 0.12 | 0.15 | (0.04 | ) | ||||||||||||||||
Net realized and unrealized gain (loss) |
(0.72 | ) | 4.71 | (0.24 | ) | 0.84 | 0.25 | |||||||||||||||
Total from investment operations |
(0.67 | ) | 4.80 | (0.12 | ) | 0.99 | 0.21 | |||||||||||||||
Distributions to shareholders from net investment income |
(0.11 | ) | (0.42 | ) | (0.28 | ) | (0.27 | ) | (0.21 | ) | ||||||||||||
Distributions to shareholders from net realized gains |
(1.17 | ) | (0.04 | ) | (0.98 | ) | (9.04 | ) | (0.13 | ) | ||||||||||||
Total distributions |
(1.28 | ) | (0.46 | ) | (1.26 | ) | (9.31 | ) | (0.34 | ) | ||||||||||||
Net asset value, end of period |
$ | 12.77 | $ | 14.72 | $ | 10.38 | $ | 11.76 | $ | 20.08 | ||||||||||||
Total return(c) | (4.99 | )% | 47.17 | % | (1.46 | )% | 10.86 | % | 1.03 | % | ||||||||||||
Net assets, end of period (in 000s) |
$ | 14,408 | $ | 14,747 | $ | 7,791 | $ | 21,171 | $ | 41,067 | ||||||||||||
Ratio of net expenses to average net assets |
0.71 | %(d) | 0.71 | % | 0.77 | % | 0.79 | % | 0.77 | %(d) | ||||||||||||
Ratio of total expenses to average net assets |
0.88 | %(d) | 0.89 | % | 0.89 | % | 0.87 | % | 0.81 | %(d) | ||||||||||||
Ratio of net investment income to average net assets |
0.72 | %(d) | 0.70 | % | 1.10 | % | 1.24 | % | (0.37 | )%(d) | ||||||||||||
Portfolio turnover rate(e) |
30 | % | 38 | % | 43 | % | 45 | % | 101 | % |
(a) | Commenced operations on April 16, 2018. |
(b) | Calculated based on the average shares outstanding methodology. |
(c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 49 |
GOLDMAN SACHS DIVIDEND FOCUS FUNDS
April 30, 2022 (Unaudited)
1. ORGANIZATION |
Goldman Sachs Trust (the Trust) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the Act), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the Funds or individually a Fund), along with their corresponding share classes and respective diversification status under the Act:
Fund | Share Classes Offered | Diversified/ Non-diversified | ||
Income Builder |
A, C, Institutional, Investor, R6 and P |
Diversified | ||
Rising Dividend Growth |
A, C, Institutional, Investor, R6, R and P |
Diversified |
Class A Shares are sold with a front-end sales charge of up to 5.50%. Class C Shares are sold with contingent deferred sales charge (CDSC) of 1.00% which is imposed on redemptions made within 12 months of purchase. Institutional, Investor, Class R6, Class R and Class P Shares are not subject to a sales charge.
Goldman Sachs Asset Management, L.P. (GSAM), an affiliate of Goldman Sachs & Co. LLC (Goldman Sachs), serves as investment adviser to the Funds pursuant to a management agreement (the Agreement) with the Trust.
2. SIGNIFICANT ACCOUNTING POLICIES |
The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.
A. Investment Valuation The Funds valuation policy is to value investments at fair value.
B. Investment Income and Investments Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (NAV) calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds investments in U.S. real estate investment trusts (REITs) may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT. Distributions from master limited partnerships
(MLPs) are generally recorded based on the characterization reported on the MLPs tax return. A Fund records its pro-rata share of the income/loss and capital gains/losses, allocated from the underlying partnerships and adjusts the cost basis of the underlying partnerships accordingly.
For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Statements of Assets and Liabilities. Upfront payments are recognized over the contracts term/event as realized gains or losses, with the exception of forward starting swap contracts whose realized gains or losses are recognized from the effective start date. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income.
C. Class Allocations and Expenses Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses
50
GOLDMAN SACHS DIVIDEND FOCUS FUNDS
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service fees.
D. Federal Taxes and Distributions to Shareholders It is each Funds policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the Code), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:
Fund | Income Distributions Declared/Paid |
Capital Gains Distributions Declared/Paid | ||||
Income Builder |
Monthly | Annually | ||||
Rising Dividend Growth |
Quarterly | Annually |
Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.
The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Funds distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.
E. Foreign Currency Translation The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS |
U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:
Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2 Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;
51
GOLDMAN SACHS DIVIDEND FOCUS FUNDS
Notes to Financial Statements (continued)
April 30, 2022 (Unaudited)
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
Level 3 Prices or valuations that require significant unobservable inputs (including GSAMs assumptions in determining fair value measurement).
The Board of Trustees (Trustees) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.
A. Level 1 and Level 2 Fair Value Investments The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:
Equity Securities Equity securities traded on a United States (U.S.) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.
Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under Fair Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.
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. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Funds accounting policies and investment holdings, please see the Underlying Funds shareholder report.
Debt Securities Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service approved by the Trustees. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G7 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.
i. Bank Loans Bank loans (Loans) are interests in amounts owed by corporate, governmental, or other borrowers to lenders or lending syndicates. Loans are arranged through private negotiations between the borrower and one or more financial institutions (Lenders). A Funds investments in Loans are in the form of either participations in Loans (Participations) or assignments of all or a portion of Loans from third parties (Assignments). With respect to
52
GOLDMAN SACHS DIVIDEND FOCUS FUNDS
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
Participations, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled from the Lender selling the Participations and only upon receipt by the Lender of the payments from the borrower. A Fund generally has no right to enforce compliance by the borrower with the terms of the loan agreement with respect to Participations. Conversely, assignments result in a Fund having a direct contractual relationship with the borrower, and the Fund may be permitted to enforce compliance by the borrower with the terms of the loan agreement.
The Income Builder Fund may also enter into certain credit arrangements, all or a portion of which may be unfunded. Unfunded loan commitments represent the remaining obligation of a Fund to the borrower. A Fund is obligated to fund these commitments at the borrowers discretion. A Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit of a loan. All loans and unfunded loan commitments involve interest rate risk, liquidity risk and credit risk, including the potential default or insolvency of the borrower. Loans, including unfunded loan commitments, are marked to market daily using pricing vendor quotations and the change in value, if any, is recorded as an unrealized gain or loss.
ii. Mortgage-Backed and Asset-Backed Securities Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by residential and/or commercial real estate property. Asset-backed securities include securities whose principal and interest payments are collateralized by pools of other assets or receivables. The value of certain mortgage-backed and asset-backed securities (including adjustable rate mortgage loans) may be particularly sensitive to changes in prevailing interest rates. The value of these securities may also fluctuate in response to the markets perception of the creditworthiness of the issuers.
Asset-backed securities may present credit risks that are not presented by mortgage-backed securities because they generally do not have the benefit of a security interest in collateral that is comparable to mortgage assets. Some asset-backed securities may only have a subordinated claim on collateral.
Stripped mortgage-backed securities are usually structured with two different classes: one that receives substantially all interest payments (interest-only, or IO and/or high coupon rate with relatively low principal amount, or IOette), and the other that receives substantially all principal payments (principal-only, or PO) from a pool of mortgage loans. Little to no principal will be received at the maturity of an IO; as a result, periodic adjustments are recorded to reduce the cost of the security until maturity. These adjustments are included in interest income.
Derivative Contracts A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on certain derivatives contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.
Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter (OTC) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.
i. Forward Contracts A forward contract is a contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract settlement can occur on a cash or delivery basis. Forward contracts are marked-to-market daily
53
GOLDMAN SACHS DIVIDEND FOCUS FUNDS
Notes to Financial Statements (continued)
April 30, 2022 (Unaudited)
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
using independent vendor prices, and the change in value, if any, is recorded as an unrealized gain or loss. Cash and certain investments may be used to collateralize forward contracts.
A forward foreign currency exchange contract is a forward contract in which a Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked to market daily by using the outright forward rates or interpolating based upon maturity dates, where available. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.
ii. Futures Contracts Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.
iii. Options When a Fund writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on swap contracts.
Upon the purchase of a call option or a put option by a Fund, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.
iv. Swap Contracts Bilateral swap contracts are agreements in which a Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between a Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member (DCM), acting in an agency capacity, and submitted to a central counterparty (CCP) (centrally cleared swaps), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, a Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.
An interest rate swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals, based upon or calculated by reference to changes in interest rates on a specified notional principal amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other.
A credit default swap is an agreement that involves one party (the buyer of protection) making a stream of payments to another party (the seller of protection) in exchange for the right to receive protection on a reference security or obligation, including a group of assets or exposure to the performance of an index. A Funds investment in credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. If a Fund buys protection through a credit default swap and no credit event occurs, its payments are limited to the periodic payments previously made to the counterparty. Upon the occurrence of a specified credit event, a Fund, as a buyer of credit protection, is entitled to receive an amount equal to the notional amount of the swap and deliver to the seller the defaulted reference obligation in a physically settled trade. A Fund may also receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade.
54
GOLDMAN SACHS DIVIDEND FOCUS FUNDS
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
As a seller of protection, a Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if a Fund sells protection through a credit default swap, a Fund could suffer a loss because the value of the referenced obligation and the premium payments received may be less than the notional amount of the swap paid to the buyer of protection. Upon the occurrence of a specified credit event, a Fund, as a seller of credit protection, may be required to take possession of the defaulted reference obligation and pay the buyer an amount equal to the notional amount of the swap in a physically settled trade. A Fund may also pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted security or obligation. In addition, a Fund is entitled to a return of any assets, which have been pledged as collateral to the counterparty upon settlement. The maximum potential amount of future payments (undiscounted) that a Fund as seller of protection could be required to make under a credit default swap would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or net amounts received from a settlement of a credit default swap for the same reference security or obligation where a Fund bought credit protection.
A total return swap is an agreement that gives a Fund the right to receive or pay the appreciation or depreciation, as applicable, in the value of a specified security, an index, a basket of securities or indices or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. If the underlying asset declines in value over the term of the swap, a Fund may also be required to pay the dollar value of that decline to the counterparty.
B. Level 3 Fair Value Investments To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Funds 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 Funds 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.
55
GOLDMAN SACHS DIVIDEND FOCUS FUNDS
Notes to Financial Statements (continued)
April 30, 2022 (Unaudited)
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
C. Fair Value Hierarchy The following is a summary of the Funds investments and derivatives classified in the fair value hierarchy as of April 30, 2022:
INCOME BUILDER |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) |
||||||||||||
Asia |
$ | 6,307,815 | $ | | $ | | ||||||
Europe |
207,004,968 | | | |||||||||
North America |
674,426,235 | 8,859,804 | 9,737 | |||||||||
Fixed Income |
||||||||||||
Corporate Obligations |
| 987,479,452 | | |||||||||
Mortgage-Backed Obligations |
| 132,631 | | |||||||||
Foreign Debt Obligations |
| 1,615,568 | | |||||||||
Bank Loans |
| 161,610,633 | 2,101,440 | |||||||||
Warrants |
| 186,152 | 9,737 | |||||||||
Investment Companies |
238,720,969 | | | |||||||||
Securities Lending Reinvestment Vehicle |
13,511,889 | | | |||||||||
Total | $ | 1,139,971,876 | $ | 1,159,884,240 | $ | 2,120,914 | ||||||
Liabilities(b) | ||||||||||||
Fixed Income |
||||||||||||
Unfunded Loan Commitment |
$ | | $ | (14,392 | ) | $ | | |||||
Derivative Type | ||||||||||||
Assets(b) | ||||||||||||
Forward Foreign Currency Exchange Contracts |
$ | | $ | 2,191,896 | $ | | ||||||
Futures Contracts |
5,906,219 | | | |||||||||
Interest Rate Swap Contracts |
| 32,421 | | |||||||||
Total | $ | 5,906,219 | $ | 2,224,317 | $ | | ||||||
Liabilities | ||||||||||||
Forward Foreign Currency Exchange Contracts(b) |
$ | | $ | (103,629 | ) | $ | | |||||
Futures Contracts(b) |
(18,597,753 | ) | | | ||||||||
Interest Rate Swap Contracts(b) |
| (2,817,044 | ) | | ||||||||
Credit Default Swap Contracts(b) |
| (10,750 | ) | | ||||||||
Written Option Contracts |
| (1,267,998 | ) | | ||||||||
Total | $ | (18,597,753 | ) | $ | (4,199,421 | ) | $ | |
(a) | Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of net asset value. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Funds utilize fair value model prices provided by an independent fair value service for international equities, resulting in a Level 2 classification. |
(b) | Amount shown represents unrealized gain (loss) at period end. |
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GOLDMAN SACHS DIVIDEND FOCUS FUNDS
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
RISING DIVIDEND GROWTH |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) |
||||||||||||
Europe |
$ | 13,682,677 | $ | | $ | | ||||||
North America |
467,466,083 | | | |||||||||
Investment Companies |
8,167,374 | | | |||||||||
Total | $ | 489,316,134 | $ | | $ | | ||||||
Derivative Type | ||||||||||||
Liabilities(b) | ||||||||||||
Futures Contracts |
$ | (234,222 | ) | $ | | $ | |
(a) | Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of net asset value. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Funds utilize fair value model prices provided by an independent fair value service for international equities, resulting in a Level 2 classification. |
(b) | Amount shown represents unrealized gain (loss) at period end. |
For further information regarding security characteristics, see the Schedules of Investments.
4. INVESTMENTS IN DERIVATIVES |
The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of April 30, 2022. These instruments were used as part of the Funds investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds net exposure.
Income Builder |
| |||||||||||
Risk | Statement of Assets and Liabilities |
Assets | Statement of Assets and Liabilities |
Liabilities | ||||||||
Interest Rate |
Variation margin on swap contracts; Variation margin on futures contracts |
$ | 5,925,529 | (a) | Variation margin on swap contracts; Variation margin on futures contracts |
$ | (20,430,600) | (a) | ||||
Equity |
Variation margin on futures contracts | 13,111 | (a) | Variation margin on futures contracts; Written option contracts, at value | (2,252,195) | (a) | ||||||
Credit |
| | Variation margin on swap contracts | (10,750) | (a) | |||||||
Currency |
Receivable for unrealized gain on forward foreign currency exchange contracts |
2,191,896 | Payable for unrealized loss on forward foreign currency exchange contracts |
(103,629) | ||||||||
Total | $ | 8,130,536 | $ | (22,797,174) |
(a) | Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedules of Investments. Only current days variation margin is reported within the Statements of Assets and Liabilities. |
57
GOLDMAN SACHS DIVIDEND FOCUS FUNDS
Notes to Financial Statements (continued)
April 30, 2022 (Unaudited)
4. INVESTMENTS IN DERIVATIVES (continued) |
Rising Dividend Growth |
| |||||||||||
Risk | Statement of Assets and Liabilities |
Assets | Statement of Assets and Liabilities |
Liabilities | ||||||||
Equity |
| $ | | Variation margin on futures contracts | $ | (234,222) | (a) |
(a) | Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedules of Investments. Only current days variation margin is reported within the Statements of Assets and Liabilities. |
The following tables set forth, by certain risk types, the Funds gains (losses) related to these derivatives and their indicative volumes for the six months ended April 30, 2022. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in Net realized gain (loss) or Net change in unrealized gain (loss) on the Statements of Operations:
Income Builder |
| |||||||||
Risk | Statement of Operations | Net Realized Gain (Loss) |
Net Change in Unrealized Gain (Loss) |
|||||||
Interest |
Net realized gain (loss) from futures contracts and swap contracts/Net change in unrealized gain on futures contracts and swap contracts |
$ | 3,315,143 | $ | (14,571,732) | |||||
Credit |
Net realized gain (loss) from swap contracts/ Net change in unrealized gain on swap contracts |
(24,833) | (24,493) | |||||||
Equity |
Net realized gain from futures, swap contracts and written options/Net unrealized gain on futures, swap contracts and written options |
(7,108,619) | (3,336,037) | |||||||
Currency |
Net realized gain from forward foreign currency exchange contracts/Net unrealized gain on forward foreign currency exchange contracts | 1,234,999 | 1,429,415 | |||||||
Total | $ | (2,583,310) | $ | (16,502,847) | ||||||
Rising Dividend Growth |
| |||||||||
Risk | Statement of Operations | Net Realized Gain (Loss) |
Net Change in Unrealized Gain (Loss) |
|||||||
Equity |
Net realized gain (loss) from futures contracts/Net unrealized gain(loss) on futures contracts | $ | (633,093) | $ | (665,588) |
For the six months ended April 30, 2022, the relevant values for each derivative type was as follows:
Average Number of Contracts or Notional Amount or Shares/Units(a) | ||||||||||||||||
Fund | Futures contracts |
Forwards contracts |
Swap Agreements |
Written options |
||||||||||||
Income Builder |
3,980 | $ | 33,372,494 | $ | 63,608,886 | 31,627 | ||||||||||
Rising Dividend Growth |
69 | | | |
(a) | Amounts disclosed represent average number of contracts for futures contracts, notional amounts for forward contracts, swap agreements, shares/units outstanding for purchased options and written options, based on absolute values, which is indicative of volume for this derivative type, for the months that each Fund held such derivatives during the six months ended April 30, 2022. |
58
GOLDMAN SACHS DIVIDEND FOCUS FUNDS
5. AGREEMENTS AND AFFILIATED TRANSACTIONS |
A. Management Agreement Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.
As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Funds average daily net assets.
For the six months ended April 30, 2022, contractual and effective net management fees with GSAM were at the following rates:
Contractual Management Rate | Effective Net Management Rate^ |
|||||||||||||||||||||||||||||||
Fund | First $1 billion |
Next $1 billion |
Next $3 billion |
Next $3 billion |
Over $8 billion |
Effective Rate |
||||||||||||||||||||||||||
Income Builder |
0.54 | % | 0.49 | % | 0.46 | % | 0.45 | % | 0.44 | % | 0.51 | % | 0.42 | %* | ||||||||||||||||||
Rising Dividend Growth |
0.75 | 0.68 | 0.64 | 0.63 | 0.62 | 0.75 | 0.67 | ** |
^ | Effective Net Management Rate includes impact of management fee waivers of underlying funds, if any. |
* | The Investment Adviser agreed to waive a portion of the Management Fee so that the net management fee will not exceed 0.44% as an annual percentage rate of the Funds average net assets. This management fee waiver arrangement will remain in effect through at least February 28, 2023, and prior to such date, GSAM may not terminate the arrangement without the approval of the Board of Trustees. |
** | The Investment Adviser agreed to waive a portion of the Management Fee so that the net management fee will not exceed 0.67% as an annual percentage rate of the Funds average net assets. This management fee waiver arrangement will remain in effect through at least February 28, 2023, and prior to such date, GSAM may not terminate the arrangement without the approval of the Board of Trustees. |
Certain Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund and Class R6 Shares of the Goldman Sachs Emerging Markets Equity Fund, Goldman Sachs Financial Square Government Fund, Goldman Sachs High Yield Fund, and Goldman Sachs MLP Energy Infrastructure Fund, which are affiliated Underlying Funds. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to any of the affiliated Underlying Funds in which the Funds invest. For the six months ended April 30, 2022, the management fee waived by GSAM was for each Fund as follows:
Fund | Management Fee Waived |
|||||
Income Builder |
$ | 275,277 | ||||
Rising Dividend Growth |
8,849 |
B. Distribution and/or Service (12b-1) Plans The Trust, on behalf of Class A and Class R Shares of each applicable Fund, has adopted Distribution and Service Plans subject to Rule 12b-1 under the Act. Under the Distribution and Service Plans, Goldman Sachs, which serves as distributor (the Distributor), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A or Class R Shares of the Funds, as applicable, as set forth below.
The Trust, on behalf of Class C Shares of each applicable Fund, has adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Funds, as set forth below.
Distribution and/or Service Plan Rates | ||||||||||||
Class A* | Class C | Class R* | ||||||||||
Distribution and/or Service Plan |
0.25 | % | 0.75 | % | 0.50 | % |
* | With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and/or Service Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on service fees imposed by the Financial Industry Regulatory Authority. |
59
GOLDMAN SACHS DIVIDEND FOCUS FUNDS
Notes to Financial Statements (continued)
April 30, 2022 (Unaudited)
5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
C. Distribution Agreement Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares front end sales charge and Class C Shares CDSC. During the six months ended April 30, 2022, Goldman Sachs retained the following amounts:
|
Front End Sales Charge |
|||||||||
Fund | Class A | |||||||||
Income Builder |
$ | 41,438 | ||||||||
Rising Dividend Growth |
10,882 |
D. Service Plan The Trust, on behalf of each applicable Fund, has adopted a Service Plan to allow Class C Shares to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C Shares of the Funds.
E. Transfer Agency Agreement Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.12% of the average daily net assets of Class A, Class C and Investor Shares of the Income Builder Fund; 0.16% of the average daily net assets of Class A, Class C, Investor and Class R Shares of the Rising Dividend Growth Fund; 0.03% of the average daily net assets of Class R6 and P Shares of each Fund; and 0.04% of the average daily net assets of Institutional Shares of each Fund.
Goldman Sachs has agreed to waive a portion of its transfer agency fee (a component of Other Expenses) equal to 0.06% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, Investor and Class R Shares, as applicable, of the Rising Dividend Growth Fund through at least February 28, 2023, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees.
F. Other Expense Agreements and Affiliated Transactions GSAM has agreed to reduce or limit certain Other Expenses of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Income Builder and Rising Dividend Growth Funds are 0.004% and 0.014%, respectively. These Other Expense limitations will remain in place through at least February 28, 2023, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds expenses and are received irrespective of the application of the Other Expense limitations described above.
For the six months ended April 30, 2022, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:
Fund | Management Fee Waiver |
Transfer Agency Waivers/Credits |
Other Expense Reimbursements |
Total Expense Reductions |
||||||||||||||
Income Builder |
$ | 1,058,728 | $ | | $ | 431,320 | $ | 1,490,048 | ||||||||||
Rising Dividend Growth |
221,431 | 116,145 | 237,939 | 575,515 |
G. Line of Credit Facility As of April 30, 2022, the Funds participated in a $1,250,000,000 committed, unsecured revolving line of credit facility (the facility) together with other funds of the Trust and certain registered investment companies having
60
GOLDMAN SACHS DIVIDEND FOCUS FUNDS
5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended April 30, 2022, the Funds did not have any borrowings under the facility. Prior to April 22, 2022, the facility was $1,000,000,000.
H. Other Transactions with Affiliates For the six months ended April 30, 2022, Goldman Sachs earned $14,443 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Income Builder Fund.
The table below shows the transactions in and earnings from investments in the Underlying Funds for the six months ended April 30, 2022:
Income Builder | ||||||||||||||||||||||||||||
Underlying Fund | Beginning Value as of October 31, 2021 |
Purchases at Cost |
Proceeds from Sales |
Change in Unrealized Gain/(Loss) |
Ending Value as of April 30, 2022 |
Shares as of April 30, 2022 |
Dividend Income |
|||||||||||||||||||||
Goldman Sachs Emerging Markets Equity Fund Class R6 |
$ | 77,765 | $ | 709 | $ | | $ | (19,055 | ) | $ | 59,419 | 2,549 | $ | 708 | ||||||||||||||
Goldman Sachs Financial Square Government Fund Institutional Shares |
23,234,246 | 244,365,639 | (142,196,854 | ) | | 125,403,031 | 125,403,031 | 39,863 | ||||||||||||||||||||
Goldman Sachs Financial Square Government Fund Class R6 Shares |
45,473,604 | 232,104,898 | (225,369,781 | ) | | 52,208,721 | 52,208,721 | 19,725 | ||||||||||||||||||||
Goldman Sachs High Yield Fund Class R6 |
59,776 | 1,429 | | (6,306 | ) | 54,899 | 9,514 | 1,428 | ||||||||||||||||||||
Goldman Sachs MLP Energy Infrastructure Fund Class R6 |
34,067,573 | 24,048,549 | | 2,878,777 | 60,994,899 | 2,149,221 | 1,048,550 | |||||||||||||||||||||
Total |
$ | 102,912,964 | $ | 500,521,224 | $ | (367,566,635 | ) | $ | 2,853,416 | $ | 238,720,969 | $ | 1,110,274 |
Rising Dividend Growth | ||||||||||||||||||||||||
Underlying Fund | Beginning Value as of 2021 |
Purchases at Cost |
Proceeds from Sales |
Ending Value as of April 30, 2022 |
Shares as of April 30, 2022 |
Dividend Income |
||||||||||||||||||
Goldman Sachs Financial Square Government Fund Institutional Shares |
$ | 83,592 | $ | 5,495,866 | $ | (5,138,126 | ) | $ | 441,332 | 441,332 | $ | 131 | ||||||||||||
Goldman Sachs Financial Square Government Fund Class R6 Shares |
8,225,405 | 49,734,357 | (50,233,720 | ) | 7,726,042 | 7,726,042 | 4,844 | |||||||||||||||||
Total |
$ | 8,308,997 | $ | 55,230,223 | $ | (55,371,846 | ) | $ | 8,167,374 | $ | 4,975 |
61
GOLDMAN SACHS DIVIDEND FOCUS FUNDS
Notes to Financial Statements (continued)
April 30, 2022 (Unaudited)
6. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended April 30, 2022, were as follows:
Fund | Purchases (Excluding U.S. Government and |
Sales and Maturities (Excluding U.S. Government
and |
||||||||
Income Builder |
$ | 299,152,095 | $ | 281,233,018 | ||||||
Rising Dividend Growth |
156,583,767 | 187,785,934 |
7. SECURITIES LENDING |
The Income Builder Fund may lend its securities through a securities lending agent, the Bank of New York Mellon (BNYM), to certain qualified borrowers. Pursuant to exemptive relief granted by the SEC and the terms and conditions contained therein, the Rising Dividend Growth Fund may lend its 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. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (Government Money Market Fund), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.
In the event of a default by a borrower with respect to any loan, GSAL will and BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL or BNYM are unable to purchase replacement securities, GSAL and/or BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdictions bankruptcy or insolvency laws. The Funds loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of April 30, 2022, are disclosed as Payable upon return of securities loaned on the Statements of Assets and Liabilities, where applicable.
62
GOLDMAN SACHS DIVIDEND FOCUS FUNDS
7. SECURITIES LENDING (continued) |
The Income Builder Fund and BNYM received compensation relating to the lending of the Funds securities. The amounts earned, if any, by the Funds for the six months ended April 30, 2022, are reported under Investment Income on the Statements of Operations.
The following table provides information about the Funds investment in the Government Money Market Fund for the six months ended April 30, 2022.
Fund | Beginning value as of October 31, 2021 |
Purchases at Cost |
Proceeds from Sales |
Ending value as of April 30, 2022 |
Shares as of April 30, 2022 |
|||||||||||||||||
Income Builder |
$ | | $ | 104,646,845 | $ | (91,134,956 | ) | $ | 13,511,889 | 13,511,889 | ||||||||||||
Rising Dividend Growth |
| 23,183,125 | (23,183,125 | ) | | |
8. TAX INFORMATION |
As of the Funds most recent fiscal year end, October 31, 2021, the Funds certain timing differences on a tax basis were as follows:
Income Builder |
Rising Dividend Growth |
|||||||
Timing differences (Income Distributions Payable) |
$ | (125 | ) | $ | |
As of April 30, 2022, the Funds aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
Income Builder |
Rising Dividend Growth |
|||||||
Tax Cost |
$ | 2,224,356,712 | $ | 373,001,063 | ||||
Gross unrealized gain |
211,902,207 | 142,392,031 | ||||||
Gross unrealized loss |
(134,281,889 | ) | (26,076,960 | ) | ||||
Net unrealized gains (losses) |
$ | 77,620,318 | $ | 116,315,071 |
The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains (losses) on regulated futures contracts and foreign currency contracts, and differences in the tax treatment of partnership investments, swap transactions, market discount accretion and premium amortization, and material modification of debt securities.
GSAM has reviewed the Funds tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.
9. OTHER RISKS |
The Funds risks include, but are not limited to, the following:
Derivatives Risk The Funds use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Funds. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment
63
GOLDMAN SACHS DIVIDEND FOCUS FUNDS
Notes to Financial Statements (continued)
April 30, 2022 (Unaudited)
9. OTHER RISKS (continued) |
techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.
Dividend-Paying Investments Risk A Funds 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 Funds 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.
Energy Sector Risk A Fund may invest in companies in the energy sector, and will therefore be susceptible to adverse economic, environmental, business, regulatory or other occurrences affecting that sector. The energy sector has historically experienced substantial price volatility. MLPs and other companies operating in the energy sector are subject to specific risks, including, among others: fluctuations in commodity prices; reduced consumer demand for commodities such as oil, natural gas or petroleum products; reduced availability of natural gas or other commodities for transporting, processing, storing or delivering; slowdowns in new construction; extreme weather or other natural disasters; and threats of attack by terrorists on energy assets. Additionally, changes in the regulatory environment for energy companies may adversely impact their profitability. Over time, depletion of natural gas reserves and other energy reserves may also affect the profitability of energy companies.
Floating and Variable Rate Obligations Risk Floating rate and variable rate obligations are debt instruments issued by companies or other entities with interest rates that reset periodically (typically, daily, monthly, quarterly, or semiannually) in response to changes in the market rate of interest on which the interest rate is based. For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit the Income Builder Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent the Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, the Fund may benefit from a lag due to an obligations interest rate payment not being immediately impacted by a decline in interest rates.
On March 5, 2021, the United Kingdoms Financial Conduct Authority (FCA) and ICE Benchmark Authority formally announced that certain LIBOR benchmarks will cease publication after December 31, 2021 while others will cease publication after June 30, 2023. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain Fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any pricing adjustments to the Funds investments resulting from a substitute reference rate may also adversely affect the Funds performance and/or NAV.
Foreign Countries Risk Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Funds liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.
64
GOLDMAN SACHS DIVIDEND FOCUS FUNDS
9. OTHER RISKS (continued) |
Foreign Custody Risk If a Fund invests in foreign securities, the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Funds 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 Funds ability to recover its assets if a Foreign Custodian enters bankruptcy.
Interest Rate Risk When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. The risks associated with changing interest rates may have unpredictable effects on the markets and a Funds investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds.
Investments in Other Investment Companies Risk As a shareholder of another investment company, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund.
Large Shareholder Transactions Risk A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Funds 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 Funds current expenses being allocated over a smaller asset base, leading to an increase in the Funds expense ratio. Similarly, large Fund share purchases may adversely affect a Funds 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 Funds NAV and dilute remaining investors interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with a Funds investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Funds liquidity.
Loan-Related Investments Risk In addition to risks generally associated with debt investments (e.g., interest rate risk and default risk), loan-related investments such as loan participations and assignments are subject to other risks. Although a loan obligation may be fully collateralized at the time of acquisition, the collateral may decline in value, be or become illiquid or less liquid, or lose all or substantially all of its value subsequent to investment. Many loan investments are subject to legal or contractual restrictions on resale and certain loan investments may be or become illiquid or less liquid and more difficult to value, particularly in the event of a downgrade of the loan or the borrower. There is less readily available, reliable information about most loan investments than is the case for many other types of securities. Substantial increases in interest rates may cause an increase in loan obligation defaults. With respect to loan participations, a Fund may not always have direct recourse against a borrower if the borrower fails to pay scheduled principal and/or interest; may be subject to greater delays, expenses and risks than if a Fund had purchased a direct obligation of the borrower; and may be regarded as the creditor of the agent lender (rather than the borrower),
65
GOLDMAN SACHS DIVIDEND FOCUS FUNDS
Notes to Financial Statements (continued)
April 30, 2022 (Unaudited)
9. OTHER RISKS (continued) |
subjecting a Fund to the creditworthiness of that lender as well. Investors in loans, such as a Fund, may not be entitled to rely on the anti-fraud protections of the federal securities laws, although they may be entitled to certain contractual remedies. The market for loan obligations may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Because transactions in many loans are subject to extended trade settlement periods, a Fund may not receive the proceeds from the sale of a loan for a period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments or to meet a Funds redemption obligations for a period after the sale of the loans, and, as a result, a Fund may have to sell other investments or engage in borrowing transactions, such as borrowing from its credit facility, if necessary to raise cash to meet its obligations.
Senior Loans hold the most senior position in the capital structure of a business entity, and are typically secured with specific collateral, but are nevertheless usually rated below investment grade. Because Second Lien Loans are subordinated or unsecured and thus lower in priority of payment to Senior Loans, they are subject to the additional risk that the cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower. Second Lien Loans generally have greater price volatility than Senior Loans and may be less liquid.
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.
Master Limited Partnership Risk Investments in securities of MLPs involve risks that differ from investments in common stock, including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLPs general partner, cash flow risks, dilution risks, limited liquidity and risks related to the general partners right to require unit-holders to sell their common units at an undesirable time or price.
Short Position Risk A Fund may enter into a short position through a futures contract, an option or swap agreement or through short sales of any instrument that a Fund may purchase for investment. Taking short positions involves leverage of a Funds assets and presents various risks, including counterparty risk. If the value of the underlying instrument or market in which a Fund has taken a short position increases, then the Fund will incur a loss equal to the increase in value from the time that the short position was entered into plus any related interest payments or other fees. Taking short positions involves the risk that losses may be disproportionate, may exceed the amount invested, and may be unlimited. To the extent that a Fund uses the proceeds it receives from a short position to take additional long positions, the risks associated with the short position, including leverage risks, may be heightened, because doing so increases the exposure of a Fund to the markets and therefore could magnify changes to a Funds NAV.
10. INDEMNIFICATIONS |
Under the Trusts organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.
11. SUBSEQUENT EVENTS |
Subsequent events after the Statements of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.
66
GOLDMAN SACHS DIVIDEND FOCUS FUNDS
12. SUMMARY OF SHARE TRANSACTIONS |
Share activity is as follows:
Income Builder Fund | ||||||||||||||||
|
|
|||||||||||||||
For the Six Months Ended April 30, 2022 (Unaudited) |
For the Fiscal Year Ended October 31, 2021 |
|||||||||||||||
|
|
|||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|||||||||||||||
Class A Shares | ||||||||||||||||
Shares sold |
4,884,063 | $ | 124,961,714 | 6,867,523 | $ | 180,553,524 | ||||||||||
Reinvestment of distributions |
897,643 | 23,213,070 | 449,961 | 11,836,775 | ||||||||||||
Shares redeemed |
(2,623,078 | ) | (67,180,084 | ) | (2,608,400 | ) | (68,285,982 | ) | ||||||||
3,158,628 | 80,994,700 | 4,709,084 | 124,104,317 | |||||||||||||
Class C Shares | ||||||||||||||||
Shares sold |
789,563 | 20,011,027 | 1,847,515 | 47,544,663 | ||||||||||||
Reinvestment of distributions |
660,615 | 16,782,768 | 355,353 | 9,151,437 | ||||||||||||
Shares redeemed |
(2,720,257 | ) | (68,347,471 | ) | (4,830,410 | ) | (124,413,665 | ) | ||||||||
(1,270,079 | ) | (31,553,676 | ) | (2,627,542 | ) | (67,717,565 | ) | |||||||||
Institutional Shares | ||||||||||||||||
Shares sold |
7,726,819 | 202,965,263 | 14,503,053 | 386,338,647 | ||||||||||||
Reinvestment of distributions |
1,747,213 | 46,351,105 | 956,216 | 25,771,275 | ||||||||||||
Shares redeemed |
(5,293,412 | ) | (138,989,686 | ) | (5,011,669 | ) | (134,495,439 | ) | ||||||||
4,180,620 | 110,326,682 | 10,447,600 | 277,614,483 | |||||||||||||
Investor Shares | ||||||||||||||||
Shares sold |
3,944,587 | 103,349,163 | 4,665,028 | 124,550,077 | ||||||||||||
Reinvestment of distributions |
730,210 | 19,298,686 | 386,405 | 10,371,807 | ||||||||||||
Shares redeemed |
(1,518,581 | ) | (39,783,190 | ) | (2,904,236 | ) | (77,247,188 | ) | ||||||||
3,156,216 | 82,864,659 | 2,147,197 | 57,674,696 | |||||||||||||
Class R6 Shares | ||||||||||||||||
Shares sold |
232,160 | 6,129,312 | 383,900 | 10,356,613 | ||||||||||||
Reinvestment of distributions |
48,331 | 1,281,340 | 23,368 | 630,386 | ||||||||||||
Shares redeemed |
(83,092 | ) | (2,187,957 | ) | (2,221,047 | ) | (57,015,947 | ) | ||||||||
197,399 | 5,222,695 | (1,813,779 | ) | (46,028,948 | ) | |||||||||||
Class P Shares | ||||||||||||||||
Shares sold |
188,904 | 5,062,563 | 1,318,947 | 36,093,013 | ||||||||||||
Reinvestment of distributions |
105,275 | 2,794,122 | 36,867 | 999,603 | ||||||||||||
Shares redeemed |
(368,468 | ) | (9,495,536 | ) | (131,552 | ) | (3,511,903 | ) | ||||||||
(74,289 | ) | (1,638,851 | ) | 1,224,262 | 33,580,713 | |||||||||||
NET INCREASE |
9,348,495 | $ | 246,216,209 | 14,086,822 | $ | 379,227,696 |
67
GOLDMAN SACHS DIVIDEND FOCUS FUNDS
Notes to Financial Statements (continued)
April 30, 2022 (Unaudited)
12. SUMMARY OF SHARE TRANSACTIONS (continued) |
Share activity is as follows:
Rising Dividend Growth Fund | ||||||||||||||||
|
|
|||||||||||||||
For the Six Months Ended (Unaudited) |
For the Fiscal Year Ended October 31, 2021 |
|||||||||||||||
|
|
|||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|||||||||||||||
Class A Shares | ||||||||||||||||
Shares sold |
1,678,922 | $ | 21,335,456 | 4,781,865 | $ | 60,067,261 | ||||||||||
Reinvestment of distributions |
1,656,133 | 21,018,961 | 558,204 | 6,434,401 | ||||||||||||
Shares redeemed |
(1,669,296 | ) | (21,597,722 | ) | (4,006,108 | ) | (49,070,420 | ) | ||||||||
1,665,759 | 20,756,695 | 1,333,961 | 17,431,242 | |||||||||||||
Class C Shares | ||||||||||||||||
Shares sold |
145,827 | 1,913,756 | 236,781 | 2,999,106 | ||||||||||||
Reinvestment of distributions |
484,031 | 6,252,711 | 291,322 | 3,343,818 | ||||||||||||
Shares redeemed |
(1,661,788 | ) | (21,495,720 | ) | (6,041,952 | ) | (76,504,065 | ) | ||||||||
(1,031,930 | ) | (13,329,253 | ) | (5,513,849 | ) | (70,161,141 | ) | |||||||||
Institutional Shares | ||||||||||||||||
Shares sold |
739,571 | 10,212,129 | 2,168,184 | 29,309,851 | ||||||||||||
Reinvestment of distributions |
814,190 | 11,029,781 | 300,766 | 3,677,997 | ||||||||||||
Shares redeemed |
(1,202,839 | ) | (16,436,737 | ) | (2,971,856 | ) | (37,608,612 | ) | ||||||||
350,922 | 4,805,173 | (502,906 | ) | (4,620,764 | ) | |||||||||||
Investor Shares | ||||||||||||||||
Shares sold |
352,990 | 4,805,825 | 567,806 | 7,461,953 | ||||||||||||
Reinvestment of distributions |
450,758 | 6,097,024 | 209,775 | 2,548,105 | ||||||||||||
Shares redeemed |
(558,194 | ) | (7,720,253 | ) | (2,139,015 | ) | (27,496,297 | ) | ||||||||
245,554 | 3,182,596 | (1,361,434 | ) | (17,486,239 | ) | |||||||||||
Class R6 Shares | ||||||||||||||||
Shares sold |
44,958 | 627,993 | 61,468 | 824,734 | ||||||||||||
Reinvestment of distributions |
20,713 | 280,619 | 6,813 | 83,317 | ||||||||||||
Shares redeemed |
(25,182 | ) | (348,724 | ) | (40,210 | ) | (532,863 | ) | ||||||||
40,489 | 559,888 | 28,071 | 375,188 | |||||||||||||
Class R Shares | ||||||||||||||||
Shares sold |
23,658 | 301,915 | 15,617 | 197,582 | ||||||||||||
Reinvestment of distributions |
10,130 | 127,720 | 3,863 | 43,983 | ||||||||||||
Shares redeemed |
(6,241 | ) | (80,316 | ) | (37,028 | ) | (465,104 | ) | ||||||||
27,547 | 349,319 | (17,548 | ) | (223,539 | ) | |||||||||||
Class P Shares | ||||||||||||||||
Shares sold |
53,676 | 728,714 | 330,890 | 4,494,579 | ||||||||||||
Reinvestment of distributions |
95,396 | 1,293,344 | 29,967 | 366,629 | ||||||||||||
Shares redeemed |
(22,879 | ) | (310,052 | ) | (109,846 | ) | (1,394,013 | ) | ||||||||
126,193 | 1,712,006 | 251,011 | 3,467,195 | |||||||||||||
NET INCREASE (DECREASE) |
1,424,534 | $ | 18,036,424 | (5,782,694 | ) | $ | (71,218,058 | ) |
68
GOLDMAN SACHS DIVIDEND FOCUS FUNDS
Liquidity Risk Management Program
Each Fund has adopted and implemented a liquidity risk management program (the Program) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage each Funds liquidity risk, i.e., the risk that a Fund is unable to satisfy redemption requests without significantly diluting remaining investors interests in the Fund. The Board of Trustees of the Trust has designated GSAM, each Funds investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.
The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Funds liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Funds investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of illiquid investments (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in highly liquid investments (as defined under Rule 22e-4), the determination of a minimum percentage of the Funds assets that will generally be invested in highly liquid investments (a Highly Liquid Investment Minimum); and (5) periodic reporting to the Board of Trustees.
At a meeting of the Board of Trustees on February 8-9, 2022, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the period from January 1, 2021 through December 31, 2021 (the Reporting Period). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; and (3) the impact of local holidays in non-U.S. jurisdictions. The report concluded that the Program continues to be reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.
There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Funds prospectus for more information regarding the Funds exposure to liquidity risk and other risks to which it may be subject.
69
GOLDMAN SACHS DIVIDEND FOCUS FUNDS
Fund Expenses Six Month Period Ended April 30, 2022 (Unaudited) |
As a shareholder of Class A, Class C, Institutional, Investor, Class R6, Class R and Class P Shares of a Fund, you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares), contingent deferred sales charges on redemptions (with respect to Class C Shares), and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (with respect to Class A, Class C and Class R Shares); and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Investor, Class R6, Class R or Class P Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2021 through April 30, 2022, which represents a period of 181 days in a 365 day year.
Actual Expenses The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled Expenses Paid to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher:
Income Builder Fund | Rising Dividend Growth Fund | |||||||||||||||||||||||
Share Class | Beginning Account Value 11/1/21 |
Ending Account Value 4/30/22 |
Expenses Paid for the 6 months ended 4/30/22* |
Beginning Account Value 11/1/21 |
Ending Account Value 4/30/22 |
Expenses Paid for the 6 months ended 4/30/22* |
||||||||||||||||||
Class A | ||||||||||||||||||||||||
Actual |
$ | 1,000.00 | $ | 941.60 | $ | 3.80 | $ | 1,000.00 | $ | 948.60 | $ | 4.98 | ||||||||||||
Hypothetical 5% return |
1,000.00 | 1,020.88 | + | 3.96 | 1,000.00 | 1,019.69 | + | 5.16 | ||||||||||||||||
Class C | ||||||||||||||||||||||||
Actual |
1,000.00 | 938.10 | 7.40 | 1,000.00 | 944.90 | 8.58 | ||||||||||||||||||
Hypothetical 5% return |
1,000.00 | 1,017.16 | + | 7.70 | 1,000.00 | 1,015.97 | + | 8.90 | ||||||||||||||||
Institutional | ||||||||||||||||||||||||
Actual |
1,000.00 | 943.10 | 2.22 | 1,000.00 | 950.10 | 3.48 | ||||||||||||||||||
Hypothetical 5% return |
1,000.00 | 1,022.51 | + | 2.31 | 1,000.00 | 1,021.22 | + | 3.61 | ||||||||||||||||
Investor | ||||||||||||||||||||||||
Actual |
1,000.00 | 942.50 | 2.60 | 1,000.00 | 950.40 | 3.77 | ||||||||||||||||||
Hypothetical 5% return |
1,000.00 | 1,022.12 | + | 2.71 | 1,000.00 | 1,020.93 | + | 3.91 | ||||||||||||||||
Class R6 | ||||||||||||||||||||||||
Actual |
1,000.00 | 942.80 | 2.17 | 1,000.00 | 950.80 | 3.43 | ||||||||||||||||||
Hypothetical 5% return |
1,000.00 | 1,022.56 | + | 2.26 | 1,000.00 | 1,021.27 | + | 3.56 | ||||||||||||||||
Class R | ||||||||||||||||||||||||
Actual |
| | | 1,000.00 | 947.90 | 6.18 | ||||||||||||||||||
Hypothetical 5% return |
| | | 1,000.00 | 1,018.45 | + | 6.41 | |||||||||||||||||
Class P | ||||||||||||||||||||||||
Actual |
1,000.00 | 943.20 | 2.17 | 1,000.00 | 950.10 | 3.43 | ||||||||||||||||||
Hypothetical 5% return |
1,000.00 | 1,022.56 | + | 2.26 | 1,000.00 | 1,021.27 | + | 3.56 |
* | Expenses for each share class are calculated using each Funds annualized net expense ratio (excluding proxy fees) for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended April 30, 2022. Expenses are calculated by multiplying the annualized net expense ratio (excluding proxy fees) by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows: |
Fund | Class A | Class C | Institutional | Investor | Class R6 | Class R | Class P | |||||||||||||||||||||
Income Builder |
0.79 | % | 1.54 | % | 0.46 | % | 0.54 | % | 0.45 | % | | 0.45 | % | |||||||||||||||
Rising Dividend Growth |
1.03 | 1.78 | 0.72 | 0.78 | 0.71 | 1.28 | % | 0.71 |
+ | Hypothetical expenses are based on each Funds actual annualized net expense ratios (excluding proxy fees) and an assumed rate of return of 5% per year before expenses. |
70
GOLDMAN SACHS DIVIDEND FOCUS FUNDS
Impact of Russian Invasion of Ukraine (Unaudited)
The Russian invasion of Ukraine has negatively affected the global economy and has resulted in significant disruptions in financial markets and increased macroeconomic uncertainty. In addition, governments around the world have responded to Russias invasion by imposing economic sanctions and export controls on certain industry sectors, companies and individuals in or associated with Russia. Russia has imposed its own restrictions against investors and countries outside Russia and has proposed additional measures aimed at non-Russian-owned businesses. Businesses in the U.S. and globally have experienced shortages in materials and increased costs for transportation, energy and raw materials due, in part, to the negative effects of the war on the global economy. The escalation or continuation of the war between Russia and Ukraine or other hostilities presents heightened risks relating to cyber-attacks, the frequency and volume of failures to settle securities transactions, supply chain disruptions, inflation, as well as the potential for increased volatility in commodity, currency and other financial markets. The extent and duration of the war, sanctions and resulting market disruptions, as well as the potential adverse consequences for the Funds operations are difficult to predict.
71
FUNDS PROFILE
Goldman Sachs Funds
Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.
Today, the Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.13 trillion in assets under supervision as of March 31, 2022, Goldman Sachs Asset Management has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. Goldman Sachs Asset Management leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.
Money Market
Financial Square FundsSM
∎ | Financial Square Treasury Solutions Fund1 |
∎ | Financial Square Government Fund1 |
∎ | Financial Square Money Market Fund2 |
∎ | Financial Square Prime Obligations Fund2 |
∎ | Financial Square Treasury Instruments Fund1 |
∎ | Financial Square Treasury Obligations Fund1 |
∎ | Financial Square Federal Instruments Fund1 |
Investor FundsSM
∎ | Investor Money Market Fund3 |
∎ | Investor Tax-Exempt Money Market Fund3 |
Fixed Income
Short Duration and Government
∎ | Enhanced Income Fund |
∎ | High Quality Floating Rate Fund |
∎ | Short-Term Conservative Income Fund |
∎ | Short Duration Government Fund |
∎ | Short Duration Bond Fund4 |
∎ | Government Income Fund |
∎ | Inflation Protected Securities Fund |
Multi-Sector
∎ | Bond Fund |
∎ | Core Fixed Income Fund |
∎ | Global Core Fixed Income Fund |
∎ | Strategic Income Fund |
∎ | Income Fund |
Municipal and Tax-Free
∎ | High Yield Municipal Fund |
∎ | Dynamic Municipal Income Fund |
∎ | Short Duration Tax-Free Fund |
∎ | Municipal Income Completion Fund |
Single Sector
∎ | Investment Grade Credit Fund |
∎ | U.S. Mortgages Fund |
∎ | High Yield Fund |
∎ | High Yield Floating Rate Fund |
∎ | Emerging Markets Debt Fund |
∎ | Local Emerging Markets Debt Fund |
Fixed Income Alternatives
∎ | Long Short Credit Strategies Fund |
Fundamental Equity
∎ | Equity Income Fund |
∎ | Small Cap Growth Fund |
∎ | Small Cap Value Fund |
∎ | Small/Mid Cap Value Fund |
∎ | Mid Cap Value Fund |
∎ | Large Cap Value Fund |
∎ | Focused Value Fund |
∎ | Large Cap Core Fund5 |
∎ | Strategic Growth Fund |
∎ | Small/Mid Cap Growth Fund |
∎ | Flexible Cap Fund |
∎ | Concentrated Growth Fund |
∎ | Technology Opportunities Fund |
∎ | Mid Cap Growth Fund6 |
∎ | Rising Dividend Growth Fund |
∎ | U.S. Equity ESG Fund |
∎ | Income Builder Fund |
Tax-Advantaged Equity
∎ | U.S. Tax-Managed Equity Fund |
∎ | International Tax-Managed Equity Fund |
∎ | U.S. Equity Dividend and Premium Fund |
∎ | International Equity Dividend and Premium Fund |
Equity Insights
∎ | Small Cap Equity Insights Fund |
∎ | U.S. Equity Insights Fund |
∎ | Small Cap Growth Insights Fund |
∎ | Large Cap Growth Insights Fund |
∎ | Large Cap Value Insights Fund |
∎ | Small Cap Value Insights Fund |
∎ | International Small Cap Insights Fund |
∎ | International Equity Insights Fund |
∎ | Emerging Markets Equity Insights Fund |
Fundamental Equity International
∎ | International Equity Income Fund |
∎ | International Equity ESG Fund |
∎ | China Equity Fund |
∎ | Emerging Markets Equity Fund |
∎ | ESG Emerging Markets Equity Fund |
Alternative
∎ | Clean Energy Income Fund |
∎ | Defensive Equity Fund |
∎ | Real Estate Securities Fund |
∎ | Commodity Strategy Fund |
∎ | Global Real Estate Securities Fund |
∎ | Absolute Return Tracker Fund |
∎ | Managed Futures Strategy Fund |
∎ | MLP Energy Infrastructure Fund |
∎ | Energy Infrastructure Fund |
∎ | Multi-Manager Alternatives Fund |
∎ | Global Infrastructure Fund |
Total Portfolio Solutions
∎ | Global Managed Beta Fund |
∎ | Multi-Manager Non-Core Fixed Income Fund |
∎ | Multi-Manager Global Equity Fund |
∎ | Multi-Manager International Equity Fund |
∎ | Tactical Tilt Overlay Fund |
∎ | Balanced Strategy Portfolio |
∎ | Multi-Manager U.S. Small Cap Equity Fund |
∎ | Multi-Manager Real Assets Strategy Fund |
∎ | Growth and Income Strategy Portfolio |
∎ | Growth Strategy Portfolio |
∎ | Dynamic Global Equity Fund |
∎ | Satellite Strategies Portfolio |
∎ | Enhanced Dividend Global Equity Portfolio |
∎ | Tax-Advantaged Global Equity Portfolio |
∎ | Strategic Factor Allocation Fund |
∎ | Strategic Volatility Premium Fund |
∎ | Target Date Retirement Portfolio |
∎ | Target Date 2025 Portfolio |
∎ | Target Date 2030 Portfolio |
∎ | Target Date 2035 Portfolio |
∎ | Target Date 2040 Portfolio |
∎ | Target Date 2045 Portfolio |
∎ | Target Date 2050 Portfolio |
∎ | Target Date 2055 Portfolio |
∎ | Target Date 2060 Portfolio |
∎ | GQG Partners International Opportunities Fund |
1 | You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Funds sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. |
2 | You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Funds liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Funds sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. |
3 | You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Funds liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Funds sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. |
4 | Effective after the close of business on July 29, 2021, the Goldman Sachs Short Duration Income Fund was renamed the Goldman Sachs Short Duration Bond Fund. |
5 | Effective after the close of business on April 13, 2022, the Goldman Sachs Capital Growth Fund was renamed the Goldman Sachs Large Cap Core Fund. |
6 | Effective after the close of business on April 13, 2022, the Goldman Sachs Growth Opportunities Fund was renamed the Goldman Sachs Mid Cap Growth Fund. |
Financial Square FundsSM and Investor FundsSM are registered service marks of Goldman Sachs & Co. LLC. |
* | This list covers open-end funds only. Please visit our website at www.GSAMFUNDS.com to learn about our closed-end funds and exchange-traded funds. |
TRUSTEES Jessica Palmer, Chair Dwight L. Bush Kathryn A. Cassidy John G. Chou Diana M. Daniels Joaquin Delgado Eileen H. Dowling James A. McNamara Roy W. Templin Gregory G. Weaver Paul C. Wirth
|
OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary | |
GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent |
GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser |
Visit our website at www.GSAMFUNDS.com to obtain the most recent month-end returns.
Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282
The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund managements predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (ii) on the Securities and Exchange Commission (SEC) web site at http://www.sec.gov.
The Funds will file their portfolio holdings for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SECs web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).
All or a portion of the Funds distributions may be treated for tax purposes as a return of capital, however, the final characterization of such distributions will be reported annually on Form 1099-DIV. The final tax status of the distributions may differ substantially from the above dividend information.
Fund holdings and allocations shown are unaudited, and may not be representative of current or future investments. Fund holdings and allocations may not include the Funds entire investment portfolio, which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.
Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poors, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.
This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider a Funds objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling (retail 1-800-526-7384) (institutional 1-800-621-2550).
© 2022 Goldman Sachs. All rights reserved. 281659-OTU-1621278 DIVFOSAR-22
Goldman Sachs Funds
Semi-Annual Report | April 30, 2022 | |||
Domestic Equity Insights Funds | ||||
Large Cap Growth Insights | ||||
Large Cap Value Insights | ||||
Small Cap Equity Insights | ||||
Small Cap Growth Insights | ||||
Small Cap Value Insights | ||||
U.S. Equity Insights |
Goldman Sachs Domestic Equity Insights Funds
∎ | LARGE CAP GROWTH INSIGHTS |
∎ | LARGE CAP VALUE INSIGHTS |
∎ | SMALL CAP EQUITY INSIGHTS |
∎ | SMALL CAP GROWTH INSIGHTS |
∎ | SMALL CAP VALUE INSIGHTS |
∎ | U.S. EQUITY INSIGHTS |
1 | ||||
3 | ||||
15 | ||||
44 | ||||
51 | ||||
51 | ||||
59 | ||||
67 | ||||
75 | ||||
82 | ||||
89 | ||||
97 | ||||
119 |
NOT FDIC-INSURED | May Lose Value | No Bank Guarantee |
Goldman Sachs Domestic Equity Insights Funds
The following are highlights both of key factors affecting the U.S. equity market and of any key changes made to the Goldman Sachs Domestic Equity Insights Funds (the Funds) during the six months ended April 30, 2022 (the Reporting Period). Attribution highlights are provided for those Funds that materially outperformed or underperformed their respective benchmarks during the Reporting Period. A fuller review of the markets and these changes will appear in the Funds annual shareholder report covering the 12 months ended October 31, 2022.
Market and Economic Review
| Overall, U.S. equities struggled during the Reporting Period. The Standard & Poors 500® Index (the S&P 500 Index) ended the Reporting Period with a return of -9.65%. The Russell 3000® Index generated a return of -11.75%. |
| Persistent supply-chain disruptions, hawkish Federal Reserve (Fed) policy and inflationary pressures were the common themes during the Reporting Period, while the biggest headlines were COVID-19 variants and the start of the yet ongoing Russia/Ukraine war. (Hawkish tends to suggest higher interest rates; opposite of dovish.) |
| As the Reporting Period began in November 2021, the S&P 500 Index fell, though retail earnings upside surprises and hints of easing supply chain constraints supported the U.S. equity markets upward trajectory through most of the month. |
| Later in November, a $1 trillion infrastructure bill was signed into law, and Fed Chair Jerome Powell was appointed for a second term, bringing clarity to the Feds leadership. |
| However, renewed concerns around COVID-19 developments pressured U.S. equities, with the emergence of the more contagious Omicron variant triggering a sell-off. Persistently high inflation also weighed on market sentiment. |
| In December 2021, the S&P 500 Index rebounded despite record COVID-19 case counts in many U.S. population centers, as studies showed the Omicron variant was generally accompanied by milder symptoms than previous variants. |
| Positive seasonality and the so-called Santa Rally also lifted the S&P 500 Index towards the end of the month. |
| The Fed walked back its use of transitory in describing the inflationary environment, announced it would double its pace of asset purchase tapering and indicated potential interest rate hikes in 2022. |
| The S&P 500 Index fell in the first quarter of 2022, marking its first quarterly decline since the first quarter of 2020. |
| Fed officials raised short-term interest rates by 25 basis points in March, the first U.S. rate hike since the end of 2018. (A basis point is 1/100th of a percentage point.) Fed officials also forecast six more increases by the end of 2022. |
| The dramatic repricing of the Feds interest rate hike path and expectations for a more aggressive balance sheet runoff phase were accelerated due to concerns about elevated and persistent inflation pressures. |
| Tensions arising from geopolitical conflict, most notably Russias invasion of Ukraine, also brought about concern, as commodity prices became volatile and the global supply chain came back into question. |
| Among other concerns during the quarter were slowing corporate earnings momentum, the velocity and magnitude of U.S. Treasury yield increases and the overhang of the Omicron variant, which exacerbated supply chain issues and worker shortages. |
| In April 2022, the S&P 500 Index decreased, as U.S. equities remained under pressure, ending the month with its worst one-day return since June 11, 2020 and in correction territory. |
| First-quarter U.S. inflation, as measured by the Consumer Price Index, was reported in April, with the 8.5% year-over-year increase marking the largest 12-month advance since December 1981. |
| Later in the month, Fed Chair Powell confirmed a 50 basis point interest rate hike was on the table for May 2022 and that the Fed was expected to formally announce the start of its balance sheet runoff. |
1
MARKET REVIEW
| Geopolitics continued to weigh on U.S. equities, given that they affected energy prices, which led, in turn, to a drop in consumer sentiment and a potential change in consumer spending trends. |
| Moreover, tightening financial conditions, spans of yield curve inversion (meaning short-term U.S. Treasury yields were higher than longer-term U.S. Treasury yields) and negative real wage growth dynamics drove some recession talk. |
| Chinas unwillingness to deviate from its zero-tolerance COVID-19 policy and related lockdowns continued to disrupt supply chains, while labor shortages and negative U.S. Gross Domestic Product growth in the first quarter of 2022 were also prevalent market themes in April, even as the U.S. labor market overall remained strong and early corporate earnings reports appeared positive. |
| For the Reporting Period overall, all segments of the U.S. equity market declined, but value stocks significantly outperformed growth stocks across the capitalization spectrum in part as a potential byproduct of anticipated higher interest rates in the near term. |
| The best performing sectors within the S&P 500 Index during the Reporting Period were energy, consumer staples, utilities and materials, while the weakest performing sectors were communication services, consumer discretionary, financials and information technology. |
Fund Changes and Highlights
No material changes were made to the Funds during the Reporting Period.
Goldman Sachs Large Cap Value Insights Fund
| While absolute returns were disappointing, the Fund outperformed its benchmark, the Russell 1000® Value Index (the Index) on a relative basis, during the Reporting Period, with three of its investment themes High Quality Business Models, Market Themes & Trends and Fundamental Mispricings adding to performance. The impact of the Sentiment Analysis investment theme was rather neutral during the Reporting Period. |
| High Quality Business Models seeks to identify companies that are generating high quality revenues with sustainable business models and aligned management incentives. |
| Market Themes & Trends seeks to identify companies positively positioned to benefit from themes and trends in the market and macroeconomic environment. |
| Fundamental Mispricings seeks to identify high quality businesses trading at a fair price, which we believe may lead to strong performance over the long run. |
| Sentiment Analysis seeks to identify stocks experiencing improvements in their overall market sentiment. |
| Within individual stock selection, the Fund benefited from its overweight position versus the Index in agricultural processing company Archer-Daniels-Midland and from its underweight in financial services firm JPMorgan Chase. Both positions were driven primarily by our High Quality Business Models and Market Themes & Trends investment themes. The Fund was also helped by an overweight in agricultural fertilizer maker CF Industries Holdings, which was mostly based on our Market Themes & Trends investment theme. |
| Among individual detractors, the Fund was hampered by underweights in Chevron, Exxon Mobil and Pfizer. The underweights in Chevron and Exxon Mobil, both integrated energy companies, were largely driven by our Sentiment Analysis and Fundamental Mispricings investment themes. Our Market Themes & Trends investment theme led to the Funds underweight in pharmaceutical company Pfizer. |
2
Large Cap Growth Insights Fund
as of April 30, 2022
PERFORMANCE REVIEW |
| |||||||||
November 1, 2021April 30, 2022 | Fund Total Return (based on NAV)1 |
Russell 1000® Growth Index2 |
||||||||
Class A | -17.93 | % | -17.84 | % | ||||||
Class C | -18.22 | -17.84 | ||||||||
Institutional | -17.76 | -17.84 | ||||||||
Service | -17.98 | -17.84 | ||||||||
Investor | -17.83 | -17.84 | ||||||||
Class R6 | -17.75 | -17.84 | ||||||||
Class R | -18.02 | -17.84 | ||||||||
Class P | -17.78 | -17.84 |
1 | The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Funds performance assumes the reinvestment of dividends and other distributions. The Funds performance does not reflect the deduction of any applicable sales charges. |
2 | The Russell 1000® Growth Index (with dividends reinvested) is an unmanaged market capitalization weighted index of the 1000 largest U.S. companies with higher price-to-book ratios and higher forecasted growth values. The figures for the Russell 1000® Growth Index do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an index. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Funds investment return and principal value will fluctuate so that an investors shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
3
FUND BASICS
TOP TEN HOLDINGS AS OF 4/30/223 | ||||||||
Holding | % of Net Assets | Line of Business | ||||||
Apple, Inc. | 12.0 | % | Technology Hardware, Storage & Peripherals | |||||
Microsoft Corp. | 10.0 | Software | ||||||
Alphabet, Inc., Class C | 5.6 | Interactive Media & Services | ||||||
Amazon.com, Inc. | 5.2 | Internet & Direct Marketing Retail | ||||||
Tesla, Inc. | 3.8 | Automobiles | ||||||
Meta Platforms, Inc., Class A | 2.8 | Interactive Media & Services | ||||||
NVIDIA Corp. | 2.3 | Semiconductors & Semiconductor Equipment | ||||||
AbbVie, Inc. | 1.5 | Biotechnology | ||||||
Oracle Corp. | 1.5 | Software | ||||||
Palo Alto Networks, Inc. | 1.3 | Software |
3 | The top 10 holdings may not be representative of the Funds future investments. |
FUND VS. BENCHMARK SECTOR ALLOCATIONS4 | ||||
As of April 30, 2022 |
4 | The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Funds overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (GICS), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). The graph depicts the Funds investments but may not represent the Funds market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Percentages may not sum to 100% due to rounding. |
For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Funds investment strategies, holdings, and performance.
4
FUND BASICS
Large Cap Value Insights Fund
as of April 30, 2022
PERFORMANCE REVIEW |
| |||||||||
November 1, 2021April 30, 2022 | Fund Total Return (based on NAV)1 |
Russell 1000® Value Index2 |
||||||||
Class A | -2.09 | % | -3.94 | % | ||||||
Class C | -2.46 | -3.94 | ||||||||
Institutional | -1.90 | -3.94 | ||||||||
Service | -2.18 | -3.94 | ||||||||
Investor | -1.96 | -3.94 | ||||||||
Class R6 | -1.89 | -3.94 | ||||||||
Class R | -2.23 | -3.94 | ||||||||
Class P | -1.94 | -3.94 |
1 | The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Funds performance assumes the reinvestment of dividends and other distributions. The Funds performance does not reflect the deduction of any applicable sales charges. |
2 | The Russell 1000® Value Index (with dividends reinvested) is an unmanaged market capitalization weighted index of the 1000 largest U.S. companies with lower price-to-book ratios and lower forecasted growth values. The figures for the Russell 1000® Value Index do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an index. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Funds investment return and principal value will fluctuate so that an investors shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
5
FUND BASICS
TOP TEN HOLDINGS AS OF 4/30/223 | ||||||||
Holding | % of Net Assets | Line of Business | ||||||
Berkshire Hathaway, Inc., Class B | 4.0 | % | Diversified Financial Services | |||||
UnitedHealth Group, Inc. | 2.5 | Health Care Providers & Services | ||||||
Johnson & Johnson | 2.5 | Pharmaceuticals | ||||||
Pfizer, Inc. | 1.7 | Pharmaceuticals | ||||||
Merck & Co., Inc. | 1.6 | Pharmaceuticals | ||||||
Anthem, Inc. | 1.6 | Health Care Providers & Services | ||||||
AT&T, Inc. | 1.5 | Diversified Telecommunication Services | ||||||
CSX Corp. | 1.4 | Road & Rail | ||||||
Gilead Sciences, Inc. | 1.4 | Biotechnology | ||||||
Norfolk Southern Corp. | 1.4 | Road & Rail |
3 | The top 10 holdings may not be representative of the Funds future investments. |
FUND VS. BENCHMARK SECTOR ALLOCATIONS4 |
As of April 30, 2022 |
4 | The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Funds overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (GICS); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. The graph depicts the Funds investments but may not represent the Funds market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Percentages may not sum to 100% due to rounding. |
For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Funds investment strategies, holdings, and performance.
6
FUND BASICS
Small Cap Equity Insights Fund
as of April 30, 2022
PERFORMANCE REVIEW |
| |||||||||
November 1, 2021April 30, 2022 | Fund Total Return (based on NAV)1 |
Russell 2000® Index2 | ||||||||
Class A | -16.42 | % | -18.38 | % | ||||||
Class C | -16.74 | -18.38 | ||||||||
Institutional | -16.27 | -18.38 | ||||||||
Service | -16.49 | -18.38 | ||||||||
Investor | -16.31 | -18.38 | ||||||||
Class R6 | -16.26 | -18.38 | ||||||||
Class R | -16.53 | -18.38 | ||||||||
Class P | -16.27 | -18.38 |
1 | The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Funds performance assumes the reinvestment of dividends and other distributions. The Funds performance does not reflect the deduction of any applicable sales charges. |
2 | The Russell 2000® Index (with dividends reinvested) is an unmanaged index of common stock prices that measures the performance of the 2000 smallest companies in the Russell 3000® Index. The figures for the Russell 2000® Index do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an index. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Funds investment return and principal value will fluctuate so that an investors shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
7
FUND BASICS
TOP TEN HOLDINGS AS OF 4/30/223 | ||||||||
Holding | % of Net Assets | Line of Business | ||||||
Murphy USA, Inc. | 0.8 | % | Specialty Retail | |||||
Independence Realty Trust, Inc. REIT | 0.8 | Equity Real Estate Investment Trusts (REITs) | ||||||
Range Resources Corp. | 0.8 | Oil, Gas & Consumable Fuels | ||||||
National Storage Affiliates Trust REIT | 0.8 | Equity Real Estate Investment Trusts (REITs) | ||||||
American Equity Investment Life Holding Co. | 0.8 | Insurance | ||||||
Alkermes PLC | 0.8 | Biotechnology | ||||||
Vishay Intertechnology, Inc. | 0.7 | Electronic Equipment, Instruments & Components | ||||||
Group 1 Automotive, Inc. | 0.7 | Specialty Retail | ||||||
Ovintiv, Inc. | 0.7 | Oil, Gas & Consumable Fuels | ||||||
International Bancshares Corp. | 0.7 | Banks |
3 | The top 10 holdings may not be representative of the Funds future investments. |
FUND VS. BENCHMARK SECTOR ALLOCATIONS4 |
As of April 30, 2022 |
4 | The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Funds overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (GICS), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 1.2% of the Funds net assets as of April 30, 2022. The graph depicts the Funds investments but may not represent the Funds market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Percentages may not sum to 100% due to rounding. |
For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Funds investment strategies, holdings, and performance.
8
FUND BASICS
Small Cap Growth Insights Fund
as of April 30, 2022
PERFORMANCE REVIEW |
| |||||||||
November 1, 2021April 30, 2022 | Fund Total Return (based on NAV)1 |
Russell 2000 Growth® Index2 |
||||||||
Class A | -25.42 | % | -26.77 | % | ||||||
Class C | -25.79 | -26.77 | ||||||||
Institutional | -25.29 | -26.77 | ||||||||
Investor | -25.31 | -26.77 | ||||||||
Class R6 | -25.29 | -26.77 | ||||||||
Class R | -25.48 | -26.77 | ||||||||
Class P | -25.29 | -26.77 |
1 | The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Funds performance assumes the reinvestment of dividends and other distributions. The Funds performance does not reflect the deduction of any applicable sales charges. |
2 | The Russell 2000® Growth Index (with dividends reinvested) is an unmanaged index of common stock prices that measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. The Russell 2000® Growth Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Funds investment return and principal value will fluctuate so that an investors shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
9
FUND BASICS
TOP TEN HOLDINGS AS OF 4/30/223 | ||||||||
Holding | % of Net Assets | Line of Business | ||||||
EastGroup Properties, Inc. REIT | 1.3 | % | Equity Real Estate Investment Trusts (REITs) | |||||
Murphy USA, Inc. | 1.1 | Specialty Retail | ||||||
Mimecast Ltd. | 1.1 | Software | ||||||
National Storage Affiliates Trust REIT | 1.0 | Equity Real Estate Investment Trusts (REITs) | ||||||
Lattice Semiconductor Corp. | 1.0 | Semiconductors & Semiconductor Equipment | ||||||
Alkermes PLC | 1.0 | Biotechnology | ||||||
WillScot Mobile Mini Holdings Corp. | 1.0 | Construction & Engineering | ||||||
Medpace Holdings, Inc. | 1.0 | Life Sciences Tools & Services | ||||||
RLI Corp. | 0.9 | Insurance | ||||||
ACI Worldwide, Inc. | 0.9 | Software |
3 | The top 10 holdings may not be representative of the Funds future investments. |
FUND VS. BENCHMARK SECTOR ALLOCATIONS4 |
As of April 30, 2022 |
4 | The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Funds overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (GICS), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 1.9% of the Funds net assets as of April 30, 2022. The graph depicts the Funds investments but may not represent the Funds market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Percentages may not sum to 100% due to rounding. |
For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Funds investment strategies, holdings, and performance.
10
FUND BASICS
Small Cap Value Insights Fund
as of April 30, 2022
PERFORMANCE REVIEW |
| |||||||||
November 1, 2021April 30, 2022 | Fund Total Return (based on NAV)1 |
Russell 2000® Value Index2 |
||||||||
Class A | -8.17 | % | -9.50 | % | ||||||
Class C | -8.46 | -9.50 | ||||||||
Institutional | -7.98 | -9.50 | ||||||||
Investor | -8.04 | -9.50 | ||||||||
Class R6 | -7.97 | -9.50 | ||||||||
Class R | -8.25 | -9.50 | ||||||||
Class P | -7.98 | -9.50 |
1 | The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Funds performance assumes the reinvestment of dividends and other distributions. The Funds performance does not reflect the deduction of any applicable sales charges. |
2 | The Russell 2000® Value Index (with dividends reinvested) is an unmanaged index of common stock prices that measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2000® Value Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Funds investment return and principal value will fluctuate so that an investors shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
11
FUND BASICS
TOP TEN HOLDINGS AS OF 4/30/223 | ||||||||
Holding | % of Net Assets | Line of Business | ||||||
Ovintiv, Inc. | 1.2 | % | Oil, Gas & Consumable Fuels | |||||
Range Resources Corp. | 1.2 | Oil, Gas & Consumable Fuels | ||||||
Independence Realty Trust, Inc. REIT | 1.0 | Equity Real Estate Investment Trusts (REITs) | ||||||
Terreno Realty Corp. REIT | 1.0 | Equity Real Estate Investment Trusts (REITs) | ||||||
Antero Resources Corp. | 0.9 | Oil, Gas & Consumable Fuels | ||||||
SM Energy Co. | 0.8 | Oil, Gas & Consumable Fuels | ||||||
American Equity Investment Life Holding Co. | 0.8 | Insurance | ||||||
Group 1 Automotive, Inc. | 0.8 | Specialty Retail | ||||||
Murphy Oil Corp. | 0.8 | Oil, Gas & Consumable Fuels | ||||||
FirstCash Holdings, Inc. | 0.8 | Consumer Finance |
3 | The top 10 holdings may not be representative of the Funds future investments. |
FUND VS. BENCHMARK SECTOR ALLOCATIONS4 |
As of April 30, 2022 |
4 | The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Funds overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (GICS); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 1.1% of the Funds net assets as of April 30, 2022. The graph depicts the Funds investments but may not represent the Funds market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Percentages may not sum to 100% due to rounding. |
For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Funds investment strategies, holdings, and performance.
12
FUND BASICS
U.S. Equity Insights Fund
as of April 30, 2022
PERFORMANCE REVIEW |
| |||||||||
November 1, 2021April 30, 2022 | Fund Total Return (based on NAV)1 |
S&P 500® Index2 | ||||||||
Class A | -10.42 | % | -9.65 | % | ||||||
Class C | -10.76 | -9.65 | ||||||||
Institutional | -10.25 | -9.65 | ||||||||
Service | -10.48 | -9.65 | ||||||||
Investor | -10.30 | -9.65 | ||||||||
Class R6 | -10.24 | -9.65 | ||||||||
Class R | -10.53 | -9.65 | ||||||||
Class P | -10.26 | -9.65 |
1 | The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Funds performance assumes the reinvestment of dividends and other distributions. The Funds performance does not reflect the deduction of any applicable sales charges. |
2 | The S&P 500® Index (with dividends reinvested) is the Standard & Poors 500 Composite Index of 500 stocks, an unmanaged index of common stock prices. The figures for the S&P 500® Index do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an index. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Funds investment return and principal value will fluctuate so that an investors shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
13
FUND BASICS
TOP TEN HOLDINGS AS OF 4/30/223 | ||||||||
Holding | % of Net Assets | Line of Business | ||||||
Apple, Inc. | 6.3 | % | Technology Hardware, Storage & Peripherals | |||||
Microsoft Corp. | 5.2 | Software | ||||||
Alphabet, Inc., Class C | 3.7 | Interactive Media & Services | ||||||
Berkshire Hathaway, Inc., Class B | 2.7 | Diversified Financial Services | ||||||
Amazon.com, Inc. | 2.4 | Internet & Direct Marketing Retail | ||||||
Tesla, Inc. | 2.1 | Automobiles | ||||||
Meta Platforms, Inc., Class A | 1.6 | Interactive Media & Services | ||||||
Merck & Co., Inc. | 1.5 | Pharmaceuticals | ||||||
UnitedHealth Group, Inc. | 1.5 | Health Care Providers & Services | ||||||
AbbVie, Inc. | 1.4 | Biotechnology |
3 | The top 10 holdings may not be representative of the Funds future investments. |
FUND VS. BENCHMARK SECTOR ALLOCATIONS4 |
As of April 30, 2022 |
4 | The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Funds overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (GICS), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). The graph depicts the Funds investments but may not represent the Funds market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Percentages may not sum to 100% due to rounding. |
For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Funds investment strategies, holdings, and performance.
14
GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND
April 30, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks 98.8% | ||||||||
Automobiles 4.5% | ||||||||
222,784 | General Motors Co.* | $ | 8,445,741 | |||||
48,967 | Tesla, Inc.* | 42,638,505 | ||||||
|
|
|||||||
51,084,246 | ||||||||
|
|
|||||||
Banks 0.2% | ||||||||
5,959 | East West Bancorp, Inc. | 424,877 | ||||||
7,626 | PacWest Bancorp | 250,819 | ||||||
21,609 | Prosperity Bancshares, Inc. | 1,412,796 | ||||||
6,904 | Wintrust Financial Corp. | 602,857 | ||||||
|
|
|||||||
2,691,349 | ||||||||
|
|
|||||||
Beverages 0.7% | ||||||||
82,596 | Monster Beverage Corp.* | 7,076,825 | ||||||
3,245 | PepsiCo, Inc. | 557,199 | ||||||
|
|
|||||||
7,634,024 | ||||||||
|
|
|||||||
Biotechnology 4.9% | ||||||||
115,721 | AbbVie, Inc. | 16,997,101 | ||||||
32,961 | Biogen, Inc.* | 6,837,430 | ||||||
43,301 | Exelixis, Inc.* | 967,344 | ||||||
187,064 | Gilead Sciences, Inc. | 11,100,378 | ||||||
61,659 | Horizon Therapeutics PLC* | 6,077,111 | ||||||
117,985 | Incyte Corp.* | 8,844,156 | ||||||
24,903 | Moderna, Inc.* | 3,347,212 | ||||||
8,045 | Sarepta Therapeutics, Inc.* | 581,814 | ||||||
3,716 | Seagen, Inc.* | 486,833 | ||||||
|
|
|||||||
55,239,379 | ||||||||
|
|
|||||||
Capital Markets 0.9% | ||||||||
35,586 | Ameriprise Financial, Inc. | 9,447,727 | ||||||
3,711 | MarketAxess Holdings, Inc. | 978,257 | ||||||
|
|
|||||||
10,425,984 | ||||||||
|
|
|||||||
Chemicals 0.1% | ||||||||
10,717 | CF Industries Holdings, Inc. | 1,037,727 | ||||||
|
|
|||||||
Commercial Services & Supplies 0.8% | ||||||||
21,093 | Cintas Corp. | 8,379,405 | ||||||
|
|
|||||||
Communications Equipment 0.0%(a) | ||||||||
3,753 | Arista Networks, Inc.* | 433,734 | ||||||
|
|
|||||||
Construction & Engineering 0.3% | ||||||||
41,395 | MasTec, Inc.* | 2,980,854 | ||||||
|
|
|||||||
Consumer Finance 0.7% | ||||||||
222,975 | Synchrony Financial | 8,207,710 | ||||||
|
|
|||||||
Distributors 1.0% | ||||||||
229,590 | LKQ Corp. | 11,394,552 | ||||||
|
|
|||||||
Diversified Consumer Services 0.3% | ||||||||
123,056 | H&R Block, Inc. | 3,208,070 | ||||||
|
|
|||||||
Diversified Financial Services 0.5% | ||||||||
18,894 | Berkshire Hathaway, Inc., Class B* | 6,099,550 | ||||||
|
|
|||||||
Electronic Equipment, Instruments & Components 0.2% | ||||||||
33,354 | Corning, Inc. | 1,173,727 | ||||||
|
|
|||||||
Common Stocks (continued) | ||||||||
Electronic Equipment, Instruments & Components (continued) | ||||||||
2,263 | Teledyne Technologies, Inc.* | 976,598 | ||||||
|
|
|||||||
2,150,325 | ||||||||
|
|
|||||||
Entertainment 1.0% | ||||||||
111,669 | Live Nation Entertainment, Inc.* | 11,711,845 | ||||||
|
|
|||||||
Equity Real Estate Investment Trusts (REITs) 3.4% | ||||||||
69,547 | Camden Property Trust REIT | 10,911,229 | ||||||
86,760 | Equity LifeStyle Properties, Inc. REIT | 6,704,813 | ||||||
55,942 | Life Storage, Inc. REIT | 7,411,755 | ||||||
9,026 | Public Storage REIT | 3,353,159 | ||||||
81,197 | Simon Property Group, Inc. REIT | 9,581,246 | ||||||
|
|
|||||||
37,962,202 | ||||||||
|
|
|||||||
Food & Staples Retailing 0.8% | ||||||||
9,281 | Caseys General Stores, Inc. | 1,868,265 | ||||||
12,979 | Costco Wholesale Corp. | 6,901,194 | ||||||
|
|
|||||||
8,769,459 | ||||||||
|
|
|||||||
Food Products 0.2% | ||||||||
11,395 | Hershey Co. (The) | 2,572,649 | ||||||
|
|
|||||||
Health Care Equipment & Supplies 0.8% | ||||||||
1,179 | ABIOMED, Inc.* | 337,878 | ||||||
21,935 | Align Technology, Inc.* | 6,359,176 | ||||||
8,820 | Masimo Corp.* | 996,395 | ||||||
3,669 | Teleflex, Inc. | 1,047,940 | ||||||
|
|
|||||||
8,741,389 | ||||||||
|
|
|||||||
Health Care Providers & Services 1.5% | ||||||||
43,096 | HCA Healthcare, Inc. | 9,246,247 | ||||||
24,765 | Molina Healthcare, Inc.* | 7,762,589 | ||||||
|
|
|||||||
17,008,836 | ||||||||
|
|
|||||||
Hotels, Restaurants & Leisure 5.5% | ||||||||
7,505 | Boyd Gaming Corp. | 454,653 | ||||||
81,610 | Choice Hotels International, Inc. | 11,462,940 | ||||||
26,653 | Expedia Group, Inc.* | 4,657,612 | ||||||
83,240 | Hilton Worldwide Holdings, Inc.* | 12,926,340 | ||||||
79,210 | Marriott International, Inc., Class A* | 14,061,359 | ||||||
25,841 | Travel + Leisure Co. | 1,433,659 | ||||||
18,845 | Vail Resorts, Inc. | 4,789,645 | ||||||
132,091 | Wyndham Hotels & Resorts, Inc. | 11,618,724 | ||||||
|
|
|||||||
61,404,932 | ||||||||
|
|
|||||||
Household Durables 0.2% | ||||||||
618 | NVR, Inc.* | 2,704,498 | ||||||
|
|
|||||||
Household Products 0.2% | ||||||||
12,921 | Clorox Co. (The) | 1,853,776 | ||||||
|
|
|||||||
Insurance 0.0%(a) | ||||||||
1,789 | RenaissanceRe Holdings Ltd. (Bermuda) | 256,757 | ||||||
|
|
|||||||
Interactive Media & Services 8.5% | ||||||||
27,473 | Alphabet, Inc., Class C* | 63,169,493 | ||||||
159,461 | Meta Platforms, Inc., Class A* | 31,967,147 | ||||||
|
|
|||||||
95,136,640 | ||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 15 |
GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND
Schedule of Investments (continued)
April 30, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks (continued) | ||||||||
Internet & Direct Marketing Retail 5.2% | ||||||||
23,457 | Amazon.com, Inc.* | $ | 58,305,423 | |||||
15,231 | Chewy, Inc., Class A*(b) | 442,613 | ||||||
|
|
|||||||
58,748,036 | ||||||||
|
|
|||||||
IT Services 5.7% | ||||||||
1,643 | Cloudflare, Inc., Class A* | 141,528 | ||||||
13,202 | EPAM Systems, Inc.* | 3,498,398 | ||||||
69,564 | Euronet Worldwide, Inc.* | 8,462,461 | ||||||
44,796 | Gartner, Inc.* | 13,015,478 | ||||||
24,667 | Genpact Ltd. | 993,340 | ||||||
19,934 | Mastercard, Inc., Class A | 7,243,617 | ||||||
24,068 | Okta, Inc.* | 2,871,553 | ||||||
102,262 | PayPal Holdings, Inc.* | 8,991,898 | ||||||
25,801 | Snowflake, Inc., Class A* | 4,423,323 | ||||||
20,662 | VeriSign, Inc.* | 3,692,093 | ||||||
45,649 | Visa, Inc., Class A | 9,729,171 | ||||||
77,483 | Western Union Co. (The) | 1,298,615 | ||||||
|
|
|||||||
64,361,475 | ||||||||
|
|
|||||||
Leisure Products 0.3% | ||||||||
120,505 | Mattel, Inc.* | 2,929,476 | ||||||
|
|
|||||||
Life Sciences Tools & Services 4.8% | ||||||||
112,905 | Agilent Technologies, Inc. | 13,466,179 | ||||||
263,555 | Avantor, Inc.* | 8,402,133 | ||||||
170,299 | Bruker Corp. | 9,790,490 | ||||||
36,833 | IQVIA Holdings, Inc.* | 8,029,226 | ||||||
17,158 | Maravai LifeSciences Holdings, Inc., Class A* | 527,265 | ||||||
10,305 | Mettler-Toledo International, Inc.* | 13,164,947 | ||||||
5,115 | Syneos Health, Inc.* | 373,855 | ||||||
1,927 | Waters Corp.* | 583,920 | ||||||
|
|
|||||||
54,338,015 | ||||||||
|
|
|||||||
Machinery 2.6% | ||||||||
60,941 | Caterpillar, Inc. | 12,830,518 | ||||||
43,600 | Illinois Tool Works, Inc. | 8,593,996 | ||||||
102,445 | Otis Worldwide Corp. | 7,462,094 | ||||||
|
|
|||||||
28,886,608 | ||||||||
|
|
|||||||
Media 0.8% | ||||||||
15,457 | Charter Communications, Inc., Class A* | 6,623,170 | ||||||
13,574 | Nexstar Media Group, Inc., Class A | 2,150,393 | ||||||
|
|
|||||||
8,773,563 | ||||||||
|
|
|||||||
Metals & Mining 0.0%(a) | ||||||||
8,105 | Freeport-McMoRan, Inc. | 328,658 | ||||||
|
|
|||||||
Pharmaceuticals 0.0%(a) | ||||||||
8,240 | Perrigo Co. PLC | 282,632 | ||||||
|
|
|||||||
Professional Services 0.0%(a) | ||||||||
3,248 | CoStar Group, Inc.* | 206,638 | ||||||
|
|
|||||||
Road & Rail 1.3% | ||||||||
334,929 | CSX Corp. | 11,501,462 | ||||||
73,570 | Lyft, Inc., Class A* | 2,398,382 | ||||||
|
|
|||||||
Common Stocks (continued) | ||||||||
Road & Rail (continued) | ||||||||
1,596 | Union Pacific Corp. | $ | 373,927 | |||||
|
|
|||||||
14,273,771 | ||||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment 7.3% | ||||||||
147,243 | Advanced Micro Devices, Inc.* | 12,592,221 | ||||||
46,356 | Applied Materials, Inc. | 5,115,385 | ||||||
22,899 | Broadcom, Inc. | 12,694,977 | ||||||
4,608 | Enphase Energy, Inc.* | 743,731 | ||||||
19,494 | First Solar, Inc.* | 1,423,647 | ||||||
8,301 | KLA Corp. | 2,650,177 | ||||||
17,459 | Lam Research Corp. | 8,131,704 | ||||||
16,169 | Microchip Technology, Inc. | 1,054,219 | ||||||
139,194 | NVIDIA Corp. | 25,816,311 | ||||||
15,963 | ON Semiconductor Corp.* | 831,832 | ||||||
75,448 | QUALCOMM, Inc. | 10,539,331 | ||||||
8,622 | Teradyne, Inc. | 909,276 | ||||||
|
|
|||||||
82,502,811 | ||||||||
|
|
|||||||
Software 20.0% | ||||||||
32,120 | Crowdstrike Holdings, Inc., Class A* | 6,384,171 | ||||||
14,850 | Datadog, Inc., Class A* | 1,793,583 | ||||||
3,610 | Fair Isaac Corp.* | 1,348,371 | ||||||
43,897 | Fortinet, Inc.* | 12,686,672 | ||||||
29,557 | Intuit, Inc. | 12,376,994 | ||||||
59,923 | Manhattan Associates, Inc.* | 7,822,948 | ||||||
407,380 | Microsoft Corp. | 113,056,098 | ||||||
9,702 | New Relic, Inc.* | 613,846 | ||||||
223,823 | Oracle Corp. | 16,428,608 | ||||||
25,216 | Palo Alto Networks, Inc.* | 14,153,236 | ||||||
43,144 | Paycom Software, Inc.* | 12,143,742 | ||||||
26,427 | ServiceNow, Inc.* | 12,634,749 | ||||||
24,041 | Synopsys, Inc.* | 6,894,718 | ||||||
32,277 | VMware, Inc., Class A | 3,487,207 | ||||||
15,099 | Zscaler, Inc.* | 3,061,171 | ||||||
|
|
|||||||
224,886,114 | ||||||||
|
|
|||||||
Specialty Retail 1.5% | ||||||||
1,338 | AutoZone, Inc.* | 2,616,419 | ||||||
2,115 | GameStop Corp., Class A* | 264,523 | ||||||
27,440 | Home Depot, Inc. (The) | 8,242,976 | ||||||
87,365 | TJX Cos., Inc. (The) | 5,353,727 | ||||||
|
|
|||||||
16,477,645 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals 12.0% | ||||||||
859,389 | Apple, Inc. | 135,482,676 | ||||||
|
|
|||||||
Trading Companies & Distributors 0.1% | ||||||||
2,353 | United Rentals, Inc.* | 744,771 | ||||||
|
|
|||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $776,195,189) | $ | 1,112,312,781 | ||||||
|
|
|||||||
|
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE |
| ||||||
(Cost $776,195,189) | $ | 1,112,312,781 | ||||||
|
|
16 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND
Shares | Dividend Rate |
Value | ||||||
Securities Lending Reinvestment Vehicle 0.0%(a)(c) | ||||||||
Goldman Sachs Financial Square Government Fund Institutional Shares |
| |||||||
475,200 |
0.317 | % | $ | 475,200 | ||||
(Cost $475,200) |
|
|||||||
|
||||||||
TOTAL INVESTMENTS 98.8% |
| |||||||
(Cost $776,670,389) |
|
$ | 1,112,787,981 | |||||
|
||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES 1.2% |
|
13,409,234 | ||||||
|
||||||||
NET ASSETS 100.0% |
|
$ | 1,126,197,215 | |||||
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
* |
Non-income producing security. | |
(a) |
Less than 0.05% | |
(b) |
All or a portion of security is on loan. | |
(c) |
Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
PLC |
Public Limited Company | |
REIT |
Real Estate Investment Trust | |
|
The accompanying notes are an integral part of these financial statements. | 17 |
GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND
Schedule of Investments
April 30, 2022 (Unaudited)
Shares | Description |
Value | ||||||
Common Stocks 99.2% | ||||||||
Aerospace & Defense 1.8% | ||||||||
22,832 | General Dynamics Corp. | $ | 5,400,453 | |||||
62,097 | Howmet Aerospace, Inc. | 2,118,750 | ||||||
|
|
|||||||
7,519,203 | ||||||||
|
|
|||||||
Automobiles 2.1% | ||||||||
227,370 | Ford Motor Co. | 3,219,559 | ||||||
137,032 | General Motors Co.* | 5,194,883 | ||||||
|
|
|||||||
8,414,442 | ||||||||
|
|
|||||||
Banks 3.2% | ||||||||
37,332 | Bank of America Corp. | 1,332,006 | ||||||
14,456 | East West Bancorp, Inc. | 1,030,713 | ||||||
27,405 | JPMorgan Chase & Co. | 3,271,061 | ||||||
69,558 | KeyCorp | 1,343,165 | ||||||
40,905 | PacWest Bancorp | 1,345,365 | ||||||
42,121 | Prosperity Bancshares, Inc. | 2,753,871 | ||||||
57,565 | Regions Financial Corp. | 1,192,747 | ||||||
10,706 | Wintrust Financial Corp. | 934,848 | ||||||
|
|
|||||||
13,203,776 | ||||||||
|
|
|||||||
Beverages 0.1% | ||||||||
11,963 | Keurig Dr Pepper, Inc. | 447,416 | ||||||
|
|
|||||||
Biotechnology 3.4% | ||||||||
22,435 | Biogen, Inc.* | 4,653,916 | ||||||
94,020 | Gilead Sciences, Inc. | 5,579,147 | ||||||
19,578 | Horizon Therapeutics PLC* | 1,929,608 | ||||||
6,630 | Vertex Pharmaceuticals, Inc.* | 1,811,449 | ||||||
|
|
|||||||
13,974,120 | ||||||||
|
|
|||||||
Building Products 0.5% | ||||||||
8,698 | Lennox International, Inc. | 1,854,327 | ||||||
|
|
|||||||
Capital Markets 3.2% | ||||||||
756 | Ameriprise Financial, Inc. | 200,711 | ||||||
21,416 | CME Group, Inc. | 4,697,385 | ||||||
44,723 | Intercontinental Exchange, Inc. | 5,179,371 | ||||||
38,844 | Morgan Stanley | 3,130,438 | ||||||
|
|
|||||||
13,207,905 | ||||||||
|
|
|||||||
Chemicals 3.8% | ||||||||
22,160 | Air Products and Chemicals, Inc. | 5,186,991 | ||||||
48,011 | CF Industries Holdings, Inc. | 4,648,905 | ||||||
42,265 | Corteva, Inc. | 2,438,268 | ||||||
20,033 | Dow, Inc. | 1,332,194 | ||||||
3,879 | International Flavors & Fragrances, Inc. | 470,523 | ||||||
22,816 | Mosaic Co. (The) | 1,424,175 | ||||||
|
|
|||||||
15,501,056 | ||||||||
|
|
|||||||
Commercial Services & Supplies 2.0% | ||||||||
3,324 | Clean Harbors, Inc.* | 348,787 | ||||||
35,637 | Republic Services, Inc. | 4,784,980 | ||||||
19,214 | Waste Management, Inc. | 3,159,550 | ||||||
|
|
|||||||
8,293,317 | ||||||||
|
|
|||||||
Communications Equipment 1.3% | ||||||||
103,691 | Cisco Systems, Inc. | 5,078,785 | ||||||
|
|
|||||||
Common Stocks (continued) | ||||||||
Construction & Engineering 0.6% | ||||||||
5,266 | AECOM | 371,569 | ||||||
26,362 | MasTec, Inc.* | 1,898,328 | ||||||
|
|
|||||||
2,269,897 | ||||||||
|
|
|||||||
Construction Materials 0.5% | ||||||||
3,100 | Eagle Materials, Inc. | 382,292 | ||||||
10,542 | Vulcan Materials Co. | 1,816,281 | ||||||
|
|
|||||||
2,198,573 | ||||||||
|
|
|||||||
Consumer Finance 2.0% | ||||||||
33,004 | Capital One Financial Corp. | 4,112,958 | ||||||
105,912 | Synchrony Financial | 3,898,621 | ||||||
|
|
|||||||
8,011,579 | ||||||||
|
|
|||||||
Containers & Packaging 1.2% | ||||||||
55,172 | International Paper Co. | 2,553,360 | ||||||
13,819 | Packaging Corp. of America | 2,227,208 | ||||||
|
|
|||||||
4,780,568 | ||||||||
|
|
|||||||
Distributors 1.1% | ||||||||
89,688 | LKQ Corp. | 4,451,215 | ||||||
|
|
|||||||
Diversified Financial Services 4.5% | ||||||||
50,388 | Berkshire Hathaway, Inc., Class B* | 16,266,758 | ||||||
66,269 | Equitable Holdings, Inc. | 1,910,535 | ||||||
|
|
|||||||
18,177,293 | ||||||||
|
|
|||||||
Diversified Telecommunication Services 1.5% | ||||||||
316,831 | AT&T, Inc. | 5,975,432 | ||||||
3,769 | Verizon Communications, Inc. | 174,505 | ||||||
|
|
|||||||
6,149,937 | ||||||||
|
|
|||||||
Electric Utilities 2.6% | ||||||||
11,075 | American Electric Power Co., Inc. | 1,097,644 | ||||||
53,588 | Eversource Energy | 4,683,591 | ||||||
3,991 | NextEra Energy, Inc. | 283,441 | ||||||
63,047 | Xcel Energy, Inc. | 4,618,823 | ||||||
|
|
|||||||
10,683,499 | ||||||||
|
|
|||||||
Electrical Equipment 1.8% | ||||||||
27,728 | AMETEK, Inc. | 3,500,937 | ||||||
41,354 | Emerson Electric Co. | 3,729,304 | ||||||
|
|
|||||||
7,230,241 | ||||||||
|
|
|||||||
Electronic Equipment, Instruments & Components 1.0% | ||||||||
27,406 | Corning, Inc. | 964,417 | ||||||
7,457 | Teledyne Technologies, Inc.* | 3,218,069 | ||||||
|
|
|||||||
4,182,486 | ||||||||
|
|
|||||||
Energy Equipment & Services 0.4% | ||||||||
41,802 | Schlumberger NV | 1,630,696 | ||||||
|
|
|||||||
Entertainment 2.2% | ||||||||
41,174 | Live Nation Entertainment, Inc.* | 4,318,329 | ||||||
30,153 | Walt Disney Co. (The)* | 3,365,979 | ||||||
76,646 | Warner Bros Discovery, Inc.* | 1,391,125 | ||||||
|
|
|||||||
9,075,433 | ||||||||
|
|
18 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND
Shares | Description |
Value | ||||||
Common Stocks (continued) | ||||||||
Equity Real Estate Investment Trusts (REITs) 6.7% | ||||||||
94,781 | American Homes 4 Rent, Class A REIT | $ | 3,754,275 | |||||
27,424 | Camden Property Trust REIT | 4,302,551 | ||||||
31,736 | Equity Residential REIT | 2,586,484 | ||||||
66,288 | First Industrial Realty Trust, Inc. REIT | 3,844,704 | ||||||
63,118 | Host Hotels & Resorts, Inc. REIT | 1,284,451 | ||||||
26,888 | Life Storage, Inc. REIT | 3,562,391 | ||||||
22,773 | Mid-America Apartment Communities, Inc. REIT | 4,478,994 | ||||||
30,528 | Rexford Industrial Realty, Inc. REIT | 2,382,405 | ||||||
23,093 | Weyerhaeuser Co. REIT | 951,894 | ||||||
|
|
|||||||
27,148,149 | ||||||||
|
|
|||||||
Food & Staples Retailing 1.2% | ||||||||
17,524 | Caseys General Stores, Inc. | 3,527,581 | ||||||
15,808 | Kroger Co. (The) | 853,000 | ||||||
2,806 | Walmart, Inc. | 429,290 | ||||||
|
|
|||||||
4,809,871 | ||||||||
|
|
|||||||
Food Products 2.7% | ||||||||
56,214 | Archer-Daniels-Midland Co. | 5,034,526 | ||||||
36,623 | Bunge Ltd. | 4,142,794 | ||||||
25,453 | Darling Ingredients, Inc.* | 1,867,995 | ||||||
|
|
|||||||
11,045,315 | ||||||||
|
|
|||||||
Health Care Equipment & Supplies 2.4% | ||||||||
123,574 | Boston Scientific Corp.* | 5,203,701 | ||||||
37,850 | Medtronic PLC | 3,950,026 | ||||||
2,130 | Teleflex, Inc. | 608,371 | ||||||
|
|
|||||||
9,762,098 | ||||||||
|
|
|||||||
Health Care Providers & Services 6.6% | ||||||||
13,278 | Anthem, Inc. | 6,664,626 | ||||||
17,877 | Centene Corp.* | 1,439,992 | ||||||
4,737 | Cigna Corp. | 1,168,997 | ||||||
4,977 | HCA Healthcare, Inc. | 1,067,815 | ||||||
1,337 | Humana, Inc. | 594,377 | ||||||
13,168 | Molina Healthcare, Inc.* | 4,127,510 | ||||||
20,342 | UnitedHealth Group, Inc. | 10,344,924 | ||||||
12,820 | Universal Health Services, Inc., Class B | 1,570,835 | ||||||
|
|
|||||||
26,979,076 | ||||||||
|
|
|||||||
Hotels, Restaurants & Leisure 3.4% | ||||||||
151,627 | Carnival Corp.* | 2,623,147 | ||||||
29,374 | Hilton Worldwide Holdings, Inc.* | 4,561,488 | ||||||
17,045 | Hyatt Hotels Corp., Class A* | 1,618,593 | ||||||
21,036 | Marriott International, Inc., Class A* | 3,734,311 | ||||||
4,432 | Marriott Vacations Worldwide Corp. | 661,831 | ||||||
8,853 | Wyndham Hotels & Resorts, Inc. | 778,710 | ||||||
|
|
|||||||
13,978,080 | ||||||||
|
|
|||||||
Household Durables 0.8% | ||||||||
9,997 | Garmin Ltd. | 1,097,071 | ||||||
11,279 | Whirlpool Corp. | 2,047,364 | ||||||
|
|
|||||||
3,144,435 | ||||||||
|
|
|||||||
Household Products 1.0% | ||||||||
3,521 | Kimberly-Clark Corp. | 488,821 | ||||||
|
|
|||||||
Common Stocks (continued) | ||||||||
Household Products (continued) | ||||||||
23,446 | Procter & Gamble Co. (The) | 3,764,255 | ||||||
|
|
|||||||
4,253,076 | ||||||||
|
|
|||||||
Insurance 4.2% | ||||||||
21,742 | American International Group, Inc. | 1,272,124 | ||||||
23,801 | Arch Capital Group Ltd.* | 1,086,992 | ||||||
2,059 | Cincinnati Financial Corp. | 252,557 | ||||||
33,589 | Globe Life, Inc. | 3,294,409 | ||||||
18,511 | Loews Corp. | 1,163,231 | ||||||
25,499 | Marsh & McLennan Cos., Inc. | 4,123,188 | ||||||
46,679 | MetLife, Inc. | 3,065,877 | ||||||
17,138 | Reinsurance Group of America, Inc. | 1,839,250 | ||||||
6,474 | Travelers Cos., Inc. (The) | 1,107,443 | ||||||
|
|
|||||||
17,205,071 | ||||||||
|
|
|||||||
Interactive Media & Services 0.3% | ||||||||
461 | Alphabet, Inc., Class A* | 1,052,090 | ||||||
|
|
|||||||
IT Services 2.4% | ||||||||
14,983 | DXC Technology Co.* | 430,012 | ||||||
722 | Fidelity National Information Services, Inc. | 71,586 | ||||||
14,394 | Gartner, Inc.* | 4,182,177 | ||||||
13,708 | Genpact Ltd. | 552,021 | ||||||
20,958 | VeriSign, Inc.* | 3,744,985 | ||||||
53,118 | Western Union Co. (The) | 890,258 | ||||||
|
|
|||||||
9,871,039 | ||||||||
|
|
|||||||
Life Sciences Tools & Services 2.4% | ||||||||
6,004 | Agilent Technologies, Inc. | 716,097 | ||||||
20,032 | IQVIA Holdings, Inc.* | 4,366,776 | ||||||
21,056 | QIAGEN NV* | 955,311 | ||||||
8,562 | Syneos Health, Inc.* | 625,796 | ||||||
5,760 | Thermo Fisher Scientific, Inc. | 3,184,819 | ||||||
|
|
|||||||
9,848,799 | ||||||||
|
|
|||||||
Machinery 1.4% | ||||||||
65,627 | Otis Worldwide Corp. | 4,780,271 | ||||||
3,125 | Parker-Hannifin Corp. | 846,312 | ||||||
|
|
|||||||
5,626,583 | ||||||||
|
|
|||||||
Media 1.7% | ||||||||
441 | Charter Communications, Inc., Class A* | 188,964 | ||||||
1,887 | Comcast Corp., Class A | 75,027 | ||||||
21,478 | Liberty Broadband Corp., Class C* | 2,401,670 | ||||||
122,246 | News Corp., Class A | 2,427,806 | ||||||
10,175 | Nexstar Media Group, Inc., Class A | 1,611,923 | ||||||
|
|
|||||||
6,705,390 | ||||||||
|
|
|||||||
Metals & Mining 0.8% | ||||||||
77,937 | Freeport-McMoRan, Inc. | 3,160,345 | ||||||
|
|
|||||||
Mortgage Real Estate Investment Trusts (REITs) 0.3% | ||||||||
182,986 | Annaly Capital Management, Inc. REIT | 1,174,770 | ||||||
|
|
|||||||
Multi-Utilities 1.1% | ||||||||
64,276 | CMS Energy Corp. | 4,415,118 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 19 |
GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND
Schedule of Investments (continued)
April 30, 2022 (Unaudited)
Shares | Description |
Value | ||||||
Common Stocks (continued) | ||||||||
Oil, Gas & Consumable Fuels 4.8% | ||||||||
13,944 | Chevron Corp. | $ | 2,184,606 | |||||
49,567 | ConocoPhillips | 4,734,640 | ||||||
59,199 | Exxon Mobil Corp. | 5,046,715 | ||||||
16,065 | Hess Corp. | 1,655,820 | ||||||
58,870 | Kinder Morgan, Inc. | 1,068,491 | ||||||
49,437 | Marathon Oil Corp. | 1,231,970 | ||||||
22,889 | ONEOK, Inc. | 1,449,560 | ||||||
31,701 | Targa Resources Corp. | 2,327,170 | ||||||
|
|
|||||||
19,698,972 | ||||||||
|
|
|||||||
Pharmaceuticals 6.8% | ||||||||
46,940 | Elanco Animal Health, Inc.* | 1,188,051 | ||||||
56,797 | Johnson & Johnson | 10,249,587 | ||||||
75,158 | Merck & Co., Inc. | 6,665,763 | ||||||
6,920 | Organon & Co. | 223,724 | ||||||
62,779 | Perrigo Co. PLC | 2,153,320 | ||||||
142,348 | Pfizer, Inc. | 6,985,016 | ||||||
|
|
|||||||
27,465,461 | ||||||||
|
|
|||||||
Road & Rail 2.8% | ||||||||
167,897 | CSX Corp. | 5,765,583 | ||||||
21,265 | Norfolk Southern Corp. | 5,483,818 | ||||||
|
|
|||||||
11,249,401 | ||||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment 1.5% | ||||||||
25,799 | First Solar, Inc.* | 1,884,101 | ||||||
56,503 | Micron Technology, Inc. | 3,852,940 | ||||||
5,855 | ON Semiconductor Corp.* | 305,104 | ||||||
|
|
|||||||
6,042,145 | ||||||||
|
|
|||||||
Software 1.6% | ||||||||
3,581 | Fortinet, Inc.* | 1,034,945 | ||||||
|
|
|||||||
Common Stocks (continued) | ||||||||
Software (continued) | ||||||||
14,182 | Oracle Corp. | 1,040,959 | ||||||
1,592 | Paycom Software, Inc.* | 448,100 | ||||||
37,416 | VMware, Inc., Class A | 4,042,425 | ||||||
|
|
|||||||
6,566,429 | ||||||||
|
|
|||||||
Specialty Retail 0.8% | ||||||||
12,657 | AutoNation, Inc.* | 1,467,073 | ||||||
899 | AutoZone, Inc.* | 1,757,967 | ||||||
|
|
|||||||
3,225,040 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals 0.7% | ||||||||
37,321 | Dell Technologies, Inc., Class C | 1,754,460 | ||||||
71,247 | Hewlett Packard Enterprise Co. | 1,097,917 | ||||||
|
|
|||||||
2,852,377 | ||||||||
|
|
|||||||
TOTAL INVESTMENTS 99.2% | ||||||||
(Cost $394,993,071) | $ | 403,614,894 | ||||||
|
|
|||||||
|
OTHER ASSETS IN EXCESS OF LIABILITIES 0.8% |
3,423,139 | ||||||
|
|
|||||||
NET ASSETS 100.0% | $ | 407,038,033 | ||||||
|
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
* |
Non-income producing security. |
| ||
Investment Abbreviations: | ||
PLC |
Public Limited Company | |
REIT |
Real Estate Investment Trust | |
|
ADDITIONAL INVESTMENT INFORMATION |
FUTURES CONTRACTS At April 30, 2022, the Fund had the following futures contracts:
Description | Number of Contracts |
Expiration Date |
Notional Amount |
Unrealized Appreciation/ (Depreciation) |
||||||||||||
Long position contracts: |
||||||||||||||||
S&P 500 E-Mini Index |
7 | 06/17/22 | $ | 1,565,410 | $ | (120,785 | ) |
20 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND
Schedule of Investments
April 30, 2022 (Unaudited)
Shares | Description |
Value | ||||||
Common Stocks 98.9% | ||||||||
Aerospace & Defense 0.4% | ||||||||
17,270 | AAR Corp.* | $ | 811,345 | |||||
6,050 | Kratos Defense & Security Solutions, Inc.* | 91,778 | ||||||
30,089 | Vectrus, Inc.* | 1,086,213 | ||||||
|
|
|||||||
1,989,336 | ||||||||
|
|
|||||||
Auto Components 0.4% | ||||||||
11,771 | Cooper-Standard Holdings, Inc.* | 54,264 | ||||||
10,618 | Fox Factory Holding Corp.* | 869,402 | ||||||
58,146 | Goodyear Tire & Rubber Co. (The)* | 774,505 | ||||||
519 | Patrick Industries, Inc. | 32,308 | ||||||
|
|
|||||||
1,730,479 | ||||||||
|
|
|||||||
Automobiles 0.0%(a) | ||||||||
8,098 | Fisker, Inc.*(b) | 81,466 | ||||||
|
|
|||||||
Banks 8.5% | ||||||||
31,381 | 1st Source Corp. | 1,357,856 | ||||||
1,861 | American National Bankshares, Inc. | 64,651 | ||||||
14,366 | Atlantic Union Bankshares Corp. | 485,284 | ||||||
72,781 | Bancorp, Inc. (The)* | 1,651,401 | ||||||
20,034 | BankUnited, Inc. | 752,076 | ||||||
54,468 | Cadence Bank | 1,363,879 | ||||||
6,819 | Capital City Bank Group, Inc. | 174,635 | ||||||
98,839 | Central Pacific Financial Corp. | 2,389,927 | ||||||
79,706 | Columbia Banking System, Inc. | 2,238,144 | ||||||
19,186 | Community Bank System, Inc. | 1,235,578 | ||||||
34,193 | CrossFirst Bankshares, Inc.* | 438,012 | ||||||
236,030 | First BanCorp. (Puerto Rico) | 3,212,368 | ||||||
6,534 | First Bancshares, Inc. (The) | 210,329 | ||||||
12,642 | First Bank | 180,275 | ||||||
27,496 | First Commonwealth Financial Corp. | 370,646 | ||||||
37,038 | First Financial Bancorp | 757,427 | ||||||
7,871 | First Financial Bankshares, Inc. | 314,683 | ||||||
9,481 | Great Southern Bancorp, Inc. | 537,952 | ||||||
2,592 | Guaranty Bancshares, Inc. | 89,165 | ||||||
33,254 | Hancock Whitney Corp. | 1,555,290 | ||||||
67,358 | Hanmi Financial Corp. | 1,559,338 | ||||||
5,187 | HarborOne Bancorp, Inc. | 69,454 | ||||||
101,919 | Hilltop Holdings, Inc. | 2,597,915 | ||||||
7,825 | HomeTrust Bancshares, Inc. | 211,510 | ||||||
90,058 | Hope Bancorp, Inc. | 1,287,829 | ||||||
4,395 | Independent Bank Corp. | 86,757 | ||||||
82,111 | International Bancshares Corp. | 3,267,197 | ||||||
5,949 | Macatawa Bank Corp. | 52,054 | ||||||
48,655 | OFG Bancorp (Puerto Rico) | 1,293,250 | ||||||
35,004 | Origin Bancorp, Inc. | 1,318,951 | ||||||
1,622 | Peoples Financial Services Corp. | 80,516 | ||||||
6,715 | Sandy Spring Bancorp, Inc. | 263,698 | ||||||
9,272 | Sierra Bancorp | 201,666 | ||||||
3,603 | Silvergate Capital Corp., Class A* | 421,407 | ||||||
5,678 | Southern First Bancshares, Inc.* | 259,485 | ||||||
31,334 | Texas Capital Bancshares, Inc.* | 1,609,314 | ||||||
72,293 | Towne Bank | 1,993,118 | ||||||
79,353 | Trustmark Corp. | 2,212,362 | ||||||
7,630 | UMB Financial Corp. | 688,073 | ||||||
|
|
|||||||
Common Stocks (continued) | ||||||||
Banks (continued) | ||||||||
5,831 | United Community Banks, Inc. | 175,746 | ||||||
|
|
|||||||
39,029,218 | ||||||||
|
|
|||||||
Beverages 0.4% | ||||||||
4,120 | Coca-Cola Consolidated, Inc. | 1,818,980 | ||||||
|
|
|||||||
Biotechnology 7.1% | ||||||||
77,380 | ACADIA Pharmaceuticals, Inc.* | 1,426,887 | ||||||
62,003 | Akebia Therapeutics, Inc.* | 25,744 | ||||||
1,550 | Albireo Pharma, Inc.* | 49,321 | ||||||
10,052 | Aldeyra Therapeutics, Inc.* | 30,860 | ||||||
17,538 | Alector, Inc.* | 168,365 | ||||||
119,339 | Alkermes PLC* | 3,442,930 | ||||||
8,042 | Allakos, Inc.* | 30,318 | ||||||
49,064 | Allogene Therapeutics, Inc.* | 409,684 | ||||||
26,024 | ALX Oncology Holdings, Inc.* | 332,587 | ||||||
178,412 | Amicus Therapeutics, Inc.* | 1,263,157 | ||||||
11,659 | AnaptysBio, Inc.* | 272,821 | ||||||
21,911 | Anavex Life Sciences Corp.* | 188,215 | ||||||
3,497 | Anika Therapeutics, Inc.* | 75,290 | ||||||
7,612 | Apellis Pharmaceuticals, Inc.* | 331,350 | ||||||
50,975 | Arrowhead Pharmaceuticals, Inc.* | 2,095,582 | ||||||
36,539 | Avid Bioservices, Inc.* | 491,815 | ||||||
12,998 | Beam Therapeutics, Inc.* | 487,815 | ||||||
49,580 | BioCryst Pharmaceuticals, Inc.* | 460,598 | ||||||
513 | Biohaven Pharmaceutical Holding Co. Ltd.* | 45,744 | ||||||
27,002 | Bioxcel Therapeutics, Inc.*(b) | 353,996 | ||||||
24,462 | Bridgebio Pharma, Inc.* | 196,185 | ||||||
55,829 | Cardiff Oncology, Inc.* | 74,811 | ||||||
12,813 | CareDx, Inc.* | 390,028 | ||||||
9,607 | Caribou Biosciences, Inc.*(b) | 71,092 | ||||||
113,495 | Catalyst Pharmaceuticals, Inc.* | 864,832 | ||||||
9,198 | ChemoCentryx, Inc.* | 169,795 | ||||||
29,446 | Denali Therapeutics, Inc.* | 700,815 | ||||||
14,233 | Design Therapeutics, Inc.* | 169,942 | ||||||
130,030 | Dynavax Technologies Corp.* | 1,148,165 | ||||||
24,435 | Eagle Pharmaceuticals, Inc.* | 1,078,317 | ||||||
28,731 | Eiger BioPharmaceuticals, Inc.* | 197,382 | ||||||
8,503 | Emergent BioSolutions, Inc.* | 275,327 | ||||||
70,589 | Erasca, Inc.*(b) | 513,888 | ||||||
6,092 | Fate Therapeutics, Inc.* | 173,988 | ||||||
21,907 | Global Blood Therapeutics, Inc.* | 672,545 | ||||||
7,916 | Gossamer Bio, Inc.* | 54,700 | ||||||
34,851 | Halozyme Therapeutics, Inc.* | 1,390,555 | ||||||
115,826 | Heron Therapeutics, Inc.* | 523,534 | ||||||
12,585 | IGM Biosciences, Inc.* | 210,673 | ||||||
15,100 | Inhibrx, Inc.* | 239,335 | ||||||
26,986 | Insmed, Inc.* | 592,882 | ||||||
3,525 | Intellia Therapeutics, Inc.* | 172,831 | ||||||
24,939 | Intercept Pharmaceuticals, Inc.*(b) | 391,792 | ||||||
2,944 | iTeos Therapeutics, Inc.* | 78,575 | ||||||
15,630 | IVERIC bio, Inc.* | 216,475 | ||||||
16,365 | KalVista Pharmaceuticals, Inc.* | 208,326 | ||||||
2,918 | Karuna Therapeutics, Inc.* | 325,240 | ||||||
18,998 | Karyopharm Therapeutics, Inc.* | 115,888 | ||||||
65,097 | Kezar Life Sciences, Inc.* | 773,352 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 21 |
GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND
Schedule of Investments (continued)
April 30, 2022 (Unaudited)
Shares | Description |
Value | ||||||
Common Stocks (continued) | ||||||||
Biotechnology (continued) | ||||||||
13,898 | Kodiak Sciences, Inc.* | $ | 83,666 | |||||
15,485 | Kronos Bio, Inc.* | 73,244 | ||||||
2,887 | Madrigal Pharmaceuticals, Inc.* | 202,090 | ||||||
201,415 | MannKind Corp.* | 630,429 | ||||||
7,929 | MeiraGTx Holdings PLC* | 81,589 | ||||||
11,541 | Nkarta, Inc.* | 212,816 | ||||||
122,492 | Organogenesis Holdings, Inc.* | 788,848 | ||||||
129,323 | Precision BioSciences, Inc.* | 257,353 | ||||||
12,341 | Protagonist Therapeutics, Inc.* | 112,180 | ||||||
24,722 | Prothena Corp. PLC (Ireland)* | 720,894 | ||||||
34,620 | Puma Biotechnology, Inc.* | 81,703 | ||||||
62,290 | Radius Health, Inc.* | 426,064 | ||||||
28,584 | Rhythm Pharmaceuticals, Inc.* | 178,936 | ||||||
179,176 | Selecta Biosciences, Inc.* | 137,303 | ||||||
50,570 | Seres Therapeutics, Inc.* | 239,196 | ||||||
2,484 | SpringWorks Therapeutics, Inc.* | 106,588 | ||||||
33,105 | Sutro Biopharma, Inc.* | 198,961 | ||||||
28,494 | Travere Therapeutics, Inc.* | 716,054 | ||||||
14,588 | Turning Point Therapeutics, Inc.* | 429,471 | ||||||
5,680 | Twist Bioscience Corp.* | 163,811 | ||||||
174,390 | Vanda Pharmaceuticals, Inc.* | 1,729,949 | ||||||
86,306 | VBI Vaccines, Inc.*(b) | 107,882 | ||||||
7,659 | Veracyte, Inc.* | 156,780 | ||||||
3,403 | Verve Therapeutics, Inc.* | 50,773 | ||||||
19,533 | Vir Biotechnology, Inc.* | 397,497 | ||||||
4,241 | XBiotech, Inc. | 32,910 | ||||||
3,890 | Xencor, Inc.* | 97,172 | ||||||
10,617 | Zentalis Pharmaceuticals, Inc.* | 281,563 | ||||||
|
|
|||||||
32,670,071 | ||||||||
|
|
|||||||
Building Products 0.3% | ||||||||
608 | CSW Industrials, Inc. | 64,150 | ||||||
16,514 | UFP Industries, Inc. | 1,277,688 | ||||||
|
|
|||||||
1,341,838 | ||||||||
|
|
|||||||
Capital Markets 1.7% | ||||||||
39,024 | Focus Financial Partners, Inc., Class A* | 1,539,497 | ||||||
7,859 | Houlihan Lokey, Inc. | 654,576 | ||||||
53,314 | Moelis & Co., Class A | 2,359,678 | ||||||
60,500 | Oppenheimer Holdings, Inc., Class A | 1,949,310 | ||||||
8,283 | Virtus Investment Partners, Inc. | 1,467,416 | ||||||
|
|
|||||||
7,970,477 | ||||||||
|
|
|||||||
Chemicals 1.8% | ||||||||
5,268 | AdvanSix, Inc. | 234,637 | ||||||
7,314 | Avient Corp. | 360,141 | ||||||
34,438 | FutureFuel Corp. | 327,505 | ||||||
32,964 | Innospec, Inc. | 3,141,799 | ||||||
4,143 | Intrepid Potash, Inc.* | 317,271 | ||||||
11,874 | Koppers Holdings, Inc. | 288,063 | ||||||
23,470 | Minerals Technologies, Inc. | 1,492,927 | ||||||
126,259 | Tronox Holdings PLC, Class A | 2,171,655 | ||||||
|
|
|||||||
8,333,998 | ||||||||
|
|
|||||||
Commercial Services & Supplies 1.1% | ||||||||
21,520 | ACCO Brands Corp. | 157,741 | ||||||
12,596 | BrightView Holdings, Inc.* | 159,465 | ||||||
|
|
|||||||
Common Stocks (continued) | ||||||||
Commercial Services & Supplies (continued) | ||||||||
5,382 | Casella Waste Systems, Inc., Class A* | 442,616 | ||||||
3,249 | Cimpress PLC (Ireland)* | 164,107 | ||||||
73,219 | Ennis, Inc. | 1,263,028 | ||||||
6,477 | Harsco Corp.* | 66,195 | ||||||
17,109 | Healthcare Services Group, Inc. | 292,393 | ||||||
66,747 | Heritage-Crystal Clean, Inc.* | 1,822,193 | ||||||
16,331 | Matthews International Corp., Class A | 486,827 | ||||||
1,087 | UniFirst Corp. | 187,290 | ||||||
|
|
|||||||
5,041,855 | ||||||||
|
|
|||||||
Communications Equipment 1.0% | ||||||||
16,570 | Cambium Networks Corp.* | 253,024 | ||||||
10,311 | Clearfield, Inc.* | 600,409 | ||||||
171,739 | Harmonic, Inc.* | 1,425,434 | ||||||
71,656 | NetScout Systems, Inc.* | 2,207,005 | ||||||
|
|
|||||||
4,485,872 | ||||||||
|
|
|||||||
Construction & Engineering 1.6% | ||||||||
33,654 | Arcosa, Inc. | 1,801,499 | ||||||
21,690 | Argan, Inc. | 797,758 | ||||||
10,401 | Dycom Industries, Inc.* | 883,149 | ||||||
76,129 | Fluor Corp.* | 1,884,193 | ||||||
34,584 | Sterling Construction Co., Inc.* | 791,628 | ||||||
35,356 | WillScot Mobile Mini Holdings Corp.* | 1,240,995 | ||||||
|
|
|||||||
7,399,222 | ||||||||
|
|
|||||||
Construction Materials 0.4% | ||||||||
69,434 | Summit Materials, Inc., Class A* | 1,930,265 | ||||||
412 | United States Lime & Minerals, Inc. | 45,118 | ||||||
|
|
|||||||
1,975,383 | ||||||||
|
|
|||||||
Consumer Finance 0.9% | ||||||||
36,837 | FirstCash Holdings, Inc. | 2,938,856 | ||||||
3,483 | Oportun Financial Corp.* | 40,368 | ||||||
23,400 | Regional Management Corp. | 1,007,370 | ||||||
|
|
|||||||
3,986,594 | ||||||||
|
|
|||||||
Diversified Consumer Services 0.3% | ||||||||
1,583 | Carriage Services, Inc. | 67,895 | ||||||
40,215 | Laureate Education, Inc. | 455,636 | ||||||
16,774 | Stride, Inc.* | 659,218 | ||||||
|
|
|||||||
1,182,749 | ||||||||
|
|
|||||||
Diversified Financial Services 0.3% | ||||||||
8,193 | A-Mark Precious Metals, Inc. | 645,608 | ||||||
52,593 | Banco Latinoamericano de Comercio Exterior SA, Class E (Panama) | 762,073 | ||||||
|
|
|||||||
1,407,681 | ||||||||
|
|
|||||||
Diversified Telecommunication Services 0.3% | ||||||||
364,547 | Globalstar, Inc.*(b) | 422,874 | ||||||
32,563 | Iridium Communications, Inc.* | 1,162,825 | ||||||
|
|
|||||||
1,585,699 | ||||||||
|
|
|||||||
Electrical Equipment 1.4% | ||||||||
9,924 | Array Technologies, Inc.* | 64,804 | ||||||
8,383 | Atkore, Inc.* | 805,606 | ||||||
|
|
22 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND
Shares | Description |
Value | ||||||
Common Stocks (continued) | ||||||||
Electrical Equipment (continued) | ||||||||
16,122 | AZZ, Inc. | $ | 735,808 | |||||
13,976 | Bloom Energy Corp., Class A* | 259,395 | ||||||
27,898 | Encore Wire Corp. | 3,147,173 | ||||||
15,503 | FTC Solar, Inc.* | 43,408 | ||||||
35,808 | FuelCell Energy, Inc.* | 146,097 | ||||||
38,878 | GrafTech International Ltd. | 353,012 | ||||||
20,636 | Powell Industries, Inc. | 398,275 | ||||||
15,733 | Thermon Group Holdings, Inc.* | 235,995 | ||||||
444 | Vicor Corp.* | 26,871 | ||||||
|
|
|||||||
6,216,444 | ||||||||
|
|
|||||||
Electronic Equipment, Instruments & Components 3.4% | ||||||||
2,479 | Badger Meter, Inc. | 200,031 | ||||||
18,455 | Belden, Inc. | 952,832 | ||||||
82,022 | CTS Corp. | 2,901,118 | ||||||
23,694 | ePlus, Inc.* | 1,338,237 | ||||||
14,146 | Fabrinet (Thailand)* | 1,388,996 | ||||||
1,528 | FARO Technologies, Inc.* | 52,395 | ||||||
29,978 | Insight Enterprises, Inc.* | 2,978,914 | ||||||
17,433 | PC Connection, Inc. | 862,759 | ||||||
4,887 | Sanmina Corp.* | 199,830 | ||||||
11,473 | TTM Technologies, Inc.* | 160,048 | ||||||
182,313 | Vishay Intertechnology, Inc. | 3,396,491 | ||||||
43,659 | Vishay Precision Group, Inc.* | 1,362,597 | ||||||
|
|
|||||||
15,794,248 | ||||||||
|
|
|||||||
Energy Equipment & Services 0.7% | ||||||||
230,450 | Helix Energy Solutions Group, Inc.* | 947,149 | ||||||
38,526 | Liberty Energy, Inc.* | 621,810 | ||||||
4,045 | National Energy Services Reunited Corp.* | 27,061 | ||||||
39,871 | Oceaneering International, Inc.* | 451,738 | ||||||
129,768 | Oil States International, Inc.* | 877,232 | ||||||
6,961 | RPC, Inc.* | 71,977 | ||||||
33,583 | TETRA Technologies, Inc.* | 123,585 | ||||||
|
|
|||||||
3,120,552 | ||||||||
|
|
|||||||
Entertainment 1.5% | ||||||||
95,519 | AMC Entertainment Holdings, Inc., Class A*(b) | 1,461,441 | ||||||
179,359 | Cinemark Holdings, Inc.* | 2,844,634 | ||||||
95,830 | IMAX Corp.* | 1,516,030 | ||||||
54,004 | Marcus Corp. (The)* | 849,483 | ||||||
|
|
|||||||
6,671,588 | ||||||||
|
|
|||||||
Equity Real Estate Investment Trusts (REITs) 6.8% | ||||||||
44,273 | Alexander & Baldwin, Inc. REIT | 938,588 | ||||||
70,519 | Apple Hospitality REIT, Inc. REIT | 1,247,481 | ||||||
92,959 | Armada Hoffler Properties, Inc. REIT | 1,259,594 | ||||||
107,954 | CatchMark Timber Trust, Inc., Class A REIT | 886,302 | ||||||
44,540 | Chatham Lodging Trust REIT* | 639,594 | ||||||
72,601 | City Office REIT, Inc. REIT | 1,077,399 | ||||||
10,909 | EastGroup Properties, Inc. REIT | 2,045,438 | ||||||
41,424 | Empire State Realty Trust, Inc., Class A REIT | 357,903 | ||||||
50,283 | Franklin Street Properties Corp. REIT | 259,460 | ||||||
|
|
|||||||
Common Stocks (continued) | ||||||||
Equity Real Estate Investment Trusts (REITs) (continued) | ||||||||
138,010 | Independence Realty Trust, Inc. REIT | 3,762,153 | ||||||
61,303 | Industrial Logistics Properties Trust REIT | 990,657 | ||||||
41,199 | LXP Industrial Trust REIT | 517,047 | ||||||
26,017 | Macerich Co. (The) REIT | 326,513 | ||||||
64,346 | National Storage Affiliates Trust REIT | 3,641,984 | ||||||
36,560 | NexPoint Residential Trust, Inc. REIT | 3,259,690 | ||||||
123,769 | Outfront Media, Inc. REIT | 3,168,486 | ||||||
53,753 | Piedmont Office Realty Trust, Inc., Class A REIT | 865,423 | ||||||
80,389 | Retail Opportunity Investments Corp. REIT | 1,497,647 | ||||||
50,247 | RLJ Lodging Trust REIT | 704,463 | ||||||
53,612 | SITE Centers Corp. REIT | 852,431 | ||||||
22,263 | STAG Industrial, Inc. REIT | 830,855 | ||||||
10,142 | Tanger Factory Outlet Centers, Inc. REIT | 163,591 | ||||||
22,131 | Terreno Realty Corp. REIT | 1,610,030 | ||||||
4,724 | Universal Health Realty Income Trust REIT | 237,098 | ||||||
|
|
|||||||
31,139,827 | ||||||||
|
|
|||||||
Food & Staples Retailing 0.7% | ||||||||
4,328 | Chefs Warehouse, Inc. (The)* | 158,405 | ||||||
28,866 | Ingles Markets, Inc., Class A | 2,688,002 | ||||||
6,272 | PriceSmart, Inc. | 498,310 | ||||||
|
|
|||||||
3,344,717 | ||||||||
|
|
|||||||
Food Products 1.2% | ||||||||
2,547 | B&G Foods, Inc.(b) | 68,591 | ||||||
48,316 | Cal-Maine Foods, Inc. | 2,596,019 | ||||||
13,184 | Sanderson Farms, Inc. | 2,496,654 | ||||||
5,238 | Tootsie Roll Industries, Inc. | 183,487 | ||||||
|
|
|||||||
5,344,751 | ||||||||
|
|
|||||||
Gas Utilities 0.0%(a) | ||||||||
4,454 | Northwest Natural Holding Co. | 213,035 | ||||||
|
|
|||||||
Health Care Equipment & Supplies 3.1% | ||||||||
33,535 | AngioDynamics, Inc.* | 705,912 | ||||||
25,313 | Artivion, Inc.* | 513,601 | ||||||
82,897 | Avanos Medical, Inc.* | 2,417,276 | ||||||
16,861 | Cardiovascular Systems, Inc.* | 315,301 | ||||||
4,230 | CryoPort, Inc.* | 95,429 | ||||||
2,544 | Heska Corp.* | 279,433 | ||||||
2,618 | Inari Medical, Inc.* | 211,273 | ||||||
81,116 | Invacare Corp.* | 134,652 | ||||||
35,824 | LeMaitre Vascular, Inc. | 1,547,955 | ||||||
18,641 | LivaNova PLC* | 1,429,019 | ||||||
23,501 | Merit Medical Systems, Inc.* | 1,457,297 | ||||||
66,373 | Neogen Corp.* | 1,752,247 | ||||||
13,353 | Retractable Technologies, Inc.*(b) | 51,142 | ||||||
3,274 | Shockwave Medical, Inc.* | 494,800 | ||||||
18,531 | STAAR Surgical Co.* | 1,057,935 | ||||||
33,111 | Surmodics, Inc.* | 1,280,071 | ||||||
4,362 | Utah Medical Products, Inc. | 368,981 | ||||||
|
|
|||||||
14,112,324 | ||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 23 |
GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND
Schedule of Investments (continued)
April 30, 2022 (Unaudited)
Shares | Description |
Value | ||||||
Common Stocks (continued) | ||||||||
Health Care Providers & Services 4.2% | ||||||||
6,114 | Addus HomeCare Corp.* | $ | 515,288 | |||||
14,686 | AMN Healthcare Services, Inc.* | 1,435,556 | ||||||
1,144 | Apollo Medical Holdings, Inc.* | 41,733 | ||||||
75,437 | Aveanna Healthcare Holdings, Inc.* | 220,276 | ||||||
380,083 | Brookdale Senior Living, Inc.* | 2,348,913 | ||||||
72,630 | Community Health Systems, Inc.* | 557,072 | ||||||
58,333 | Covetrus, Inc.* | 804,995 | ||||||
19,183 | Cross Country Healthcare, Inc.* | 359,489 | ||||||
71,149 | Hanger, Inc.* | 1,169,690 | ||||||
25,861 | Joint Corp. (The)* | 789,278 | ||||||
2,577 | MEDNAX, Inc.* | 47,726 | ||||||
13,731 | National HealthCare Corp. | 934,532 | ||||||
104,994 | OPKO Health, Inc.* | 283,484 | ||||||
17,414 | Owens & Minor, Inc. | 618,023 | ||||||
103,418 | Patterson Cos., Inc. | 3,182,172 | ||||||
101,153 | Select Medical Holdings Corp. | 2,287,069 | ||||||
119,353 | Sharps Compliance Corp.* | 515,605 | ||||||
7,878 | Surgery Partners, Inc.* | 403,038 | ||||||
35,590 | Tenet Healthcare Corp.* | 2,580,631 | ||||||
4,019 | US Physical Therapy, Inc. | 417,052 | ||||||
|
|
|||||||
19,511,622 | ||||||||
|
|
|||||||
Health Care Technology 0.6% | ||||||||
15,000 | Allscripts Healthcare Solutions, Inc.* | 309,900 | ||||||
8,144 | Computer Programs and Systems, Inc.* | 259,956 | ||||||
17,067 | Evolent Health, Inc., Class A* | 469,684 | ||||||
7,989 | Inspire Medical Systems, Inc.* | 1,643,817 | ||||||
|
|
|||||||
2,683,357 | ||||||||
|
|
|||||||
Hotels, Restaurants & Leisure 2.2% | ||||||||
8,076 | BJs Restaurants, Inc.* | 224,432 | ||||||
1,504 | Bloomin Brands, Inc. | 33,073 | ||||||
27,527 | Chuys Holdings, Inc.* | 688,450 | ||||||
37,652 | Dave & Busters Entertainment, Inc.* | 1,713,166 | ||||||
150,806 | Drive Shack, Inc.*(b) | 185,491 | ||||||
2,149 | Hilton Grand Vacations, Inc.* | 100,638 | ||||||
8,828 | International Game Technology PLC | 192,715 | ||||||
15,202 | PlayAGS, Inc.* | 100,333 | ||||||
6,890 | RCI Hospitality Holdings, Inc. | 426,905 | ||||||
69,544 | Red Rock Resorts, Inc., Class A | 3,057,154 | ||||||
42,950 | SeaWorld Entertainment, Inc.* | 2,896,548 | ||||||
3,530 | Shake Shack, Inc., Class A* | 204,140 | ||||||
7,998 | Sweetgreen, Inc., Class A*(b) | 215,946 | ||||||
|
|
|||||||
10,038,991 | ||||||||
|
|
|||||||
Household Durables 2.0% | ||||||||
15,060 | Beazer Homes USA, Inc.* | 227,105 | ||||||
1,025 | Cavco Industries, Inc.* | 242,156 | ||||||
1,988 | Ethan Allen Interiors, Inc. | 47,195 | ||||||
69,988 | GoPro, Inc., Class A* | 624,293 | ||||||
2,570 | Green Brick Partners, Inc.* | 50,629 | ||||||
7,625 | Installed Building Products, Inc. | 613,584 | ||||||
24,360 | LGI Homes, Inc.* | 2,282,776 | ||||||
33,583 | M/I Homes, Inc.* | 1,487,055 | ||||||
19,336 | Meritage Homes Corp.* | 1,596,187 | ||||||
3,958 | Skyline Champion Corp.* | 202,016 | ||||||
85,862 | Tri Pointe Homes, Inc.* | 1,774,767 | ||||||
|
|
|||||||
9,147,763 | ||||||||
|
|
|||||||
Common Stocks (continued) | ||||||||
Household Products 0.4% | ||||||||
10,129 | WD-40 Co. | 1,863,533 | ||||||
|
|
|||||||
Independent Power and Renewable Electricity Producers 0.0%(a) | ||||||||
3,095 | Clearway Energy, Inc., Class C | 94,491 | ||||||
1,236 | Ormat Technologies, Inc. | 96,037 | ||||||
|
|
|||||||
190,528 | ||||||||
|
|
|||||||
Insurance 4.8% | ||||||||
94,864 | American Equity Investment Life Holding Co. | 3,578,270 | ||||||
28,132 | AMERISAFE, Inc. | 1,303,918 | ||||||
65,820 | Argo Group International Holdings Ltd. | 2,817,096 | ||||||
79,754 | BRP Group, Inc., Class A* | 1,843,912 | ||||||
54,970 | Employers Holdings, Inc. | 2,162,520 | ||||||
497,238 | Genworth Financial, Inc., Class A* | 1,844,753 | ||||||
29,499 | Goosehead Insurance, Inc., Class A | 1,695,897 | ||||||
143 | Kinsale Capital Group, Inc. | 31,702 | ||||||
1,889 | National Western Life Group, Inc., Class A | 375,458 | ||||||
19,375 | Palomar Holdings, Inc.* | 1,054,969 | ||||||
23,114 | RLI Corp. | 2,653,025 | ||||||
50,232 | Stewart Information Services Corp. | 2,591,971 | ||||||
|
|
|||||||
21,953,491 | ||||||||
|
|
|||||||
Interactive Media & Services 0.4% | ||||||||
18,490 | Cargurus, Inc.* | 604,253 | ||||||
47,008 | Eventbrite, Inc., Class A* | 497,345 | ||||||
68,181 | fuboTV, Inc.*(b) | 258,406 | ||||||
36,416 | Liberty TripAdvisor Holdings, Inc., Class A* | 54,624 | ||||||
48,141 | QuinStreet, Inc.* | 457,821 | ||||||
|
|
|||||||
1,872,449 | ||||||||
|
|
|||||||
Internet & Direct Marketing Retail 0.5% | ||||||||
14,866 | 1-800-Flowers.com, Inc., Class A* | 151,633 | ||||||
57,832 | aka Brands Holding Corp.* | 204,147 | ||||||
40,249 | CarParts.com, Inc.* | 241,092 | ||||||
12,091 | Lands End, Inc.* | 169,516 | ||||||
29,729 | Liquidity Services, Inc.* | 428,692 | ||||||
13,727 | Overstock.com, Inc.* | 460,678 | ||||||
13,981 | PetMed Express, Inc.(b) | 306,184 | ||||||
9,496 | Revolve Group, Inc.* | 401,301 | ||||||
3,989 | Xometry, Inc., Class A*(b) | 130,919 | ||||||
|
|
|||||||
2,494,162 | ||||||||
|
|
|||||||
IT Services 2.7% | ||||||||
40,193 | Brightcove, Inc.* | 283,361 | ||||||
153,921 | Conduent, Inc.* | 866,575 | ||||||
57,499 | EVERTEC, Inc. (Puerto Rico) | 2,265,461 | ||||||
38,269 | Evo Payments, Inc., Class A* | 862,201 | ||||||
19,796 | ExlService Holdings, Inc.* | 2,695,225 | ||||||
12,310 | Hackett Group, Inc. (The) | 289,162 | ||||||
22,767 | I3 Verticals, Inc., Class A* | 624,954 | ||||||
27,232 | Perficient, Inc.* | 2,707,133 | ||||||
102,070 | Rackspace Technology, Inc.* | 1,009,472 | ||||||
4,780 | Tucows, Inc., Class A*(b) | 275,424 | ||||||
40,487 | Unisys Corp.* | 575,320 | ||||||
|
|
|||||||
12,454,288 | ||||||||
|
|
24 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND
Shares | Description |
Value | ||||||
Common Stocks (continued) | ||||||||
Leisure Products 0.1% | ||||||||
25,886 | Latham Group, Inc.* | $ | 310,632 | |||||
30,779 | Solo Brands, Inc., Class A*(b) | 183,751 | ||||||
|
|
|||||||
494,383 | ||||||||
|
|
|||||||
Life Sciences Tools & Services 1.3% | ||||||||
5,996 | Berkeley Lights, Inc.* | 29,830 | ||||||
102,609 | Codexis, Inc.* | 1,234,386 | ||||||
65,757 | Cytek Biosciences, Inc.* | 621,404 | ||||||
5,527 | Inotiv, Inc.* | 78,760 | ||||||
40,125 | MaxCyte, Inc.* | 222,292 | ||||||
22,954 | Medpace Holdings, Inc.* | 3,065,966 | ||||||
21,896 | NanoString Technologies, Inc.* | 411,207 | ||||||
61,355 | Pacific Biosciences of California, Inc.* | 388,991 | ||||||
|
|
|||||||
6,052,836 | ||||||||
|
|
|||||||
Machinery 2.3% | ||||||||
1,597 | CIRCOR International, Inc.* | 31,381 | ||||||
14,346 | Douglas Dynamics, Inc. | 444,152 | ||||||
16,483 | Enerpac Tool Group Corp. | 330,978 | ||||||
113,140 | Kennametal, Inc. | 2,911,092 | ||||||
4,470 | Miller Industries, Inc. | 119,841 | ||||||
60,185 | Mueller Industries, Inc. | 3,259,018 | ||||||
10,078 | Nikola Corp.*(b) | 72,360 | ||||||
88,346 | Terex Corp. | 3,003,764 | ||||||
25,030 | Titan International, Inc.* | 346,916 | ||||||
7,831 | Trinity Industries, Inc. | 217,232 | ||||||
|
|
|||||||
10,736,734 | ||||||||
|
|
|||||||
Marine 1.8% | ||||||||
176,909 | Costamare, Inc. (Monaco) | 2,372,349 | ||||||
22,479 | Eagle Bulk Shipping, Inc. | 1,399,093 | ||||||
73,157 | Genco Shipping & Trading Ltd. | 1,611,649 | ||||||
16,314 | Matson, Inc. | 1,403,330 | ||||||
391,780 | Safe Bulkers, Inc. (Greece) | 1,610,216 | ||||||
|
|
|||||||
8,396,637 | ||||||||
|
|
|||||||
Media 0.8% | ||||||||
153,809 | Clear Channel Outdoor Holdings, Inc.* | 378,370 | ||||||
1,248 | Daily Journal Corp.* | 320,923 | ||||||
34,890 | EW Scripps Co. (The), Class A* | 574,289 | ||||||
59,944 | Gray Television, Inc. | 1,110,163 | ||||||
11,472 | Hemisphere Media Group, Inc.* | 44,626 | ||||||
22,936 | iHeartMedia, Inc., Class A* | 366,747 | ||||||
12,915 | TechTarget, Inc.* | 869,309 | ||||||
|
|
|||||||
3,664,427 | ||||||||
|
|
|||||||
Metals & Mining 1.1% | ||||||||
35,463 | Coeur Mining, Inc.* | 128,731 | ||||||
25,512 | Constellium SE* | 425,795 | ||||||
2,246 | Haynes International, Inc. | 87,774 | ||||||
76,554 | Novagold Resources, Inc. (Canada)* | 476,166 | ||||||
11,565 | Ryerson Holding Corp. | 425,708 | ||||||
175,279 | SunCoke Energy, Inc. | 1,458,321 | ||||||
2,638 | TimkenSteel Corp.* | 54,527 | ||||||
56,549 | Warrior Met Coal, Inc. | 1,926,624 | ||||||
|
|
|||||||
4,983,646 | ||||||||
|
|
|||||||
Common Stocks (continued) | ||||||||
Mortgage Real Estate Investment Trusts (REITs) 1.3% | ||||||||
39,998 | Blackstone Mortgage Trust, Inc., Class A REIT | 1,201,540 | ||||||
15,002 | BrightSpire Capital, Inc. REIT | 127,517 | ||||||
168,245 | Chimera Investment Corp. REIT | 1,685,815 | ||||||
27,731 | Great Ajax Corp. REIT | 258,175 | ||||||
27,138 | Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT | 1,085,249 | ||||||
41,115 | Ladder Capital Corp. REIT | 468,300 | ||||||
124,446 | TPG RE Finance Trust, Inc. REIT | 1,312,905 | ||||||
|
|
|||||||
6,139,501 | ||||||||
|
|
|||||||
Multiline Retail 0.4% | ||||||||
1,865 | Dillards, Inc., Class A | 566,606 | ||||||
50,335 | Macys, Inc. | 1,216,597 | ||||||
|
|
|||||||
1,783,203 | ||||||||
|
|
|||||||
Multi-Utilities 0.0%(a) | ||||||||
3,368 | Avista Corp. | 136,640 | ||||||
|
|
|||||||
Oil, Gas & Consumable Fuels 5.4% | ||||||||
75,128 | Antero Resources Corp.* | 2,644,506 | ||||||
21,233 | Callon Petroleum Co.* | 1,088,616 | ||||||
106,516 | Centennial Resource Development, Inc., Class A* | 824,434 | ||||||
6,586 | Comstock Resources, Inc.* | 112,160 | ||||||
1,630 | CONSOL Energy, Inc.* | 77,506 | ||||||
109,850 | Kosmos Energy Ltd. (Ghana)* | 742,586 | ||||||
15,913 | Laredo Petroleum, Inc.* | 1,133,165 | ||||||
90,437 | Magnolia Oil & Gas Corp., Class A | 2,101,756 | ||||||
34,744 | Matador Resources Co. | 1,696,202 | ||||||
38,761 | Murphy Oil Corp. | 1,476,019 | ||||||
5,002 | Oasis Petroleum, Inc. | 663,565 | ||||||
65,790 | Ovintiv, Inc. | 3,367,790 | ||||||
10,008 | PBF Energy, Inc., Class A* | 290,832 | ||||||
8,332 | PDC Energy, Inc. | 581,074 | ||||||
6,988 | Peabody Energy Corp.* | 158,208 | ||||||
123,381 | Range Resources Corp.* | 3,694,027 | ||||||
10,357 | Ranger Oil Corp., Class A* | 329,870 | ||||||
2,459 | REX American Resources Corp.* | 208,105 | ||||||
90,334 | SM Energy Co. | 3,209,567 | ||||||
8,635 | Talos Energy, Inc.* | 156,898 | ||||||
20,465 | Tellurian, Inc.* | 101,916 | ||||||
66,826 | W&T Offshore, Inc.* | 318,092 | ||||||
|
|
|||||||
24,976,894 | ||||||||
|
|
|||||||
Personal Products 0.1% | ||||||||
2,426 | Medifast, Inc. | 432,701 | ||||||
|
|
|||||||
Pharmaceuticals 2.0% | ||||||||
169,718 | Amneal Pharmaceuticals, Inc.* | 655,111 | ||||||
30,645 | Amphastar Pharmaceuticals, Inc.* | 1,086,978 | ||||||
3,270 | Axsome Therapeutics, Inc.* | 103,823 | ||||||
1,342 | Cassava Sciences, Inc.*(b) | 28,008 | ||||||
150,360 | Endo International PLC* | 300,720 | ||||||
47,929 | Innoviva, Inc.* | 817,669 | ||||||
115,468 | Phibro Animal Health Corp., Class A | 2,077,269 | ||||||
51,348 | Prestige Consumer Healthcare, Inc.* | 2,806,682 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 25 |
GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND
Schedule of Investments (continued)
April 30, 2022 (Unaudited)
Shares | Description |
Value | ||||||
Common Stocks (continued) | ||||||||
Pharmaceuticals (continued) | ||||||||
54,899 | Supernus Pharmaceuticals, Inc.* | $ | 1,531,682 | |||||
|
|
|||||||
9,407,942 | ||||||||
|
|
|||||||
Professional Services 0.9% | ||||||||
4,889 | Barrett Business Services, Inc. | 351,861 | ||||||
3,771 | Exponent, Inc. | 361,300 | ||||||
14,932 | Forrester Research, Inc.* | 831,563 | ||||||
5,007 | Franklin Covey Co.* | 200,630 | ||||||
18,726 | Heidrick & Struggles International, Inc. | 598,483 | ||||||
2,200 | Huron Consulting Group, Inc.* | 113,916 | ||||||
3,167 | Insperity, Inc. | 335,860 | ||||||
16,240 | Korn Ferry | 997,786 | ||||||
3,393 | ManTech International Corp., Class A | 272,594 | ||||||
|
|
|||||||
4,063,993 | ||||||||
|
|
|||||||
Real Estate Management & Development 0.2% | ||||||||
15,563 | St. Joe Co. (The) | 828,107 | ||||||
|
|
|||||||
Road & Rail 1.0% | ||||||||
2,350 | ArcBest Corp. | 169,576 | ||||||
6,875 | Avis Budget Group, Inc.* | 1,840,231 | ||||||
4,666 | Heartland Express, Inc. | 64,391 | ||||||
37,887 | Marten Transport Ltd. | 658,476 | ||||||
8,433 | Saia, Inc.* | 1,736,861 | ||||||
|
|
|||||||
4,469,535 | ||||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment 3.2% | ||||||||
47,702 | Amkor Technology, Inc. | 897,275 | ||||||
24,360 | Axcelis Technologies, Inc.* | 1,326,402 | ||||||
53,888 | Cohu, Inc.* | 1,431,265 | ||||||
4,060 | Credo Technology Group Holding Ltd.*(b) | 44,822 | ||||||
22,873 | Diodes, Inc.* | 1,670,415 | ||||||
34,350 | FormFactor, Inc.* | 1,309,079 | ||||||
17,529 | Kulicke & Soffa Industries, Inc. (Singapore) | 813,521 | ||||||
47,044 | Lattice Semiconductor Corp.* | 2,259,994 | ||||||
27,866 | MaxLinear, Inc.* | 1,333,946 | ||||||
14,342 | Power Integrations, Inc. | 1,147,360 | ||||||
22,769 | Semtech Corp.* | 1,357,032 | ||||||
18,908 | Ultra Clean Holdings, Inc.* | 589,362 | ||||||
19,039 | Veeco Instruments, Inc.* | 436,374 | ||||||
|
|
|||||||
14,616,847 | ||||||||
|
|
|||||||
Software 6.0% | ||||||||
64,211 | A10 Networks, Inc. | 916,933 | ||||||
79,611 | ACI Worldwide, Inc.* | 2,198,856 | ||||||
25,273 | Alarm.com Holdings, Inc.* | 1,543,675 | ||||||
20,291 | Altair Engineering, Inc., Class A* | 1,102,207 | ||||||
5,313 | American Software, Inc., Class A | 90,852 | ||||||
48,592 | CommVault Systems, Inc.* | 2,964,112 | ||||||
5,550 | Domo, Inc., Class B* | 229,881 | ||||||
183,594 | E2open Parent Holdings, Inc.* | 1,421,018 | ||||||
5,817 | Ebix, Inc. | 173,347 | ||||||
22,810 | Envestnet, Inc.* | 1,816,588 | ||||||
5,182 | Marathon Digital Holdings, Inc.*(b) | 80,839 | ||||||
1,265 | MicroStrategy, Inc., Class A*(b) | 448,025 | ||||||
|
|
|||||||
Common Stocks (continued) | ||||||||
Software (continued) | ||||||||
27,112 | Mimecast Ltd.* | 2,160,284 | ||||||
44,655 | PagerDuty, Inc.* | 1,275,793 | ||||||
17,655 | Q2 Holdings, Inc.* | 913,293 | ||||||
1,158 | Qualys, Inc.* | 157,812 | ||||||
18,972 | Rapid7, Inc.* | 1,812,206 | ||||||
65,141 | Rimini Street, Inc.* | 375,212 | ||||||
51,510 | Sapiens International Corp. NV (Israel)* | 1,197,092 | ||||||
21,047 | SPS Commerce, Inc.* | 2,517,853 | ||||||
42,127 | Telos Corp.* | 328,169 | ||||||
7,306 | Tenable Holdings, Inc.* | 403,510 | ||||||
46,584 | Upland Software, Inc.* | 695,033 | ||||||
11,544 | Workiva, Inc.* | 1,114,112 | ||||||
146,929 | Yext, Inc.* | 850,719 | ||||||
82,945 | Zuora, Inc., Class A* | 1,009,441 | ||||||
|
|
|||||||
27,796,862 | ||||||||
|
|
|||||||
Specialty Retail 3.2% | ||||||||
14,095 | Arko Corp. | 130,661 | ||||||
3,731 | Bed Bath & Beyond, Inc.*(b) | 50,779 | ||||||
9,637 | Big 5 Sporting Goods Corp.(b) | 139,447 | ||||||
20,448 | Boot Barn Holdings, Inc.* | 1,841,547 | ||||||
74,976 | Buckle, Inc. (The) | 2,328,755 | ||||||
4,339 | Cato Corp. (The), Class A | 58,793 | ||||||
17,098 | Designer Brands, Inc., Class A | 236,294 | ||||||
19,341 | Group 1 Automotive, Inc. | 3,368,042 | ||||||
16,159 | Murphy USA, Inc. | 3,774,742 | ||||||
131,080 | Party City Holdco, Inc.* | 405,037 | ||||||
11,580 | Rent-A-Center, Inc. | 279,310 | ||||||
14,737 | Shoe Carnival, Inc. | 444,910 | ||||||
17,810 | Sonic Automotive, Inc., Class A | 757,815 | ||||||
20,768 | TravelCenters of America, Inc.* | 789,392 | ||||||
|
|
|||||||
14,605,524 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals 0.1% | ||||||||
69,862 | Diebold Nixdorf, Inc.* | 286,434 | ||||||
17,475 | Eastman Kodak Co.*(b) | 90,346 | ||||||
|
|
|||||||
376,780 | ||||||||
|
|
|||||||
Textiles, Apparel & Luxury Goods 1.2% | ||||||||
19,581 | Crocs, Inc.* | 1,300,766 | ||||||
34,895 | Fossil Group, Inc.* | 344,763 | ||||||
40,807 | G-III Apparel Group Ltd.* | 1,080,569 | ||||||
10,968 | Kontoor Brands, Inc. | 435,759 | ||||||
3,770 | Movado Group, Inc. | 135,607 | ||||||
49,408 | Steven Madden Ltd. | 2,028,692 | ||||||
|
|
|||||||
5,326,156 | ||||||||
|
|
|||||||
Thrifts & Mortgage Finance 1.1% | ||||||||
4,716 | Bridgewater Bancshares, Inc.* | 75,551 | ||||||
268,467 | Capitol Federal Financial, Inc. | 2,585,337 | ||||||
10,527 | Essent Group Ltd. | 426,659 | ||||||
3,912 | Home Bancorp, Inc. | 149,947 | ||||||
46,614 | Merchants Bancorp | 1,096,361 | ||||||
3,658 | Mr Cooper Group, Inc.* | 164,500 | ||||||
17,823 | TrustCo Bank Corp. | 555,187 | ||||||
|
|
|||||||
5,053,542 | ||||||||
|
|
26 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND
Shares | Description |
Value | ||||||
Common Stocks (continued) | ||||||||
Tobacco 0.2% | ||||||||
63,448 | Vector Group Ltd. | $ | 807,059 | |||||
|
|
|||||||
Trading Companies & Distributors 1.8% | ||||||||
9,990 | GMS, Inc.* | 479,020 | ||||||
51,576 | H&E Equipment Services, Inc. | 1,829,916 | ||||||
6,862 | Herc Holdings, Inc. | 877,101 | ||||||
21,749 | McGrath RentCorp | 1,815,171 | ||||||
179,731 | MRC Global, Inc.* | 2,154,975 | ||||||
21,244 | NOW, Inc.* | 231,560 | ||||||
39,715 | Titan Machinery, Inc.* | 936,480 | ||||||
|
|
|||||||
8,324,223 | ||||||||
|
|
|||||||
Water Utilities 0.1% | ||||||||
3,413 | American States Water Co. | 268,467 | ||||||
|
|
|||||||
Wireless Telecommunication Services 0.2% | ||||||||
53,067 | Gogo, Inc.*(b) | 976,963 | ||||||
|
|
|||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $478,656,816) | $ | 454,918,190 | ||||||
|
|
|||||||
|
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE |
| ||||||
(Cost $478,656,816) | $ | 454,918,190 | ||||||
|
|
Shares | Dividend Rate |
Value | ||||||
Securities Lending Reinvestment Vehicle 1.2%(c) | ||||||||
Goldman Sachs Financial Square Government Fund Institutional Shares |
| |||||||
5,346,284 |
0.317 | % | $ | 5,346,284 | ||||
(Cost $5,346,284) |
|
|||||||
|
||||||||
TOTAL INVESTMENTS 100.1% |
| |||||||
(Cost $484,003,100) |
|
$ | 460,264,474 | |||||
|
||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS (0.1)% |
|
(240,333 | ) | |||||
|
||||||||
NET ASSETS 100.0% |
|
$ | 460,024,141 | |||||
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
* |
Non-income producing security. | |
(a) |
Less than 0.05% | |
(b) |
All or a portion of security is on loan. | |
(c) |
Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
PLC |
Public Limited Company | |
REIT |
Real Estate Investment Trust | |
|
The accompanying notes are an integral part of these financial statements. | 27 |
GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND
Schedule of Investments
April 30, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks 99.2% | ||||||||
Aerospace & Defense 0.1% | ||||||||
2,599 | Vectrus, Inc.* | $ | 93,824 | |||||
|
|
|||||||
Auto Components 0.8% | ||||||||
10,302 | Fox Factory Holding Corp.* | 843,528 | ||||||
2,563 | Patrick Industries, Inc. | 159,547 | ||||||
2,350 | Visteon Corp.* | 246,068 | ||||||
|
|
|||||||
1,249,143 | ||||||||
|
|
|||||||
Automobiles 0.1% | ||||||||
13,667 | Fisker, Inc.*(a) | 137,490 | ||||||
|
|
|||||||
Banks 2.0% | ||||||||
2,101 | Bancorp, Inc. (The)* | 47,672 | ||||||
8,871 | Central Pacific Financial Corp. | 214,501 | ||||||
1,186 | Columbia Banking System, Inc. | 33,303 | ||||||
11,177 | CrossFirst Bankshares, Inc.* | 143,177 | ||||||
4,272 | First BanCorp. (Puerto Rico) | 58,142 | ||||||
19,564 | First Financial Bankshares, Inc. | 782,169 | ||||||
2,026 | Hanmi Financial Corp. | 46,902 | ||||||
11,436 | Hilltop Holdings, Inc. | 291,504 | ||||||
22,359 | International Bancshares Corp. | 889,664 | ||||||
4,438 | Origin Bancorp, Inc. | 167,224 | ||||||
3,319 | Silvergate Capital Corp., Class A* | 388,190 | ||||||
624 | Southern First Bancshares, Inc.* | 28,517 | ||||||
1,807 | Texas Capital Bancshares, Inc.* | 92,807 | ||||||
|
|
|||||||
3,183,772 | ||||||||
|
|
|||||||
Beverages 0.7% | ||||||||
2,454 | Coca-Cola Consolidated, Inc. | 1,083,441 | ||||||
1,267 | National Beverage Corp. | 55,849 | ||||||
|
|
|||||||
1,139,290 | ||||||||
|
|
|||||||
Biotechnology 10.8% | ||||||||
46,598 | ACADIA Pharmaceuticals, Inc.* | 859,267 | ||||||
1,171 | Albireo Pharma, Inc.* | 37,261 | ||||||
27,374 | Aldeyra Therapeutics, Inc.* | 84,038 | ||||||
24,100 | Alector, Inc.* | 231,360 | ||||||
11,346 | Aligos Therapeutics, Inc.* | 13,388 | ||||||
56,248 | Alkermes PLC* | 1,622,755 | ||||||
16,589 | ALX Oncology Holdings, Inc.* | 212,007 | ||||||
103,449 | Amicus Therapeutics, Inc.* | 732,419 | ||||||
14,223 | Anavex Life Sciences Corp.* | 122,176 | ||||||
9,220 | Apellis Pharmaceuticals, Inc.* | 401,347 | ||||||
32,927 | Arrowhead Pharmaceuticals, Inc.* | 1,353,629 | ||||||
20,741 | Avid Bioservices, Inc.* | 279,174 | ||||||
10,824 | Beam Therapeutics, Inc.* | 406,225 | ||||||
12,008 | Beyondspring, Inc.* | 18,252 | ||||||
5,664 | BioCryst Pharmaceuticals, Inc.* | 52,619 | ||||||
919 | Biohaven Pharmaceutical Holding Co. Ltd.* | 81,947 | ||||||
18,759 | Bioxcel Therapeutics, Inc.*(a) | 245,930 | ||||||
11,381 | Bridgebio Pharma, Inc.* | 91,276 | ||||||
10,134 | C4 Therapeutics, Inc.* | 86,848 | ||||||
12,581 | CareDx, Inc.* | 382,966 | ||||||
2,326 | Catalyst Pharmaceuticals, Inc.* | 17,724 | ||||||
20,099 | Denali Therapeutics, Inc.* | 478,356 | ||||||
75,881 | Dynavax Technologies Corp.* | 670,029 | ||||||
|
|
|||||||
Common Stocks (continued) | ||||||||
Biotechnology (continued) | ||||||||
8,183 | Eagle Pharmaceuticals, Inc.* | 361,116 | ||||||
30,389 | Erasca, Inc.*(a) | 221,232 | ||||||
8,427 | Fate Therapeutics, Inc.* | 240,675 | ||||||
9,336 | Global Blood Therapeutics, Inc.* | 286,615 | ||||||
26,981 | Halozyme Therapeutics, Inc.* | 1,076,542 | ||||||
106,433 | Heron Therapeutics, Inc.* | 481,077 | ||||||
3,718 | IGM Biosciences, Inc.* | 62,239 | ||||||
8,343 | Inhibrx, Inc.* | 132,237 | ||||||
17,528 | Insmed, Inc.* | 385,090 | ||||||
10,116 | Intellia Therapeutics, Inc.* | 495,987 | ||||||
36,791 | Intercept Pharmaceuticals, Inc.*(a) | 577,987 | ||||||
13,119 | Ironwood Pharmaceuticals, Inc.* | 157,428 | ||||||
16,201 | KalVista Pharmaceuticals, Inc.* | 206,239 | ||||||
3,672 | Karuna Therapeutics, Inc.* | 409,281 | ||||||
22,907 | Karyopharm Therapeutics, Inc.* | 139,733 | ||||||
9,653 | Kezar Life Sciences, Inc.* | 114,678 | ||||||
11,851 | Kodiak Sciences, Inc.* | 71,343 | ||||||
1,230 | Kymera Therapeutics, Inc.* | 38,561 | ||||||
2,614 | Madrigal Pharmaceuticals, Inc.* | 182,980 | ||||||
22,519 | MannKind Corp.* | 70,484 | ||||||
67,216 | Organogenesis Holdings, Inc.* | 432,871 | ||||||
101,213 | Precision BioSciences, Inc.* | 201,414 | ||||||
11,896 | Protagonist Therapeutics, Inc.* | 108,135 | ||||||
8,871 | Prothena Corp. PLC (Ireland)* | 258,678 | ||||||
50,285 | Puma Biotechnology, Inc.* | 118,673 | ||||||
53,009 | Radius Health, Inc.* | 362,582 | ||||||
3,192 | Rhythm Pharmaceuticals, Inc.* | 19,982 | ||||||
11,528 | Rubius Therapeutics, Inc.* | 19,136 | ||||||
30,768 | Seres Therapeutics, Inc.* | 145,533 | ||||||
5,765 | SpringWorks Therapeutics, Inc.* | 247,376 | ||||||
3,985 | Twist Bioscience Corp.* | 114,927 | ||||||
36,603 | Vanda Pharmaceuticals, Inc.* | 363,102 | ||||||
5,090 | Vericel Corp.* | 145,065 | ||||||
12,481 | Vir Biotechnology, Inc.* | 253,988 | ||||||
54,561 | VistaGen Therapeutics, Inc.* | 69,292 | ||||||
7,224 | Xencor, Inc.* | 180,456 | ||||||
11,447 | Zentalis Pharmaceuticals, Inc.* | 303,574 | ||||||
|
|
|||||||
17,537,301 | ||||||||
|
|
|||||||
Building Products 0.4% | ||||||||
1,918 | CSW Industrials, Inc. | 202,368 | ||||||
5,792 | UFP Industries, Inc. | 448,127 | ||||||
|
|
|||||||
650,495 | ||||||||
|
|
|||||||
Capital Markets 1.7% | ||||||||
27,188 | Focus Financial Partners, Inc., Class A* | 1,072,567 | ||||||
5,312 | Houlihan Lokey, Inc. | 442,436 | ||||||
9,389 | Moelis & Co., Class A | 415,557 | ||||||
5,598 | Oppenheimer Holdings, Inc., Class A | 180,367 | ||||||
2,937 | Pzena Investment Management, Inc., Class A | 18,474 | ||||||
3,480 | Virtus Investment Partners, Inc. | 616,517 | ||||||
|
|
|||||||
2,745,918 | ||||||||
|
|
|||||||
Chemicals 1.3% | ||||||||
4,344 | Aspen Aerogels, Inc.* | 93,830 | ||||||
|
|
28 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND
Shares |
Description | Value | ||||||
Common Stocks (continued) | ||||||||
Chemicals (continued) | ||||||||
5,815 | Ingevity Corp.* | $ | 348,319 | |||||
11,566 | Innospec, Inc. | 1,102,355 | ||||||
11,347 | Livent Corp.* | 242,372 | ||||||
17,813 | Tronox Holdings PLC, Class A | 306,384 | ||||||
|
|
|||||||
2,093,260 | ||||||||
|
|
|||||||
Commercial Services & Supplies 1.2% | ||||||||
6,763 | Casella Waste Systems, Inc., Class A* | 556,189 | ||||||
4,950 | Cimpress PLC (Ireland)* | 250,025 | ||||||
3,417 | Healthcare Services Group, Inc. | 58,397 | ||||||
29,338 | Heritage-Crystal Clean, Inc.* | 800,927 | ||||||
8,079 | Pitney Bowes, Inc. | 42,576 | ||||||
1,924 | Tetra Tech, Inc. | 267,975 | ||||||
|
|
|||||||
1,976,089 | ||||||||
|
|
|||||||
Communications Equipment 0.5% | ||||||||
14,654 | Cambium Networks Corp.* | 223,767 | ||||||
14,310 | Casa Systems, Inc.* | 70,119 | ||||||
7,874 | Clearfield, Inc.* | 458,503 | ||||||
1,031 | Harmonic, Inc.* | 8,557 | ||||||
|
|
|||||||
760,946 | ||||||||
|
|
|||||||
Construction & Engineering 1.5% | ||||||||
9,710 | Dycom Industries, Inc.* | 824,476 | ||||||
5,458 | Fluor Corp.* | 135,086 | ||||||
44,391 | WillScot Mobile Mini Holdings Corp.* | 1,558,124 | ||||||
|
|
|||||||
2,517,686 | ||||||||
|
|
|||||||
Consumer Finance 0.3% | ||||||||
3,246 | Atlanticus Holdings Corp.* | 139,708 | ||||||
6,787 | Regional Management Corp. | 292,180 | ||||||
|
|
|||||||
431,888 | ||||||||
|
|
|||||||
Diversified Financial Services 0.0%(b) | ||||||||
2,997 | Banco Latinoamericano de Comercio Exterior SA, Class E (Panama) | 43,427 | ||||||
|
|
|||||||
Diversified Telecommunication Services 0.5% | ||||||||
193,417 | Globalstar, Inc.*(a) | 224,364 | ||||||
15,609 | Iridium Communications, Inc.* | 557,397 | ||||||
|
|
|||||||
781,761 | ||||||||
|
|
|||||||
Electrical Equipment 1.7% | ||||||||
7,482 | Atkore, Inc.* | 719,020 | ||||||
1,439 | Blink Charging Co.*(a) | 27,485 | ||||||
18,582 | Bloom Energy Corp., Class A* | 344,882 | ||||||
9,834 | Encore Wire Corp. | 1,109,373 | ||||||
31,446 | FTC Solar, Inc.* | 88,049 | ||||||
24,363 | FuelCell Energy, Inc.*(a) | 99,401 | ||||||
20,837 | GrafTech International Ltd. | 189,200 | ||||||
6,177 | Stem, Inc.* | 44,289 | ||||||
2,107 | Vicor Corp.* | 127,516 | ||||||
|
|
|||||||
2,749,215 | ||||||||
|
|
|||||||
Electronic Equipment, Instruments & Components 1.7% | ||||||||
4,550 | Arlo Technologies, Inc.* | 35,217 | ||||||
5,824 | Badger Meter, Inc. | 469,939 | ||||||
|
|
|||||||
Common Stocks (continued) | ||||||||
Electronic Equipment, Instruments & Components (continued) | ||||||||
8,986 | Fabrinet (Thailand)* | 882,335 | ||||||
10,071 | Insight Enterprises, Inc.* | 1,000,755 | ||||||
5,877 | Napco Security Technologies, Inc.* | 102,847 | ||||||
2,860 | Vishay Intertechnology, Inc. | 53,282 | ||||||
6,657 | Vishay Precision Group, Inc.* | 207,765 | ||||||
|
|
|||||||
2,752,140 | ||||||||
|
|
|||||||
Energy Equipment & Services 0.4% | ||||||||
3,194 | Cactus, Inc., Class A | 159,476 | ||||||
16,939 | Helix Energy Solutions Group, Inc.* | 69,619 | ||||||
12,732 | Liberty Energy, Inc.* | 205,495 | ||||||
12,959 | Oil States International, Inc.* | 87,603 | ||||||
45,641 | TETRA Technologies, Inc.* | 167,959 | ||||||
|
|
|||||||
690,152 | ||||||||
|
|
|||||||
Entertainment 0.8% | ||||||||
80,126 | Cinemark Holdings, Inc.* | 1,270,798 | ||||||
|
|
|||||||
Equity Real Estate Investment Trusts (REITs) 3.5% | ||||||||
1,585 | Alexander & Baldwin, Inc. REIT | 33,602 | ||||||
18,500 | CatchMark Timber Trust, Inc., Class A REIT | 151,885 | ||||||
11,099 | EastGroup Properties, Inc. REIT | 2,081,062 | ||||||
29,158 | National Storage Affiliates Trust REIT | 1,650,343 | ||||||
12,173 | NexPoint Residential Trust, Inc. REIT | 1,085,345 | ||||||
20,873 | Outfront Media, Inc. REIT | 534,349 | ||||||
2,265 | Universal Health Realty Income Trust REIT | 113,680 | ||||||
|
|
|||||||
5,650,266 | ||||||||
|
|
|||||||
Food & Staples Retailing 0.1% | ||||||||
3,120 | Performance Food Group Co.* | 153,660 | ||||||
|
|
|||||||
Food Products 0.6% | ||||||||
4,905 | Sanderson Farms, Inc. | 928,860 | ||||||
|
|
|||||||
Health Care Equipment & Supplies 6.0% | ||||||||
12,041 | Artivion, Inc.* | 244,312 | ||||||
4,137 | AtriCure, Inc.* | 214,834 | ||||||
27,435 | Avanos Medical, Inc.* | 800,005 | ||||||
5,289 | Axonics, Inc.* | 274,076 | ||||||
33,749 | Cardiovascular Systems, Inc.* | 631,106 | ||||||
5,226 | CryoPort, Inc.* | 117,898 | ||||||
2,240 | Heska Corp.* | 246,042 | ||||||
6,006 | Inari Medical, Inc.* | 484,684 | ||||||
2,568 | iRadimed Corp. | 84,513 | ||||||
1,007 | iRhythm Technologies, Inc.* | 124,233 | ||||||
19,690 | LeMaitre Vascular, Inc. | 850,805 | ||||||
13,839 | LivaNova PLC* | 1,060,898 | ||||||
17,373 | Merit Medical Systems, Inc.* | 1,077,300 | ||||||
41,915 | Neogen Corp.* | 1,106,556 | ||||||
1,736 | Omnicell, Inc.* | 189,519 | ||||||
23,412 | Retractable Technologies, Inc.*(a) | 89,668 | ||||||
6,900 | Senseonics Holdings, Inc.* | 9,660 | ||||||
4,182 | Shockwave Medical, Inc.* | 632,026 | ||||||
10,430 | STAAR Surgical Co.* | 595,449 | ||||||
17,249 | Surmodics, Inc.* | 666,846 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 29 |
GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND
Schedule of Investments (continued)
April 30, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks (continued) | ||||||||
Health Care Equipment & Supplies (continued) | ||||||||
2,507 | Utah Medical Products, Inc. | $ | 212,067 | |||||
|
|
|||||||
9,712,497 | ||||||||
|
|
|||||||
Health Care Providers & Services 5.3% | ||||||||
9,593 | Accolade, Inc.* | 53,337 | ||||||
1,047 | Addus HomeCare Corp.* | 88,241 | ||||||
14,169 | Agiliti, Inc.* | 279,696 | ||||||
11,251 | AMN Healthcare Services, Inc.* | 1,099,785 | ||||||
6,490 | Apollo Medical Holdings, Inc.* | 236,755 | ||||||
73,868 | Aveanna Healthcare Holdings, Inc.* | 215,695 | ||||||
102,552 | Brookdale Senior Living, Inc.* | 633,771 | ||||||
25,324 | Community Health Systems, Inc.* | 194,235 | ||||||
65,647 | Hanger, Inc.* | 1,079,237 | ||||||
13,987 | Joint Corp. (The)* | 426,883 | ||||||
5,861 | National Research Corp. | 201,032 | ||||||
11,851 | Owens & Minor, Inc. | 420,592 | ||||||
8,881 | Patterson Cos., Inc. | 273,268 | ||||||
6,136 | Pennant Group, Inc. (The)* | 100,569 | ||||||
7,238 | PetIQ, Inc.* | 144,036 | ||||||
4,481 | Progyny, Inc.* | 172,295 | ||||||
60,566 | Select Medical Holdings Corp. | 1,369,397 | ||||||
98,409 | Sharps Compliance Corp.* | 425,127 | ||||||
8,060 | Surgery Partners, Inc.* | 412,350 | ||||||
1,285 | Tenet Healthcare Corp.* | 93,175 | ||||||
7,246 | US Physical Therapy, Inc. | 751,918 | ||||||
|
|
|||||||
8,671,394 | ||||||||
|
|
|||||||
Health Care Technology 0.9% | ||||||||
6,307 | Inspire Medical Systems, Inc.* | 1,297,728 | ||||||
8,580 | Schrodinger, Inc.* | 212,098 | ||||||
|
|
|||||||
1,509,826 | ||||||||
|
|
|||||||
Hotels, Restaurants & Leisure 3.7% | ||||||||
291 | Biglari Holdings, Inc., Class B* | 39,689 | ||||||
8,291 | BJs Restaurants, Inc.* | 230,407 | ||||||
8,350 | Bloomin Brands, Inc. | 183,616 | ||||||
10,663 | Chuys Holdings, Inc.* | 266,682 | ||||||
12,655 | Dave & Busters Entertainment, Inc.* | 575,802 | ||||||
86,221 | Drive Shack, Inc.* | 106,052 | ||||||
18,847 | Everi Holdings, Inc.* | 327,184 | ||||||
5,656 | Full House Resorts, Inc.* | 51,187 | ||||||
11,722 | Hilton Grand Vacations, Inc.* | 548,941 | ||||||
11,353 | International Game Technology PLC | 247,836 | ||||||
1,810 | Krispy Kreme, Inc. | 24,037 | ||||||
1,059 | Kura Sushi USA, Inc., Class A* | 53,141 | ||||||
1,262 | Life Time Group Holdings, Inc.* | 18,046 | ||||||
16,899 | ONE Group Hospitality, Inc. (The)* | 157,330 | ||||||
18,569 | PlayAGS, Inc.* | 122,555 | ||||||
8,984 | RCI Hospitality Holdings, Inc. | 556,649 | ||||||
32,429 | Red Rock Resorts, Inc., Class A | 1,425,579 | ||||||
1,739 | Ruths Hospitality Group, Inc. | 36,467 | ||||||
11,849 | SeaWorld Entertainment, Inc.* | 799,096 | ||||||
4,020 | Shake Shack, Inc., Class A* | 232,477 | ||||||
4,126 | Sweetgreen, Inc., Class A*(a) | 111,402 | ||||||
|
|
|||||||
6,114,175 | ||||||||
|
|
|||||||
Common Stocks (continued) | ||||||||
Household Durables 2.0% | ||||||||
1,113 | Cavco Industries, Inc.* | 262,946 | ||||||
58,699 | GoPro, Inc., Class A* | 523,595 | ||||||
5,423 | Installed Building Products, Inc. | 436,389 | ||||||
1,999 | iRobot Corp.* | 101,249 | ||||||
12,120 | LGI Homes, Inc.* | 1,135,765 | ||||||
9,550 | Skyline Champion Corp.* | 487,432 | ||||||
14,320 | Sonos, Inc.* | 326,783 | ||||||
|
|
|||||||
3,274,159 | ||||||||
|
|
|||||||
Household Products 0.9% | ||||||||
7,762 | WD-40 Co. | 1,428,053 | ||||||
|
|
|||||||
Insurance 2.8% | ||||||||
8,169 | American Equity Investment Life Holding Co. | 308,135 | ||||||
32,272 | BRP Group, Inc., Class A* | 746,128 | ||||||
6,129 | Citizens, Inc.* | 18,326 | ||||||
10,777 | Genworth Financial, Inc., Class A* | 39,983 | ||||||
9,137 | Goosehead Insurance, Inc., Class A | 525,286 | ||||||
14,598 | Palomar Holdings, Inc.* | 794,861 | ||||||
13,082 | RLI Corp. | 1,501,552 | ||||||
12,095 | Stewart Information Services Corp. | 624,102 | ||||||
|
|
|||||||
4,558,373 | ||||||||
|
|
|||||||
Interactive Media & Services 1.0% | ||||||||
16,370 | Cargurus, Inc.* | 534,972 | ||||||
37,010 | Eventbrite, Inc., Class A* | 391,566 | ||||||
38,517 | fuboTV, Inc.*(a) | 145,979 | ||||||
101,790 | Liberty TripAdvisor Holdings, Inc., Class A* | 152,685 | ||||||
14,104 | QuinStreet, Inc.* | 134,129 | ||||||
1,936 | Yelp, Inc.* | 62,978 | ||||||
1,614 | Ziff Davis, Inc.* | 142,613 | ||||||
|
|
|||||||
1,564,922 | ||||||||
|
|
|||||||
Internet & Direct Marketing Retail 1.0% | ||||||||
11,225 | 1-800-Flowers.com, Inc., Class A* | 114,495 | ||||||
55,916 | aka Brands Holding Corp.* | 197,384 | ||||||
49,941 | CarParts.com, Inc.* | 299,147 | ||||||
14,998 | Liquidity Services, Inc.* | 216,271 | ||||||
4,852 | Lulus Fashion Lounge Holdings, Inc.*(a) | 46,773 | ||||||
8,621 | Overstock.com, Inc.* | 289,321 | ||||||
6,562 | PetMed Express, Inc.(a) | 143,708 | ||||||
13,905 | RealReal, Inc. (The)* | 75,365 | ||||||
2,712 | Revolve Group, Inc.* | 114,609 | ||||||
1,438 | Shutterstock, Inc. | 108,885 | ||||||
1,848 | Xometry, Inc., Class A*(a) | 60,651 | ||||||
|
|
|||||||
1,666,609 | ||||||||
|
|
|||||||
IT Services 3.6% | ||||||||
8,341 | BigCommerce Holdings, Inc.Series 1* | 149,054 | ||||||
17,865 | Brightcove, Inc.* | 125,948 | ||||||
25,607 | EVERTEC, Inc. (Puerto Rico) | 1,008,916 | ||||||
13,249 | Evo Payments, Inc., Class A* | 298,500 | ||||||
10,600 | ExlService Holdings, Inc.* | 1,443,190 | ||||||
4,807 | Hackett Group, Inc. (The) | 112,916 | ||||||
|
|
30 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND
Shares |
Description | Value | ||||||
Common Stocks (continued) | ||||||||
IT Services (continued) | ||||||||
26,461 | I3 Verticals, Inc., Class A* | $ | 726,355 | |||||
11,382 | Perficient, Inc.* | 1,131,485 | ||||||
40,372 | Rackspace Technology, Inc.* | 399,279 | ||||||
4,136 | Tucows, Inc., Class A*(a) | 238,316 | ||||||
19,962 | Unisys Corp.* | 283,660 | ||||||
|
|
|||||||
5,917,619 | ||||||||
|
|
|||||||
Leisure Products 0.3% | ||||||||
28,345 | Latham Group, Inc.* | 340,140 | ||||||
18,843 | Solo Brands, Inc., Class A*(a) | 112,493 | ||||||
|
|
|||||||
452,633 | ||||||||
|
|
|||||||
Life Sciences Tools & Services 1.8% | ||||||||
21,509 | Berkeley Lights, Inc.* | 107,007 | ||||||
60,813 | Codexis, Inc.* | 731,580 | ||||||
13,172 | Cytek Biosciences, Inc.* | 124,475 | ||||||
4,126 | Harvard Bioscience, Inc.* | 21,538 | ||||||
5,415 | Inotiv, Inc.* | 77,164 | ||||||
22,389 | MaxCyte, Inc.* | 124,035 | ||||||
11,571 | Medpace Holdings, Inc.* | 1,545,538 | ||||||
10,197 | NanoString Technologies, Inc.* | 191,500 | ||||||
13,475 | Pacific Biosciences of California, Inc.* | 85,432 | ||||||
|
|
|||||||
3,008,269 | ||||||||
|
|
|||||||
Machinery 3.3% | ||||||||
223 | Chart Industries, Inc.* | 37,647 | ||||||
11,660 | CIRCOR International, Inc.* | 229,119 | ||||||
24,964 | Douglas Dynamics, Inc. | 772,885 | ||||||
18,434 | Energy Recovery, Inc.* | 341,398 | ||||||
24,116 | Enerpac Tool Group Corp. | 484,249 | ||||||
1,676 | Evoqua Water Technologies Corp.* | 69,872 | ||||||
12,682 | Hydrofarm Holdings Group, Inc.* | 121,113 | ||||||
2,629 | John Bean Technologies Corp. | 309,933 | ||||||
946 | Kennametal, Inc. | 24,341 | ||||||
22,529 | Mueller Industries, Inc. | 1,219,945 | ||||||
22,202 | Nikola Corp.*(a) | 159,410 | ||||||
527 | Omega Flex, Inc. | 58,497 | ||||||
5,218 | Shyft Group, Inc. (The) | 132,903 | ||||||
41,182 | Terex Corp. | 1,400,188 | ||||||
|
|
|||||||
5,361,500 | ||||||||
|
|
|||||||
Marine 0.9% | ||||||||
45,787 | Costamare, Inc. (Monaco) | 614,004 | ||||||
2,469 | Eagle Bulk Shipping, Inc. | 153,670 | ||||||
4,844 | Genco Shipping & Trading Ltd. | 106,713 | ||||||
148,888 | Safe Bulkers, Inc. (Greece) | 611,930 | ||||||
|
|
|||||||
1,486,317 | ||||||||
|
|
|||||||
Media 0.7% | ||||||||
2,646 | Daily Journal Corp.* | 680,419 | ||||||
3,354 | Magnite, Inc.* | 32,366 | ||||||
7,542 | TechTarget, Inc.* | 507,652 | ||||||
|
|
|||||||
1,220,437 | ||||||||
|
|
|||||||
Metals & Mining 0.7% | ||||||||
7,268 | Coeur Mining, Inc.* | 26,383 | ||||||
|
|
|||||||
Common Stocks (continued) | ||||||||
Metals & Mining (continued) | ||||||||
9,975 | MP Materials Corp.* | 379,449 | ||||||
55,769 | Novagold Resources, Inc. (Canada)* | 346,883 | ||||||
6,845 | Ryerson Holding Corp. | 251,965 | ||||||
5,361 | Warrior Met Coal, Inc. | 182,649 | ||||||
|
|
|||||||
1,187,329 | ||||||||
|
|
|||||||
Mortgage Real Estate Investment Trusts (REITs) 0.1% | ||||||||
15,186 | TPG RE Finance Trust, Inc. REIT | 160,212 | ||||||
|
|
|||||||
Multiline Retail 0.0%(b) | ||||||||
43 | Dillards, Inc., Class A | 13,064 | ||||||
|
|
|||||||
Oil, Gas & Consumable Fuels 3.0% | ||||||||
10,518 | Callon Petroleum Co.* | 539,258 | ||||||
8,256 | Energy Fuels, Inc.*(a) | 62,002 | ||||||
89,475 | Kosmos Energy Ltd. (Ghana)* | 604,851 | ||||||
1,106 | Laredo Petroleum, Inc.* | 78,758 | ||||||
58,374 | Magnolia Oil & Gas Corp., Class A | 1,356,612 | ||||||
22,688 | Matador Resources Co. | 1,107,628 | ||||||
3,005 | Range Resources Corp.* | 89,970 | ||||||
12,911 | SM Energy Co. | 458,728 | ||||||
46,502 | Southwestern Energy Co.* | 348,765 | ||||||
42,320 | Tellurian, Inc.* | 210,754 | ||||||
|
|
|||||||
4,857,326 | ||||||||
|
|
|||||||
Personal Products 0.3% | ||||||||
2,596 | Beauty Health Co. (The)* | 34,008 | ||||||
2,915 | Medifast, Inc. | 519,919 | ||||||
|
|
|||||||
553,927 | ||||||||
|
|
|||||||
Pharmaceuticals 1.9% | ||||||||
104,460 | Amneal Pharmaceuticals, Inc.* | 403,216 | ||||||
7,820 | Amphastar Pharmaceuticals, Inc.* | 277,375 | ||||||
3,349 | Arvinas, Inc.* | 184,094 | ||||||
3,833 | Axsome Therapeutics, Inc.* | 121,698 | ||||||
4,712 | Cassava Sciences, Inc.*(a) | 98,339 | ||||||
51,045 | Durect Corp.* | 22,970 | ||||||
6,046 | Evolus, Inc.* | 67,655 | ||||||
7,678 | Intra-Cellular Therapies, Inc.* | 388,584 | ||||||
60,819 | Phibro Animal Health Corp., Class A | 1,094,134 | ||||||
8,557 | Prestige Consumer Healthcare, Inc.* | 467,726 | ||||||
|
|
|||||||
3,125,791 | ||||||||
|
|
|||||||
Professional Services 1.9% | ||||||||
2,309 | CRA International, Inc. | 190,192 | ||||||
7,748 | Exponent, Inc. | 742,336 | ||||||
5,822 | Forrester Research, Inc.* | 324,227 | ||||||
17,981 | Franklin Covey Co.* | 720,499 | ||||||
5,342 | Insperity, Inc. | 566,519 | ||||||
9,782 | KBR, Inc. | 481,568 | ||||||
|
|
|||||||
3,025,341 | ||||||||
|
|
|||||||
Real Estate Management & Development 0.7% | ||||||||
22,468 | St. Joe Co. (The) | 1,195,522 | ||||||
|
|
|||||||
Road & Rail 0.8% | ||||||||
6,333 | Saia, Inc.* | 1,304,345 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 31 |
GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND
Schedule of Investments (continued)
April 30, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks (continued) | ||||||||
Road & Rail (continued) | ||||||||
3,232 | Universal Logistics Holdings, Inc. | $ | 65,545 | |||||
|
|
|||||||
1,369,890 | ||||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment 6.1% | ||||||||
972 | Ambarella, Inc.* | 79,782 | ||||||
6,516 | Amkor Technology, Inc. | 122,566 | ||||||
17,951 | Axcelis Technologies, Inc.* | 977,432 | ||||||
16,980 | Cohu, Inc.* | 450,989 | ||||||
5,438 | Credo Technology Group Holding Ltd.*(a) | 60,036 | ||||||
17,628 | Diodes, Inc.* | 1,287,373 | ||||||
12,048 | FormFactor, Inc.* | 459,149 | ||||||
10,657 | Kulicke & Soffa Industries, Inc. (Singapore) | 494,591 | ||||||
34,353 | Lattice Semiconductor Corp.* | 1,650,318 | ||||||
21,683 | MaxLinear, Inc.* | 1,037,965 | ||||||
15,009 | Power Integrations, Inc. | 1,200,720 | ||||||
19,552 | Semtech Corp.* | 1,165,299 | ||||||
1,993 | SiTime Corp.* | 335,960 | ||||||
1,349 | Synaptics, Inc.* | 200,246 | ||||||
15,726 | Ultra Clean Holdings, Inc.* | 490,179 | ||||||
|
|
|||||||
10,012,605 | ||||||||
|
|
|||||||
Software 11.3% | ||||||||
16,222 | A10 Networks, Inc. | 231,650 | ||||||
54,196 | ACI Worldwide, Inc.* | 1,496,894 | ||||||
19,485 | Alarm.com Holdings, Inc.* | 1,190,144 | ||||||
15,320 | Altair Engineering, Inc., Class A* | 832,182 | ||||||
8,089 | American Software, Inc., Class A | 138,322 | ||||||
506 | Blackbaud, Inc.* | 29,353 | ||||||
23,796 | CommVault Systems, Inc.* | 1,451,556 | ||||||
2,223 | Digital Turbine, Inc.* | 70,358 | ||||||
4,615 | Domo, Inc., Class B* | 191,153 | ||||||
8,101 | E2open Parent Holdings, Inc.* | 62,702 | ||||||
7,907 | Envestnet, Inc.* | 629,713 | ||||||
5,250 | JFrog Ltd. (Israel)* | 109,567 | ||||||
1,164 | MicroStrategy, Inc., Class A*(a) | 412,254 | ||||||
21,442 | Mimecast Ltd.* | 1,708,499 | ||||||
26,834 | PagerDuty, Inc.* | 766,647 | ||||||
16,800 | Q2 Holdings, Inc.* | 869,064 | ||||||
5,642 | Qualys, Inc.* | 768,892 | ||||||
14,788 | Rapid7, Inc.* | 1,412,550 | ||||||
36,835 | Rimini Street, Inc.* | 212,170 | ||||||
8,295 | Riot Blockchain, Inc.*(a) | 84,111 | ||||||
31,053 | Sapiens International Corp. NV (Israel)* | 721,672 | ||||||
8,843 | Sprout Social, Inc., Class A* | 541,899 | ||||||
11,607 | SPS Commerce, Inc.* | 1,388,545 | ||||||
34,758 | Telos Corp.* | 270,765 | ||||||
9,684 | Tenable Holdings, Inc.* | 534,847 | ||||||
26,879 | Upland Software, Inc.* | 401,035 | ||||||
4,020 | Varonis Systems, Inc.* | 173,664 | ||||||
7,145 | Workiva, Inc.* | 689,564 | ||||||
65,915 | Yext, Inc.* | 381,648 | ||||||
48,300 | Zuora, Inc., Class A* | 587,811 | ||||||
|
|
|||||||
18,359,231 | ||||||||
|
|
|||||||
Common Stocks (continued) | ||||||||
Specialty Retail 4.4% | ||||||||
25,945 | Arko Corp. | 240,510 | ||||||
12,733 | Boot Barn Holdings, Inc.* | 1,146,734 | ||||||
38,143 | Buckle, Inc. (The) | 1,184,722 | ||||||
11,197 | Caleres, Inc. | 256,747 | ||||||
1,549 | Childrens Place, Inc. (The)* | 71,765 | ||||||
26,200 | Designer Brands, Inc., Class A | 362,084 | ||||||
4,848 | Group 1 Automotive, Inc. | 844,231 | ||||||
7,874 | Murphy USA, Inc. | 1,839,366 | ||||||
101,117 | Party City Holdco, Inc.* | 312,451 | ||||||
13,501 | Rent-A-Center, Inc. | 325,644 | ||||||
12,298 | Shoe Carnival, Inc. | 371,277 | ||||||
3,574 | TravelCenters of America, Inc.* | 135,848 | ||||||
|
|
|||||||
7,091,379 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals 0.1% | ||||||||
47,889 | Diebold Nixdorf, Inc.* | 196,345 | ||||||
6,087 | Eastman Kodak Co.*(a) | 31,470 | ||||||
|
|
|||||||
227,815 | ||||||||
|
|
|||||||
Textiles, Apparel & Luxury Goods 1.6% | ||||||||
11,351 | Crocs, Inc.* | 754,047 | ||||||
4,850 | Fossil Group, Inc.* | 47,918 | ||||||
788 | G-III Apparel Group Ltd.* | 20,866 | ||||||
18,338 | Kontoor Brands, Inc. | 728,569 | ||||||
25,650 | Steven Madden Ltd. | 1,053,189 | ||||||
|
|
|||||||
2,604,589 | ||||||||
|
|
|||||||
Trading Companies & Distributors 1.4% | ||||||||
231 | BlueLinx Holdings, Inc.* | 15,401 | ||||||
31,127 | H&E Equipment Services, Inc. | 1,104,386 | ||||||
6,635 | Herc Holdings, Inc. | 848,086 | ||||||
264 | McGrath RentCorp | 22,033 | ||||||
22,074 | MRC Global, Inc.* | 264,667 | ||||||
|
|
|||||||
2,254,573 | ||||||||
|
|
|||||||
Wireless Telecommunication Services 0.0%(b) | ||||||||
2,243 | Gogo, Inc.* | 41,294 | ||||||
|
|
|||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $174,429,273) | $ | 161,564,052 | ||||||
|
|
|||||||
|
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE |
| ||||||
(Cost $174,429,273) | $ | 161,564,052 | ||||||
|
|
32 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND
Shares | Dividend Rate |
Value | ||||||
Securities Lending Reinvestment Vehicle 1.9%(c) | ||||||||
Goldman Sachs Financial Square Government Fund Institutional Shares |
| |||||||
3,100,086 |
0.317 | % | $ | 3,100,086 | ||||
(Cost $3,100,086) |
| |||||||
|
||||||||
TOTAL INVESTMENTS 101.1% |
| |||||||
(Cost $177,529,359) |
|
$ | 164,664,138 | |||||
|
||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS (1.1)% |
|
(1,805,167 | ) | |||||
|
||||||||
NET ASSETS 100.0% |
|
$ | 162,858,971 | |||||
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
* |
Non-income producing security. | |
(a) |
All or a portion of security is on loan. | |
(b) |
Less than 0.05% | |
(c) |
Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
PLC |
Public Limited Company | |
REIT |
Real Estate Investment Trust | |
|
The accompanying notes are an integral part of these financial statements. | 33 |
GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND
Schedule of Investments
April 30, 2022 (Unaudited)
Shares | Description |
Value | ||||||
Common Stocks 98.6% | ||||||||
Aerospace & Defense 0.9% | ||||||||
58,240 | AAR Corp.* | $ | 2,736,115 | |||||
31,348 | Kratos Defense & Security Solutions, Inc.* | 475,549 | ||||||
25,671 | Maxar Technologies, Inc. | 826,863 | ||||||
1,478 | Moog, Inc., Class A | 118,048 | ||||||
27,070 | National Presto Industries, Inc. | 1,925,489 | ||||||
25,820 | Triumph Group, Inc.* | 581,983 | ||||||
86,439 | Vectrus, Inc.* | 3,120,448 | ||||||
|
|
|||||||
9,784,495 | ||||||||
|
|
|||||||
Air Freight & Logistics 0.1% | ||||||||
11,216 | Atlas Air Worldwide Holdings, Inc.* | 773,231 | ||||||
|
|
|||||||
Auto Components 0.3% | ||||||||
10,999 | Cooper-Standard Holdings, Inc.* | 50,705 | ||||||
267,014 | Goodyear Tire & Rubber Co. (The)* | 3,556,627 | ||||||
|
|
|||||||
3,607,332 | ||||||||
|
|
|||||||
Banks 14.4% | ||||||||
63,964 | 1st Source Corp. | 2,767,722 | ||||||
56,193 | Amalgamated Financial Corp. | 988,435 | ||||||
15,131 | Ameris Bancorp | 630,963 | ||||||
38,531 | Associated Banc-Corp. | 768,693 | ||||||
138,080 | Atlantic Union Bankshares Corp. | 4,664,342 | ||||||
203,062 | Bancorp, Inc. (The)* | 4,607,477 | ||||||
129,413 | BankUnited, Inc. | 4,858,164 | ||||||
3,141 | Business First Bancshares, Inc. | 69,605 | ||||||
219,930 | Cadence Bank | 5,507,047 | ||||||
28,428 | Camden National Corp. | 1,272,153 | ||||||
26,315 | Capital Bancorp, Inc. | 592,351 | ||||||
28,213 | Capital City Bank Group, Inc. | 722,535 | ||||||
28,364 | Capstar Financial Holdings, Inc. | 571,535 | ||||||
254,250 | Central Pacific Financial Corp. | 6,147,765 | ||||||
26,069 | Civista Bancshares, Inc. | 542,757 | ||||||
263,139 | Columbia Banking System, Inc. | 7,388,943 | ||||||
94,044 | Community Bank System, Inc. | 6,056,434 | ||||||
39,125 | Community Trust Bancorp, Inc. | 1,557,566 | ||||||
84,531 | CrossFirst Bankshares, Inc.* | 1,082,842 | ||||||
55,008 | Enterprise Financial Services Corp. | 2,429,703 | ||||||
567,229 | First BanCorp. (Puerto Rico) | 7,719,987 | ||||||
31,782 | First Bancshares, Inc. (The) | 1,023,063 | ||||||
325,568 | First Commonwealth Financial Corp. | 4,388,657 | ||||||
171,554 | First Financial Bancorp | 3,508,279 | ||||||
45,016 | First Foundation, Inc. | 1,000,256 | ||||||
6,452 | Flushing Financial Corp. | 138,718 | ||||||
16,044 | Glacier Bancorp, Inc. | 734,173 | ||||||
45,291 | Great Southern Bancorp, Inc. | 2,569,811 | ||||||
155,037 | Hancock Whitney Corp. | 7,251,080 | ||||||
293,408 | Hanmi Financial Corp. | 6,792,395 | ||||||
180,500 | HarborOne Bancorp, Inc. | 2,416,895 | ||||||
27,755 | Heartland Financial USA, Inc. | 1,214,836 | ||||||
264,698 | Hilltop Holdings, Inc. | 6,747,152 | ||||||
53,634 | Home BancShares, Inc. | 1,159,567 | ||||||
23,046 | HomeStreet, Inc. | 935,437 | ||||||
|
|
|||||||
Common Stocks (continued) | ||||||||
Banks (continued) | ||||||||
44,787 | HomeTrust Bancshares, Inc. | 1,210,593 | ||||||
491,018 | Hope Bancorp, Inc. | 7,021,557 | ||||||
93,652 | Independent Bank Corp. | 1,848,690 | ||||||
203,087 | International Bancshares Corp. | 8,080,832 | ||||||
10,686 | Macatawa Bank Corp. | 93,502 | ||||||
202,038 | OFG Bancorp (Puerto Rico) | 5,370,170 | ||||||
112,770 | Origin Bancorp, Inc. | 4,249,174 | ||||||
20,826 | Sandy Spring Bancorp, Inc. | 817,837 | ||||||
56,544 | Sierra Bancorp | 1,229,832 | ||||||
9,849 | Southern First Bancshares, Inc.* | 450,099 | ||||||
36,295 | Southside Bancshares, Inc. | 1,422,401 | ||||||
51,796 | Texas Capital Bancshares, Inc.* | 2,660,243 | ||||||
216,168 | Towne Bank | 5,959,752 | ||||||
254,066 | Trustmark Corp. | 7,083,360 | ||||||
79,429 | UMB Financial Corp. | 7,162,907 | ||||||
119,572 | United Bankshares, Inc. | 3,976,965 | ||||||
84,029 | United Community Banks, Inc. | 2,532,634 | ||||||
34,410 | Univest Financial Corp. | 867,132 | ||||||
18,687 | Veritex Holdings, Inc. | 613,868 | ||||||
|
|
|||||||
163,478,886 | ||||||||
|
|
|||||||
Beverages 0.1% | ||||||||
3,402 | Coca-Cola Consolidated, Inc. | 1,501,983 | ||||||
|
|
|||||||
Biotechnology 4.0% | ||||||||
64,820 | ACADIA Pharmaceuticals, Inc.* | 1,195,281 | ||||||
96,772 | Alkermes PLC* | 2,791,872 | ||||||
54,685 | AnaptysBio, Inc.* | 1,279,629 | ||||||
61,556 | Anika Therapeutics, Inc.* | 1,325,301 | ||||||
33,522 | Arcus Biosciences, Inc.* | 811,568 | ||||||
28,256 | Arrowhead Pharmaceuticals, Inc.* | 1,161,604 | ||||||
32,649 | Avidity Biosciences, Inc.* | 466,881 | ||||||
177,716 | BioCryst Pharmaceuticals, Inc.* | 1,650,982 | ||||||
166,734 | Cardiff Oncology, Inc.* | 223,424 | ||||||
509,710 | Catalyst Pharmaceuticals, Inc.* | 3,883,990 | ||||||
36,589 | ChemoCentryx, Inc.* | 675,433 | ||||||
150,000 | Dynavax Technologies Corp.* | 1,324,500 | ||||||
64,805 | Eagle Pharmaceuticals, Inc.* | 2,859,845 | ||||||
46,041 | Emergent BioSolutions, Inc.* | 1,490,808 | ||||||
74,718 | Erasca, Inc.*(a) | 543,947 | ||||||
19,069 | Gossamer Bio, Inc.* | 131,767 | ||||||
24,374 | Heron Therapeutics, Inc.* | 110,170 | ||||||
139,260 | Homology Medicines, Inc.* | 231,172 | ||||||
23,861 | iTeos Therapeutics, Inc.* | 636,850 | ||||||
96,513 | IVERIC bio, Inc.* | 1,336,705 | ||||||
192,479 | Kezar Life Sciences, Inc.* | 2,286,650 | ||||||
46,917 | Kronos Bio, Inc.* | 221,917 | ||||||
1,854 | Krystal Biotech, Inc.* | 112,371 | ||||||
5,336 | Ligand Pharmaceuticals, Inc.* | 495,501 | ||||||
582,804 | MannKind Corp.*(a) | 1,824,177 | ||||||
47,550 | MeiraGTx Holdings PLC* | 489,289 | ||||||
30,241 | Myriad Genetics, Inc.* | 619,940 | ||||||
36,062 | Nkarta, Inc.*(a) | 664,983 | ||||||
55,169 | Organogenesis Holdings, Inc.* | 355,288 | ||||||
130,792 | Precision BioSciences, Inc.* | 260,276 | ||||||
9,701 | Prothena Corp. PLC (Ireland)* | 282,881 | ||||||
83,002 | Rhythm Pharmaceuticals, Inc.* | 519,593 | ||||||
|
|
34 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND
Shares | Description |
Value | ||||||
Common Stocks (continued) | ||||||||
Biotechnology (continued) | ||||||||
318,767 | Selecta Biosciences, Inc.* | $ | 244,271 | |||||
107,066 | Sutro Biopharma, Inc.* | 643,467 | ||||||
185,385 | Travere Therapeutics, Inc.* | 4,658,725 | ||||||
69,757 | Turning Point Therapeutics, Inc.* | 2,053,646 | ||||||
506,748 | Vanda Pharmaceuticals, Inc.* | 5,026,940 | ||||||
24,659 | Veracyte, Inc.* | 504,770 | ||||||
105,917 | Viking Therapeutics, Inc.* | 252,082 | ||||||
19,263 | XBiotech, Inc. | 149,481 | ||||||
|
|
|||||||
45,797,977 | ||||||||
|
|
|||||||
Building Products 0.2% | ||||||||
1,908 | Insteel Industries, Inc. | 80,937 | ||||||
122,991 | Quanex Building Products Corp. | 2,363,887 | ||||||
|
|
|||||||
2,444,824 | ||||||||
|
|
|||||||
Capital Markets 0.7% | ||||||||
5,552 | Focus Financial Partners, Inc., Class A* | 219,027 | ||||||
60,590 | Moelis & Co., Class A | 2,681,713 | ||||||
144,973 | Oppenheimer Holdings, Inc., Class A | 4,671,030 | ||||||
5,437 | StoneX Group, Inc.* | 368,520 | ||||||
|
|
|||||||
7,940,290 | ||||||||
|
|
|||||||
Chemicals 2.3% | ||||||||
34,366 | AdvanSix, Inc. | 1,530,662 | ||||||
52,673 | Avient Corp. | 2,593,619 | ||||||
193,763 | FutureFuel Corp. | 1,842,686 | ||||||
80,327 | Innospec, Inc. | 7,655,966 | ||||||
10,537 | Intrepid Potash, Inc.* | 806,923 | ||||||
22,885 | Koppers Holdings, Inc. | 555,190 | ||||||
78,875 | Minerals Technologies, Inc. | 5,017,239 | ||||||
368,678 | Tronox Holdings PLC, Class A | 6,341,262 | ||||||
|
|
|||||||
26,343,547 | ||||||||
|
|
|||||||
Commercial Services & Supplies 1.1% | ||||||||
118,007 | ACCO Brands Corp. | 864,991 | ||||||
70,701 | BrightView Holdings, Inc.* | 895,075 | ||||||
188,792 | Ennis, Inc. | 3,256,662 | ||||||
9,941 | Harsco Corp.* | 101,597 | ||||||
113,479 | Heritage-Crystal Clean, Inc.* | 3,097,977 | ||||||
64,356 | Matthews International Corp., Class A | 1,918,452 | ||||||
10,248 | UniFirst Corp. | 1,765,730 | ||||||
|
|
|||||||
11,900,484 | ||||||||
|
|
|||||||
Communications Equipment 1.1% | ||||||||
9,841 | Comtech Telecommunications Corp. | 133,838 | ||||||
496,441 | Harmonic, Inc.* | 4,120,460 | ||||||
250,746 | NetScout Systems, Inc.* | 7,722,977 | ||||||
|
|
|||||||
11,977,275 | ||||||||
|
|
|||||||
Construction & Engineering 2.1% | ||||||||
132,816 | Arcosa, Inc. | 7,109,641 | ||||||
109,862 | Argan, Inc. | 4,040,724 | ||||||
29,510 | EMCOR Group, Inc. | 3,142,225 | ||||||
|
|
|||||||
Common Stocks (continued) | ||||||||
Construction & Engineering (continued) | ||||||||
255,922 | Fluor Corp.* | 6,334,070 | ||||||
93,932 | Sterling Construction Co., Inc.* | 2,150,103 | ||||||
69,707 | Tutor Perini Corp.* | 646,184 | ||||||
|
|
|||||||
23,422,947 | ||||||||
|
|
|||||||
Construction Materials 0.5% | ||||||||
221,490 | Summit Materials, Inc., Class A* | 6,157,422 | ||||||
|
|
|||||||
Consumer Finance 1.4% | ||||||||
151,145 | EZCORP, Inc., Class A* | 1,058,015 | ||||||
112,854 | FirstCash Holdings, Inc. | 9,003,492 | ||||||
27,649 | Oportun Financial Corp.* | 320,452 | ||||||
46,705 | PRA Group, Inc.* | 1,963,011 | ||||||
65,468 | Regional Management Corp. | 2,818,397 | ||||||
866 | World Acceptance Corp.* | 163,423 | ||||||
|
|
|||||||
15,326,790 | ||||||||
|
|
|||||||
Containers & Packaging 0.0%(b) | ||||||||
29,655 | Pactiv Evergreen, Inc. | 292,398 | ||||||
|
|
|||||||
Diversified Consumer Services 0.7% | ||||||||
4,386 | Carriage Services, Inc. | 188,116 | ||||||
4,489 | Graham Holdings Co., Class B | 2,659,149 | ||||||
73,347 | Laureate Education, Inc. | 831,021 | ||||||
2,218 | Strategic Education, Inc. | 143,283 | ||||||
111,508 | Stride, Inc.* | 4,382,264 | ||||||
|
|
|||||||
8,203,833 | ||||||||
|
|
|||||||
Diversified Financial Services 0.5% | ||||||||
36,959 | A-Mark Precious Metals, Inc. | 2,912,369 | ||||||
192,102 | Banco Latinoamericano de Comercio Exterior SA, Class E (Panama) | 2,783,558 | ||||||
|
|
|||||||
5,695,927 | ||||||||
|
|
|||||||
Diversified Telecommunication Services 0.1% | ||||||||
34,247 | Consolidated Communications Holdings, Inc.* | 203,770 | ||||||
117,146 | Globalstar, Inc.* | 135,889 | ||||||
10,345 | Iridium Communications, Inc.* | 369,420 | ||||||
|
|
|||||||
709,079 | ||||||||
|
|
|||||||
Electric Utilities 0.1% | ||||||||
14,299 | ALLETE, Inc. | 848,503 | ||||||
4,615 | MGE Energy, Inc. | 359,370 | ||||||
|
|
|||||||
1,207,873 | ||||||||
|
|
|||||||
Electrical Equipment 1.2% | ||||||||
81,831 | AZZ, Inc. | 3,734,767 | ||||||
71,691 | Encore Wire Corp. | 8,087,462 | ||||||
50,512 | Powell Industries, Inc. | 974,881 | ||||||
87,915 | Thermon Group Holdings, Inc.* | 1,318,725 | ||||||
|
|
|||||||
14,115,835 | ||||||||
|
|
|||||||
Electronic Equipment, Instruments & Components 4.2% | ||||||||
95,525 | Belden, Inc. | 4,931,956 | ||||||
197,490 | CTS Corp. | 6,985,221 | ||||||
64,243 | Daktronics, Inc.* | 215,214 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 35 |
GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND
Schedule of Investments (continued)
April 30, 2022 (Unaudited)
Shares | Description |
Value | ||||||
Common Stocks (continued) | ||||||||
Electronic Equipment, Instruments & Components (continued) | ||||||||
113,072 | ePlus, Inc.* | $ | 6,386,307 | |||||
78,554 | Insight Enterprises, Inc.* | 7,805,911 | ||||||
40,012 | OSI Systems, Inc.* | 3,164,949 | ||||||
83,479 | PC Connection, Inc. | 4,131,376 | ||||||
64,977 | Sanmina Corp.* | 2,656,909 | ||||||
109,871 | TTM Technologies, Inc.* | 1,532,700 | ||||||
431,133 | Vishay Intertechnology, Inc. | 8,032,008 | ||||||
64,309 | Vishay Precision Group, Inc.* | 2,007,084 | ||||||
|
|
|||||||
47,849,635 | ||||||||
|
|
|||||||
Energy Equipment & Services 1.2% | ||||||||
96,937 | Archrock, Inc. | 844,321 | ||||||
894,170 | Helix Energy Solutions Group, Inc.* | 3,675,039 | ||||||
101,425 | Liberty Energy, Inc.* | 1,636,999 | ||||||
100,258 | National Energy Services Reunited Corp.* | 670,726 | ||||||
203,527 | Oceaneering International, Inc.* | 2,305,961 | ||||||
347,956 | Oil States International, Inc.* | 2,352,183 | ||||||
71,372 | RPC, Inc.* | 737,986 | ||||||
63,839 | US Silica Holdings, Inc.* | 1,186,129 | ||||||
|
|
|||||||
13,409,344 | ||||||||
|
|
|||||||
Entertainment 1.7% | ||||||||
444,322 | AMC Entertainment Holdings, Inc., Class A*(a) | 6,798,127 | ||||||
277,231 | Cinemark Holdings, Inc.* | 4,396,884 | ||||||
311,554 | IMAX Corp.* | 4,928,784 | ||||||
213,132 | Marcus Corp. (The)*(a) | 3,352,566 | ||||||
|
|
|||||||
19,476,361 | ||||||||
|
|
|||||||
Equity Real Estate Investment Trusts (REITs) 11.2% | ||||||||
242,249 | Alexander & Baldwin, Inc. REIT | 5,135,679 | ||||||
85,995 | American Assets Trust, Inc. REIT | 3,147,417 | ||||||
21,373 | Apartment Investment and Management Co., Class A REIT* | 134,650 | ||||||
373,166 | Apple Hospitality REIT, Inc. REIT | 6,601,307 | ||||||
463,784 | Armada Hoffler Properties, Inc. REIT | 6,284,273 | ||||||
97,750 | CatchMark Timber Trust, Inc., Class A REIT | 802,528 | ||||||
163,383 | Chatham Lodging Trust REIT* | 2,346,180 | ||||||
408,930 | City Office REIT, Inc. REIT | 6,068,521 | ||||||
79,955 | DiamondRock Hospitality Co. REIT* | 849,122 | ||||||
159,807 | Empire State Realty Trust, Inc., Class A REIT | 1,380,732 | ||||||
14,534 | Essential Properties Realty Trust, Inc. REIT | 348,816 | ||||||
402,600 | Franklin Street Properties Corp. REIT | 2,077,416 | ||||||
13,423 | Gladstone Commercial Corp. REIT | 282,420 | ||||||
414,291 | Independence Realty Trust, Inc. REIT | 11,293,573 | ||||||
194,424 | Industrial Logistics Properties Trust REIT | 3,141,892 | ||||||
234,557 | LXP Industrial Trust REIT | 2,943,690 | ||||||
|
|
|||||||
Common Stocks (continued) | ||||||||
Equity Real Estate Investment Trusts (REITs) (continued) | ||||||||
146,045 | Macerich Co. (The) REIT | 1,832,865 | ||||||
96,433 | National Storage Affiliates Trust REIT | 5,458,108 | ||||||
94,927 | NexPoint Residential Trust, Inc. REIT | 8,463,691 | ||||||
312,555 | Outfront Media, Inc. REIT | 8,001,408 | ||||||
39,001 | Pebblebrook Hotel Trust REIT | 952,404 | ||||||
58,983 | Phillips Edison & Co., Inc. REIT | 1,997,164 | ||||||
339,667 | Piedmont Office Realty Trust, Inc., Class A REIT | 5,468,639 | ||||||
27,801 | PotlatchDeltic Corp. REIT | 1,539,897 | ||||||
414,921 | Retail Opportunity Investments Corp. REIT | 7,729,978 | ||||||
348,308 | RLJ Lodging Trust REIT | 4,883,278 | ||||||
71,882 | RPT Realty REIT | 955,312 | ||||||
316,036 | SITE Centers Corp. REIT | 5,024,972 | ||||||
178,374 | STAG Industrial, Inc. REIT | 6,656,918 | ||||||
49,628 | Tanger Factory Outlet Centers, Inc. REIT | 800,500 | ||||||
147,859 | Terreno Realty Corp. REIT | 10,756,742 | ||||||
11,787 | Uniti Group, Inc. REIT | 146,041 | ||||||
144,831 | Urstadt Biddle Properties, Inc., Class A REIT | 2,512,818 | ||||||
33,069 | Xenia Hotels & Resorts, Inc. REIT* | 637,901 | ||||||
|
|
|||||||
126,656,852 | ||||||||
|
|
|||||||
Food & Staples Retailing 1.2% | ||||||||
11,786 | Andersons, Inc. (The) | 592,011 | ||||||
31,255 | Chefs Warehouse, Inc. (The)* | 1,143,933 | ||||||
87,139 | Ingles Markets, Inc., Class A | 8,114,384 | ||||||
47,638 | Natural Grocers by Vitamin Cottage, Inc. | 971,339 | ||||||
27,474 | PriceSmart, Inc. | 2,182,809 | ||||||
|
|
|||||||
13,004,476 | ||||||||
|
|
|||||||
Food Products 1.3% | ||||||||
34,203 | B&G Foods, Inc.(a) | 921,087 | ||||||
142,501 | Cal-Maine Foods, Inc. | 7,656,579 | ||||||
5,522 | Fresh Del Monte Produce, Inc. | 143,848 | ||||||
47,910 | Hostess Brands, Inc.* | 1,087,078 | ||||||
16,447 | Sanderson Farms, Inc. | 3,114,568 | ||||||
19,734 | Seneca Foods Corp., Class A* | 1,070,569 | ||||||
15,890 | Tootsie Roll Industries, Inc. | 556,627 | ||||||
|
|
|||||||
14,550,356 | ||||||||
|
|
|||||||
Gas Utilities 1.2% | ||||||||
3,908 | Chesapeake Utilities Corp. | 489,164 | ||||||
104,177 | Northwest Natural Holding Co. | 4,982,786 | ||||||
98,119 | ONE Gas, Inc. | 8,278,300 | ||||||
|
|
|||||||
13,750,250 | ||||||||
|
|
|||||||
Health Care Equipment & Supplies 0.9% | ||||||||
125,866 | AngioDynamics, Inc.* | 2,649,479 | ||||||
234,576 | Avanos Medical, Inc.* | 6,840,236 | ||||||
2,935 | Integer Holdings Corp.* | 220,624 | ||||||
215,449 | Invacare Corp.* | 357,646 | ||||||
|
|
36 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND
Shares | Description |
Value | ||||||
Common Stocks (continued) | ||||||||
Health Care Equipment & Supplies (continued) | ||||||||
7,829 | Utah Medical Products, Inc. | $ | 662,255 | |||||
|
|
|||||||
10,730,240 | ||||||||
|
|
|||||||
Health Care Providers & Services 2.9% | ||||||||
2,142 | Addus HomeCare Corp.* | 180,528 | ||||||
1,065,467 | Brookdale Senior Living, Inc.* | 6,584,586 | ||||||
173,913 | Covetrus, Inc.* | 2,399,999 | ||||||
82,522 | Cross Country Healthcare, Inc.* | 1,546,462 | ||||||
4,607 | Fulgent Genetics, Inc.* | 252,832 | ||||||
103,270 | Hanger, Inc.* | 1,697,759 | ||||||
5,760 | Joint Corp. (The)* | 175,795 | ||||||
36,158 | National HealthCare Corp. | 2,460,914 | ||||||
557,938 | OPKO Health, Inc.* | 1,506,433 | ||||||
3,921 | Owens & Minor, Inc. | 139,156 | ||||||
231,994 | Patterson Cos., Inc. | 7,138,455 | ||||||
31,062 | Select Medical Holdings Corp. | 702,312 | ||||||
67,018 | Sharps Compliance Corp.* | 289,518 | ||||||
105,289 | Tenet Healthcare Corp.* | 7,634,505 | ||||||
|
|
|||||||
32,709,254 | ||||||||
|
|
|||||||
Health Care Technology 0.7% | ||||||||
204,746 | Allscripts Healthcare Solutions, Inc.* | 4,230,052 | ||||||
85,328 | Computer Programs and Systems, Inc.* | 2,723,670 | ||||||
28,241 | Evolent Health, Inc., Class A* | 777,192 | ||||||
|
|
|||||||
7,730,914 | ||||||||
|
|
|||||||
Hotels, Restaurants & Leisure 1.1% | ||||||||
28,134 | Chuys Holdings, Inc.* | 703,632 | ||||||
62,294 | Dave & Busters Entertainment, Inc.* | 2,834,377 | ||||||
171,973 | Drive Shack, Inc.*(a) | 211,527 | ||||||
107,597 | Red Rock Resorts, Inc., Class A | 4,729,964 | ||||||
51,887 | SeaWorld Entertainment, Inc.* | 3,499,259 | ||||||
|
|
|||||||
11,978,759 | ||||||||
|
|
|||||||
Household Durables 1.6% | ||||||||
33,815 | Beazer Homes USA, Inc.* | 509,930 | ||||||
46,234 | Ethan Allen Interiors, Inc. | 1,097,595 | ||||||
12,398 | Green Brick Partners, Inc.* | 244,241 | ||||||
3,107 | LGI Homes, Inc.* | 291,157 | ||||||
121,603 | M/I Homes, Inc.* | 5,384,581 | ||||||
64,729 | Meritage Homes Corp.* | 5,343,379 | ||||||
273,127 | Tri Pointe Homes, Inc.* | 5,645,535 | ||||||
|
|
|||||||
18,516,418 | ||||||||
|
|
|||||||
Household Products 0.1% | ||||||||
5,536 | WD-40 Co. | 1,018,513 | ||||||
|
|
|||||||
Independent Power and Renewable Electricity Producers 0.4% | ||||||||
33,665 | Clearway Energy, Inc., Class C | 1,027,793 | ||||||
37,792 | Ormat Technologies, Inc. | 2,936,438 | ||||||
|
|
|||||||
3,964,231 | ||||||||
|
|
|||||||
Insurance 4.6% | ||||||||
246,468 | American Equity Investment Life Holding Co. | 9,296,773 | ||||||
|
|
|||||||
Common Stocks (continued) | ||||||||
Insurance (continued) | ||||||||
118,639 | AMERISAFE, Inc. | 5,498,918 | ||||||
177,324 | Argo Group International Holdings Ltd. | 7,589,467 | ||||||
46,292 | BRP Group, Inc., Class A* | 1,070,271 | ||||||
54,919 | Donegal Group, Inc., Class A | 743,054 | ||||||
168,684 | Employers Holdings, Inc. | 6,636,029 | ||||||
1,479,566 | Genworth Financial, Inc., Class A* | 5,489,190 | ||||||
73,237 | Goosehead Insurance, Inc., Class A | 4,210,395 | ||||||
1,728 | Investors Title Co. | 324,259 | ||||||
8,709 | National Western Life Group, Inc., Class A | 1,731,001 | ||||||
10,463 | Palomar Holdings, Inc.* | 569,710 | ||||||
34,739 | ProAssurance Corp. | 853,537 | ||||||
123,075 | Stewart Information Services Corp. | 6,350,670 | ||||||
105,018 | Tiptree, Inc. | 1,221,359 | ||||||
|
|
|||||||
51,584,633 | ||||||||
|
|
|||||||
Interactive Media & Services 0.0%(b) | ||||||||
12,590 | Eventbrite, Inc., Class A* | 133,202 | ||||||
91,859 | fuboTV, Inc.*(a) | 348,146 | ||||||
|
|
|||||||
481,348 | ||||||||
|
|
|||||||
Internet & Direct Marketing Retail 0.1% | ||||||||
116,028 | aka Brands Holding Corp.*(a) | 409,579 | ||||||
35,975 | Lands End, Inc.* | 504,369 | ||||||
10,095 | PetMed Express, Inc.(a) | 221,081 | ||||||
|
|
|||||||
1,135,029 | ||||||||
|
|
|||||||
IT Services 0.8% | ||||||||
666,582 | Conduent, Inc.* | 3,752,857 | ||||||
20,239 | EVERTEC, Inc. (Puerto Rico) | 797,416 | ||||||
1,782 | ExlService Holdings, Inc.* | 242,619 | ||||||
6,162 | I3 Verticals, Inc., Class A* | 169,147 | ||||||
27,512 | Perficient, Inc.* | 2,734,968 | ||||||
100,134 | Rackspace Technology, Inc.*(a) | 990,325 | ||||||
14,842 | Unisys Corp.* | 210,905 | ||||||
|
|
|||||||
8,898,237 | ||||||||
|
|
|||||||
Leisure Products 0.0%(b) | ||||||||
34,257 | Solo Brands, Inc., Class A*(a) | 204,514 | ||||||
8,210 | Vista Outdoor, Inc.* | 289,239 | ||||||
|
|
|||||||
493,753 | ||||||||
|
|
|||||||
Life Sciences Tools & Services 0.6% | ||||||||
58,950 | Codexis, Inc.* | 709,168 | ||||||
41,726 | Medpace Holdings, Inc.* | 5,573,342 | ||||||
102,227 | Pacific Biosciences of California, Inc.* | 648,119 | ||||||
|
|
|||||||
6,930,629 | ||||||||
|
|
|||||||
Machinery 1.9% | ||||||||
5,650 | Barnes Group, Inc. | 189,727 | ||||||
5,559 | Columbus McKinnon Corp. | 197,067 | ||||||
296,000 | Kennametal, Inc. | 7,616,080 | ||||||
71,487 | Miller Industries, Inc. | 1,916,567 | ||||||
141,603 | Mueller Industries, Inc. | 7,667,802 | ||||||
5,419 | Terex Corp. | 184,246 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 37 |
GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND
Schedule of Investments (continued)
April 30, 2022 (Unaudited)
Shares | Description |
Value | ||||||
Common Stocks (continued) | ||||||||
Machinery (continued) | ||||||||
39,833 | Titan International, Inc.* | $ | 552,085 | |||||
103,669 | Trinity Industries, Inc. | 2,875,778 | ||||||
30,125 | Wabash National Corp. | 431,089 | ||||||
|
|
|||||||
21,630,441 | ||||||||
|
|
|||||||
Marine 2.1% | ||||||||
431,389 | Costamare, Inc. (Monaco) | 5,784,927 | ||||||
51,885 | Eagle Bulk Shipping, Inc. | 3,229,322 | ||||||
181,306 | Genco Shipping & Trading Ltd. | 3,994,171 | ||||||
87,405 | Matson, Inc. | 7,518,578 | ||||||
922,381 | Safe Bulkers, Inc. (Greece) | 3,790,986 | ||||||
|
|
|||||||
24,317,984 | ||||||||
|
|
|||||||
Media 1.1% | ||||||||
379,930 | Clear Channel Outdoor Holdings, Inc.* | 934,628 | ||||||
2,429 | Daily Journal Corp.* | 624,617 | ||||||
188,890 | EW Scripps Co. (The), Class A* | 3,109,129 | ||||||
232,534 | Gray Television, Inc. | 4,306,530 | ||||||
17,239 | John Wiley & Sons, Inc., Class A | 877,293 | ||||||
8,448 | Scholastic Corp. | 311,309 | ||||||
6,479 | Sinclair Broadcast Group, Inc., Class A | 144,093 | ||||||
71,246 | TEGNA, Inc. | 1,570,974 | ||||||
|
|
|||||||
11,878,573 | ||||||||
|
|
|||||||
Metals & Mining 1.5% | ||||||||
170,501 | Constellium SE* | 2,845,662 | ||||||
41,755 | Haynes International, Inc. | 1,631,785 | ||||||
9,556 | Ryerson Holding Corp. | 351,756 | ||||||
544,534 | SunCoke Energy, Inc. | 4,530,523 | ||||||
36,729 | TimkenSteel Corp.* | 759,189 | ||||||
185,800 | Warrior Met Coal, Inc. | 6,330,206 | ||||||
|
|
|||||||
16,449,121 | ||||||||
|
|
|||||||
Mortgage Real Estate Investment Trusts (REITs) 2.6% | ||||||||
16,417 | Ares Commercial Real Estate Corp. REIT | 247,404 | ||||||
174,844 | Blackstone Mortgage Trust, Inc., Class A REIT | 5,252,314 | ||||||
107,324 | BrightSpire Capital, Inc. REIT | 912,254 | ||||||
779,263 | Chimera Investment Corp. REIT | 7,808,215 | ||||||
176,743 | Great Ajax Corp. REIT | 1,645,477 | ||||||
109,444 | Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT | 4,376,666 | ||||||
101,584 | Invesco Mortgage Capital, Inc. REIT | 176,756 | ||||||
336,640 | Ladder Capital Corp. REIT | 3,834,330 | ||||||
19,418 | MFA Financial, Inc. REIT | 276,706 | ||||||
416,405 | TPG RE Finance Trust, Inc. REIT | 4,393,073 | ||||||
|
|
|||||||
28,923,195 | ||||||||
|
|
|||||||
Multiline Retail 0.8% | ||||||||
6,733 | Dillards, Inc., Class A | 2,045,553 | ||||||
273,523 | Macys, Inc. | 6,611,051 | ||||||
|
|
|||||||
8,656,604 | ||||||||
|
|
|||||||
Common Stocks (continued) | ||||||||
Multi-Utilities 0.8% | ||||||||
72,923 | Avista Corp. | 2,958,486 | ||||||
12,444 | Black Hills Corp. | 911,399 | ||||||
95,723 | NorthWestern Corp. | 5,426,537 | ||||||
6,090 | Unitil Corp. | 310,590 | ||||||
|
|
|||||||
9,607,012 | ||||||||
|
|
|||||||
Oil, Gas & Consumable Fuels 7.5% | ||||||||
281,534 | Antero Resources Corp.* | 9,909,997 | ||||||
11,668 | Callon Petroleum Co.* | 598,218 | ||||||
336,253 | Centennial Resource Development, Inc., Class A* | 2,602,598 | ||||||
4,697 | Civitas Resources, Inc. | 275,338 | ||||||
46,653 | Clean Energy Fuels Corp.* | 273,387 | ||||||
120,101 | Comstock Resources, Inc.* | 2,045,320 | ||||||
19,908 | CONSOL Energy, Inc.* | 946,625 | ||||||
454,073 | Equitrans Midstream Corp. | 3,569,014 | ||||||
118,928 | Golar LNG Ltd. (Cameroon)* | 2,654,473 | ||||||
6,256 | HighPeak Energy, Inc.(a) | 170,851 | ||||||
40,200 | Laredo Petroleum, Inc.* | 2,862,642 | ||||||
57,050 | Magnolia Oil & Gas Corp., Class A | 1,325,842 | ||||||
237,200 | Murphy Oil Corp. | 9,032,576 | ||||||
255,594 | Ovintiv, Inc. | 13,083,857 | ||||||
61,666 | PBF Energy, Inc., Class A* | 1,792,014 | ||||||
68,766 | PDC Energy, Inc. | 4,795,741 | ||||||
25,207 | Peabody Energy Corp.* | 570,687 | ||||||
436,895 | Range Resources Corp.* | 13,080,636 | ||||||
47,524 | Ranger Oil Corp., Class A* | 1,513,639 | ||||||
10,289 | REX American Resources Corp.* | 870,758 | ||||||
268,575 | SM Energy Co. | 9,542,470 | ||||||
49,764 | Talos Energy, Inc.* | 904,212 | ||||||
472,373 | W&T Offshore, Inc.* | 2,248,496 | ||||||
|
|
|||||||
84,669,391 | ||||||||
|
|
|||||||
Pharmaceuticals 2.0% | ||||||||
79,614 | Amphastar Pharmaceuticals, Inc.* | 2,823,909 | ||||||
574,829 | Endo International PLC* | 1,149,658 | ||||||
159,792 | Innoviva, Inc.* | 2,726,051 | ||||||
123,701 | Phibro Animal Health Corp., Class A | 2,225,381 | ||||||
162,007 | Prestige Consumer Healthcare, Inc.* | 8,855,303 | ||||||
181,945 | Supernus Pharmaceuticals, Inc.* | 5,076,265 | ||||||
|
|
|||||||
22,856,567 | ||||||||
|
|
|||||||
Professional Services 0.9% | ||||||||
22,793 | Barrett Business Services, Inc. | 1,640,412 | ||||||
26,241 | Heidrick & Struggles International, Inc. | 838,662 | ||||||
10,857 | Huron Consulting Group, Inc.* | 562,176 | ||||||
71,357 | Korn Ferry | 4,384,174 | ||||||
35,865 | ManTech International Corp., Class A | 2,881,394 | ||||||
8,972 | TrueBlue, Inc.* | 229,414 | ||||||
|
|
|||||||
10,536,232 | ||||||||
|
|
|||||||
Road & Rail 1.7% | ||||||||
24,070 | ArcBest Corp. | 1,736,891 | ||||||
|
|
38 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND
Shares | Description |
Value | ||||||
Common Stocks (continued) | ||||||||
Road & Rail (continued) | ||||||||
33,613 | Avis Budget Group, Inc.* | $ | 8,997,192 | |||||
312,091 | Heartland Express, Inc. | 4,306,856 | ||||||
248,507 | Marten Transport Ltd. | 4,319,051 | ||||||
|
|
|||||||
19,359,990 | ||||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment 0.6% | ||||||||
119,601 | Amkor Technology, Inc. | 2,249,695 | ||||||
15,129 | Diodes, Inc.* | 1,104,871 | ||||||
9,170 | Lattice Semiconductor Corp.* | 440,527 | ||||||
|
|
|||||||
27,932 | Photronics, Inc.* | 418,701 | ||||||
92,107 | Veeco Instruments, Inc.* | 2,111,092 | ||||||
|
|
|||||||
6,324,886 | ||||||||
|
|
|||||||
Software 1.0% | ||||||||
10,487 | Alarm.com Holdings, Inc.* | 640,546 | ||||||
56,443 | CommVault Systems, Inc.* | 3,443,023 | ||||||
612,243 | E2open Parent Holdings, Inc.* | 4,738,761 | ||||||
36,703 | Ebix, Inc. | 1,093,749 | ||||||
47,558 | Marathon Digital Holdings, Inc.*(a) | 741,905 | ||||||
24,875 | PagerDuty, Inc.* | 710,679 | ||||||
26,159 | Telos Corp.* | 203,778 | ||||||
|
|
|||||||
11,572,441 | ||||||||
|
|
|||||||
Specialty Retail 2.1% | ||||||||
34,597 | Bed Bath & Beyond, Inc.*(a) | 470,865 | ||||||
17,888 | Big 5 Sporting Goods Corp.(a) | 258,839 | ||||||
2,006 | Boot Barn Holdings, Inc.* | 180,660 | ||||||
78,074 | Buckle, Inc. (The) | 2,424,979 | ||||||
78,159 | Cato Corp. (The), Class A | 1,059,055 | ||||||
52,451 | Group 1 Automotive, Inc. | 9,133,817 | ||||||
7,899 | Murphy USA, Inc. | 1,845,207 | ||||||
35,338 | ODP Corp. (The)* | 1,520,594 | ||||||
80,003 | Sonic Automotive, Inc., Class A | 3,404,128 | ||||||
23,444 | Tillys, Inc., Class A | 206,776 | ||||||
73,839 | TravelCenters of America, Inc.* | 2,806,620 | ||||||
|
|
|||||||
23,311,540 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals 0.0%(b) | ||||||||
19,360 | Diebold Nixdorf, Inc.* | 79,376 | ||||||
|
|
|||||||
Textiles, Apparel & Luxury Goods 0.6% | ||||||||
103,305 | Fossil Group, Inc.* | 1,020,653 | ||||||
109,878 | G-III Apparel Group Ltd.* | 2,909,569 | ||||||
43,684 | Movado Group, Inc. | 1,571,314 | ||||||
10,910 | Oxford Industries, Inc. | 977,536 | ||||||
|
|
|||||||
6,479,072 | ||||||||
|
|
|||||||
Thrifts & Mortgage Finance 1.7% | ||||||||
697,232 | Capitol Federal Financial, Inc. | 6,714,344 | ||||||
52,881 | Essent Group Ltd. | 2,143,267 | ||||||
8,234 | FS Bancorp, Inc. | 241,997 | ||||||
138,687 | Merchants Bancorp | 3,261,918 | ||||||
41,856 | Mr. Cooper Group, Inc.* | 1,882,265 | ||||||
132,198 | TrustCo Bank Corp. | 4,117,968 | ||||||
14,402 | WSFS Financial Corp. | 577,088 | ||||||
|
|
|||||||
18,938,847 | ||||||||
|
|
|||||||
Common Stocks (continued) | ||||||||
Tobacco 0.4% | ||||||||
355,580 | Vector Group Ltd. | 4,522,978 | ||||||
|
|
|||||||
Trading Companies & Distributors 1.5% | ||||||||
84,473 | GMS, Inc.* | 4,050,480 | ||||||
588,164 | MRC Global, Inc.* | 7,052,086 | ||||||
182,991 | NOW, Inc.* | 1,994,602 | ||||||
139,409 | Titan Machinery, Inc.* | 3,287,264 | ||||||
7,707 | Triton International Ltd. (Bermuda) | 470,821 | ||||||
|
|
|||||||
1,046 | Veritiv Corp.* | 147,005 | ||||||
|
|
|||||||
17,002,258 | ||||||||
|
|
|||||||
Water Utilities 0.0%(b) | ||||||||
3,269 | American States Water Co. | 257,140 | ||||||
|
|
|||||||
Wireless Telecommunication Services 0.2% | ||||||||
147,910 | Gogo, Inc.*(a) | 2,723,023 | ||||||
|
|
|||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $1,098,806,376) | $ | 1,115,648,331 | ||||||
|
|
|||||||
|
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE |
| ||||||
(Cost $1,098,806,376) | $ | 1,115,648,331 | ||||||
|
|
Shares | Dividend Rate |
Value | ||||||
Securities Lending Reinvestment Vehicle 1.1%(c) | ||||||||
Goldman Sachs Financial Square Government Fund Institutional Shares |
| |||||||
12,866,518 |
0.317 | % | $ | 12,866,518 | ||||
(Cost $12,866,518) |
| |||||||
|
||||||||
TOTAL INVESTMENTS 99.7% |
| |||||||
(Cost $1,111,672,894) |
|
$ | 1,128,514,849 | |||||
|
||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES 0.3% |
|
3,257,642 | ||||||
|
||||||||
NET ASSETS 100.0% |
|
$ | 1,131,772,491 | |||||
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
* |
Non-income producing security. | |
(a) |
All or a portion of security is on loan. | |
(b) |
Less than 0.05% | |
(c) |
Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
PLC |
Public Limited Company | |
REIT |
Real Estate Investment Trust | |
|
The accompanying notes are an integral part of these financial statements. | 39 |
GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND
Schedule of Investments (continued)
April 30, 2022 (Unaudited)
ADDITIONAL INVESTMENT INFORMATION |
FUTURES CONTRACTS At April 30, 2022, the Fund had the following futures contracts:
Description | Number of Contracts |
Expiration Date |
Notional Amount |
Unrealized Appreciation/ (Depreciation) |
||||||||||||
Long position contracts: |
||||||||||||||||
E-Mini Russell 2000 Index |
36 | 06/17/22 | $ | 3,552,995 | $ | (202,655 | ) |
40 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND
Schedule of Investments
April 30, 2022 (Unaudited)
Shares | Description |
Value | ||||||
Common Stocks 99.1% | ||||||||
Aerospace & Defense 0.9% | ||||||||
33,042 | General Dynamics Corp. | $ | 7,815,424 | |||||
39,731 | Howmet Aerospace, Inc. | 1,355,622 | ||||||
|
|
|||||||
9,171,046 | ||||||||
|
|
|||||||
Automobiles 3.6% | ||||||||
316,600 | Ford Motor Co. | 4,483,056 | ||||||
307,685 | General Motors Co.* | 11,664,338 | ||||||
23,855 | Tesla, Inc.* | 20,771,980 | ||||||
|
|
|||||||
36,919,374 | ||||||||
|
|
|||||||
Banks 0.6% | ||||||||
19,455 | East West Bancorp, Inc. | 1,387,141 | ||||||
6,792 | JPMorgan Chase & Co. | 810,693 | ||||||
107,883 | KeyCorp | 2,083,221 | ||||||
9,495 | Prosperity Bancshares, Inc. | 620,783 | ||||||
20,242 | Regions Financial Corp. | 419,414 | ||||||
6,727 | Wintrust Financial Corp. | 587,402 | ||||||
|
|
|||||||
5,908,654 | ||||||||
|
|
|||||||
Beverages 1.5% | ||||||||
27,861 | Keurig Dr Pepper, Inc. | 1,042,001 | ||||||
20,350 | Monster Beverage Corp.* | 1,743,588 | ||||||
75,241 | PepsiCo, Inc. | 12,919,632 | ||||||
|
|
|||||||
15,705,221 | ||||||||
|
|
|||||||
Biotechnology 4.0% | ||||||||
96,244 | AbbVie, Inc. | 14,136,319 | ||||||
38,997 | Biogen, Inc.* | 8,089,538 | ||||||
205,981 | Gilead Sciences, Inc. | 12,222,912 | ||||||
31,299 | Horizon Therapeutics PLC* | 3,084,829 | ||||||
6,105 | Moderna, Inc.* | 820,573 | ||||||
6,690 | Vertex Pharmaceuticals, Inc.* | 1,827,842 | ||||||
|
|
|||||||
40,182,013 | ||||||||
|
|
|||||||
Capital Markets 2.8% | ||||||||
11,691 | Ameriprise Financial, Inc. | 3,103,843 | ||||||
30,580 | CME Group, Inc. | 6,707,417 | ||||||
76,275 | Intercontinental Exchange, Inc. | 8,833,408 | ||||||
44,015 | Morgan Stanley | 3,547,169 | ||||||
15,854 | S&P Global, Inc. | 5,969,031 | ||||||
|
|
|||||||
28,160,868 | ||||||||
|
|
|||||||
Chemicals 3.3% | ||||||||
50,416 | Air Products and Chemicals, Inc. | 11,800,873 | ||||||
112,413 | CF Industries Holdings, Inc. | 10,884,951 | ||||||
51,893 | Dow, Inc. | 3,450,884 | ||||||
3,395 | International Flavors & Fragrances, Inc. | 411,814 | ||||||
18,598 | Linde PLC (United Kingdom) | 5,801,832 | ||||||
20,645 | Mosaic Co. (The) | 1,288,661 | ||||||
|
|
|||||||
33,639,015 | ||||||||
|
|
|||||||
Commercial Services & Supplies 1.4% | ||||||||
40,521 | Republic Services, Inc. | 5,440,754 | ||||||
50,397 | Waste Management, Inc. | 8,287,283 | ||||||
|
|
|||||||
13,728,037 | ||||||||
|
|
|||||||
Common Stocks (continued) | ||||||||
Communications Equipment 0.8% | ||||||||
175,414 | Cisco Systems, Inc. | 8,591,778 | ||||||
|
|
|||||||
Construction & Engineering 0.2% | ||||||||
7,051 | AECOM | 497,519 | ||||||
18,504 | MasTec, Inc.* | 1,332,473 | ||||||
|
|
|||||||
1,829,992 | ||||||||
|
|
|||||||
Construction Materials 0.1% | ||||||||
4,631 | Vulcan Materials Co. | 797,875 | ||||||
|
|
|||||||
Consumer Finance 1.6% | ||||||||
53,551 | Capital One Financial Corp. | 6,673,526 | ||||||
252,281 | Synchrony Financial | 9,286,463 | ||||||
|
|
|||||||
15,959,989 | ||||||||
|
|
|||||||
Containers & Packaging 0.8% | ||||||||
87,029 | International Paper Co. | 4,027,702 | ||||||
27,145 | Packaging Corp. of America | 4,374,960 | ||||||
|
|
|||||||
8,402,662 | ||||||||
|
|
|||||||
Distributors 1.1% | ||||||||
215,425 | LKQ Corp. | 10,691,543 | ||||||
|
|
|||||||
Diversified Financial Services 3.0% | ||||||||
84,953 | Berkshire Hathaway, Inc., Class B* | 27,425,377 | ||||||
87,942 | Equitable Holdings, Inc. | 2,535,368 | ||||||
|
|
|||||||
29,960,745 | ||||||||
|
|
|||||||
Diversified Telecommunication Services 1.0% | ||||||||
549,137 | AT&T, Inc. | 10,356,724 | ||||||
|
|
|||||||
Electric Utilities 0.5% | ||||||||
5,272 | Eversource Energy | 460,773 | ||||||
63,456 | Xcel Energy, Inc. | 4,648,786 | ||||||
|
|
|||||||
5,109,559 | ||||||||
|
|
|||||||
Electrical Equipment 0.6% | ||||||||
28,376 | AMETEK, Inc. | 3,582,754 | ||||||
28,320 | Emerson Electric Co. | 2,553,897 | ||||||
|
|
|||||||
6,136,651 | ||||||||
|
|
|||||||
Electronic Equipment, Instruments & Components 0.6% | ||||||||
125,482 | Corning, Inc. | 4,415,712 | ||||||
4,326 | Teledyne Technologies, Inc.* | 1,866,885 | ||||||
|
|
|||||||
6,282,597 | ||||||||
|
|
|||||||
Energy Equipment & Services 0.3% | ||||||||
79,567 | Schlumberger NV | 3,103,909 | ||||||
|
|
|||||||
Entertainment 1.7% | ||||||||
102,782 | Live Nation Entertainment, Inc.* | 10,779,776 | ||||||
34,736 | Walt Disney Co. (The)* | 3,877,580 | ||||||
132,845 | Warner Bros Discovery, Inc.* | 2,411,137 | ||||||
|
|
|||||||
17,068,493 | ||||||||
|
|
|||||||
Equity Real Estate Investment Trusts (REITs) 4.1% | ||||||||
39,757 | American Homes 4 Rent, Class A REIT | 1,574,775 | ||||||
66,299 | Camden Property Trust REIT | 10,401,650 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 41 |
GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND
Schedule of Investments (continued)
April 30, 2022 (Unaudited)
Shares | Description |
Value | ||||||
Common Stocks (continued) | ||||||||
Equity Real Estate Investment Trusts (REITs) (continued) | ||||||||
43,587 | Equity LifeStyle Properties, Inc. REIT | $ | 3,368,403 | |||||
137,724 | First Industrial Realty Trust, Inc. REIT | 7,987,992 | ||||||
54,408 | Life Storage, Inc. REIT | 7,208,516 | ||||||
29,488 | Mid-America Apartment Communities, Inc. REIT | 5,799,700 | ||||||
4,983 | Public Storage REIT | 1,851,185 | ||||||
6,758 | Rexford Industrial Realty, Inc. REIT | 527,394 | ||||||
19,476 | Simon Property Group, Inc. REIT | 2,298,168 | ||||||
|
|
|||||||
41,017,783 | ||||||||
|
|
|||||||
Food & Staples Retailing 0.2% | ||||||||
4,015 | Caseys General Stores, Inc. | 808,220 | ||||||
1,471 | Costco Wholesale Corp. | 782,160 | ||||||
|
|
|||||||
1,590,380 | ||||||||
|
|
|||||||
Food Products 1.8% | ||||||||
125,641 | Archer-Daniels-Midland Co. | 11,252,408 | ||||||
44,964 | Bunge Ltd. | 5,086,327 | ||||||
18,969 | Darling Ingredients, Inc.* | 1,392,135 | ||||||
|
|
|||||||
17,730,870 | ||||||||
|
|
|||||||
Health Care Equipment & Supplies 2.0% | ||||||||
15,219 | Abbott Laboratories | 1,727,357 | ||||||
10,277 | Align Technology, Inc.* | 2,979,405 | ||||||
179,030 | Boston Scientific Corp.* | 7,538,953 | ||||||
46,656 | Medtronic PLC | 4,869,020 | ||||||
10,756 | Teleflex, Inc. | 3,072,129 | ||||||
|
|
|||||||
20,186,864 | ||||||||
|
|
|||||||
Health Care Providers & Services 5.3% | ||||||||
26,424 | Anthem, Inc. | 13,262,998 | ||||||
21,787 | Centene Corp.* | 1,754,943 | ||||||
31,547 | HCA Healthcare, Inc. | 6,768,409 | ||||||
9,881 | Humana, Inc. | 4,392,697 | ||||||
33,408 | Molina Healthcare, Inc.* | 10,471,738 | ||||||
29,236 | UnitedHealth Group, Inc. | 14,867,968 | ||||||
16,772 | Universal Health Services, Inc., Class B | 2,055,073 | ||||||
|
|
|||||||
53,573,826 | ||||||||
|
|
|||||||
Hotels, Restaurants & Leisure 3.3% | ||||||||
350,234 | Carnival Corp.* | 6,059,048 | ||||||
3,909 | Choice Hotels International, Inc. | 549,058 | ||||||
73,508 | Hilton Worldwide Holdings, Inc.* | 11,415,057 | ||||||
4,097 | Hyatt Hotels Corp., Class A* | 389,051 | ||||||
65,547 | Marriott International, Inc., Class A* | 11,635,904 | ||||||
35,086 | Wyndham Hotels & Resorts, Inc. | 3,086,165 | ||||||
|
|
|||||||
33,134,283 | ||||||||
|
|
|||||||
Household Durables 0.4% | ||||||||
5,073 | Garmin Ltd. | 556,711 | ||||||
20,940 | Whirlpool Corp. | 3,801,029 | ||||||
|
|
|||||||
4,357,740 | ||||||||
|
|
|||||||
Household Products 0.3% | ||||||||
14,507 | Kimberly-Clark Corp. | 2,014,007 | ||||||
4,689 | Procter & Gamble Co. (The) | 752,819 | ||||||
|
|
|||||||
2,766,826 | ||||||||
|
|
|||||||
Common Stocks (continued) | ||||||||
Insurance 1.4% | ||||||||
28,454 | American International Group, Inc. | $ | 1,664,844 | |||||
7,692 | Globe Life, Inc. | 754,431 | ||||||
3,823 | Lincoln National Corp. | 229,953 | ||||||
49,624 | Marsh & McLennan Cos., Inc. | 8,024,201 | ||||||
54,963 | MetLife, Inc. | 3,609,970 | ||||||
|
|
|||||||
14,283,399 | ||||||||
|
|
|||||||
Interactive Media & Services 5.3% | ||||||||
320 | Alphabet, Inc., Class A* | 730,301 | ||||||
16,103 | Alphabet, Inc., Class C* | 37,026,111 | ||||||
81,674 | Meta Platforms, Inc., Class A* | 16,373,187 | ||||||
|
|
|||||||
54,129,599 | ||||||||
|
|
|||||||
Internet & Direct Marketing Retail 2.4% | ||||||||
9,943 | Amazon.com, Inc.* | 24,714,619 | ||||||
|
|
|||||||
IT Services 2.8% | ||||||||
3,770 | EPAM Systems, Inc.* | 999,012 | ||||||
10,919 | Euronet Worldwide, Inc.* | 1,328,297 | ||||||
38,069 | Gartner, Inc.* | 11,060,948 | ||||||
53,186 | PayPal Holdings, Inc.* | 4,676,645 | ||||||
52,920 | VeriSign, Inc.* | 9,456,275 | ||||||
68,807 | Western Union Co. (The) | 1,153,205 | ||||||
|
|
|||||||
28,674,382 | ||||||||
|
|
|||||||
Life Sciences Tools & Services 3.1% | ||||||||
84,987 | Agilent Technologies, Inc. | 10,136,399 | ||||||
49,521 | IQVIA Holdings, Inc.* | 10,795,083 | ||||||
7,967 | Mettler-Toledo International, Inc.* | 10,178,082 | ||||||
960 | Thermo Fisher Scientific, Inc. | 530,803 | ||||||
|
|
|||||||
31,640,367 | ||||||||
|
|
|||||||
Machinery 2.4% | ||||||||
52,657 | Caterpillar, Inc. | 11,086,405 | ||||||
2,149 | Illinois Tool Works, Inc. | 423,589 | ||||||
151,989 | Otis Worldwide Corp. | 11,070,879 | ||||||
4,622 | Parker-Hannifin Corp. | 1,251,730 | ||||||
|
|
|||||||
23,832,603 | ||||||||
|
|
|||||||
Media 1.0% | ||||||||
11,502 | Charter Communications, Inc., Class A* | 4,928,492 | ||||||
12,068 | Liberty Broadband Corp., Class C* | 1,349,444 | ||||||
164,714 | News Corp., Class A | 3,271,220 | ||||||
5,666 | Nexstar Media Group, Inc., Class A | 897,607 | ||||||
|
|
|||||||
10,446,763 | ||||||||
|
|
|||||||
Metals & Mining 0.6% | ||||||||
138,909 | Freeport-McMoRan, Inc. | 5,632,760 | ||||||
|
|
|||||||
Multi-Utilities 1.0% | ||||||||
154,112 | CMS Energy Corp. | 10,585,953 | ||||||
|
|
|||||||
Oil, Gas & Consumable Fuels 1.6% | ||||||||
41,588 | ConocoPhillips | 3,972,486 | ||||||
78,398 | Exxon Mobil Corp. | 6,683,429 | ||||||
10,462 | Hess Corp. | 1,078,318 | ||||||
54,885 | Kinder Morgan, Inc. | 996,163 | ||||||
|
|
42 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND
Shares | Description |
Value | ||||||
Common Stocks (continued) | ||||||||
Oil, Gas & Consumable Fuels (continued) | ||||||||
18,817 | Marathon Oil Corp. | $ | 468,920 | |||||
16,830 | ONEOK, Inc. | 1,065,844 | ||||||
26,729 | Targa Resources Corp. | 1,962,176 | ||||||
|
|
|||||||
16,227,336 | ||||||||
|
|
|||||||
Pharmaceuticals 2.8% | ||||||||
65,360 | Elanco Animal Health, Inc.* | 1,654,261 | ||||||
24,984 | Johnson & Johnson | 4,508,613 | ||||||
172,912 | Merck & Co., Inc. | 15,335,565 | ||||||
58,280 | Perrigo Co. PLC | 1,999,004 | ||||||
107,954 | Pfizer, Inc. | 5,297,303 | ||||||
|
|
|||||||
28,794,746 | ||||||||
|
|
|||||||
Road & Rail 3.3% | ||||||||
362,180 | CSX Corp. | 12,437,261 | ||||||
47,021 | Norfolk Southern Corp. | 12,125,776 | ||||||
39,903 | Union Pacific Corp. | 9,348,874 | ||||||
|
|
|||||||
33,911,911 | ||||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment 4.9% | ||||||||
74,367 | Advanced Micro Devices, Inc.* | 6,359,866 | ||||||
20,784 | Applied Materials, Inc. | 2,293,514 | ||||||
12,804 | Broadcom, Inc. | 7,098,410 | ||||||
33,659 | First Solar, Inc.* | 2,458,117 | ||||||
3,811 | Lam Research Corp. | 1,775,011 | ||||||
119,950 | Micron Technology, Inc. | 8,179,390 | ||||||
70,368 | NVIDIA Corp. | 13,051,153 | ||||||
30,844 | ON Semiconductor Corp.* | 1,607,281 | ||||||
49,165 | QUALCOMM, Inc. | 6,867,859 | ||||||
|
|
|||||||
49,690,601 | ||||||||
|
|
|||||||
Software 10.2% | ||||||||
4,497 | Crowdstrike Holdings, Inc., Class A* | 893,824 | ||||||
29,781 | Fortinet, Inc.* | 8,607,007 | ||||||
8,923 | Intuit, Inc. | 3,736,506 | ||||||
188,777 | Microsoft Corp. | 52,389,393 | ||||||
183,069 | Oracle Corp. | 13,437,265 | ||||||
10,534 | Palo Alto Networks, Inc.* | 5,912,523 | ||||||
10,157 | Paycom Software, Inc.* | 2,858,891 | ||||||
9,398 | ServiceNow, Inc.* | 4,493,184 | ||||||
8,566 | Synopsys, Inc.* | 2,456,643 | ||||||
75,230 | VMware, Inc., Class A | 8,127,849 | ||||||
|
|
|||||||
102,913,085 | ||||||||
|
|
|||||||
Specialty Retail 1.5% | ||||||||
31,172 | AutoNation, Inc.* | 3,613,146 | ||||||
2,991 | AutoZone, Inc.* | 5,848,811 | ||||||
12,553 | Home Depot, Inc. (The) | 3,770,921 | ||||||
2,738 | OReilly Automotive, Inc.* | 1,660,734 | ||||||
|
|
|||||||
14,893,612 | ||||||||
|
|
|||||||
Common Stocks (continued) | ||||||||
Technology Hardware, Storage & Peripherals 7.0% | ||||||||
401,939 | Apple, Inc. | 63,365,683 | ||||||
143,762 | Dell Technologies, Inc., Class C | 6,758,252 | ||||||
29,740 | Hewlett Packard Enterprise Co. | 458,293 | ||||||
|
|
|||||||
70,582,228 | ||||||||
|
|
|||||||
TOTAL INVESTMENTS 99.1% | ||||||||
(Cost $862,324,233) | $ | 1,003,019,281 | ||||||
|
|
|||||||
|
OTHER ASSETS IN EXCESS OF LIABILITIES 0.9% |
8,683,489 | ||||||
|
|
|||||||
NET ASSETS 100.0% | $ | 1,011,702,770 | ||||||
|
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
* |
Non-income producing security. |
| ||
Investment Abbreviations: | ||
PLC |
Public Limited Company | |
REIT |
Real Estate Investment Trust | |
|
The accompanying notes are an integral part of these financial statements. | 43 |
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
Statements of Assets and Liabilities
April 30, 2022 (Unaudited)
Large Cap Growth Insights Fund |
Large Cap Value Insights Fund |
Small Cap Equity Insights Fund |
||||||||||||
Assets: |
| |||||||||||||
Investments in unaffiliated issuers, at value (cost $776,195,189, $394,993,071 and $478,656,816, respectively)(a) |
$ | 1,112,312,781 | $ | 403,614,894 | $ | 454,918,190 | ||||||||
Investments in securities lending reinvestment vehicle, at value which equals cost |
475,200 | | 5,346,284 | |||||||||||
Cash |
10,878,386 | 3,393,889 | 5,192,169 | |||||||||||
Receivables: |
||||||||||||||
Investments sold |
31,598,419 | | | |||||||||||
Fund shares sold |
6,169,852 | 294,479 | 2,703,409 | |||||||||||
Dividends |
362,111 | 344,462 | 249,380 | |||||||||||
Reimbursement from investment adviser |
22,670 | 18,076 | 20,029 | |||||||||||
Foreign tax reclaims |
1,236 | | | |||||||||||
Securities lending income |
9 | | 11,061 | |||||||||||
Due from broker |
| 96,240 | | |||||||||||
Other assets |
166,417 | 59,754 | 64,849 | |||||||||||
Total assets | 1,161,987,081 | 407,821,794 | 468,505,371 | |||||||||||
Liabilities: | ||||||||||||||
Variation margin on futures contracts |
| 54,600 | | |||||||||||
Payables: |
||||||||||||||
Investments purchased |
30,992,895 | | | |||||||||||
Fund shares redeemed |
3,104,094 | 278,753 | 2,490,310 | |||||||||||
Management fees |
512,359 | 183,164 | 316,580 | |||||||||||
Upon return of securities loaned |
475,200 | | 5,346,284 | |||||||||||
Distribution and Service fees and Transfer Agency fees |
199,905 | 56,416 | 44,215 | |||||||||||
Accrued expenses |
505,413 | 210,828 | 283,841 | |||||||||||
Total liabilities | 35,789,866 | 783,761 | 8,481,230 | |||||||||||
Net Assets: |
| |||||||||||||
Paid-in capital |
636,289,826 | 375,332,886 | 483,337,503 | |||||||||||
Total distributable earnings (loss) |
489,907,389 | 31,705,147 | (23,313,362 | ) | ||||||||||
NET ASSETS | $ | 1,126,197,215 | $ | 407,038,033 | $ | 460,024,141 | ||||||||
Net Assets: |
||||||||||||||
Class A |
$ | 242,923,002 | $ | 62,331,646 | $ | 35,637,008 | ||||||||
Class C |
33,065,101 | 9,354,308 | 5,649,103 | |||||||||||
Institutional |
361,519,355 | 109,229,820 | 170,472,059 | |||||||||||
Service |
20,566,883 | 6,437,906 | 1,954,629 | |||||||||||
Investor |
189,591,041 | 85,195,098 | 36,034,412 | |||||||||||
Class R6 |
189,437,848 | 77,316,361 | 85,601,810 | |||||||||||
Class R |
24,799,161 | 5,110,872 | 12,875,829 | |||||||||||
Class P |
64,294,824 | 52,062,022 | 111,799,291 | |||||||||||
Total Net Assets |
$ | 1,126,197,215 | $ | 407,038,033 | $ | 460,024,141 | ||||||||
Shares Outstanding $0.001 par value (unlimited number of shares authorized): |
||||||||||||||
Class A |
8,894,485 | 2,781,338 | 1,618,588 | |||||||||||
Class C |
1,546,680 | 422,131 | 328,422 | |||||||||||
Institutional |
12,411,532 | 4,881,321 | 7,291,602 | |||||||||||
Service |
776,703 | 285,711 | 91,145 | |||||||||||
Investor |
7,089,594 | 3,819,126 | 1,644,947 | |||||||||||
Class R6 |
6,510,907 | 3,455,270 | 3,660,323 | |||||||||||
Class R |
955,787 | 230,011 | 607,656 | |||||||||||
Class P |
2,211,495 | 2,328,139 | 4,782,116 | |||||||||||
Net asset value and offering price per share:(b) |
||||||||||||||
Class A |
$27.31 | $22.41 | $22.02 | |||||||||||
Class C |
21.38 | 22.16 | 17.20 | |||||||||||
Institutional |
29.13 | 22.38 | 23.38 | |||||||||||
Service |
26.48 | 22.53 | 21.45 | |||||||||||
Investor |
26.74 | 22.31 | 21.91 | |||||||||||
Class R6 |
29.10 | 22.38 | 23.39 | |||||||||||
Class R |
25.95 | 22.22 | 21.19 | |||||||||||
Class P |
29.07 | 22.36 | 23.38 |
(a) | Includes loaned securities having a market value of $418,464, $ and $4,950,642, respectively. |
(b) | Maximum public offering price per share for Class A Shares of the Large Cap Growth Insights, Large Cap Value Insights and Small Cap Equity Insights Funds is $28.90, $23.71 and $23.30, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (NAV) or the original purchase price of the shares. |
44 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
Statements of Assets and Liabilities (continued)
April 30, 2022 (Unaudited)
Small Cap Growth Insights Fund |
Small Cap Value Insights Fund |
U.S. Equity Insights Fund |
||||||||||||
Assets: |
| |||||||||||||
Investments in unaffiliated issuers, at value (cost $174,429,273, $1,098,806,376 and $862,324,233, respectively)(a) |
$ | 161,564,052 | $ | 1,115,648,331 | $ | 1,003,019,281 | ||||||||
Investments in securities lending reinvestment vehicle, at value which equals cost |
3,100,086 | 12,866,518 | | |||||||||||
Cash |
1,975,647 | 13,042,757 | 6,513,455 | |||||||||||
Receivables: |
||||||||||||||
Investments sold |
3,280,667 | 21,830,526 | 29,809,756 | |||||||||||
Fund shares sold |
161,366 | 3,329,716 | 1,175,604 | |||||||||||
Dividends |
52,458 | 731,419 | 728,566 | |||||||||||
Reimbursement from investment adviser |
17,148 | 36,434 | 21,472 | |||||||||||
Securities lending income |
8,632 | 11,808 | | |||||||||||
Due from broker |
| 247,623 | | |||||||||||
Foreign tax reclaims |
| | 950 | |||||||||||
Other assets |
82,687 | 183,656 | 72,184 | |||||||||||
Total assets | 170,242,743 | 1,167,928,788 | 1,041,341,268 | |||||||||||
Liabilities: | ||||||||||||||
Variation margin on futures contracts |
| 96,480 | | |||||||||||
Payables: |
||||||||||||||
Investments purchased |
3,270,573 | 20,786,395 | 28,131,587 | |||||||||||
Upon return of securities loaned |
3,100,086 | 12,866,518 | | |||||||||||
Fund shares redeemed |
203,490 | 1,129,862 | 460,822 | |||||||||||
Management fees |
110,162 | 783,342 | 465,954 | |||||||||||
Distribution and Service fees and Transfer Agency fees |
29,425 | 129,768 | 177,029 | |||||||||||
Accrued expenses |
670,036 | 363,932 | 403,106 | |||||||||||
Total liabilities | 7,383,772 | 36,156,297 | 29,638,498 | |||||||||||
Net Assets: |
| |||||||||||||
Paid-in capital |
185,891,180 | 1,078,893,445 | 856,665,496 | |||||||||||
Total distributable earnings (loss) |
(23,032,209 | ) | 52,879,046 | 155,037,274 | ||||||||||
NET ASSETS | $ | 162,858,971 | $ | 1,131,772,491 | $ | 1,011,702,770 | ||||||||
Net Assets: |
||||||||||||||
Class A |
$ | 36,039,649 | $ | 132,830,781 | $ | 319,507,262 | ||||||||
Class C |
5,813,494 | 5,909,849 | 15,768,552 | |||||||||||
Institutional |
48,284,773 | 357,264,078 | 274,551,275 | |||||||||||
Service |
| | 5,189,638 | |||||||||||
Investor |
25,516,299 | 323,610,201 | 95,389,331 | |||||||||||
Class R6 |
36,175,633 | 251,203,015 | 19,808,993 | |||||||||||
Class R |
4,066,191 | 20,935,539 | 19,007,540 | |||||||||||
Class P |
6,962,932 | 40,019,028 | 262,480,179 | |||||||||||
Total Net Assets |
$ | 162,858,971 | $ | 1,131,772,491 | $ | 1,011,702,770 | ||||||||
Shares Outstanding $0.001 par value (unlimited number of shares authorized): |
||||||||||||||
Class A |
3,005,966 | 3,795,668 | 6,274,198 | |||||||||||
Class C |
2,675,458 | 309,007 | 364,668 | |||||||||||
Institutional |
2,468,486 | 6,756,006 | 5,155,644 | |||||||||||
Service |
| | 102,662 | |||||||||||
Investor |
1,913,348 | 9,316,837 | 1,908,534 | |||||||||||
Class R6 |
1,846,261 | 4,751,469 | 372,434 | |||||||||||
Class R |
398,051 | 619,433 | 383,269 | |||||||||||
Class P |
355,388 | 757,010 | 4,934,491 | |||||||||||
Net asset value and offering price per share:(b) |
||||||||||||||
Class A |
$11.99 | $35.00 | $50.92 | |||||||||||
Class C |
2.17 | 19.13 | 43.24 | |||||||||||
Institutional |
19.56 | 52.88 | 53.25 | |||||||||||
Service |
| | 50.55 | |||||||||||
Investor |
13.34 | 34.73 | 49.98 | |||||||||||
Class R6 |
19.59 | 52.87 | 53.19 | |||||||||||
Class R |
10.22 | 33.80 | 49.59 | |||||||||||
Class P |
19.59 | 52.86 | 53.19 |
(a) | Includes loaned securities having a market value of $2,863,819, $12,107,017 and $, respectively. |
(b) | Maximum public offering price per share for Class A Shares of the Small Cap Growth Insights, Small Cap Value Insights and U.S. Equity Insights Funds is $12.69, $37.04 and $53.88, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (NAV) or the original purchase price of the shares. |
The accompanying notes are an integral part of these financial statements. | 45 |
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
Statements of Operations
For the Six Months Ended April 30, 2022 (Unaudited)
Large Cap Growth Insights Fund |
Large Cap Value Insights Fund |
Small Cap Equity Insights Fund |
||||||||||||
Investment income: |
| |||||||||||||
Dividends unaffiliated issuers (net of foreign withholding taxes of $, $174 and $7,334, respectively) |
$ | 8,426,546 | $ | 4,277,460 | $ | 3,924,546 | ||||||||
Securities lending income affiliated issuer |
11,314 | 2,903 | 29,525 | |||||||||||
Dividends affiliated issuers |
147 | 284 | 976 | |||||||||||
Total investment income | 8,438,007 | 4,280,647 | 3,955,047 | |||||||||||
Expenses: |
| |||||||||||||
Management fees |
3,608,729 | 1,074,547 | 2,162,595 | |||||||||||
Transfer Agency fees(a) |
627,778 | 176,538 | 164,457 | |||||||||||
Distribution and Service (12b-1) fees(a) |
627,666 | 139,798 | 116,450 | |||||||||||
Custody, accounting and administrative services |
73,960 | 29,134 | 51,300 | |||||||||||
Registration fees |
70,142 | 52,187 | 56,532 | |||||||||||
Service fees Class C |
51,585 | 12,685 | 8,382 | |||||||||||
Professional fees |
44,667 | 44,084 | 46,648 | |||||||||||
Printing and mailing costs |
34,383 | 16,018 | 18,794 | |||||||||||
Shareholder Administration fees Service Shares |
32,416 | 8,377 | 3,894 | |||||||||||
Trustee fees |
11,388 | 12,030 | 11,931 | |||||||||||
Other |
15,225 | 7,372 | 11,019 | |||||||||||
Total expenses | 5,197,939 | 1,572,770 | 2,652,002 | |||||||||||
Less expense reductions |
(222,096 | ) | (152,818 | ) | (186,766 | ) | ||||||||
Net expenses | 4,975,843 | 1,419,952 | 2,465,236 | |||||||||||
NET INVESTMENT INCOME | 3,462,164 | 2,860,695 | 1,489,811 | |||||||||||
Realized and unrealized gain (loss): |
| |||||||||||||
Net realized gain (loss) from: |
||||||||||||||
Investments unaffiliated issuers |
157,018,458 | 23,808,491 | 1,565,609 | |||||||||||
Futures contracts |
522,728 | 20,830 | 433,498 | |||||||||||
Net change in unrealized gain (loss) on: |
||||||||||||||
Investments unaffiliated issuers |
(409,910,347 | ) | (35,230,869 | ) | (95,514,397 | ) | ||||||||
Futures contracts |
| (120,785 | ) | (290,252 | ) | |||||||||
Foreign currency translations |
(47 | ) | | | ||||||||||
Net realized and unrealized loss | (252,369,208 | ) | (11,522,333 | ) | (93,805,542 | ) | ||||||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (248,907,044 | ) | $ | (8,661,638 | ) | $ | (92,315,731 | ) |
(a) | Class specific Distribution and/or Service and Transfer Agency fees were as follows: |
Distribution and/or Service (12b-1) Fees | Transfer Agency Fees | |||||||||||||||||||||||||||||||||||||||||||||||
Fund |
Class A |
Class C |
Service |
Class R |
Class A |
Class C |
Institutional |
Service |
Investor |
Class R6 |
Class R |
Class P |
||||||||||||||||||||||||||||||||||||
Large Cap Growth Insights |
$ | 369,643 | $ | 154,755 | $ | 32,416 | $ | 70,852 | $ | 236,574 | $ | 33,015 | $ | 96,597 | $ | 5,187 | $ | 185,042 | $ | 38,137 | $ | 22,673 | $ | 10,553 | ||||||||||||||||||||||||
Large Cap Value Insights |
80,020 | 38,056 | 8,377 | 13,345 | 51,213 | 8,119 | 22,403 | 1,340 | 70,071 | 11,953 | 4,270 | 7,169 | ||||||||||||||||||||||||||||||||||||
Small Cap Equity Insights |
50,631 | 25,145 | 3,894 | 36,780 | 32,404 | 5,364 | 39,338 | 623 | 40,764 | 14,277 | 11,770 | 19,917 |
46 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
Statements of Operations (continued)
For the Six Months Ended April 30, 2022 (Unaudited)
Small Cap Growth Insights Fund |
Small Cap Value Insights Fund |
U.S. Equity Insights Fund |
||||||||||||
Investment income: |
| |||||||||||||
Dividends unaffiliated issuers (net of foreign withholding taxes of $1,998, $21,861 and $58, respectively) |
$ | 1,233,720 | $ | 11,938,452 | $ | 9,109,255 | ||||||||
Securities lending income affiliated issuer |
35,720 | 45,482 | 8,218 | |||||||||||
Dividends affiliated issuers |
17 | 236 | 1,152 | |||||||||||
Total investment income | 1,269,457 | 11,984,170 | 9,118,625 | |||||||||||
Expenses: |
| |||||||||||||
Management fees |
1,136,925 | 4,853,111 | 2,943,313 | |||||||||||
Transfer Agency fees(a) |
116,801 | 534,215 | 524,108 | |||||||||||
Distribution and Service (12b-1) fees(a) |
101,652 | 264,122 | 574,938 | |||||||||||
Registration fees |
50,982 | 62,292 | 59,799 | |||||||||||
Professional fees |
45,657 | 45,649 | 45,656 | |||||||||||
Custody, accounting and administrative services |
38,488 | 78,315 | 66,900 | |||||||||||
Printing and mailing costs |
31,174 | 32,860 | 26,567 | |||||||||||
Trustee fees |
11,902 | 14,072 | 9,328 | |||||||||||
Service fees Class C |
9,138 | 8,279 | 22,704 | |||||||||||
Shareholder Administration fees Service Shares |
| | 7,435 | |||||||||||
Other |
9,552 | 16,868 | 9,593 | |||||||||||
Total expenses | 1,552,271 | 5,909,783 | 4,290,341 | |||||||||||
Less expense reductions |
(182,242 | ) | (225,997 | ) | (195,755 | ) | ||||||||
Net expenses | 1,370,029 | 5,683,786 | 4,094,586 | |||||||||||
NET INVESTMENT INCOME | (100,572 | ) | 6,300,384 | 5,024,039 | ||||||||||
Realized and unrealized gain (loss): |
| |||||||||||||
Net realized gain (loss) from: |
||||||||||||||
Investments unaffiliated issuers |
(4,981,008 | ) | 41,311,691 | 17,834,218 | ||||||||||
Futures contracts |
320,646 | (635,985 | ) | 316,386 | ||||||||||
Net change in unrealized gain (loss) on: |
||||||||||||||
Investments unaffiliated issuers |
(71,379,009 | ) | (145,053,623 | ) | (140,089,572 | ) | ||||||||
Futures contracts |
| (532,817 | ) | | ||||||||||
Foreign currency translations |
| | (37 | ) | ||||||||||
Net realized and unrealized loss | (76,039,371 | ) | (104,910,734 | ) | (121,939,005 | ) | ||||||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (76,139,943 | ) | $ | (98,610,350 | ) | $ | (116,914,966 | ) |
(a) | Class specific Distribution and/or Service and Transfer Agency fees were as follows: |
Distribution and/or Service (12b-1) Fees | Transfer Agency Fees | |||||||||||||||||||||||||||||||||||||||||||||||
Fund |
Class A |
Class C |
Service |
Class R |
Class A |
Class C |
Institutional |
Service |
Investor |
Class R6 |
Class R |
Class P |
||||||||||||||||||||||||||||||||||||
Small Cap Growth Insights |
$ | 60,538 | $ | 27,414 | $ | | $ | 13,700 | $ | 38,745 | $ | 5,849 | $ | 20,391 | $ | | $ | 36,030 | $ | 10,050 | $ | 4,384 | $ | 1,352 | ||||||||||||||||||||||||
Small Cap Value Insights |
182,919 | 24,839 | | 56,364 | 117,069 | 5,299 | 74,117 | | 270,296 | 42,966 | 18,037 | 6,431 | ||||||||||||||||||||||||||||||||||||
U.S. Equity Insights |
446,670 | 68,112 | 7,435 | 52,721 | 285,872 | 14,531 | 61,297 | 1,190 | 96,809 | 2,635 | 16,871 | 44,903 |
The accompanying notes are an integral part of these financial statements. | 47 |
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
Statements of Changes in Net Assets
Large Cap Growth Insights Fund | Large Cap Value Insights Fund | |||||||||||||||||||||
For the Six Months Ended April 30, 2022 (Unaudited) |
For the Fiscal Year Ended October 31, 2021 |
For the Six Months Ended April 30, 2022 (Unaudited) |
For the Fiscal Year Ended October 31, 2021 |
|||||||||||||||||||
From operations: |
| |||||||||||||||||||||
Net investment income |
$ | 3,462,164 | $ | 670,404 | $ | 2,860,695 | $ | 4,444,971 | ||||||||||||||
Net realized gain |
157,541,186 | 505,708,986 | 23,829,321 | 93,826,050 | ||||||||||||||||||
Net change in unrealized gain (loss) |
(409,910,394 | ) | 180,816,034 | (35,351,654 | ) | 36,195,508 | ||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (248,907,044 | ) | 687,195,424 | (8,661,638 | ) | 134,466,529 | ||||||||||||||||
Distributions to shareholders: |
| |||||||||||||||||||||
From distributable earnings: |
||||||||||||||||||||||
Class A Shares |
(104,931,005 | ) | (27,425,346 | ) | (9,886,620 | ) | (676,736 | ) | ||||||||||||||
Class C Shares |
(17,126,354 | ) | (4,743,046 | ) | (1,618,849 | ) | (44,821 | ) | ||||||||||||||
Institutional Shares |
(158,129,393 | ) | (73,425,541 | ) | (17,859,592 | ) | (1,641,866 | ) | ||||||||||||||
Service Shares |
(10,860,025 | ) | (4,697,947 | ) | (1,068,616 | ) | (64,814 | ) | ||||||||||||||
Investor Shares |
(84,678,086 | ) | (31,566,895 | ) | (14,229,147 | ) | (1,222,900 | ) | ||||||||||||||
Class R6 Shares |
(89,995,214 | ) | (34,402,556 | ) | (12,734,505 | ) | (1,203,585 | ) | ||||||||||||||
Class R Shares |
(9,787,214 | ) | (2,831,396 | ) | (842,592 | ) | (54,226 | ) | ||||||||||||||
Class P Shares |
(23,693,905 | ) | (5,886,489 | ) | (7,434,726 | ) | (619,341 | ) | ||||||||||||||
Total distributions to shareholders | (499,201,196 | ) | (184,979,216 | ) | (65,674,647 | ) | (5,528,289 | ) | ||||||||||||||
From share transactions: |
| |||||||||||||||||||||
Proceeds from sales of shares |
194,641,271 | 364,468,504 | 68,711,098 | 79,433,361 | ||||||||||||||||||
Reinvestment of distributions |
419,949,153 | 164,888,599 | 62,037,947 | 5,295,179 | ||||||||||||||||||
Cost of shares redeemed |
(726,368,598 | ) | (931,130,685 | ) | (66,146,457 | ) | (117,460,596 | ) | ||||||||||||||
Net increase (decrease) in net assets resulting from share transactions | (111,778,174 | ) | (401,773,582 | ) | 64,602,588 | (32,732,056 | ) | |||||||||||||||
TOTAL INCREASE (DECREASE) | (859,886,414 | ) | 100,442,626 | (9,733,697 | ) | 96,206,184 | ||||||||||||||||
Net assets: | ||||||||||||||||||||||
Beginning of period |
1,986,083,629 | 1,885,641,003 | 416,771,730 | 320,565,546 | ||||||||||||||||||
End of period |
$ | 1,126,197,215 | $ | 1,986,083,629 | $ | 407,038,033 | $ | 416,771,730 |
48 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
Statements of Changes in Net Assets (continued)
Small Cap Equity Insights Fund | Small Cap Growth Insights Fund | |||||||||||||||||||||
For the Six Months Ended April 30, 2022 (Unaudited) |
For the Fiscal Year Ended October 31, 2021 |
For the Six Months Ended April 30, 2022 (Unaudited) |
For the Fiscal Year Ended October 31, 2021 |
|||||||||||||||||||
From operations: |
| |||||||||||||||||||||
Net investment income (loss) |
$ | 1,489,811 | $ | 1,126,927 | $ | (100,572 | ) | $ | (2,442,927 | ) | ||||||||||||
Net realized gain (loss) |
1,999,107 | 159,963,606 | (4,660,362 | ) | 356,301,385 | |||||||||||||||||
Net change in unrealized gain (loss) |
(95,804,649 | ) | 86,727,159 | (71,379,009 | ) | 18,542,494 | ||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (92,315,731 | ) | 247,817,692 | (76,139,943 | ) | 372,400,952 | ||||||||||||||||
Distributions to shareholders: |
| |||||||||||||||||||||
From distributable earnings: |
||||||||||||||||||||||
Class A Shares |
(10,704,326 | ) | (72,203 | ) | (48,790,883 | ) | (2,093,905 | ) | ||||||||||||||
Class C Shares |
(2,167,796 | ) | | (12,321,506 | ) | (366,093 | ) | |||||||||||||||
Institutional Shares |
(49,102,288 | ) | (946,817 | ) | (75,809,056 | ) | (6,793,298 | ) | ||||||||||||||
Service Shares |
(861,999 | ) | (5,076 | ) | | | ||||||||||||||||
Investor Shares |
(14,260,306 | ) | (295,176 | ) | (35,980,459 | ) | (18,616,142 | ) | ||||||||||||||
Class R6 Shares |
(23,794,917 | ) | (765,740 | ) | (46,540,269 | ) | (7,408,415 | ) | ||||||||||||||
Class R Shares |
(3,915,484 | ) | (3,581 | ) | (4,303,299 | ) | (351,853 | ) | ||||||||||||||
Class P Shares |
(34,137,536 | ) | (568,617 | ) | (5,274,692 | ) | (361,013 | ) | ||||||||||||||
Total distributions to shareholders | (138,944,652 | ) | (2,657,210 | ) | (229,020,164 | ) | (35,990,719 | ) | ||||||||||||||
From share transactions: |
| |||||||||||||||||||||
Proceeds from sales of shares |
78,983,652 | 189,597,209 | 62,937,056 | 247,305,100 | ||||||||||||||||||
Reinvestment of distributions |
137,848,944 | 2,591,640 | 224,260,058 | 34,839,289 | ||||||||||||||||||
Cost of shares redeemed |
(135,152,339 | ) | (372,114,225 | ) | (230,378,324 | ) | (1,188,950,493 | ) | ||||||||||||||
Net increase (decrease) in net assets resulting from share transactions | 81,680,257 | (179,925,376 | ) | 56,818,790 | (906,806,104 | ) | ||||||||||||||||
TOTAL INCREASE (DECREASE) | (149,580,126 | ) | 65,235,106 | (248,341,317 | ) | (570,395,871 | ) | |||||||||||||||
Net assets: | ||||||||||||||||||||||
Beginning of period |
609,604,267 | 544,369,161 | 411,200,288 | 981,596,159 | ||||||||||||||||||
End of period |
$ | 460,024,141 | $ | 609,604,267 | $ | 162,858,971 | $ | 411,200,288 |
The accompanying notes are an integral part of these financial statements. | 49 |
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
Statements of Changes in Net Assets (continued)
Small Cap Value Insights Fund | U.S. Equity Insights Fund | |||||||||||||||||||||
For the Six Months Ended April 30, 2022 (Unaudited) |
For the Fiscal Year Ended October 31, 2021 |
For the Six Months Ended April 30, 2022 (Unaudited) |
For the Fiscal Year Ended October 31, 2021 |
|||||||||||||||||||
From operations: |
| |||||||||||||||||||||
Net investment income |
$ | 6,300,384 | $ | 8,699,106 | $ | 5,024,039 | $ | 5,827,946 | ||||||||||||||
Net realized gain |
40,675,706 | 303,869,950 | 18,150,604 | 259,553,956 | ||||||||||||||||||
Net change in unrealized gain (loss) |
(145,586,440 | ) | 189,427,785 | (140,089,609 | ) | 115,297,206 | ||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (98,610,350 | ) | 501,996,841 | (116,914,966 | ) | 380,679,108 | ||||||||||||||||
Distributions to shareholders: |
| |||||||||||||||||||||
From distributable earnings: |
||||||||||||||||||||||
Class A Shares |
(43,779,967 | ) | (785,368 | ) | (82,471,108 | ) | (13,719,487 | ) | ||||||||||||||
Class C Shares |
(2,978,431 | ) | (24,825 | ) | (4,771,581 | ) | (762,606 | ) | ||||||||||||||
Institutional Shares |
(80,217,562 | ) | (1,852,902 | ) | (68,876,505 | ) | (12,408,988 | ) | ||||||||||||||
Service Shares |
| | (1,361,000 | ) | (254,428 | ) | ||||||||||||||||
Investor Shares |
(88,616,425 | ) | (2,781,222 | ) | (29,215,058 | ) | (4,441,328 | ) | ||||||||||||||
Class R6 Shares |
(65,637,668 | ) | (1,592,174 | ) | (3,966,077 | ) | (431,144 | ) | ||||||||||||||
Class R Shares |
(6,680,785 | ) | (118,456 | ) | (4,945,801 | ) | (1,852,525 | ) | ||||||||||||||
Class P Shares |
(9,546,149 | ) | (273,740 | ) | (65,314,484 | ) | (12,331,032 | ) | ||||||||||||||
Total distributions to shareholders | (297,456,987 | ) | (7,428,687 | ) | (260,921,614 | ) | (46,201,538 | ) | ||||||||||||||
From share transactions: |
| |||||||||||||||||||||
Proceeds from sales of shares |
360,539,236 | 449,592,114 | 107,428,585 | 138,787,492 | ||||||||||||||||||
Reinvestment of distributions |
292,056,096 | 7,237,135 | 255,838,078 | 45,365,118 | ||||||||||||||||||
Cost of shares redeemed |
(404,201,973 | ) | (440,679,567 | ) | (196,207,817 | ) | (252,334,903 | ) | ||||||||||||||
Net increase (decrease) in net assets resulting from share transactions | 248,393,359 | 16,149,682 | 167,058,846 | (68,182,293 | ) | |||||||||||||||||
TOTAL INCREASE (DECREASE) | (147,673,978 | ) | 510,717,836 | (210,777,734 | ) | 266,295,277 | ||||||||||||||||
Net assets: | ||||||||||||||||||||||
Beginning of period |
1,279,446,469 | 768,728,633 | 1,222,480,504 | 956,185,227 | ||||||||||||||||||
End of period |
$ | 1,131,772,491 | $ | 1,279,446,469 | $ | 1,011,702,770 | $ | 1,222,480,504 |
50 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND
Selected Share Data for a Share Outstanding Throughout Each Period
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounted to $0.09 per share and 0.51% of average net assets. |
(c) | Amount is less than $0.005 per share. |
(d) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(e) | Annualized. |
(f) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 51 |
GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs Large Cap Growth Insights Fund | ||||||||||||||||||||||||||
Class C Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 41.64 | $ | 32.87 | $ | 27.79 | $ | 27.78 | $ | 27.42 | $ | 21.23 | ||||||||||||||
Net investment loss(a) |
(0.08 | )(b) | (0.35 | ) | (0.23 | ) | (0.10 | ) | (0.12 | ) | (0.09 | ) | ||||||||||||||
Net realized and unrealized gain (loss) |
(4.84 | ) | 12.92 | 6.43 | 2.63 | 1.77 | 6.28 | |||||||||||||||||||
Total from investment operations |
(4.92 | ) | 12.57 | 6.20 | 2.53 | 1.65 | 6.19 | |||||||||||||||||||
Distributions to shareholders from net realized gains |
(15.34 | ) | (3.80 | ) | (1.12 | ) | (2.52 | ) | (1.29 | ) | | |||||||||||||||
Net asset value, end of period |
$ | 21.38 | $ | 41.64 | $ | 32.87 | $ | 27.79 | $ | 27.78 | $ | 27.42 | ||||||||||||||
Total Return(c) | (18.22 | )% | 41.59 | % | 22.97 | % | 10.42 | % | 6.18 | % | 29.16 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 33,065 | $ | 47,078 | $ | 41,838 | $ | 42,004 | $ | 56,046 | $ | 63,500 | ||||||||||||||
Ratio of net expenses to average net assets |
1.67 | %(d) | 1.66 | % | 1.67 | % | 1.68 | % | 1.67 | % | 1.70 | % | ||||||||||||||
Ratio of total expenses to average net assets |
1.70 | %(d) | 1.69 | % | 1.70 | % | 1.72 | % | 1.70 | % | 1.85 | % | ||||||||||||||
Ratio of net investment loss to average net assets |
(0.58 | )%(b)(d) | (0.96 | )% | (0.76 | )% | (0.40 | )% | (0.42 | )% | (0.37 | )% | ||||||||||||||
Portfolio turnover rate(e) |
97 | % | 214 | % | 218 | % | 192 | % | 188 | % | 196 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounted to $0.09 per share and 0.51% of average net assets. |
(c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
52 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs Large Cap Growth Insights Fund | ||||||||||||||||||||||||||
Institutional Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 50.98 | $ | 39.16 | $ | 32.77 | $ | 32.17 | $ | 31.39 | $ | 24.21 | ||||||||||||||
Net investment income(a) |
0.15 | (b) | 0.07 | 0.13 | 0.23 | 0.23 | 0.22 | |||||||||||||||||||
Net realized and unrealized gain (loss) |
(6.58 | ) | 15.66 | 7.61 | 3.09 | 2.02 | 7.15 | |||||||||||||||||||
Total from investment operations |
(6.43 | ) | 15.73 | 7.74 | 3.32 | 2.25 | 7.37 | |||||||||||||||||||
Distributions to shareholders from net investment income |
(0.08 | ) | (0.11 | ) | (0.23 | ) | (0.20 | ) | (0.18 | ) | (0.19 | ) | ||||||||||||||
Distributions to shareholders from net realized gains |
(15.34 | ) | (3.80 | ) | (1.12 | ) | (2.52 | ) | (1.29 | ) | | |||||||||||||||
Total distributions |
(15.42 | ) | (3.91 | ) | (1.35 | ) | (2.72 | ) | (1.47 | ) | (0.19 | ) | ||||||||||||||
Net asset value, end of period |
$ | 29.13 | $ | 50.98 | $ | 39.16 | $ | 32.77 | $ | 32.17 | $ | 31.39 | ||||||||||||||
Total Return(c) | (17.76 | )% | 43.18 | % | 24.33 | % | 11.70 | % | 7.38 | % | 30.63 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 361,519 | $ | 893,602 | $ | 741,893 | $ | 760,316 | $ | 806,091 | $ | 897,009 | ||||||||||||||
Ratio of net expenses to average net assets |
0.55 | %(d) | 0.54 | % | 0.54 | % | 0.54 | % | 0.53 | % | 0.56 | % | ||||||||||||||
Ratio of total expenses to average net assets |
0.58 | %(d) | 0.57 | % | 0.58 | % | 0.58 | % | 0.56 | % | 0.70 | % | ||||||||||||||
Ratio of net investment income to average net assets |
0.81 | %(b)(d) | 0.16 | % | 0.36 | % | 0.72 | % | 0.71 | % | 0.78 | % | ||||||||||||||
Portfolio turnover rate(e) |
97 | % | 214 | % | 218 | % | 192 | % | 188 | % | 196 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounted to $0.09 per share and 0.51% of average net assets. |
(c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 53 |
GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs Large Cap Growth Insights Fund | ||||||||||||||||||||||||||
Service Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 47.77 | $ | 36.98 | $ | 31.02 | $ | 30.53 | $ | 29.94 | $ | 23.15 | ||||||||||||||
Net investment income (loss)(a) |
0.02 | (b) | (0.14 | ) | (0.05 | ) | 0.07 | 0.07 | 0.04 | |||||||||||||||||
Net realized and unrealized gain (loss) |
(5.97 | ) | 14.73 | 7.20 | 2.95 | 1.92 | 6.88 | |||||||||||||||||||
Total from investment operations |
(5.95 | ) | 14.59 | 7.15 | 3.02 | 1.99 | 6.92 | |||||||||||||||||||
Distributions to shareholders from net investment income |
| | (0.07 | ) | (0.01 | ) | (0.11 | ) | (0.13 | ) | ||||||||||||||||
Distributions to shareholders from net realized gains |
(15.34 | ) | (3.80 | ) | (1.12 | ) | (2.52 | ) | (1.29 | ) | | |||||||||||||||
Total distributions |
(15.34 | ) | (3.80 | ) | (1.19 | ) | (2.53 | ) | (1.40 | ) | (0.13 | ) | ||||||||||||||
Net asset value, end of period |
$ | 26.48 | $ | 47.77 | $ | 36.98 | $ | 31.02 | $ | 30.53 | $ | 29.94 | ||||||||||||||
Total Return(c) | (17.98 | )% | 42.50 | % | 23.68 | % | 11.15 | % | 6.82 | % | 30.04 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 20,567 | $ | 34,280 | $ | 47,346 | $ | 50,445 | $ | 53,347 | $ | 67,450 | ||||||||||||||
Ratio of net expenses to average net assets |
1.05 | %(d) | 1.04 | % | 1.04 | % | 1.04 | % | 1.03 | % | 1.05 | % | ||||||||||||||
Ratio of total expenses to average net assets |
1.08 | %(d) | 1.07 | % | 1.08 | % | 1.08 | % | 1.06 | % | 1.19 | % | ||||||||||||||
Ratio of net investment income (loss) to average net assets |
0.10 | %(b)(d) | (0.34 | )% | (0.13 | )% | 0.22 | % | 0.21 | % | 0.17 | % | ||||||||||||||
Portfolio turnover rate(e) |
97 | % | 214 | % | 218 | % | 192 | % | 188 | % | 196 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounted to $0.09 per share and 0.51% of average net assets. |
(c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
54 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs Large Cap Growth Insights Fund | ||||||||||||||||||||||||||
Investor Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 48.07 | $ | 37.12 | $ | 31.13 | $ | 30.69 | $ | 30.03 | $ | 23.19 | ||||||||||||||
Net investment income(a) |
0.07 | (b) | 0.02 | 0.09 | 0.17 | 0.18 | 0.16 | |||||||||||||||||||
Net realized and unrealized gain (loss) |
(6.01 | ) | 14.80 | 7.21 | 2.95 | 1.93 | 6.86 | |||||||||||||||||||
Total from investment operations |
(5.94 | ) | 14.82 | 7.30 | 3.12 | 2.11 | 7.02 | |||||||||||||||||||
Distributions to shareholders from net investment income |
(0.05 | ) | (0.07 | ) | (0.19 | ) | (0.16 | ) | (0.16 | ) | (0.18 | ) | ||||||||||||||
Distributions to shareholders from net realized gains |
(15.34 | ) | (3.80 | ) | (1.12 | ) | (2.52 | ) | (1.29 | ) | | |||||||||||||||
Total distributions |
(15.39 | ) | (3.87 | ) | (1.31 | ) | (2.68 | ) | (1.45 | ) | (0.18 | ) | ||||||||||||||
Net asset value, end of period |
$ | 26.74 | $ | 48.07 | $ | 37.12 | $ | 31.13 | $ | 30.69 | $ | 30.03 | ||||||||||||||
Total Return(c) | (17.83 | )% | 43.03 | % | 24.17 | % | 11.56 | % | 7.23 | % | 30.43 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 189,591 | $ | 271,096 | $ | 308,107 | $ | 401,677 | $ | 415,757 | $ | 365,836 | ||||||||||||||
Ratio of net expenses to average net assets |
0.67 | %(d) | 0.66 | % | 0.67 | % | 0.68 | % | 0.67 | % | 0.70 | % | ||||||||||||||
Ratio of total expenses to average net assets |
0.70 | %(d) | 0.69 | % | 0.70 | % | 0.72 | % | 0.70 | % | 0.84 | % | ||||||||||||||
Ratio of net investment income to average net assets |
0.42 | %(b)(d) | 0.04 | % | 0.26 | % | 0.58 | % | 0.56 | % | 0.59 | % | ||||||||||||||
Portfolio turnover rate(e) |
97 | % | 214 | % | 218 | % | 192 | % | 188 | % | 196 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounted to $0.09 per share and 0.51% of average net assets. |
(c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 55 |
GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs Large Cap Growth Insights Fund | ||||||||||||||||||||||||||
Class R6 Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 50.95 | $ | 39.14 | $ | 32.75 | $ | 32.15 | $ | 31.38 | $ | 24.21 | ||||||||||||||
Net investment income(a) |
0.10 | (b) | 0.08 | 0.13 | 0.23 | 0.24 | 0.21 | |||||||||||||||||||
Net realized and unrealized gain (loss) |
(6.51 | ) | 15.65 | 7.61 | 3.10 | 2.01 | 7.16 | |||||||||||||||||||
Total from investment operations |
(6.41 | ) | 15.73 | 7.74 | 3.33 | 2.25 | 7.37 | |||||||||||||||||||
Distributions to shareholders from net investment income |
(0.10 | ) | (0.12 | ) | (0.23 | ) | (0.21 | ) | (0.19 | ) | (0.20 | ) | ||||||||||||||
Distributions to shareholders from net realized gains |
(15.34 | ) | (3.80 | ) | (1.12 | ) | (2.52 | ) | (1.29 | ) | | |||||||||||||||
Total distributions |
(15.44 | ) | (3.92 | ) | (1.35 | ) | (2.73 | ) | (1.48 | ) | (0.20 | ) | ||||||||||||||
Net asset value, end of period |
$ | 29.10 | $ | 50.95 | $ | 39.14 | $ | 32.75 | $ | 32.15 | $ | 31.38 | ||||||||||||||
Total Return(c) | (17.75 | )% | 43.19 | % | 24.36 | % | 11.72 | % | 7.37 | % | 30.64 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 189,438 | $ | 295,157 | $ | 373,079 | $ | 313,461 | $ | 344,129 | $ | 133,877 | ||||||||||||||
Ratio of net expenses to average net assets |
0.54 | %(d) | 0.53 | % | 0.53 | % | 0.53 | % | 0.52 | % | 0.54 | % | ||||||||||||||
Ratio of total expenses to average net assets |
0.57 | %(d) | 0.56 | % | 0.57 | % | 0.57 | % | 0.55 | % | 0.67 | % | ||||||||||||||
Ratio of net investment income to average net assets |
0.55 | %(b)(d) | 0.17 | % | 0.36 | % | 0.75 | % | 0.71 | % | 0.74 | % | ||||||||||||||
Portfolio turnover rate(e) |
97 | % | 214 | % | 218 | % | 192 | % | 188 | % | 196 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounted to $0.09 per share and 0.51% of average net assets. |
(c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
56 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs Large Cap Growth Insights Fund | ||||||||||||||||||||||||||
Class R Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 47.14 | $ | 36.58 | $ | 30.73 | $ | 30.30 | $ | 29.67 | $ | 22.93 | ||||||||||||||
Net investment income (loss)(a) |
(0.02 | )(b) | (0.19 | ) | (0.08 | ) | 0.02 | 0.02 | 0.04 | |||||||||||||||||
Net realized and unrealized gain (loss) |
(5.83 | ) | 14.55 | 7.12 | 2.93 | 1.92 | 6.78 | |||||||||||||||||||
Total from investment operations |
(5.85 | ) | 14.36 | 7.04 | 2.95 | 1.94 | 6.82 | |||||||||||||||||||
Distributions to shareholders from net investment income |
| | (0.07 | ) | | (0.02 | ) | (0.08 | ) | |||||||||||||||||
Distributions to shareholders from net realized gains |
(15.34 | ) | (3.80 | ) | (1.12 | ) | (2.52 | ) | (1.29 | ) | | |||||||||||||||
Total distributions |
(15.34 | ) | (3.80 | ) | (1.19 | ) | (2.52 | ) | (1.31 | ) | (0.08 | ) | ||||||||||||||
Net asset value, end of period |
$ | 25.95 | $ | 47.14 | $ | 36.58 | $ | 30.73 | $ | 30.30 | $ | 29.67 | ||||||||||||||
Total Return(c) | (18.02 | )% | 42.33 | % | 23.55 | % | 10.98 | % | 6.69 | % | 29.81 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 24,799 | $ | 30,111 | $ | 27,314 | $ | 34,397 | $ | 25,893 | $ | 29,734 | ||||||||||||||
Ratio of net expenses to average net assets |
1.17 | %(d) | 1.16 | % | 1.17 | % | 1.18 | % | 1.17 | % | 1.20 | % | ||||||||||||||
Ratio of total expenses to average net assets |
1.20 | %(d) | 1.19 | % | 1.20 | % | 1.22 | % | 1.20 | % | 1.35 | % | ||||||||||||||
Ratio of net investment income (loss) to average net assets |
(0.11 | )%(b)(d) | (0.46 | )% | (0.25 | )% | 0.05 | % | 0.08 | % | 0.14 | % | ||||||||||||||
Portfolio turnover rate(e) |
97 | % | 214 | % | 218 | % | 192 | % | 188 | % | 196 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounted to $0.09 per share and 0.51% of average net assets. |
(c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 57 |
GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs Large Cap Growth Insights Fund | ||||||||||||||||||||||
Class P Shares | ||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | Period Ended October 31, 2018(a) |
||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||
Net asset value, beginning of period |
$ | 50.93 | $ | 39.12 | $ | 32.74 | $ | 32.15 | $ | 32.07 | ||||||||||||
Net investment income(b) |
0.10 | (c) | 0.07 | 0.13 | 0.22 | 0.12 | ||||||||||||||||
Net realized and unrealized gain (loss) |
(6.53 | ) | 15.66 | 7.61 | 3.10 | (0.04 | ) | |||||||||||||||
Total from investment operations |
(6.43 | ) | 15.73 | 7.74 | 3.32 | 0.08 | ||||||||||||||||
Distributions to shareholders from net investment income |
(0.09 | ) | (0.12 | ) | (0.24 | ) | (0.21 | ) | | |||||||||||||
Distributions to shareholders from net realized gains |
(15.34 | ) | (3.80 | ) | (1.12 | ) | (2.52 | ) | | |||||||||||||
Total distributions |
(15.43 | ) | (3.92 | ) | (1.36 | ) | (2.73 | ) | | |||||||||||||
Net asset value, end of period |
$ | 29.07 | $ | 50.93 | $ | 39.12 | $ | 32.74 | $ | 32.15 | ||||||||||||
Total Return(d) | (17.78 | )% | 43.21 | % | 24.34 | % | 11.71 | % | 0.25 | % | ||||||||||||
Net assets, end of period (in 000s) |
$ | 64,295 | $ | 78,307 | $ | 59,286 | $ | 49,099 | $ | 39,938 | ||||||||||||
Ratio of net expenses to average net assets |
0.54 | %(e) | 0.53 | % | 0.53 | % | 0.53 | % | 0.52 | %(e) | ||||||||||||
Ratio of total expenses to average net assets |
0.57 | %(e) | 0.56 | % | 0.57 | % | 0.57 | % | 0.56 | %(e) | ||||||||||||
Ratio of net investment income to average net assets |
0.54 | %(c)(e) | 0.17 | % | 0.36 | % | 0.71 | % | 0.66 | %(e) | ||||||||||||
Portfolio turnover rate(f) |
97 | % | 214 | % | 218 | % | 192 | % | 188 | % |
(a) | Commenced operations on April 16, 2018. |
(b) | Calculated based on the average shares outstanding methodology. |
(c) | Reflects income recognized from special dividends which amounted to $0.09 per share and 0.51% of average net assets. |
(d) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(e) | Annualized. |
(f) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
58 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounted to $0.05 per share and 0.38% of average net assets. |
(c) | Reflects income recognized from special dividends which amounted to $0.02 per share and 0.09% of average net assets. |
(d) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(e) | Annualized. |
(f) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 59 |
GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs Large Cap Value Insights Fund | ||||||||||||||||||||||||||
Class C Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 26.90 | $ | 19.05 | $ | 21.06 | $ | 21.39 | $ | 20.82 | $ | 17.12 | ||||||||||||||
Net investment income(a) |
0.05 | (b) | 0.04 | (c) | 0.10 | 0.12 | 0.08 | 0.11 | ||||||||||||||||||
Net realized and unrealized gain (loss) |
(0.60 | ) | 7.91 | (2.01 | ) | 0.75 | 0.55 | 3.75 | ||||||||||||||||||
Total from investment operations |
(0.55 | ) | 7.95 | (1.91 | ) | 0.87 | 0.63 | 3.86 | ||||||||||||||||||
Distributions to shareholders from net investment income |
(0.04 | ) | (0.10 | ) | (0.10 | ) | (0.14 | ) | (0.06 | ) | (0.16 | ) | ||||||||||||||
Distributions to shareholders from net realized gains |
(4.15 | ) | | | (1.06 | ) | | | ||||||||||||||||||
Total distributions |
(4.19 | ) | (0.10 | ) | (0.10 | ) | (1.20 | ) | (0.06 | ) | (0.16 | ) | ||||||||||||||
Net asset value, end of period |
$ | 22.16 | $ | 26.90 | $ | 19.05 | $ | 21.06 | $ | 21.39 | $ | 20.82 | ||||||||||||||
Total Return(d) | (2.46 | )% | 41.85 | % | (9.02 | )% | 4.53 | % | 3.00 | % | 22.59 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 9,354 | $ | 10,713 | $ | 8,773 | $ | 12,694 | $ | 10,058 | $ | 10,601 | ||||||||||||||
Ratio of net expenses to average net assets |
1.68 | %(e) | 1.68 | % | 1.69 | % | 1.70 | % | 1.70 | % | 1.71 | % | ||||||||||||||
Ratio of total expenses to average net assets |
1.76 | %(e) | 1.78 | % | 1.80 | % | 1.82 | % | 1.78 | % | 1.85 | % | ||||||||||||||
Ratio of net investment income to average net assets |
0.41 | %(b)(e) | 0.16 | %(b) | 0.52 | % | 0.61 | % | 0.37 | % | 0.59 | % | ||||||||||||||
Portfolio turnover rate(f) |
100 | % | 215 | % | 212 | % | 225 | % | 202 | % | 208 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounted to $0.05 per share and 0.38% of average net assets. |
(c) | Reflects income recognized from special dividends which amounted to $0.02 per share and 0.09% of average net assets. |
(d) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(e) | Annualized. |
(f) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
60 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs Large Cap Value Insights Fund | ||||||||||||||||||||||||||
Institutional Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 27.11 | $ | 19.20 | $ | 21.24 | $ | 21.57 | $ | 20.99 | $ | 17.25 | ||||||||||||||
Net investment income(a) |
0.18 | (b) | 0.31 | (c) | 0.33 | 0.36 | 0.33 | 0.35 | ||||||||||||||||||
Net realized and unrealized gain (loss) |
(0.60 | ) | 7.97 | (2.04 | ) | 0.74 | 0.56 | 3.77 | ||||||||||||||||||
Total from investment operations |
(0.42 | ) | 8.28 | (1.71 | ) | 1.10 | 0.89 | 4.12 | ||||||||||||||||||
Distributions to shareholders from net investment income |
(0.16 | ) | (0.37 | ) | (0.33 | ) | (0.37 | ) | (0.31 | ) | (0.38 | ) | ||||||||||||||
Distributions to shareholders from net realized gains |
(4.15 | ) | | | (1.06 | ) | | | ||||||||||||||||||
Total distributions |
(4.31 | ) | (0.37 | ) | (0.33 | ) | (1.43 | ) | (0.31 | ) | (0.38 | ) | ||||||||||||||
Net asset value, end of period |
$ | 22.38 | $ | 27.11 | $ | 19.20 | $ | 21.24 | $ | 21.57 | $ | 20.99 | ||||||||||||||
Total Return(d) | (1.90 | )% | 43.40 | % | (7.98 | )% | 5.68 | % | 4.22 | % | 24.02 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 109,230 | $ | 114,706 | $ | 88,472 | $ | 120,417 | $ | 122,587 | $ | 261,684 | ||||||||||||||
Ratio of net expenses to average net assets |
0.56 | %(e) | 0.56 | % | 0.56 | % | 0.57 | % | 0.56 | % | 0.56 | % | ||||||||||||||
Ratio of total expenses to average net assets |
0.64 | %(e) | 0.66 | % | 0.67 | % | 0.68 | % | 0.64 | % | 0.70 | % | ||||||||||||||
Ratio of net investment income to average net assets |
1.52 | %(b)(e) | 1.26 | %(b) | 1.64 | % | 1.74 | % | 1.52 | % | 1.78 | % | ||||||||||||||
Portfolio turnover rate(f) |
100 | % | 215 | % | 212 | % | 225 | % | 202 | % | 208 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounted to $0.05 per share and 0.38% of average net assets. |
(c) | Reflects income recognized from special dividends which amounted to $0.02 per share and 0.09% of average net assets. |
(d) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(e) | Annualized. |
(f) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 61 |
GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs Large Cap Value Insights Fund | ||||||||||||||||||||||||||
Service Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 27.28 | $ | 19.32 | $ | 21.36 | $ | 21.67 | $ | 21.09 | $ | 17.34 | ||||||||||||||
Net investment income(a) |
0.12 | (b) | 0.19 | (c) | 0.23 | 0.27 | 0.22 | 0.25 | ||||||||||||||||||
Net realized and unrealized gain (loss) |
(0.61 | ) | 8.02 | (2.04 | ) | 0.75 | 0.56 | 3.79 | ||||||||||||||||||
Total from investment operations |
(0.49 | ) | 8.21 | (1.81 | ) | 1.02 | 0.78 | 4.04 | ||||||||||||||||||
Distributions to shareholders from net investment income |
(0.11 | ) | (0.25 | ) | (0.23 | ) | (0.27 | ) | (0.20 | ) | (0.29 | ) | ||||||||||||||
Distributions to shareholders from net realized gains |
(4.15 | ) | | | (1.06 | ) | | | ||||||||||||||||||
Total distributions |
(4.26 | ) | (0.25 | ) | (0.23 | ) | (1.33 | ) | (0.20 | ) | (0.29 | ) | ||||||||||||||
Net asset value, end of period |
$ | 22.53 | $ | 27.28 | $ | 19.32 | $ | 21.36 | $ | 21.67 | $ | 21.09 | ||||||||||||||
Total Return(d) | (2.18 | )% | 42.68 | % | (8.44 | )% | 5.19 | % | 3.70 | % | 23.37 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 6,438 | $ | 6,769 | $ | 5,230 | $ | 7,554 | $ | 10,199 | $ | 8,403 | ||||||||||||||
Ratio of net expenses to average net assets |
1.06 | %(e) | 1.06 | % | 1.06 | % | 1.07 | % | 1.06 | % | 1.06 | % | ||||||||||||||
Ratio of total expenses to average net assets |
1.14 | %(e) | 1.16 | % | 1.17 | % | 1.18 | % | 1.14 | % | 1.20 | % | ||||||||||||||
Ratio of net investment income to average net assets |
1.01 | %(b)(e) | 0.76 | %(b) | 1.13 | % | 1.28 | % | 1.00 | % | 1.28 | % | ||||||||||||||
Portfolio turnover rate(f) |
100 | % | 215 | % | 212 | % | 225 | % | 202 | % | 208 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounted to $0.05 per share and 0.38% of average net assets. |
(c) | Reflects income recognized from special dividends which amounted to $0.02 per share and 0.09% of average net assets. |
(d) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(e) | Annualized. |
(f) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
62 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs Large Cap Value Insights Fund | ||||||||||||||||||||||||||
Investor Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 27.04 | $ | 19.15 | $ | 21.18 | $ | 21.51 | $ | 20.94 | $ | 17.22 | ||||||||||||||
Net investment income(a) |
0.17 | (b) | 0.28 | (c) | 0.31 | 0.32 | 0.29 | 0.34 | ||||||||||||||||||
Net realized and unrealized gain (loss) |
(0.60 | ) | 7.95 | (2.03 | ) | 0.76 | 0.57 | 3.74 | ||||||||||||||||||
Total from investment operations |
(0.43 | ) | 8.23 | (1.72 | ) | 1.08 | 0.86 | 4.08 | ||||||||||||||||||
Distributions to shareholders from net investment income |
(0.15 | ) | (0.34 | ) | (0.31 | ) | (0.35 | ) | (0.29 | ) | (0.36 | ) | ||||||||||||||
Distributions to shareholders from net realized gains |
(4.15 | ) | | | (1.06 | ) | | | ||||||||||||||||||
Total distributions |
(4.30 | ) | (0.34 | ) | (0.31 | ) | (1.41 | ) | (0.29 | ) | (0.36 | ) | ||||||||||||||
Net asset value, end of period |
$ | 22.31 | $ | 27.04 | $ | 19.15 | $ | 21.18 | $ | 21.51 | $ | 20.94 | ||||||||||||||
Total Return(d) | (1.96 | )% | 43.24 | % | (8.09 | )% | 5.55 | % | 4.07 | % | 23.79 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 85,195 | $ | 91,133 | $ | 70,302 | $ | 134,069 | $ | 84,895 | $ | 29,871 | ||||||||||||||
Ratio of net expenses to average net assets |
0.68 | %(e) | 0.68 | % | 0.69 | % | 0.70 | % | 0.70 | % | 0.71 | % | ||||||||||||||
Ratio of total expenses to average net assets |
0.76 | %(e) | 0.78 | % | 0.80 | % | 0.82 | % | 0.78 | % | 0.84 | % | ||||||||||||||
Ratio of net investment income to average net assets |
1.40 | %(b)(e) | 1.13 | %(b) | 1.54 | % | 1.58 | % | 1.33 | % | 1.70 | % | ||||||||||||||
Portfolio turnover rate(f) |
100 | % | 215 | % | 212 | % | 225 | % | 202 | % | 208 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounted to $0.05 per share and 0.38% of average net assets. |
(c) | Reflects income recognized from special dividends which amounted to $0.02 per share and 0.09% of average net assets. |
(d) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(e) | Annualized. |
(f) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 63 |
GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs Large Cap Value Insights Fund | ||||||||||||||||||||||||||
Class R6 Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 27.11 | $ | 19.20 | $ | 21.24 | $ | 21.56 | $ | 20.99 | $ | 17.25 | ||||||||||||||
Net investment income(a) |
0.18 | (b) | 0.31 | (c) | 0.32 | 0.40 | 0.33 | 0.36 | ||||||||||||||||||
Net realized and unrealized gain (loss) |
(0.59 | ) | 7.98 | (2.02 | ) | 0.72 | 0.55 | 3.77 | ||||||||||||||||||
Total from investment operations |
(0.41 | ) | 8.29 | (1.70 | ) | 1.12 | 0.88 | 4.13 | ||||||||||||||||||
Distributions to shareholders from net investment income |
(0.17 | ) | (0.38 | ) | (0.34 | ) | (0.38 | ) | (0.31 | ) | (0.39 | ) | ||||||||||||||
Distributions to shareholders from net realized gains |
(4.15 | ) | | | (1.06 | ) | | | ||||||||||||||||||
Total distributions |
(4.32 | ) | (0.38 | ) | (0.34 | ) | (1.44 | ) | (0.31 | ) | (0.39 | ) | ||||||||||||||
Net asset value, end of period |
$ | 22.38 | $ | 27.11 | $ | 19.20 | $ | 21.24 | $ | 21.56 | $ | 20.99 | ||||||||||||||
Total Return(d) | (1.89 | )% | 43.42 | % | (7.97 | )% | 5.73 | % | 4.19 | % | 24.05 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 77,316 | $ | 79,348 | $ | 65,692 | $ | 73,981 | $ | 149,225 | $ | 75 | ||||||||||||||
Ratio of net expenses to average net assets |
0.55 | %(e) | 0.55 | % | 0.55 | % | 0.55 | % | 0.55 | % | 0.55 | % | ||||||||||||||
Ratio of total expenses to average net assets |
0.63 | %(e) | 0.65 | % | 0.66 | % | 0.66 | % | 0.62 | % | 0.67 | % | ||||||||||||||
Ratio of net investment income to average net assets |
1.51 | %(b)(e) | 1.26 | %(b) | 1.63 | % | 1.84 | % | 1.47 | % | 1.81 | % | ||||||||||||||
Portfolio turnover rate(f) |
100 | % | 215 | % | 212 | % | 225 | % | 202 | % | 208 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounted to $0.05 per share and 0.38% of average net assets. |
(c) | Reflects income recognized from special dividends which amounted to $0.02 per share and 0.09% of average net assets. |
(d) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(e) | Annualized. |
(f) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
64 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs Large Cap Value Insights Fund | ||||||||||||||||||||||||||
Class R Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 26.96 | $ | 19.09 | $ | 21.12 | $ | 21.45 | $ | 20.88 | $ | 17.18 | ||||||||||||||
Net investment income(a) |
0.11 | (b) | 0.16 | (c) | 0.19 | 0.23 | 0.19 | 0.24 | ||||||||||||||||||
Net realized and unrealized gain (loss) |
(0.60 | ) | 7.93 | (2.01 | ) | 0.74 | 0.56 | 3.73 | ||||||||||||||||||
Total from investment operations |
(0.49 | ) | 8.09 | (1.82 | ) | 0.97 | 0.75 | 3.97 | ||||||||||||||||||
Distributions to shareholders from net investment income |
(0.10 | ) | (0.22 | ) | (0.21 | ) | (0.24 | ) | (0.18 | ) | (0.27 | ) | ||||||||||||||
Distributions to shareholders from net realized gains |
(4.15 | ) | | | (1.06 | ) | | | ||||||||||||||||||
Total distributions |
(4.25 | ) | (0.22 | ) | (0.21 | ) | (1.30 | ) | (0.18 | ) | (0.27 | ) | ||||||||||||||
Net asset value, end of period |
$ | 22.22 | $ | 26.96 | $ | 19.09 | $ | 21.12 | $ | 21.45 | $ | 20.88 | ||||||||||||||
Total Return(d) | (2.23 | )% | 42.57 | % | (8.58 | )% | 5.01 | % | 3.56 | % | 23.19 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 5,111 | $ | 5,450 | $ | 4,885 | $ | 5,189 | $ | 5,651 | $ | 5,240 | ||||||||||||||
Ratio of net expenses to average net assets |
1.18 | %(e) | 1.18 | % | 1.19 | % | 1.20 | % | 1.20 | % | 1.21 | % | ||||||||||||||
Ratio of total expenses to average net assets |
1.26 | %(e) | 1.28 | % | 1.30 | % | 1.32 | % | 1.28 | % | 1.34 | % | ||||||||||||||
Ratio of net investment income to average net assets |
0.90 | %(b)(e) | 0.64 | %(b) | 0.99 | % | 1.12 | % | 0.88 | % | 1.22 | % | ||||||||||||||
Portfolio turnover rate(f) |
100 | % | 215 | % | 212 | % | 225 | % | 202 | % | 208 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounted to $0.05 per share and 0.38% of average net assets. |
(c) | Reflects income recognized from special dividends which amounted to $0.02 per share and 0.09% of average net assets. |
(d) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(e) | Annualized. |
(f) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 65 |
GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs Large Cap Value Insights Fund | ||||||||||||||||||||||
Class P Shares | ||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | Period Ended October 31, 2018(a) |
||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||
Net asset value, beginning of period |
$ | 27.10 | $ | 19.19 | $ | 21.23 | $ | 21.55 | $ | 21.87 | ||||||||||||
Net investment income(b) |
0.18 | (c) | 0.30 | (d) | 0.32 | 0.36 | 0.17 | |||||||||||||||
Net realized and unrealized gain (loss) |
(0.60 | ) | 7.99 | (2.02 | ) | 0.76 | (0.33 | ) | ||||||||||||||
Total from investment operations |
(0.42 | ) | 8.29 | (1.70 | ) | 1.12 | (0.16 | ) | ||||||||||||||
Distributions to shareholders from net investment income |
(0.17 | ) | (0.38 | ) | (0.34 | ) | (0.38 | ) | (0.16 | ) | ||||||||||||
Distributions to shareholders from net realized gains |
(4.15 | ) | | | (1.06 | ) | | |||||||||||||||
Total distributions |
(4.32 | ) | (0.38 | ) | (0.34 | ) | (1.44 | ) | (0.16 | ) | ||||||||||||
Net asset value, end of period |
$ | 22.36 | $ | 27.10 | $ | 19.19 | $ | 21.23 | $ | 21.55 | ||||||||||||
Total Return(e) | (1.94 | )% | 43.44 | % | (7.97 | )% | 5.74 | % | (0.77 | )% | ||||||||||||
Net assets, end of period (in 000s) |
$ | 52,062 | $ | 46,078 | $ | 30,086 | $ | 33,601 | $ | 27,967 | ||||||||||||
Ratio of net expenses to average net assets |
0.55 | %(f) | 0.55 | % | 0.55 | % | 0.56 | % | 0.55 | %(f) | ||||||||||||
Ratio of total expenses to average net assets |
0.63 | %(f) | 0.65 | % | 0.66 | % | 0.67 | % | 0.65 | %(f) | ||||||||||||
Ratio of net investment income to average net assets |
1.49 | %(c)(f) | 1.23 | %(c) | 1.63 | % | 1.75 | % | 1.38 | %(f) | ||||||||||||
Portfolio turnover rate(g) |
100 | % | 215 | % | 212 | % | 225 | % | 202 | % |
(a) | Commenced operations on April 16, 2018. |
(b) | Calculated based on the average shares outstanding methodology. |
(c) | Reflects income recognized from special dividends which amounted to $0.05 per share and 0.38% of average net assets. |
(d) | Reflects income recognized from special dividends which amounted to $0.02 per share and 0.09% of average net assets. |
(e) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(f) | Annualized. |
(g) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
66 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounted to $0.04 per share and 0.15% of average net assets. |
(c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 67 |
GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs Small Cap Equity Insights Fund | ||||||||||||||||||||||||||
Class C Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 29.67 | $ | 19.39 | $ | 21.75 | $ | 22.23 | $ | 21.56 | $ | 17.25 | ||||||||||||||
Net investment loss(a) |
(0.05 | ) | (0.24 | ) | (0.15 | ) | (0.12 | ) | (0.17 | )(b) | (0.11 | ) | ||||||||||||||
Net realized and unrealized gain (loss) |
(3.82 | ) | 10.52 | (2.21 | ) | 1.04 | 0.84 | 4.42 | ||||||||||||||||||
Total from investment operations |
(3.87 | ) | 10.28 | (2.36 | ) | 0.92 | 0.67 | 4.31 | ||||||||||||||||||
Distributions to shareholders from net realized gains |
(8.60 | ) | | | (1.40 | ) | | | ||||||||||||||||||
Net asset value, end of period |
$ | 17.20 | $ | 29.67 | $ | 19.39 | $ | 21.75 | $ | 22.23 | $ | 21.56 | ||||||||||||||
Total Return(c) | (16.74 | )% | 53.02 | % | (10.82 | )% | 4.86 | % | 3.16 | % | 24.93 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 5,649 | $ | 7,503 | $ | 5,951 | $ | 7,785 | $ | 7,139 | $ | 9,439 | ||||||||||||||
Ratio of net expenses to average net assets |
1.96 | %(d) | 1.96 | % | 1.97 | % | 1.98 | % | 1.98 | % | 1.99 | % | ||||||||||||||
Ratio of total expenses to average net assets |
2.03 | %(d) | 2.04 | % | 2.05 | % | 2.09 | % | 2.06 | % | 2.18 | % | ||||||||||||||
Ratio of net investment loss to average net assets |
(0.50 | )%(d) | (0.88 | )% | (0.78 | )% | (0.57 | )% | (0.72 | )%(b) | (0.56 | )% | ||||||||||||||
Portfolio turnover rate(e) |
67 | % | 165 | % | 141 | % | 140 | % | 111 | % | 137 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounted to $0.04 per share and 0.15% of average net assets. |
(c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
68 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs Small Cap Equity Insights Fund | ||||||||||||||||||||||||||
Institutional Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 36.92 | $ | 23.98 | $ | 26.74 | $ | 26.77 | $ | 25.73 | $ | 20.47 | ||||||||||||||
Net investment income(a) |
0.09 | 0.09 | 0.08 | 0.14 | 0.12 | (b) | 0.13 | |||||||||||||||||||
Net realized and unrealized gain (loss) |
(5.03 | ) | 13.00 | (2.69 | ) | 1.29 | 0.99 | 5.27 | ||||||||||||||||||
Total from investment operations |
(4.94 | ) | 13.09 | (2.61 | ) | 1.43 | 1.11 | 5.40 | ||||||||||||||||||
Distributions to shareholders from net investment income |
| (0.15 | ) | (0.15 | ) | (0.06 | ) | (0.07 | ) | (0.14 | ) | |||||||||||||||
Distributions to shareholders from net realized gains |
(8.60 | ) | | | (1.40 | ) | | | ||||||||||||||||||
Total distributions |
(8.60 | ) | (0.15 | ) | (0.15 | ) | (1.46 | ) | (0.07 | ) | (0.14 | ) | ||||||||||||||
Net asset value, end of period |
$ | 23.38 | $ | 36.92 | $ | 23.98 | $ | 26.74 | $ | 26.77 | $ | 25.73 | ||||||||||||||
Total Return(c) | (16.27 | )% | 54.73 | % | (9.82 | )% | 6.03 | % | 4.32 | % | 26.44 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 170,472 | $ | 226,678 | $ | 216,274 | $ | 290,652 | $ | 212,229 | $ | 231,226 | ||||||||||||||
Ratio of net expenses to average net assets |
0.84 | %(d) | 0.84 | % | 0.84 | % | 0.85 | % | 0.84 | % | 0.84 | % | ||||||||||||||
Ratio of total expenses to average net assets |
0.91 | %(d) | 0.93 | % | 0.92 | % | 0.96 | % | 0.93 | % | 1.03 | % | ||||||||||||||
Ratio of net investment income to average net assets |
0.62 | %(d) | 0.28 | % | 0.34 | % | 0.54 | % | 0.43 | %(b) | 0.56 | % | ||||||||||||||
Portfolio turnover rate(e) |
67 | % | 165 | % | 141 | % | 140 | % | 111 | % | 137 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounted to $0.04 per share and 0.15% of average net assets. |
(c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 69 |
GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs Small Cap Equity Insights Fund | ||||||||||||||||||||||||||
Service Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 34.68 | $ | 22.55 | $ | 25.17 | $ | 25.34 | $ | 24.41 | $ | 19.44 | ||||||||||||||
Net investment income (loss)(a) |
0.02 | (0.08 | ) | (0.03 | ) | 0.01 | (0.02 | )(b) | 0.01 | |||||||||||||||||
Net realized and unrealized gain (loss) |
(4.65 | ) | 12.25 | (2.56 | ) | 1.22 | 0.95 | 5.00 | ||||||||||||||||||
Total from investment operations |
(4.63 | ) | 12.17 | (2.59 | ) | 1.23 | 0.93 | 5.01 | ||||||||||||||||||
Distributions to shareholders from net investment income |
| (0.04 | ) | (0.03 | ) | | | (0.04 | ) | |||||||||||||||||
Distributions to shareholders from net realized gains |
(8.60 | ) | | | (1.40 | ) | | | ||||||||||||||||||
Total distributions |
(8.60 | ) | (0.04 | ) | (0.03 | ) | (1.40 | ) | | (0.04 | ) | |||||||||||||||
Net asset value, end of period |
$ | 21.45 | $ | 34.68 | $ | 22.55 | $ | 25.17 | $ | 25.34 | $ | 24.41 | ||||||||||||||
Total Return(c) | (16.49 | )% | 54.06 | % | (10.29 | )% | 5.52 | % | 3.81 | % | 25.77 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 1,955 | $ | 3,701 | $ | 2,867 | $ | 3,141 | $ | 2,031 | $ | 769 | ||||||||||||||
Ratio of net expenses to average net assets |
1.34 | %(d) | 1.34 | % | 1.34 | % | 1.35 | % | 1.34 | % | 1.34 | % | ||||||||||||||
Ratio of total expenses to average net assets |
1.41 | %(d) | 1.43 | % | 1.42 | % | 1.45 | % | 1.42 | % | 1.53 | % | ||||||||||||||
Ratio of net investment income (loss) to average net assets |
0.15 | %(d) | (0.26 | )% | (0.15 | )% | 0.04 | % | (0.06 | )%(b) | 0.06 | % | ||||||||||||||
Portfolio turnover rate(e) |
67 | % | 165 | % | 141 | % | 140 | % | 111 | % | 137 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounted to $0.04 per share and 0.15% of average net assets. |
(c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
70 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs Small Cap Equity Insights Fund | ||||||||||||||||||||||||||
Investor Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 35.18 | $ | 22.85 | $ | 25.50 | $ | 25.62 | $ | 24.61 | $ | 19.61 | ||||||||||||||
Net investment income(a) |
0.07 | 0.05 | 0.05 | 0.09 | 0.08 | (b) | 0.14 | |||||||||||||||||||
Net realized and unrealized gain (loss) |
(4.74 | ) | 12.40 | (2.58 | ) | 1.24 | 0.95 | 4.99 | ||||||||||||||||||
Total from investment operations |
(4.67 | ) | 12.45 | (2.53 | ) | 1.33 | 1.03 | 5.13 | ||||||||||||||||||
Distributions to shareholders from net investment income |
| (0.12 | ) | (0.12 | ) | (0.05 | ) | (0.02 | ) | (0.13 | ) | |||||||||||||||
Distributions to shareholders from net realized gains |
(8.60 | ) | | | (1.40 | ) | | | ||||||||||||||||||
Total distributions |
(8.60 | ) | (0.12 | ) | (0.12 | ) | (1.45 | ) | (0.02 | ) | (0.13 | ) | ||||||||||||||
Net asset value, end of period |
$ | 21.91 | $ | 35.18 | $ | 22.85 | $ | 25.50 | $ | 25.62 | $ | 24.61 | ||||||||||||||
Total Return(c) | (16.31 | )% | 54.61 | % | (9.95 | )% | 5.90 | % | 4.19 | % | 26.22 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 36,034 | $ | 66,963 | $ | 64,724 | $ | 74,881 | $ | 44,984 | $ | 2,684 | ||||||||||||||
Ratio of net expenses to average net assets |
0.96 | %(d) | 0.96 | % | 0.97 | % | 0.99 | % | 0.98 | % | 0.99 | % | ||||||||||||||
Ratio of total expenses to average net assets |
1.03 | %(d) | 1.05 | % | 1.05 | % | 1.09 | % | 1.06 | % | 1.17 | % | ||||||||||||||
Ratio of net investment income to average net assets |
0.55 | %(d) | 0.15 | % | 0.22 | % | 0.40 | % | 0.31 | %(b) | 0.60 | % | ||||||||||||||
Portfolio turnover rate(e) |
67 | % | 165 | % | 141 | % | 140 | % | 111 | % | 137 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounted to $0.04 per share and 0.15% of average net assets. |
(c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 71 |
GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs Small Cap Equity Insights Fund | ||||||||||||||||||||||||||
Class R6 Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 36.93 | $ | 23.98 | $ | 26.74 | $ | 26.77 | $ | 25.73 | $ | 20.47 | ||||||||||||||
Net investment income(a) |
0.09 | 0.11 | 0.09 | 0.16 | 0.13 | (b) | 0.11 | |||||||||||||||||||
Net realized and unrealized gain (loss) |
(5.03 | ) | 13.00 | (2.70 | ) | 1.27 | 0.99 | 5.29 | ||||||||||||||||||
Total from investment operations |
(4.94 | ) | 13.11 | (2.61 | ) | 1.43 | 1.12 | 5.40 | ||||||||||||||||||
Distributions to shareholders from net investment income |
| (0.16 | ) | (0.15 | ) | (0.06 | ) | (0.08 | ) | (0.14 | ) | |||||||||||||||
Distributions to shareholders from net realized gains |
(8.60 | ) | | | (1.40 | ) | | | ||||||||||||||||||
Total distributions |
(8.60 | ) | (0.16 | ) | (0.15 | ) | (1.46 | ) | (0.08 | ) | (0.14 | ) | ||||||||||||||
Net asset value, end of period |
$ | 23.39 | $ | 36.93 | $ | 23.98 | $ | 26.74 | $ | 26.77 | $ | 25.73 | ||||||||||||||
Total Return(c) | (16.26 | )% | 54.82 | % | (9.81 | )% | 6.05 | % | 4.35 | % | 26.45 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 85,602 | $ | 100,558 | $ | 119,496 | $ | 153,129 | $ | 173,112 | $ | 337 | ||||||||||||||
Ratio of net expenses to average net assets |
0.83 | %(d) | 0.83 | % | 0.83 | % | 0.84 | % | 0.83 | % | 0.83 | % | ||||||||||||||
Ratio of total expenses to average net assets |
0.90 | %(d) | 0.91 | % | 0.91 | % | 0.94 | % | 0.89 | % | 1.02 | % | ||||||||||||||
Ratio of net investment income to average net assets |
0.61 | %(d) | 0.34 | % | 0.36 | % | 0.63 | % | 0.45 | %(b) | 0.47 | % | ||||||||||||||
Portfolio turnover rate(e) |
67 | % | 165 | % | 141 | % | 140 | % | 111 | % | 137 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounted to $0.04 per share and 0.15% of average net assets. |
(c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
72 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs Small Cap Equity Insights Fund | ||||||||||||||||||||||||||
Class R Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 34.39 | $ | 22.36 | $ | 24.96 | $ | 25.18 | $ | 24.29 | $ | 19.36 | ||||||||||||||
Net investment income (loss)(a) |
| (b) | (0.11 | ) | (0.06 | ) | (0.02 | ) | (0.06 | )(c) | (0.02 | ) | ||||||||||||||
Net realized and unrealized gain (loss) |
(4.60 | ) | 12.15 | (2.54 | ) | 1.20 | 0.95 | 4.98 | ||||||||||||||||||
Total from investment operations |
(4.60 | ) | 12.04 | (2.60 | ) | 1.18 | 0.89 | 4.96 | ||||||||||||||||||
Distributions to shareholders from net investment income |
| (0.01 | ) | | | | (0.03 | ) | ||||||||||||||||||
Distributions to shareholders from net realized gains |
(8.60 | ) | | | (1.40 | ) | | | ||||||||||||||||||
Total distributions |
(8.60 | ) | (0.01 | ) | | (1.40 | ) | | (0.03 | ) | ||||||||||||||||
Net asset value, end of period |
$ | 21.19 | $ | 34.39 | $ | 22.36 | $ | 24.96 | $ | 25.18 | $ | 24.29 | ||||||||||||||
Total Return(d) | (16.53 | )% | 53.83 | % | (10.39 | )% | 5.35 | % | 3.66 | % | 25.60 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 12,876 | $ | 15,767 | $ | 13,817 | $ | 16,562 | $ | 14,625 | $ | 15,284 | ||||||||||||||
Ratio of net expenses to average net assets |
1.46 | %(e) | 1.46 | % | 1.47 | % | 1.48 | % | 1.48 | % | 1.49 | % | ||||||||||||||
Ratio of total expenses to average net assets |
1.53 | %(e) | 1.54 | % | 1.55 | % | 1.59 | % | 1.56 | % | 1.68 | % | ||||||||||||||
Ratio of net investment income (loss) to average net assets |
(0.01 | )%(e) | (0.36 | )% | (0.28 | )% | (0.08 | )% | (0.22 | )%(c) | (0.10 | )% | ||||||||||||||
Portfolio turnover rate(f) |
67 | % | 165 | % | 141 | % | 140 | % | 111 | % | 137 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Amount is less than $0.005 per share. |
(c) | Reflects income recognized from special dividends which amounted to $0.04 per share and 0.15% of average net assets. |
(d) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(e) | Annualized. |
(f) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 73 |
GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs Small Cap Equity Insights Fund | ||||||||||||||||||||||
Class P Shares | ||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | Period Ended October 31, 2018(a) |
||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||
Net asset value, beginning of period |
$ | 36.92 | $ | 23.98 | $ | 26.74 | $ | 26.77 | $ | 27.21 | ||||||||||||
Net investment income(b) |
0.09 | 0.08 | 0.09 | 0.13 | 0.08 | (c) | ||||||||||||||||
Net realized and unrealized gain (loss) |
(5.03 | ) | 13.02 | (2.70 | ) | 1.30 | (0.52 | ) | ||||||||||||||
Total from investment operations |
(4.94 | ) | 13.10 | (2.61 | ) | 1.43 | (0.44 | ) | ||||||||||||||
Distributions to shareholders from net investment income |
| (0.16 | ) | (0.15 | ) | (0.06 | ) | | ||||||||||||||
Distributions to shareholders from net realized gains |
(8.60 | ) | | | (1.40 | ) | | |||||||||||||||
Total distributions |
(8.60 | ) | (0.16 | ) | (0.15 | ) | (1.46 | ) | | |||||||||||||
Net asset value, end of period |
$ | 23.38 | $ | 36.92 | $ | 23.98 | $ | 26.74 | $ | 26.77 | ||||||||||||
Total Return(d) | (16.27 | )% | 54.78 | % | (9.81 | )% | 6.06 | % | (1.62 | )% | ||||||||||||
Net assets, end of period (in 000s) |
$ | 111,799 | $ | 144,239 | $ | 87,170 | $ | 106,039 | $ | 66,823 | ||||||||||||
Ratio of net expenses to average net assets |
0.83 | %(e) | 0.83 | % | 0.83 | % | 0.84 | % | 0.83 | %(e) | ||||||||||||
Ratio of total expenses to average net assets |
0.90 | %(e) | 0.92 | % | 0.91 | % | 0.94 | % | 0.92 | %(e) | ||||||||||||
Ratio of net investment income to average net assets |
0.62 | %(e) | 0.23 | % | 0.36 | % | 0.53 | % | 0.48 | %(c)(e) | ||||||||||||
Portfolio turnover rate(f) |
67 | % | 165 | % | 141 | % | 140 | % | 111 | % |
(a) | Commenced operations on April 16, 2018. |
(b) | Calculated based on the average shares outstanding methodology. |
(c) | Reflects income recognized from special dividends which amounted to $0.04 per share and 0.15% of average net assets. |
(d) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(e) | Annualized. |
(f) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
74 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounted to $0.05 per share and 0.12% of average net assets. |
(c) | Amount is less than $0.005 per share. |
(d) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(e) | Annualized. |
(f) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 75 |
GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs Small Cap Growth Insights Fund | ||||||||||||||||||||||||||
Class C Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 34.06 | $ | 25.26 | $ | 26.16 | $ | 28.98 | $ | 29.12 | $ | 22.64 | ||||||||||||||
Net investment loss(a) |
(0.02 | ) | (0.45 | ) | (0.31 | ) | (0.28 | ) | (0.33 | )(b) | (0.25 | ) | ||||||||||||||
Net realized and unrealized gain (loss) |
(2.69 | ) | 10.70 | (0.10 | ) | 1.27 | 1.72 | 6.73 | ||||||||||||||||||
Total from investment operations |
(2.71 | ) | 10.25 | (0.41 | ) | 0.99 | 1.39 | 6.48 | ||||||||||||||||||
Distributions to shareholders from net investment income |
| (0.04 | ) | | (c) | | | | ||||||||||||||||||
Distributions to shareholders from net realized gains |
(29.18 | ) | (1.41 | ) | (0.49 | ) | (3.81 | ) | (1.53 | ) | | |||||||||||||||
Total distributions |
(29.18 | ) | (1.45 | ) | (0.49 | ) | (3.81 | ) | (1.53 | ) | | |||||||||||||||
Net asset value, end of period |
$ | 2.17 | $ | 34.06 | $ | 25.26 | $ | 26.16 | $ | 28.98 | $ | 29.12 | ||||||||||||||
Total Return(d) | (25.79 | )% | 41.47 | % | (1.70 | )% | 4.92 | % | 5.03 | % | 28.62 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 5,813 | $ | 7,866 | $ | 6,439 | $ | 8,303 | $ | 8,179 | $ | 9,852 | ||||||||||||||
Ratio of net expenses to average net assets |
1.96 | %(e) | 1.96 | % | 1.97 | % | 1.99 | % | 1.97 | % | 1.97 | % | ||||||||||||||
Ratio of total expenses to average net assets |
2.09 | %(e) | 2.08 | % | 2.05 | % | 2.07 | % | 2.07 | % | 2.15 | % | ||||||||||||||
Ratio of net investment loss to average net assets |
(1.05 | )%(e) | (1.39 | )% | (1.26 | )% | (1.11 | )% | (1.09 | )%(b) | (0.95 | )% | ||||||||||||||
Portfolio turnover rate(f) |
75 | % | 170 | % | 144 | % | 140 | % | 127 | % | 136 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounted to $0.05 per share and 0.12% of average net assets. |
(c) | Amount is less than $0.005 per share. |
(d) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(e) | Annualized. |
(f) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
76 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs Small Cap Growth Insights Fund | ||||||||||||||||||||||||||
Institutional Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 57.27 | $ | 41.22 | $ | 41.92 | $ | 43.56 | $ | 42.53 | $ | 32.76 | ||||||||||||||
Net investment income (loss)(a) |
0.01 | (0.13 | ) | (0.05 | ) | 0.01 | 0.02 | (b) | 0.05 | |||||||||||||||||
Net realized and unrealized gain (loss) |
(8.54 | ) | 17.63 | (0.16 | ) | 2.16 | 2.54 | 9.79 | ||||||||||||||||||
Total from investment operations |
(8.53 | ) | 17.50 | (0.21 | ) | 2.17 | 2.56 | 9.84 | ||||||||||||||||||
Distributions to shareholders from net investment income |
| (0.04 | ) | | (c) | | | (0.07 | ) | |||||||||||||||||
Distributions to shareholders from net realized gains |
(29.18 | ) | (1.41 | ) | (0.49 | ) | (3.81 | ) | (1.53 | ) | | |||||||||||||||
Total distributions |
(29.18 | ) | (1.45 | ) | (0.49 | ) | (3.81 | ) | (1.53 | ) | (0.07 | ) | ||||||||||||||
Net asset value, end of period |
$ | 19.56 | $ | 57.27 | $ | 41.22 | $ | 41.92 | $ | 43.56 | $ | 42.53 | ||||||||||||||
Total Return(d) | (25.29 | )% | 43.04 | % | (0.57 | )% | 6.08 | % | 6.26 | % | 30.04 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 48,285 | $ | 163,028 | $ | 200,116 | $ | 349,348 | $ | 307,032 | $ | 265,199 | ||||||||||||||
Ratio of net expenses to average net assets |
0.84 | %(e) | 0.84 | % | 0.84 | % | 0.85 | % | 0.84 | % | 0.85 | % | ||||||||||||||
Ratio of total expenses to average net assets |
0.97 | %(e) | 0.96 | % | 0.92 | % | 0.93 | % | 0.93 | % | 1.01 | % | ||||||||||||||
Ratio of net investment income (loss) to average net assets |
0.05 | %(e) | (0.25 | )% | (0.13 | )% | 0.02 | % | 0.03 | %(b) | 0.13 | % | ||||||||||||||
Portfolio turnover rate(f) |
75 | % | 170 | % | 144 | % | 140 | % | 127 | % | 136 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounted to $0.05 per share and 0.12% of average net assets. |
(c) | Amount is less than $0.005 per share. |
(d) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(e) | Annualized. |
(f) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 77 |
GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs Small Cap Growth Insights Fund | ||||||||||||||||||||||||||
Investor Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 48.95 | $ | 35.44 | $ | 36.16 | $ | 38.18 | $ | 37.50 | $ | 28.93 | ||||||||||||||
Net investment income (loss)(a) |
(0.01 | ) | (0.15 | ) | (0.09 | ) | (0.04 | ) | (0.04 | )(b) | | (c) | ||||||||||||||
Net realized and unrealized gain (loss) |
(6.42 | ) | 15.11 | (0.14 | ) | 1.83 | 2.25 | 8.63 | ||||||||||||||||||
Total from investment operations |
(6.43 | ) | 14.96 | (0.23 | ) | 1.79 | 2.21 | 8.63 | ||||||||||||||||||
Distributions to shareholders from net investment income |
| (0.04 | ) | | (c) | | | (0.06 | ) | |||||||||||||||||
Distributions to shareholders from net realized gains |
(29.18 | ) | (1.41 | ) | (0.49 | ) | (3.81 | ) | (1.53 | ) | | |||||||||||||||
Total distributions |
(29.18 | ) | (1.45 | ) | (0.49 | ) | (3.81 | ) | (1.53 | ) | (0.06 | ) | ||||||||||||||
Net asset value, end of period |
$ | 13.34 | $ | 48.95 | $ | 35.44 | $ | 36.16 | $ | 38.18 | $ | 37.50 | ||||||||||||||
Total Return(d) | (25.31 | )% | 42.89 | % | (0.72 | )% | 5.93 | % | 6.13 | % | 29.87 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 25,516 | $ | 66,827 | $ | 442,743 | $ | 378,807 | $ | 308,366 | $ | 192,860 | ||||||||||||||
Ratio of net expenses to average net assets |
0.96 | %(e) | 0.96 | % | 0.97 | % | 0.99 | % | 0.97 | % | 0.96 | % | ||||||||||||||
Ratio of total expenses to average net assets |
1.09 | %(e) | 1.06 | % | 1.05 | % | 1.07 | % | 1.07 | % | 1.16 | % | ||||||||||||||
Ratio of net investment income (loss) to average net assets |
(0.08 | )%(e) | (0.32 | )% | (0.26 | )% | (0.12 | )% | (0.10 | )%(b) | 0.01 | % | ||||||||||||||
Portfolio turnover rate(f) |
75 | % | 170 | % | 144 | % | 140 | % | 127 | % | 136 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounted to $0.05 per share and 0.12% of average net assets. |
(c) | Amount is less than $0.005 per share. |
(d) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(e) | Annualized. |
(f) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
78 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs Small Cap Growth Insights Fund | ||||||||||||||||||||||||||
Class R6 Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 57.31 | $ | 41.24 | $ | 41.95 | $ | 43.58 | $ | 42.54 | $ | 32.78 | ||||||||||||||
Net investment income (loss)(a) |
0.01 | (0.10 | ) | (0.05 | ) | | 0.02 | (b) | 0.04 | |||||||||||||||||
Net realized and unrealized gain (loss) |
(8.55 | ) | 17.62 | (0.17 | ) | 2.18 | 2.55 | 9.80 | ||||||||||||||||||
Total from investment operations |
(8.54 | ) | 17.52 | (0.22 | ) | 2.18 | 2.57 | 9.84 | ||||||||||||||||||
Distributions to shareholders from net investment income |
| (0.04 | ) | | (c) | | | (0.08 | ) | |||||||||||||||||
Distributions to shareholders from net realized gains |
(29.18 | ) | (1.41 | ) | (0.49 | ) | (3.81 | ) | (1.53 | ) | | |||||||||||||||
Total distributions |
(29.18 | ) | (1.45 | ) | (0.49 | ) | (3.81 | ) | (1.53 | ) | (0.08 | ) | ||||||||||||||
Net asset value, end of period |
$ | 19.59 | $ | 57.31 | $ | 41.24 | $ | 41.95 | $ | 43.58 | $ | 42.54 | ||||||||||||||
Total Return(d) | (25.29 | )% | 43.07 | % | (0.57 | )% | 6.08 | % | 6.25 | % | 30.05 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 36,176 | $ | 96,907 | $ | 263,023 | $ | 307,820 | $ | 118,729 | $ | 42,042 | ||||||||||||||
Ratio of net expenses to average net assets |
0.83 | %(e) | 0.83 | % | 0.83 | % | 0.84 | % | 0.83 | % | 0.83 | % | ||||||||||||||
Ratio of total expenses to average net assets |
0.96 | %(e) | 0.93 | % | 0.91 | % | 0.93 | % | 0.92 | % | 1.00 | % | ||||||||||||||
Ratio of net investment income (loss) to average net assets |
0.08 | %(e) | (0.19 | )% | (0.12 | )% | (0.01 | )% | 0.04 | %(b) | 0.09 | % | ||||||||||||||
Portfolio turnover rate(f) |
75 | % | 170 | % | 144 | % | 140 | % | 127 | % | 136 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounted to $0.05 per share and 0.12% of average net assets. |
(c) | Amount is less than $0.005 per share. |
(d) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(e) | Annualized. |
(f) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 79 |
GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs Small Cap Growth Insights Fund | ||||||||||||||||||||||||||
Class R Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 44.83 | $ | 32.71 | $ | 33.58 | $ | 35.90 | $ | 35.53 | $ | 27.49 | ||||||||||||||
Net investment loss(a) |
(0.05 | ) | (0.36 | ) | (0.25 | ) | (0.20 | ) | (0.22 | )(b) | (0.16 | ) | ||||||||||||||
Net realized and unrealized gain (loss) |
(5.38 | ) | 13.93 | (0.13 | ) | 1.69 | 2.12 | 8.20 | ||||||||||||||||||
Total from investment operations |
(5.43 | ) | 13.57 | (0.38 | ) | 1.49 | 1.90 | 8.04 | ||||||||||||||||||
Distributions to shareholders from net investment income |
| (0.04 | ) | | (c) | | | | ||||||||||||||||||
Distributions to shareholders from net realized gains |
(29.18 | ) | (1.41 | ) | (0.49 | ) | (3.81 | ) | (1.53 | ) | | |||||||||||||||
Total distributions |
(29.18 | ) | (1.45 | ) | (0.49 | ) | (3.81 | ) | (1.53 | ) | | |||||||||||||||
Net asset value, end of period |
$ | 10.22 | $ | 44.83 | $ | 32.71 | $ | 33.58 | $ | 35.90 | $ | 35.53 | ||||||||||||||
Total Return(d) | (25.48 | )% | 42.20 | % | (1.23 | )% | 5.42 | % | 5.58 | % | 29.25 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 4,066 | $ | 6,605 | $ | 8,168 | $ | 19,707 | $ | 19,998 | $ | 12,113 | ||||||||||||||
Ratio of net expenses to average net assets |
1.46 | %(e) | 1.46 | % | 1.47 | % | 1.49 | % | 1.47 | % | 1.46 | % | ||||||||||||||
Ratio of total expenses to average net assets |
1.59 | %(e) | 1.57 | % | 1.55 | % | 1.57 | % | 1.57 | % | 1.66 | % | ||||||||||||||
Ratio of net investment loss to average net assets |
(0.61 | )%(e) | (0.86 | )% | (0.77 | )% | (0.61 | )% | (0.59 | )%(b) | (0.50 | )% | ||||||||||||||
Portfolio turnover rate(f) |
75 | % | 170 | % | 144 | % | 140 | % | 127 | % | 136 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounted to $0.05 per share and 0.12% of average net assets. |
(c) | Amount is less than $0.005 per share. |
(d) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(e) | Annualized. |
(f) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
80 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs Small Cap Growth Insights Fund | ||||||||||||||||||||||
Class P Shares | ||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | Period Ended October 31, 2018(a) |
||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||
Net asset value, beginning of period |
$ | 57.31 | $ | 41.24 | $ | 41.94 | $ | 43.58 | $ | 44.33 | ||||||||||||
Net investment income (loss)(b) |
| (c) | (0.13 | ) | (0.05 | ) | 0.01 | 0.03 | (d) | |||||||||||||
Net realized and unrealized gain (loss) |
(8.54 | ) | 17.65 | (0.16 | ) | 2.16 | (0.78 | ) | ||||||||||||||
Total from investment operations |
(8.54 | ) | 17.52 | (0.21 | ) | 2.17 | (0.75 | ) | ||||||||||||||
Distributions to shareholders from net investment income |
| (0.04 | ) | | (c) | | | |||||||||||||||
Distributions to shareholders from net realized gains |
(29.18 | ) | (1.41 | ) | (0.49 | ) | (3.81 | ) | | |||||||||||||
Total distributions |
(29.18 | ) | (1.45 | ) | (0.49 | ) | (3.81 | ) | | |||||||||||||
Net asset value, end of period |
$ | 19.59 | $ | 57.31 | $ | 41.24 | $ | 41.94 | $ | 43.58 | ||||||||||||
Total Return(e) | (25.29 | )% | 43.07 | % | (0.57 | )% | 6.08 | % | (1.69 | )% | ||||||||||||
Net assets, end of period (in 000s) |
$ | 6,963 | $ | 10,801 | $ | 10,241 | $ | 12,534 | $ | 10,878 | ||||||||||||
Ratio of net expenses to average net assets |
0.83 | %(f) | 0.83 | % | 0.83 | % | 0.84 | % | 0.83 | %(f) | ||||||||||||
Ratio of total expenses to average net assets |
0.96 | %(f) | 0.95 | % | 0.91 | % | 0.93 | % | 0.93 | %(f) | ||||||||||||
Ratio of net investment income (loss) to average net assets |
0.01 | %(f) | (0.25 | )% | (0.12 | )% | 0.02 | % | 0.12 | %(c)(f) | ||||||||||||
Portfolio turnover rate(g) |
75 | % | 170 | % | 144 | % | 140 | % | 127 | % |
(a) | Commenced operations on April 16, 2018. |
(b) | Calculated based on the average shares outstanding methodology. |
(c) | Amount is less than $0.005 per share. |
(d) | Reflects income recognized from special dividends which amounted to $0.05 per share and 0.12% of average net assets. |
(e) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(f) | Annualized. |
(g) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 81 |
GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounted to $0.03 per share and 0.07% of average net assets. |
(c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
82 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs Small Cap Value Insights Fund | ||||||||||||||||||||||||||
Class C Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 36.61 | $ | 22.48 | $ | 27.24 | $ | 30.35 | $ | 34.65 | $ | 29.53 | ||||||||||||||
Net investment income (loss)(a) |
| (b) | (0.08 | ) | (0.04 | ) | (0.02 | ) | (0.10 | ) | (0.07 | )(c) | ||||||||||||||
Net realized and unrealized gain (loss) |
(2.30 | ) | 14.32 | (4.61 | ) | 0.75 | 0.52 | 6.85 | ||||||||||||||||||
Total from investment operations |
(2.30 | ) | 14.24 | (4.65 | ) | 0.73 | 0.42 | 6.78 | ||||||||||||||||||
Distributions to shareholders from net investment income |
(0.22 | ) | (0.11 | ) | (0.11 | ) | | | (0.07 | ) | ||||||||||||||||
Distributions to shareholders from net realized gains |
(14.96 | ) | | | (3.84 | ) | (4.72 | ) | (1.59 | ) | ||||||||||||||||
Total distributions |
(15.18 | ) | (0.11 | ) | (0.11 | ) | (3.84 | ) | (4.72 | ) | (1.66 | ) | ||||||||||||||
Net asset value, end of period |
$ | 19.13 | $ | 36.61 | $ | 22.48 | $ | 27.24 | $ | 30.35 | $ | 34.65 | ||||||||||||||
Total Return(d) | (8.46 | )% | 63.49 | % | (17.11 | )% | 3.67 | % | 1.31 | % | 23.09 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 5,910 | $ | 7,118 | $ | 5,313 | $ | 7,961 | $ | 6,903 | $ | 17,037 | ||||||||||||||
Ratio of net expenses to average net assets |
1.96 | %(e) | 1.96 | % | 1.97 | % | 2.00 | % | 1.98 | % | 1.99 | % | ||||||||||||||
Ratio of total expenses to average net assets |
2.00 | %(e) | 2.01 | % | 2.06 | % | 2.14 | % | 2.14 | % | 2.24 | % | ||||||||||||||
Ratio of net investment income (loss) to average net assets |
0.01 | %(e) | (0.25 | )% | (0.19 | )% | (0.07 | )% | (0.31 | )% | (0.22 | )%(c) | ||||||||||||||
Portfolio turnover rate(f) |
84 | % | 187 | % | 153 | % | 142 | % | 130 | % | 138 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Amount is less than $0.005 per share. |
(c) | Reflects income recognized from special dividends which amounted to $0.03 per share and 0.07% of average net assets. |
(d) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(e) | Annualized. |
(f) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 83 |
GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs Small Cap Value Insights Fund | ||||||||||||||||||||||||||
Institutional Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 73.39 | $ | 44.70 | $ | 53.74 | $ | 55.71 | $ | 59.38 | $ | 49.35 | ||||||||||||||
Net investment income(a) |
0.33 | 0.56 | 0.43 | 0.47 | 0.48 | 0.50 | (b) | |||||||||||||||||||
Net realized and unrealized gain (loss) |
(5.44 | ) | 28.53 | (9.07 | ) | 1.73 | 0.90 | 11.53 | ||||||||||||||||||
Total from investment operations |
(5.11 | ) | 29.09 | (8.64 | ) | 2.20 | 1.38 | 12.03 | ||||||||||||||||||
Distributions to shareholders from net investment income |
(0.44 | ) | (0.40 | ) | (0.40 | ) | (0.33 | ) | (0.33 | ) | (0.41 | ) | ||||||||||||||
Distributions to shareholders from net realized gains |
(14.96 | ) | | | (3.84 | ) | (4.72 | ) | (1.59 | ) | ||||||||||||||||
Total distributions |
(15.40 | ) | (0.40 | ) | (0.40 | ) | (4.17 | ) | (5.05 | ) | (2.00 | ) | ||||||||||||||
Net asset value, end of period |
$ | 52.88 | $ | 73.39 | $ | 44.70 | $ | 53.74 | $ | 55.71 | $ | 59.38 | ||||||||||||||
Total Return(c) | (7.98 | )% | 65.37 | % | (16.19 | )% | 4.81 | % | 2.47 | % | 24.49 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 357,264 | $ | 379,380 | $ | 190,491 | $ | 192,820 | $ | 60,516 | $ | 56,191 | ||||||||||||||
Ratio of net expenses to average net assets |
0.84 | %(d) | 0.84 | % | 0.84 | % | 0.87 | % | 0.84 | % | 0.84 | % | ||||||||||||||
Ratio of total expenses to average net assets |
0.88 | %(d) | 0.89 | % | 0.93 | % | 1.02 | % | 1.00 | % | 1.09 | % | ||||||||||||||
Ratio of net investment income to average net assets |
1.11 | %(d) | 0.86 | % | 0.93 | % | 0.96 | % | 0.82 | % | 0.90 | %(b) | ||||||||||||||
Portfolio turnover rate(e) |
84 | % | 187 | % | 153 | % | 142 | % | 130 | % | 138 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounted to $0.03 per share and 0.07% of average net assets. |
(c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
84 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs Small Cap Value Insights Fund | ||||||||||||||||||||||||||
Investor Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 53.64 | $ | 32.77 | $ | 39.53 | $ | 42.18 | $ | 46.17 | $ | 38.78 | ||||||||||||||
Net investment income(a) |
0.21 | 0.36 | 0.25 | 0.30 | 0.31 | 0.31 | (b) | |||||||||||||||||||
Net realized and unrealized gain (loss) |
(3.77 | ) | 20.88 | (6.64 | ) | 1.20 | 0.69 | 9.05 | ||||||||||||||||||
Total from investment operations |
(3.56 | ) | 21.24 | (6.39 | ) | 1.50 | 1.00 | 9.36 | ||||||||||||||||||
Distributions to shareholders from net investment income |
(0.39 | ) | (0.37 | ) | (0.37 | ) | (0.31 | ) | (0.27 | ) | (0.38 | ) | ||||||||||||||
Distributions to shareholders from net realized gains |
(14.96 | ) | | | (3.84 | ) | (4.72 | ) | (1.59 | ) | ||||||||||||||||
Total distributions |
(15.35 | ) | (0.37 | ) | (0.37 | ) | (4.15 | ) | (4.99 | ) | (1.97 | ) | ||||||||||||||
Net asset value, end of period |
$ | 34.73 | $ | 53.64 | $ | 32.77 | $ | 39.53 | $ | 42.18 | $ | 46.17 | ||||||||||||||
Total Return(c) | (8.04 | )% | 65.17 | % | (16.32 | )% | 4.69 | % | 2.33 | % | 24.30 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 323,610 | $ | 363,808 | $ | 273,560 | $ | 59,800 | $ | 18,257 | $ | 5,695 | ||||||||||||||
Ratio of net expenses to average net assets |
0.96 | %(d) | 0.96 | % | 0.97 | % | 1.01 | % | 0.98 | % | 0.99 | % | ||||||||||||||
Ratio of total expenses to average net assets |
1.00 | %(d) | 1.01 | % | 1.06 | % | 1.15 | % | 1.17 | % | 1.24 | % | ||||||||||||||
Ratio of net investment income to average net assets |
1.03 | %(d) | 0.75 | % | 0.77 | % | 0.83 | % | 0.70 | % | 0.72 | %(b) | ||||||||||||||
Portfolio turnover rate(e) |
84 | % | 187 | % | 153 | % | 142 | % | 130 | % | 138 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounted to $0.03 per share and 0.07% of average net assets. |
(c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 85 |
GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs Small Cap Value Insights Fund | ||||||||||||||||||||||||||
Class R6 Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 73.38 | $ | 44.70 | $ | 53.73 | $ | 55.71 | $ | 59.38 | $ | 49.35 | ||||||||||||||
Net investment income(a) |
0.34 | 0.57 | 0.43 | 0.45 | 0.50 | 0.46 | (b) | |||||||||||||||||||
Net realized and unrealized gain (loss) |
(5.44 | ) | 28.51 | (9.06 | ) | 1.75 | 0.90 | 11.56 | ||||||||||||||||||
Total from investment operations |
(5.10 | ) | 29.08 | (8.63 | ) | 2.20 | 1.40 | 12.02 | ||||||||||||||||||
Distributions to shareholders from net investment income |
(0.45 | ) | (0.40 | ) | (0.40 | ) | (0.34 | ) | (0.35 | ) | (0.40 | ) | ||||||||||||||
Distributions to shareholders from net realized gains |
(14.96 | ) | | | (3.84 | ) | (4.72 | ) | (1.59 | ) | ||||||||||||||||
Total distributions |
(15.41 | ) | (0.40 | ) | (0.40 | ) | (4.18 | ) | (5.07 | ) | (1.99 | ) | ||||||||||||||
Net asset value, end of period |
$ | 52.87 | $ | 73.38 | $ | 44.70 | $ | 53.73 | $ | 55.71 | $ | 59.38 | ||||||||||||||
Total Return(c) | (7.97 | )% | 65.36 | % | (16.17 | )% | 4.83 | % | 2.49 | % | 24.49 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 251,203 | $ | 306,101 | $ | 158,330 | $ | 118,331 | $ | 22,460 | $ | 4,542 | ||||||||||||||
Ratio of net expenses to average net assets |
0.83 | %(d) | 0.83 | % | 0.83 | % | 0.86 | % | 0.83 | % | 0.83 | % | ||||||||||||||
Ratio of total expenses to average net assets |
0.87 | %(d) | 0.88 | % | 0.93 | % | 1.00 | % | 1.02 | % | 1.11 | % | ||||||||||||||
Ratio of net investment income to average net assets |
1.15 | %(d) | 0.86 | % | 0.94 | % | 0.91 | % | 0.85 | % | 0.83 | %(b) | ||||||||||||||
Portfolio turnover rate(e) |
84 | % | 187 | % | 153 | % | 142 | % | 130 | % | 138 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounted to $0.03 per share and 0.07% of average net assets. |
(c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
86 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs Small Cap Value Insights Fund | ||||||||||||||||||||||||||
Class R Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 52.56 | $ | 32.21 | $ | 38.96 | $ | 41.63 | $ | 45.57 | $ | 38.32 | ||||||||||||||
Net investment income(a) |
0.10 | 0.11 | 0.10 | 0.08 | 0.09 | 0.14 | (b) | |||||||||||||||||||
Net realized and unrealized gain (loss) |
(3.66 | ) | 20.52 | (6.56 | ) | 1.22 | 0.69 | 8.89 | ||||||||||||||||||
Total from investment operations |
(3.56 | ) | 20.63 | (6.46 | ) | 1.30 | 0.78 | 9.03 | ||||||||||||||||||
Distributions to shareholders from net investment income |
(0.24 | ) | (0.28 | ) | (0.29 | ) | (0.13 | ) | | (0.19 | ) | |||||||||||||||
Distributions to shareholders from net realized gains |
(14.96 | ) | | | (3.84 | ) | (4.72 | ) | (1.59 | ) | ||||||||||||||||
Total distributions |
(15.20 | ) | (0.28 | ) | (0.29 | ) | (3.97 | ) | (4.72 | ) | (1.78 | ) | ||||||||||||||
Net asset value, end of period |
$ | 33.80 | $ | 52.56 | $ | 32.21 | $ | 38.96 | $ | 41.63 | $ | 45.57 | ||||||||||||||
Total Return(c) | (8.25 | )% | 64.31 | % | (16.70 | )% | 4.14 | % | 1.83 | % | 23.67 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 20,936 | $ | 22,584 | $ | 14,038 | $ | 8,514 | $ | 2,320 | $ | 1,621 | ||||||||||||||
Ratio of net expenses to average net assets |
1.46 | %(d) | 1.46 | % | 1.47 | % | 1.53 | % | 1.48 | % | 1.49 | % | ||||||||||||||
Ratio of total expenses to average net assets |
1.50 | %(d) | 1.51 | % | 1.56 | % | 1.69 | % | 1.66 | % | 1.73 | % | ||||||||||||||
Ratio of net investment income to average net assets |
0.49 | %(d) | 0.24 | % | 0.30 | % | 0.23 | % | 0.20 | % | 0.33 | %(b) | ||||||||||||||
Portfolio turnover rate(e) |
84 | % | 187 | % | 153 | % | 142 | % | 130 | % | 138 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounted to $0.03 per share and 0.07% of average net assets. |
(c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 87 |
GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs Small Cap Value Insights Fund | ||||||||||||||||||||||
Class P Shares | ||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | Period Ended October 31, 2018(a) |
||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||
Net asset value, beginning of period |
$ | 73.38 | $ | 44.69 | $ | 53.72 | $ | 55.70 | $ | 57.05 | ||||||||||||
Net investment income(b) |
0.34 | 0.57 | 0.44 | 0.54 | 0.30 | |||||||||||||||||
Net realized and unrealized gain (loss) |
(5.45 | ) | 28.52 | (9.07 | ) | 1.66 | (1.65 | ) | ||||||||||||||
Total from investment operations |
(5.11 | ) | 29.09 | (8.63 | ) | 2.20 | (1.35 | ) | ||||||||||||||
Distributions to shareholders from net investment income |
(0.45 | ) | (0.40 | ) | (0.40 | ) | (0.34 | ) | | |||||||||||||
Distributions to shareholders from net realized gains |
(14.96 | ) | | | (3.84 | ) | | |||||||||||||||
Total distributions |
(15.41 | ) | (0.40 | ) | (0.40 | ) | (4.18 | ) | | |||||||||||||
Net asset value, end of period |
$ | 52.86 | $ | 73.38 | $ | 44.69 | $ | 53.72 | $ | 55.70 | ||||||||||||
Total Return(c) | (7.98 | )% | 65.36 | % | (16.18 | )% | 4.82 | % | (2.37 | )% | ||||||||||||
Net assets, end of period (in 000s) |
$ | 40,019 | $ | 45,484 | $ | 28,504 | $ | 47,977 | $ | 42,165 | ||||||||||||
Ratio of net expenses to average net assets |
0.83 | %(d) | 0.83 | % | 0.83 | % | 0.85 | % | 0.83 | %(d) | ||||||||||||
Ratio of total expenses to average net assets |
0.87 | %(d) | 0.88 | % | 0.92 | % | 0.99 | % | 1.06 | %(d) | ||||||||||||
Ratio of net investment income to average net assets |
1.13 | %(d) | 0.88 | % | 0.94 | % | 1.07 | % | 0.93 | %(d) | ||||||||||||
Portfolio turnover rate(e) |
84 | % | 187 | % | 153 | % | 142 | % | 130 | % |
(a) | Commenced operations on April 16, 2018. |
(b) | Calculated based on the average shares outstanding methodology. |
(c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
88 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounted to $0.11 per share and 0.39% of average net assets. |
(c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 89 |
GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs U.S. Equity Insights Fund | ||||||||||||||||||||||||||
Class C Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 64.06 | $ | 47.71 | $ | 44.04 | $ | 42.80 | $ | 45.08 | $ | 37.10 | ||||||||||||||
Net investment income (loss)(a) |
(0.02 | )(b) | (0.25 | ) | (0.09 | ) | 0.08 | 0.01 | 0.13 | |||||||||||||||||
Net realized and unrealized gain (loss) |
(5.23 | ) | 18.83 | 4.16 | 2.81 | 2.22 | 9.25 | |||||||||||||||||||
Total from investment operations |
(5.25 | ) | 18.58 | 4.07 | 2.89 | 2.23 | 9.38 | |||||||||||||||||||
Distributions to shareholders from net investment income |
| | (0.40 | ) | | (0.13 | ) | (0.02 | ) | |||||||||||||||||
Distributions to shareholders from net realized gains |
(15.57 | ) | (2.23 | ) | | (1.65 | ) | (4.38 | ) | (1.38 | ) | |||||||||||||||
Total distributions |
(15.57 | ) | (2.23 | ) | (0.40 | ) | (1.65 | ) | (4.51 | ) | (1.40 | ) | ||||||||||||||
Net asset value, end of period |
$ | 43.24 | $ | 64.06 | $ | 47.71 | $ | 44.04 | $ | 42.80 | $ | 45.08 | ||||||||||||||
Total Return(c) | (10.76 | )% | 40.22 | % | 9.25 | % | 7.20 | % | 5.15 | % | 25.93 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 15,769 | $ | 19,252 | $ | 16,275 | $ | 15,854 | $ | 14,277 | $ | 28,756 | ||||||||||||||
Ratio of net expenses to average net assets |
1.68 | %(d) | 1.68 | % | 1.69 | % | 1.69 | % | 1.70 | % | 1.71 | % | ||||||||||||||
Ratio of total expenses to average net assets |
1.71 | %(d) | 1.72 | % | 1.75 | % | 1.76 | % | 1.75 | % | 1.89 | % | ||||||||||||||
Ratio of net investment income (loss) to average net assets |
(0.09 | )%(b)(d) | (0.44 | )% | (0.20 | )% | 0.18 | % | 0.01 | % | 0.31 | % | ||||||||||||||
Portfolio turnover rate(e) |
96 | % | 214 | % | 213 | % | 199 | % | 168 | % | 193 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounted to $0.11 per share and 0.39% of average net assets. |
(c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
90 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs U.S. Equity Insights Fund | ||||||||||||||||||||||||||
Institutional Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 75.37 | $ | 55.60 | $ | 51.16 | $ | 49.30 | $ | 51.21 | $ | 41.92 | ||||||||||||||
Net investment income(a) |
0.31 | (b) | 0.45 | 0.50 | 0.72 | 0.54 | 0.70 | |||||||||||||||||||
Net realized and unrealized gain (loss) |
(6.41 | ) | 22.02 | 4.82 | 3.14 | 2.56 | 10.45 | |||||||||||||||||||
Total from investment operations |
(6.10 | ) | 22.47 | 5.32 | 3.86 | 3.10 | 11.15 | |||||||||||||||||||
Distributions to shareholders from net investment income |
(0.45 | ) | (0.47 | ) | (0.88 | ) | (0.35 | ) | (0.63 | ) | (0.48 | ) | ||||||||||||||
Distributions to shareholders from net realized gains |
(15.57 | ) | (2.23 | ) | | (1.65 | ) | (4.38 | ) | (1.38 | ) | |||||||||||||||
Total distributions |
(16.02 | ) | (2.70 | ) | (0.88 | ) | (2.00 | ) | (5.01 | ) | (1.86 | ) | ||||||||||||||
Net asset value, end of period |
$ | 53.25 | $ | 75.37 | $ | 55.60 | $ | 51.16 | $ | 49.30 | $ | 51.21 | ||||||||||||||
Total Return(c) | (10.25 | )% | 41.79 | % | 10.47 | % | 8.39 | % | 6.34 | % | 27.40 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 274,551 | $ | 325,457 | $ | 255,177 | $ | 295,408 | $ | 842,673 | $ | 249,034 | ||||||||||||||
Ratio of net expenses to average net assets |
0.56 | %(d) | 0.56 | % | 0.56 | % | 0.55 | % | 0.55 | % | 0.56 | % | ||||||||||||||
Ratio of total expenses to average net assets |
0.59 | %(d) | 0.60 | % | 0.62 | % | 0.60 | % | 0.62 | % | 0.74 | % | ||||||||||||||
Ratio of net investment income to average net assets |
1.03 | %(b)(d) | 0.68 | % | 0.94 | % | 1.40 | % | 1.07 | % | 1.50 | % | ||||||||||||||
Portfolio turnover rate(e) |
96 | % | 214 | % | 213 | % | 199 | % | 168 | % | 193 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounted to $0.11 per share and 0.39% of average net assets. |
(c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 91 |
GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs U.S. Equity Insights Fund | ||||||||||||||||||||||||||
Service Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 72.21 | $ | 53.38 | $ | 49.19 | $ | 47.41 | $ | 49.47 | $ | 40.60 | ||||||||||||||
Net investment income(a) |
0.15 | (b) | 0.11 | 0.22 | 0.38 | 0.30 | 0.43 | |||||||||||||||||||
Net realized and unrealized gain (loss) |
(6.09 | ) | 21.14 | 4.64 | 3.13 | 2.45 | 10.14 | |||||||||||||||||||
Total from investment operations |
(5.94 | ) | 21.25 | 4.86 | 3.51 | 2.75 | 10.57 | |||||||||||||||||||
Distributions to shareholders from net investment income |
(0.15 | ) | (0.19 | ) | (0.67 | ) | (0.08 | ) | (0.43 | ) | (0.32 | ) | ||||||||||||||
Distributions to shareholders from net realized gains |
(15.57 | ) | (2.23 | ) | | (1.65 | ) | (4.38 | ) | (1.38 | ) | |||||||||||||||
Total distributions |
(15.72 | ) | (2.42 | ) | (0.67 | ) | (1.73 | ) | (4.81 | ) | (1.70 | ) | ||||||||||||||
Net asset value, end of period |
$ | 50.55 | $ | 72.21 | $ | 53.38 | $ | 49.19 | $ | 47.41 | $ | 49.47 | ||||||||||||||
Total Return(c) | (10.48 | )% | 41.08 | % | 9.93 | % | 7.86 | % | 5.81 | % | 26.76 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 5,190 | $ | 6,302 | $ | 5,761 | $ | 6,700 | $ | 5,925 | $ | 6,739 | ||||||||||||||
Ratio of net expenses to average net assets |
1.06 | %(d) | 1.06 | % | 1.06 | % | 1.05 | % | 1.06 | % | 1.06 | % | ||||||||||||||
Ratio of total expenses to average net assets |
1.09 | %(d) | 1.10 | % | 1.12 | % | 1.13 | % | 1.11 | % | 1.24 | % | ||||||||||||||
Ratio of net investment income to average net assets |
0.53 | %(b)(d) | 0.17 | % | 0.44 | % | 0.81 | % | 0.61 | % | 0.96 | % | ||||||||||||||
Portfolio turnover rate(e) |
96 | % | 214 | % | 213 | % | 199 | % | 168 | % | 193 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounted to $0.11 per share and 0.39% of average net assets. |
(c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
92 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs U.S. Equity Insights Fund | ||||||||||||||||||||||||||
Investor Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 71.70 | $ | 53.02 | $ | 48.84 | $ | 47.17 | $ | 49.22 | $ | 40.39 | ||||||||||||||
Net investment income(a) |
0.26 | (b) | 0.36 | 0.42 | 0.54 | 0.46 | 0.61 | |||||||||||||||||||
Net realized and unrealized gain (loss) |
(6.01 | ) | 20.96 | 4.59 | 3.09 | 2.45 | 10.05 | |||||||||||||||||||
Total from investment operations |
(5.75 | ) | 21.32 | 5.01 | 3.63 | 2.91 | 10.66 | |||||||||||||||||||
Distributions to shareholders from net investment income |
(0.40 | ) | (0.41 | ) | (0.83 | ) | (0.31 | ) | (0.58 | ) | (0.45 | ) | ||||||||||||||
Distributions to shareholders from net realized gains |
(15.57 | ) | (2.23 | ) | | (1.65 | ) | (4.38 | ) | (1.38 | ) | |||||||||||||||
Total distributions |
(15.97 | ) | (2.64 | ) | (0.83 | ) | (1.96 | ) | (4.96 | ) | (1.83 | ) | ||||||||||||||
Net asset value, end of period |
$ | 49.98 | $ | 71.70 | $ | 53.02 | $ | 48.84 | $ | 47.17 | $ | 49.22 | ||||||||||||||
Total Return(c) | (10.30 | )% | 41.61 | % | 10.33 | % | 8.25 | % | 6.20 | % | 27.21 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 95,389 | $ | 127,076 | $ | 88,924 | $ | 116,633 | $ | 103,230 | $ | 43,290 | ||||||||||||||
Ratio of net expenses to average net assets |
0.68 | %(d) | 0.68 | % | 0.69 | % | 0.69 | % | 0.70 | % | 0.71 | % | ||||||||||||||
Ratio of total expenses to average net assets |
0.71 | %(d) | 0.72 | % | 0.75 | % | 0.76 | % | 0.76 | % | 0.89 | % | ||||||||||||||
Ratio of net investment income to average net assets |
0.91 | %(b)(d) | 0.56 | % | 0.84 | % | 1.17 | % | 0.95 | % | 1.36 | % | ||||||||||||||
Portfolio turnover rate(e) |
96 | % | 214 | % | 213 | % | 199 | % | 168 | % | 193 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounted to $0.11 per share and 0.39% of average net assets. |
(c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 93 |
GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs U.S. Equity Insights Fund | ||||||||||||||||||||||||||
Class R6 Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 75.30 | $ | 55.56 | $ | 51.13 | $ | 49.27 | $ | 51.19 | $ | 41.91 | ||||||||||||||
Net investment income(a) |
0.28 | (b) | 0.46 | 0.50 | 0.76 | 0.42 | 0.82 | |||||||||||||||||||
Net realized and unrealized gain (loss) |
(6.36 | ) | 21.99 | 4.83 | 3.10 | 2.68 | 10.33 | |||||||||||||||||||
Total from investment operations |
(6.08 | ) | 22.45 | 5.33 | 3.86 | 3.10 | 11.15 | |||||||||||||||||||
Distributions to shareholders from net investment income |
(0.46 | ) | (0.48 | ) | (0.90 | ) | (0.35 | ) | (0.64 | ) | (0.49 | ) | ||||||||||||||
Distributions to shareholders from net realized gains |
(15.57 | ) | (2.23 | ) | | (1.65 | ) | (4.38 | ) | (1.38 | ) | |||||||||||||||
Total distributions |
(16.03 | ) | (2.71 | ) | (0.90 | ) | (2.00 | ) | (5.02 | ) | (1.87 | ) | ||||||||||||||
Net asset value, end of period |
$ | 53.19 | $ | 75.30 | $ | 55.56 | $ | 51.13 | $ | 49.27 | $ | 51.19 | ||||||||||||||
Total Return(c) | (10.24 | )% | 41.78 | % | 10.49 | % | 8.38 | % | 6.37 | % | 27.41 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 19,809 | $ | 14,142 | $ | 8,871 | $ | 12,068 | $ | 31,916 | $ | 2,557 | ||||||||||||||
Ratio of net expenses to average net assets |
0.55 | %(d) | 0.55 | % | 0.55 | % | 0.54 | % | 0.54 | % | 0.55 | % | ||||||||||||||
Ratio of total expenses to average net assets |
0.58 | %(d) | 0.60 | % | 0.61 | % | 0.59 | % | 0.63 | % | 0.71 | % | ||||||||||||||
Ratio of net investment income to average net assets |
0.94 | %(b)(d) | 0.69 | % | 0.95 | % | 1.49 | % | 0.82 | % | 1.70 | % | ||||||||||||||
Portfolio turnover rate(e) |
96 | % | 214 | % | 213 | % | 199 | % | 168 | % | 193 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounted to $0.11 per share and 0.39% of average net assets. |
(c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
94 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs U.S. Equity Insights Fund | ||||||||||||||||||||||||||
Class R Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 71.12 | $ | 52.63 | $ | 48.47 | $ | 46.74 | $ | 48.89 | $ | 40.12 | ||||||||||||||
Net investment income(a) |
0.12 | (b) | 0.07 | 0.16 | 0.32 | 0.23 | 0.37 | |||||||||||||||||||
Net realized and unrealized gain (loss) |
(5.99 | ) | 20.80 | 4.57 | 3.08 | 2.42 | 10.01 | |||||||||||||||||||
Total from investment operations |
(5.87 | ) | 20.87 | 4.73 | 3.40 | 2.65 | 10.38 | |||||||||||||||||||
Distributions to shareholders from net investment income |
(0.09 | ) | (0.15 | ) | (0.57 | ) | (0.02 | ) | (0.42 | ) | (0.23 | ) | ||||||||||||||
Distributions to shareholders from net realized gains |
(15.57 | ) | (2.23 | ) | | (1.65 | ) | (4.38 | ) | (1.38 | ) | |||||||||||||||
Total distributions |
(15.66 | ) | (2.38 | ) | (0.57 | ) | (1.67 | ) | (4.80 | ) | (1.61 | ) | ||||||||||||||
Net asset value, end of period |
$ | 49.59 | $ | 71.12 | $ | 52.63 | $ | 48.47 | $ | 46.74 | $ | 48.89 | ||||||||||||||
Total Return(c) | (10.53 | )% | 40.91 | % | 9.79 | % | 7.72 | % | 5.65 | % | 26.58 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 19,008 | $ | 22,030 | $ | 41,005 | $ | 44,555 | $ | 49,993 | $ | 51,263 | ||||||||||||||
Ratio of net expenses to average net assets |
1.18 | %(d) | 1.18 | % | 1.19 | % | 1.19 | % | 1.20 | % | 1.21 | % | ||||||||||||||
Ratio of total expenses to average net assets |
1.21 | %(d) | 1.22 | % | 1.25 | % | 1.26 | % | 1.25 | % | 1.39 | % | ||||||||||||||
Ratio of net investment income to average net assets |
0.41 | %(b)(d) | 0.11 | % | 0.31 | % | 0.69 | % | 0.48 | % | 0.84 | % | ||||||||||||||
Portfolio turnover rate(e) |
96 | % | 214 | % | 213 | % | 199 | % | 168 | % | 193 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounted to $0.11 per share and 0.39% of average net assets. |
(c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 95 |
GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs U.S. Equity Insights Fund | ||||||||||||||||||||||
Class P Shares | ||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | Period Ended October 31, 2018(a) |
||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||
Net asset value, beginning of period |
$ | 75.31 | $ | 55.56 | $ | 51.14 | $ | 49.28 | $ | 49.09 | ||||||||||||
Net investment income(b) |
0.32 | (c) | 0.46 | 0.50 | 0.65 | 0.26 | ||||||||||||||||
Net realized and unrealized gain (loss) |
(6.41 | ) | 22.00 | 4.83 | 3.21 | (0.07 | ) | |||||||||||||||
Total from investment operations |
(6.09 | ) | 22.46 | 5.33 | 3.86 | 0.19 | ||||||||||||||||
Distributions to shareholders from net investment income |
(0.46 | ) | (0.48 | ) | (0.91 | ) | (0.35 | ) | | |||||||||||||
Distributions to shareholders from net realized gains |
(15.57 | ) | (2.23 | ) | | (1.65 | ) | | ||||||||||||||
Total distributions |
(16.03 | ) | (2.71 | ) | (0.91 | ) | (2.00 | ) | | |||||||||||||
Net asset value, end of period |
$ | 53.19 | $ | 75.31 | $ | 55.56 | $ | 51.14 | $ | 49.28 | ||||||||||||
Total Return(d) | (10.26 | )% | 41.80 | % | 10.49 | % | 8.40 | % | 0.39 | % | ||||||||||||
Net assets, end of period (in 000s) |
$ | 262,480 | $ | 327,501 | $ | 245,632 | $ | 225,899 | $ | 203,525 | ||||||||||||
Ratio of net expenses to average net assets |
0.55 | %(e) | 0.55 | % | 0.55 | % | 0.54 | % | 0.54 | %(e) | ||||||||||||
Ratio of total expenses to average net assets |
0.58 | %(e) | 0.59 | % | 0.61 | % | 0.62 | % | 0.62 | %(e) | ||||||||||||
Ratio of net investment income to average net assets |
1.05 | %(c)(e) | 0.68 | % | 0.94 | % | 1.33 | % | 0.93 | %(e) | ||||||||||||
Portfolio turnover rate(f) |
96 | % | 214 | % | 213 | % | 199 | % | 168 | % |
(a) | Commenced operations on April 16, 2018. |
(b) | Calculated based on the average shares outstanding methodology. |
(c) | Reflects income recognized from special dividends which amounted to $0.11 per share and 0.39% of average net assets. |
(d) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(e) | Annualized. |
(f) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
96 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
April 30, 2022 (Unaudited)
1. ORGANIZATION |
Goldman Sachs Trust (the Trust) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the Act), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the Funds or individually a Fund), along with their corresponding share classes and respective diversification status under the Act:
Fund | Share Classes Offered | Diversified/ Non-diversified | ||
Large Cap Growth Insights |
A, C, Institutional, Service, Investor, R6, R and P |
Non-diversified | ||
Large Cap Value Insights, Small Cap Equity Insights and U.S. Equity Insights |
A, C, Institutional, Service, Investor, R6, R and P |
Diversified | ||
Small Cap Growth Insights and Small Cap Value Insights |
A, C, Institutional, Investor, R6, R and P |
Diversified |
Class A Shares are sold with a front-end sales charge of up to 5.50%. Class C Shares are sold with a contingent deferred sales charge (CDSC) of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Investor, Class R6, Class R and Class P Shares are not subject to a sales charge.
Goldman Sachs Asset Management, L.P. (GSAM), an affiliate of Goldman Sachs & Co. LLC (Goldman Sachs), serves as investment adviser to the Funds pursuant to a management agreement (the Agreement) with the Trust.
2. SIGNIFICANT ACCOUNTING POLICIES |
The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.
A. Investment Valuation The Funds valuation policy is to value investments at fair value.
B. Investment Income and Investments Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (NAV) calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These reclaims, if any, are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered, if any, are reflected as other income in the Statements of Operations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds investments in U.S. real estate investment trusts (REITs) may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.
For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract of the contract.
97
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
Notes to Financial Statements (continued)
April 30, 2022 (Unaudited)
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
C. Class Allocations and Expenses Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service and Shareholder Administration fees.
D. Federal Taxes and Distributions to Shareholders It is each Funds policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the Code), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex- dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:
Fund | Income Distributions Declared/Paid |
Capital Gains Distributions Declared/Paid | ||||
Large Cap Value Insights |
Quarterly | Annually | ||||
Large Cap Growth Insights, Small Cap Equity Insights, Small Cap Growth Insights, Small Cap Value Insights and U.S. Equity Insights |
Annually | Annually |
Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.
The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Funds distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS |
U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:
Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2 Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;
Level 3 Prices or valuations that require significant unobservable inputs (including GSAMs assumptions in determining fair value measurement).
98
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
The Board of Trustees (Trustees) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.
A. Level 1 and Level 2 Fair Value Investments The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:
Equity Securities Equity securities traded on a United States (U.S.) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e., where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.
Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under Fair Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.
Money Market Funds Investments in the Goldman Sachs Financial Square Government Fund (Underlying Money Market Fund) are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying Money Market Funds accounting policies and investment holdings, please see the Underlying Money Market Funds shareholder report.
Derivative Contracts A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on certain derivatives contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.
Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter (OTC) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be
99
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
Notes to Financial Statements (continued)
April 30, 2022 (Unaudited)
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.
i. Futures Contracts Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.
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 Funds 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 Funds NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.
C. Fair Value Hierarchy The following is a summary of the Funds investments and derivatives classified in the fair value hierarchy as of April 30, 2022:
LARGE CAP GROWTH INSIGHTS FUND | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) |
||||||||||||
North America |
$ | 1,112,312,781 | $ | | $ | | ||||||
Securities Lending Reinvestment Vehicle |
475,200 | | | |||||||||
Total | $ | 1,112,787,981 | $ | | $ | | ||||||
LARGE CAP VALUE INSIGHTS FUND | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) |
||||||||||||
North America |
$ | 403,614,894 | $ | | $ | | ||||||
Total | $ | 403,614,894 | $ | | $ | | ||||||
Derivative Type | ||||||||||||
Liabilities(b) | ||||||||||||
Futures Contracts |
$ | (120,785 | ) | $ | | $ | |
(a) | Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table. |
(b) | Amount shown represents unrealized gain (loss) at period end. |
100
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
SMALL CAP EQUITY INSIGHTS FUND | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) |
||||||||||||
Africa |
$ | 742,586 | $ | | $ | | ||||||
Asia |
3,399,609 | | | |||||||||
Europe |
4,867,566 | | | |||||||||
North America |
445,908,429 | | | |||||||||
Securities Lending Reinvestment Vehicle |
5,346,284 | | | |||||||||
Total | $ | 460,264,474 | $ | | $ | | ||||||
SMALL CAP GROWTH INSIGHTS FUND | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) |
||||||||||||
Africa |
$ | 604,851 | $ | | $ | | ||||||
Asia |
2,208,165 | | | |||||||||
Europe |
1,734,637 | | | |||||||||
North America |
157,016,399 | | | |||||||||
Securities Lending Reinvestment Vehicle |
3,100,086 | | | |||||||||
Total | $ | 164,664,138 | $ | | $ | | ||||||
SMALL CAP VALUE INSIGHTS FUND | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) |
||||||||||||
Africa |
$ | 2,654,473 | $ | | $ | | ||||||
Europe |
9,858,794 | | | |||||||||
North America |
1,103,135,064 | | | |||||||||
Securities Lending Reinvestment Vehicle |
12,866,518 | | | |||||||||
Total | $ | 1,128,514,849 | $ | | $ | | ||||||
Derivative Type | ||||||||||||
Liabilities(b) | ||||||||||||
Futures Contracts |
$ | (202,655 | ) | $ | | $ | |
(a) | Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table. |
(b) | Amount shown represents unrealized gain (loss) at period end. |
101
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
Notes to Financial Statements (continued)
April 30, 2022 (Unaudited)
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
U.S. EQUITY INSIGHTS FUND | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) |
||||||||||||
Europe |
$ | 5,801,832 | $ | | $ | | ||||||
North America |
997,217,449 | | | |||||||||
Total | $ | 1,003,019,281 | $ | | $ | |
(a) | Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table. |
For further information regarding security characteristics, see the Schedules of Investments.
4. INVESTMENTS IN DERIVATIVES |
The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of April 30, 2022. These instruments were used as part of the Funds investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds net exposure.
Risk | Fund | Statement of Assets and Liabilities |
Assets (Liabilities)(a) | |||||||||
Equity |
Large Cap Value Insights | Variation Margin on Futures Contracts | $(120,785) | |||||||||
Equity |
Small Cap Value Insights | Variation Margin on Futures Contracts | (202,655) |
(a) | Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedules of Investments. Only the variation margin as of April 30, 2022 is reported within the Statements of Assets and Liabilities. |
The following tables set forth, by certain risk types, the Funds gains (losses) related to these derivatives and their indicative volumes for the six months ended April 30, 2022. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in Net realized gain (loss) or Net change in unrealized gain (loss) on the Statements of Operations:
Risk | Fund | Net Realized Gain (Loss) from Futures Contracts |
Net Change in Futures Contracts |
|||||||||||||
Equity |
Large Cap Growth Insights | $ | 522,728 | $ | | |||||||||||
Equity |
Large Cap Value Insights | 20,830 | (120,785 | ) | ||||||||||||
Equity |
Small Cap Equity Insights | 433,498 | (290,252 | ) | ||||||||||||
Equity |
Small Cap Growth Insights | 320,646 | | |||||||||||||
Equity |
Small Cap Value Insights | (635,985 | ) | (532,817 | ) | |||||||||||
Equity |
U.S. Equity Insights | 316,386 | |
102
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
4. INVESTMENTS IN DERIVATIVES (continued) |
For the six months ended April 30, 2022, the relevant values for each derivative type were as follows:
Fund | Number of Contracts(a) |
|||||
Large Cap Growth Insights |
118 | |||||
Large Cap Value Insights |
6 | |||||
Small Cap Equity Insights |
48 | |||||
Small Cap Growth Insights |
1 | |||||
Small Cap Value Insights |
31 | |||||
U.S. Equity Insights |
71 |
(a) | Amount disclosed represents average number of contracts for the months that the Fund held such derivatives during the six months ended April 30, 2022. |
5. AGREEMENTS AND AFFILIATED TRANSACTIONS |
A. Management Agreement Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.
As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Funds average daily net assets.
For the six months ended April 30, 2022, contractual and effective net management fees with GSAM were at the following rates:
Contractual Management Rate | ||||||||||||||||||||||||||||||||
Fund | First $1 billion |
Next $1 billion |
Next $3 billion |
Next $3 billion |
Over $8 billion |
Effective Rate |
Effective Net Management |
|||||||||||||||||||||||||
Large Cap Growth Insights |
0.52 | % | 0.47 | % | 0.44 | % | 0.44 | % | 0.43 | % | 0.50 | % | 0.50 | % | ||||||||||||||||||
Large Cap Value Insights |
0.52 | 0.47 | 0.44 | 0.44 | 0.43 | 0.52 | 0.52 | |||||||||||||||||||||||||
Small Cap Equity Insights |
0.80 | 0.80 | 0.72 | 0.68 | 0.67 | 0.80 | 0.80 | |||||||||||||||||||||||||
Small Cap Growth Insights |
0.80 | 0.80 | 0.72 | 0.68 | 0.67 | 0.80 | 0.80 | |||||||||||||||||||||||||
Small Cap Value Insights |
0.80 | 0.80 | 0.72 | 0.68 | 0.67 | 0.80 | 0.80 | |||||||||||||||||||||||||
U.S. Equity Insights |
0.52 | 0.47 | 0.44 | 0.44 | 0.43 | 0.51 | 0.51 |
^ | Effective Net Management Rate includes the impact of management fee waivers of affiliated underlying funds, if any. |
The Large Cap Growth Insights, Large Cap Value Insights, Small Cap Equity Insights, Small Cap Growth Insights, Small Cap Value Insights and U.S. Equity Insights Funds invest in Institutional Shares of the Underlying Money Market Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Funds in which the Funds invest, except those management fees it earns from the Funds investments of cash collateral received in connection with securities lending transactions
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GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
Notes to Financial Statements (continued)
April 30, 2022 (Unaudited)
5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
in the Underlying Money Market Fund. For the six months ended April 30, 2022, the management fee waived by GSAM for each Fund was as follows:
Fund | Management Fee Waived |
|||||
Large Cap Growth Insights |
$ | 934 | ||||
Large Cap Value Insights |
259 | |||||
Small Cap Equity Insights |
1,356 | |||||
Small Cap Growth Insights |
172 | |||||
Small Cap Value Insights |
205 | |||||
U.S. Equity Insights |
849 |
B. Distribution and/or Service (12b-1) Plans The Trust, on behalf of Class A and Class R Shares of each applicable Fund, has adopted Distribution and Service Plans subject to Rule 12b-1 under the Act. Under the Distribution and Service Plans, Goldman Sachs, which serves as distributor (the Distributor), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A or Class R Shares of the Funds, as applicable, as set forth below.
The Trust, on behalf of Class C Shares of each applicable Fund, has adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Funds, as set forth below.
The Trust, on behalf of Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Funds as set forth below.
Distribution and/or Service Plan Rates | ||||||||||||||||
Class A* | Class C | Service Shares | Class R* | |||||||||||||
Distribution and/or Service Plan |
0.25 | % | 0.75 | % | 0.25 | % | 0.50 | % |
* | With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and/or Service Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on service fees imposed by the Financial Industry Regulatory Authority. |
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GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
C. Distribution Agreement Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares front end sales charge and Class C Shares CDSC. For the six months ended April 30, 2022, Goldman Sachs retained the following amounts:
Front End Sales Charge |
Contingent Deferred Sales Charge |
|||||||||
Fund | Class A | Class C | ||||||||
Large Cap Growth Insights |
$ | 11,717 | $ | | ||||||
Large Cap Value Insights |
2,527 | 377 | ||||||||
Small Cap Equity Insights |
580 | 230 | ||||||||
Small Cap Growth Insights |
3,845 | 25 | ||||||||
Small Cap Value Insights |
1,878 | | ||||||||
U.S. Equity Insights |
3,069 | 257 |
D. Service and Shareholder Administration Plans The Trust, on behalf of each applicable Fund, has adopted Service Plans to allow Class C Shares and Shareholder Administration Plans to allow Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance or shareholder administration services to their customers who are beneficial owners of such shares. The Service and Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C and Service Shares of the Funds.
E. Transfer Agency Agreement Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.16% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional and Service Shares.
F. Other Expense Agreements and Affiliated Transactions GSAM has agreed to reduce or limit certain Other Expenses of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets are 0.004%. These Other Expense limitations will remain in place through at least February 28, 2023, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds expenses and are received irrespective of the application of the Other Expense limitations described above.
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GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
Notes to Financial Statements (continued)
April 30, 2022 (Unaudited)
5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
For the six months ended April 30, 2022, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:
Fund | Management Fee Waiver |
Other Expense Reimbursements |
Total Expense Reductions |
|||||||||||
Large Cap Growth Insights |
$ | 934 | $ | 221,162 | $ | 222,096 | ||||||||
Large Cap Value Insights |
259 | 152,559 | 152,818 | |||||||||||
Small Cap Equity Insights |
1,356 | 185,410 | 186,766 | |||||||||||
Small Cap Growth Insights |
172 | 182,070 | 182,242 | |||||||||||
Small Cap Value Insights |
205 | 225,792 | 225,997 | |||||||||||
U.S. Equity Insights |
849 | 194,906 | 195,755 |
G. Line of Credit Facility As of April 30, 2022, the Funds participated in a $1,250,000,000 committed, unsecured revolving line of credit facility (the facility) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended April 30, 2022, the Funds did not have any borrowings under the facility. Prior to April 22, 2022, the facility was $1,000,000,000.
H. Other Transactions with Affiliates For the six months ended April 30, 2022, Goldman Sachs did not earn brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs.
As of April 30, 2022, the following Goldman Sachs Dynamic Global Equity Fund and Goldman Sachs Enhanced Dividend Global Equity Portfolio were beneficial owners of 5% or more of total outstanding shares of the following Funds:
Fund | Goldman Sachs Dynamic Global Equity |
Goldman Sachs Enhanced Dividend Global Equity |
||||||||
Large Cap Value Insights |
6 | % | | % | ||||||
Small Cap Equity Insights |
| 7 |
The following table provides information about the Funds investments in the Underlying Fund as of and for the six months ended April 30, 2022:
Fund | Market Value as of October 31, 2021 |
Purchased at Cost |
Proceeds from Sales |
Market Value as of April 30, 2022 |
Shares as of April 30, 2022 |
Dividend Income from Affiliated Investment Companies |
||||||||||||||||||||
Large Cap Growth Insights |
$ | | $ | 16,701,934 | $ | (16,701,934 | ) | $ | | | $ | 147 | ||||||||||||||
Large Cap Value Insights |
| 13,664,489 | (13,664,489 | ) | | | 284 | |||||||||||||||||||
Small Cap Equity Insights |
5,888,756 | 21,352,246 | (27,241,002 | ) | | | 976 | |||||||||||||||||||
Small Cap Growth Insights |
| 20,571,006 | (20,571,006 | ) | | | 17 | |||||||||||||||||||
Small Cap Value Insights |
1,412,504 | 24,501,634 | (25,914,138 | ) | | | 236 | |||||||||||||||||||
U.S. Equity Insights |
| 25,567,595 | (25,567,595 | ) | | | 1,152 |
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GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
6. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended April 30, 2022 were as follows:
Fund | Purchase | Sales and Maturities | ||||||||
Large Cap Growth Insights |
$ | 1,395,674,474 | $ | 1,998,383,777 | ||||||
Large Cap Value Insights |
410,793,628 | 408,791,593 | ||||||||
Small Cap Equity Insights |
356,765,560 | 401,358,502 | ||||||||
Small Cap Growth Insights |
215,973,429 | 387,730,582 | ||||||||
Small Cap Value Insights |
1,000,990,661 | 1,043,037,921 | ||||||||
U.S. Equity Insights |
1,086,429,136 | 1,173,049,453 |
7. SECURITIES LENDING |
Pursuant to exemptive relief granted by the Securities and Exchange Commission (SEC) and the terms and conditions contained therein, the Large Cap Growth Insights, Large Cap Value Insights, Small Cap Equity Insights, Small Cap Growth Insights, Small Cap Value Insights and U.S. Equity Insights 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. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (Government Money Market Fund), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.
In the event of a default by a borrower with respect to any loan, GSAL will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL is unable to purchase replacement securities, GSAL will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdictions bankruptcy or insolvency laws. The
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GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
Notes to Financial Statements (continued)
April 30, 2022 (Unaudited)
7. SECURITIES LENDING (continued) |
Funds loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of April 30, 2022, are disclosed as Payable upon return of securities loaned on the Statements of Assets and Liabilities, where applicable. The U.S. Equity Insights Fund did not have securities on loan as of April 30, 2022.
Both the Funds and GSAL received compensation relating to the lending of the Funds securities. The amounts earned by the Funds for the six months ended April 30, 2022 are reported under Investment Income on the Statements of Operations.
The table below details securities lending activity with affiliates of Goldman Sachs:
For the Six Months Ended April 30, 2022 | Amounts Payable to Goldman Sachs Upon Return of Securities Loaned as of April 30, 2022 |
|||||||||||||
Fund | Earnings of GSAL Relating to Securities Loaned |
Amounts Received by the Funds from Lending to Goldman Sachs |
||||||||||||
Large Cap Growth Insights |
$ | 532 | $ | 1,571 | $ | | ||||||||
Large Cap Value Insights |
137 | 427 | | |||||||||||
Small Cap Equity Insights |
3,347 | 4,831 | 2,044,033 | |||||||||||
Small Cap Growth Insights |
4,001 | 4,436 | 648,372 | |||||||||||
Small Cap Value Insights |
5,042 | 12,137 | 4,328,809 | |||||||||||
U.S. Equity Insights |
405 | 87 | |
The following table provides information about the Funds investments in the Government Money Market Fund for the six months ended April 30, 2022.
Fund | Beginning value as of October 31, 2021 |
Purchases at Cost |
Proceeds from Sales |
Ending value as of April 30, 2022 |
||||||||||||||
Large Cap Growth Insights |
$ | 14,135,325 | $ | 11,680,915 | $ | (25,341,040 | ) | $ | 475,200 | |||||||||
Large Cap Value Insights |
3,732,000 | 3,716,250 | (7,448,250 | ) | | |||||||||||||
Small Cap Equity Insights |
8,587,928 | 28,564,047 | (31,805,691 | ) | 5,346,284 | |||||||||||||
Small Cap Growth Insights |
5,015,264 | 23,081,752 | (24,996,930 | ) | 3,100,086 | |||||||||||||
Small Cap Value Insights |
25,942,175 | 78,865,053 | (91,940,710 | ) | 12,866,518 | |||||||||||||
U.S. Equity Insights |
10,200,800 | 6,755,975 | (16,956,775 | ) | |
8. TAX INFORMATION |
As of the Funds most recent fiscal year end, October 31, 2021, the Funds certain timing differences on a tax basis were as follows:
Large Cap Growth Insights |
Large Cap Value Insights |
Small Cap Equity Insights |
Small Cap Growth Insights |
Small Cap Value Insights |
U.S. Equity Insights |
|||||||||||||||||||
Timing differences (Qualified Late Year Loss Deferral) |
$ | (263,601 | ) | $ | | $ | | $ | | $ | | $ | |
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GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
8. TAX INFORMATION (continued) |
As of April 30, 2022, the Funds aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
Large Cap Growth Insights |
Large Cap Value Insights |
Small Cap Equity Insights |
Small Cap Growth Insights |
Small Cap Value Insights |
U.S. Equity Insights |
|||||||||||||||||||
Tax Cost |
$ | 781,770,839 | $ | 395,804,213 | $ | 487,065,312 | $ | 182,934,896 | $ | 1,117,393,706 | $ | 868,322,606 | ||||||||||||
Gross unrealized gain |
382,578,253 | 29,351,803 | 42,572,914 | 14,988,940 | 114,892,025 | 190,680,781 | ||||||||||||||||||
Gross unrealized loss |
(51,561,111 | ) | (21,541,122 | ) | (69,373,752 | ) | (33,259,698 | ) | (103,770,882 | ) | (55,984,106 | ) | ||||||||||||
Net unrealized gain (loss) |
$ | 331,017,142 | $ | 7,810,681 | $ | (26,800,838 | ) | $ | (18,270,758 | ) | $ | 11,121,143 | $ | 134,696,675 |
The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales and net mark to market gains (losses) on regulated futures contracts, and differences in the tax treatment of passive foreign investment company investments.
GSAM has reviewed the Funds tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.
9. OTHER RISKS |
The Funds risks include, but are not limited to, the following:
Derivatives Risk The Funds use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Funds. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.
Dividend-Paying Investments Risk A Funds 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 Funds 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.
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 Funds 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 Funds current expenses being allocated over a smaller asset base, leading to an increase in the Funds expense ratio. Similarly, large Fund share purchases may adversely affect a Funds performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.
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GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
Notes to Financial Statements (continued)
April 30, 2022 (Unaudited)
9. OTHER RISKS (continued) |
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 Funds NAV and dilute remaining investors interests. Redemptions by large shareholders may have a negative impact on a Funds liquidity.
Market and Credit Risks In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.
Non-Diversification Risk The Large Cap Growth Insights Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in fewer issuers than diversified mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.
10. INDEMNIFICATIONS |
Under the Trusts organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.
11. OTHER MATTERS |
At a meeting held on April 13, 2022 (the Meeting), the Board of Trustees of the Goldman Sachs Trust approved a reverse share split for Class C Shares of the Small Cap Growth Insights Fund (the Fund), pursuant to which shareholders will receive one Class C Share in exchange for every 9 Class C Shares of the Fund they currently own. The reverse stock split is intended to bring the net asset value (NAV) of the Class C Shares of the Fund into better alignment with the NAVs of the Funds other share classes and reduce the variances among the NAVs that currently exist. This is intended to reduce marketplace confusion and bring greater uniformity to the ratio of capital gains to the NAV across all share classes of the Fund. The amount of each shareholders aggregate investment in the Fund will remain unchanged as a result of the split. The effect of the reverse share split is to reduce the number of shares outstanding of the Fund and increase the Funds Class C NAV per share. The reverse share split will not be a taxable event, nor does it have an impact on the Funds holdings or performance. No changes are contemplated at this time for the other share classes offered by the Fund.
The reverse share split will occur on or about June 10, 2022.
12. SUBSEQUENT EVENTS |
Subsequent events after the Statements of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.
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GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
13. SUMMARY OF SHARE TRANSACTIONS |
Large Cap Growth Insights Fund | ||||||||||||||||
|
|
|||||||||||||||
For the Six Months Ended April 30, 2022 (Unaudited) |
For the Fiscal Year Ended October 31, 2021 |
|||||||||||||||
|
|
|||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|||||||||||||||
Class A Shares | ||||||||||||||||
Shares sold |
1,037,134 | $ | 34,120,606 | 1,095,454 | $ | 45,113,329 | ||||||||||
Reinvestment of distributions |
2,688,364 | 88,635,361 | 615,562 | 23,145,148 | ||||||||||||
Shares redeemed |
(1,731,305 | ) | (56,332,462 | ) | (2,431,447 | ) | (99,948,201 | ) | ||||||||
1,994,193 | 66,423,505 | (720,431 | ) | (31,689,724 | ) | |||||||||||
Class C Shares | ||||||||||||||||
Shares sold |
118,748 | 2,978,933 | 87,523 | 3,134,888 | ||||||||||||
Reinvestment of distributions |
635,744 | 16,453,064 | 141,544 | 4,574,698 | ||||||||||||
Shares redeemed |
(338,395 | ) | (8,434,135 | ) | (371,462 | ) | (13,306,116 | ) | ||||||||
416,097 | 10,997,862 | (142,395 | ) | (5,596,530 | ) | |||||||||||
Institutional Shares | ||||||||||||||||
Shares sold |
2,094,560 | 75,061,984 | 4,360,670 | 191,925,368 | ||||||||||||
Reinvestment of distributions |
3,140,645 | 110,517,603 | 1,561,511 | 61,376,167 | ||||||||||||
Shares redeemed |
(10,351,848 | ) | (487,628,728 | ) | (7,340,923 | ) | (320,397,444 | ) | ||||||||
(5,116,643 | ) | (302,049,141 | ) | (1,418,742 | ) | (67,095,909 | ) | |||||||||
Service Shares | ||||||||||||||||
Shares sold |
60,166 | 1,902,956 | 126,694 | 5,030,496 | ||||||||||||
Reinvestment of distributions |
135,426 | 4,330,914 | 85,767 | 3,163,099 | ||||||||||||
Shares redeemed |
(136,532 | ) | (4,319,411 | ) | (774,972 | ) | (30,914,145 | ) | ||||||||
59,060 | 1,914,459 | (562,511 | ) | (22,720,550 | ) | |||||||||||
Investor Shares | ||||||||||||||||
Shares sold |
891,133 | 27,771,126 | 939,158 | 38,504,632 | ||||||||||||
Reinvestment of distributions |
2,620,037 | 84,626,583 | 851,697 | 31,563,303 | ||||||||||||
Shares redeemed |
(2,061,372 | ) | (65,691,373 | ) | (4,451,351 | ) | (181,534,942 | ) | ||||||||
1,449,798 | 46,706,336 | (2,660,496 | ) | (111,467,007 | ) | |||||||||||
Class R6 Shares | ||||||||||||||||
Shares sold |
966,975 | 36,195,626 | 1,599,203 | 68,595,141 | ||||||||||||
Reinvestment of distributions |
2,334,785 | 82,112,342 | 828,918 | 32,565,309 | ||||||||||||
Shares redeemed |
(2,583,571 | ) | (86,705,462 | ) | (6,168,258 | ) | (259,942,675 | ) | ||||||||
718,189 | 31,602,506 | (3,740,137 | ) | (158,782,225 | ) | |||||||||||
Class R Shares | ||||||||||||||||
Shares sold |
113,034 | 3,609,479 | 192,530 | 7,756,717 | ||||||||||||
Reinvestment of distributions |
305,562 | 9,579,381 | 71,765 | 2,614,386 | ||||||||||||
Shares redeemed |
(101,587 | ) | (3,245,570 | ) | (372,150 | ) | (15,253,333 | ) | ||||||||
317,009 | 9,943,290 | (107,855 | ) | (4,882,230 | ) | |||||||||||
Class P Shares | ||||||||||||||||
Shares sold |
407,033 | 13,000,561 | 105,163 | 4,407,933 | ||||||||||||
Reinvestment of distributions |
674,287 | 23,693,905 | 149,914 | 5,886,489 | ||||||||||||
Shares redeemed |
(407,493 | ) | (14,011,457 | ) | (232,991 | ) | (9,833,829 | ) | ||||||||
673,827 | 22,683,009 | 22,086 | 460,593 | |||||||||||||
NET INCREASE (DECREASE) |
511,530 | $ | (111,778,174 | ) | (9,330,481 | ) | $ | (401,773,582 | ) |
111
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
Notes to Financial Statements (continued)
April 30, 2022 (Unaudited)
13. SUMMARY OF SHARE TRANSACTIONS (continued) |
Large Cap Value Insights Fund | ||||||||||||||||
|
|
|||||||||||||||
For the Six Months Ended April 30, 2022 (Unaudited) |
For the Fiscal Year Ended October 31, 2021 |
|||||||||||||||
|
|
|||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|||||||||||||||
Class A Shares | ||||||||||||||||
Shares sold |
503,967 | $ | 11,712,564 | 374,537 | $ | 9,278,898 | ||||||||||
Reinvestment of distributions |
395,321 | 9,130,110 | 25,367 | 608,567 | ||||||||||||
Shares redeemed |
(422,413 | ) | (10,113,596 | ) | (546,202 | ) | (13,495,141 | ) | ||||||||
476,875 | 10,729,078 | (146,298 | ) | (3,607,676 | ) | |||||||||||
Class C Shares | ||||||||||||||||
Shares sold |
38,652 | 891,160 | 80,854 | 2,011,740 | ||||||||||||
Reinvestment of distributions |
68,600 | 1,564,298 | 1,882 | 42,611 | ||||||||||||
Shares redeemed |
(83,326 | ) | (1,958,339 | ) | (144,995 | ) | (3,467,473 | ) | ||||||||
23,926 | 497,119 | (62,259 | ) | (1,413,122 | ) | |||||||||||
Institutional Shares | ||||||||||||||||
Shares sold |
1,168,922 | 27,795,096 | 1,174,035 | 29,189,417 | ||||||||||||
Reinvestment of distributions |
662,919 | 15,293,861 | 62,528 | 1,502,175 | ||||||||||||
Shares redeemed |
(1,181,086 | ) | (28,125,419 | ) | (1,614,015 | ) | (39,580,481 | ) | ||||||||
650,755 | 14,963,538 | (377,452 | ) | (8,888,889 | ) | |||||||||||
Service Shares | ||||||||||||||||
Shares sold |
20,442 | 488,424 | 51,346 | 1,269,338 | ||||||||||||
Reinvestment of distributions |
45,939 | 1,066,381 | 2,702 | 64,678 | ||||||||||||
Shares redeemed |
(28,805 | ) | (680,916 | ) | (76,691 | ) | (1,879,356 | ) | ||||||||
37,576 | 873,889 | (22,643 | ) | (545,340 | ) | |||||||||||
Investor Shares | ||||||||||||||||
Shares sold |
544,012 | 12,911,012 | 969,056 | 23,461,684 | ||||||||||||
Reinvestment of distributions |
618,549 | 14,225,515 | 51,114 | 1,222,745 | ||||||||||||
Shares redeemed |
(713,328 | ) | (17,023,240 | ) | (1,321,311 | ) | (32,404,001 | ) | ||||||||
449,233 | 10,113,287 | (301,141 | ) | (7,719,572 | ) | |||||||||||
Class R6 Shares | ||||||||||||||||
Shares sold |
123,146 | 2,922,736 | 320,757 | 7,992,785 | ||||||||||||
Reinvestment of distributions |
540,981 | 12,480,464 | 49,082 | 1,180,836 | ||||||||||||
Shares redeemed |
(135,457 | ) | (3,190,314 | ) | (864,911 | ) | (21,451,153 | ) | ||||||||
528,670 | 12,212,886 | (495,072 | ) | (12,277,532 | ) | |||||||||||
Class R Shares | ||||||||||||||||
Shares sold |
25,876 | 625,655 | 41,893 | 1,025,052 | ||||||||||||
Reinvestment of distributions |
36,808 | 842,592 | 2,302 | 54,226 | ||||||||||||
Shares redeemed |
(34,807 | ) | (840,480 | ) | (97,866 | ) | (2,428,101 | ) | ||||||||
27,877 | 627,767 | (53,671 | ) | (1,348,823 | ) | |||||||||||
Class P Shares | ||||||||||||||||
Shares sold |
485,727 | 11,364,451 | 221,021 | 5,204,447 | ||||||||||||
Reinvestment of distributions |
322,382 | 7,434,726 | 25,656 | 619,341 | ||||||||||||
Shares redeemed |
(180,434 | ) | (4,214,153 | ) | (114,163 | ) | (2,754,890 | ) | ||||||||
627,675 | 14,585,024 | 132,514 | 3,068,898 | |||||||||||||
NET INCREASE (DECREASE) |
2,822,587 | $ | 64,602,588 | (1,326,022 | ) | $ | (32,732,056 | ) |
112
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
13. SUMMARY OF SHARE TRANSACTIONS (continued) |
Small Cap Equity Insights Fund | ||||||||||||||||
|
|
|||||||||||||||
For the Six Months Ended April 30, 2022 (Unaudited) |
For the Fiscal Year Ended October 31, 2021 |
|||||||||||||||
|
|
|||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|||||||||||||||
Class A Shares | ||||||||||||||||
Shares sold |
108,730 | $ | 2,767,429 | 198,389 | $ | 6,402,737 | ||||||||||
Reinvestment of distributions |
407,005 | 10,240,249 | 2,449 | 69,444 | ||||||||||||
Shares redeemed |
(147,433 | ) | (3,777,144 | ) | (434,186 | ) | (14,009,213 | ) | ||||||||
368,302 | 9,230,534 | (233,348 | ) | (7,537,032 | ) | |||||||||||
Class C Shares | ||||||||||||||||
Shares sold |
20,851 | 428,352 | 47,542 | 1,298,606 | ||||||||||||
Reinvestment of distributions |
109,923 | 2,166,576 | | | ||||||||||||
Shares redeemed |
(55,243 | ) | (1,083,180 | ) | (101,633 | ) | (2,784,132 | ) | ||||||||
75,531 | 1,511,748 | (54,091 | ) | (1,485,526 | ) | |||||||||||
Institutional Shares | ||||||||||||||||
Shares sold |
858,359 | 23,466,586 | 3,254,959 | 106,543,708 | ||||||||||||
Reinvestment of distributions |
1,821,341 | 48,593,389 | 31,539 | 931,340 | ||||||||||||
Shares redeemed |
(1,527,518 | ) | (45,476,999 | ) | (6,166,178 | ) | (183,839,430 | ) | ||||||||
1,152,182 | 26,582,976 | (2,879,680 | ) | (76,364,382 | ) | |||||||||||
Service Shares | ||||||||||||||||
Shares sold |
6,303 | 158,595 | 60,889 | 1,978,686 | ||||||||||||
Reinvestment of distributions |
35,155 | 861,999 | 180 | 5,026 | ||||||||||||
Shares redeemed |
(57,029 | ) | (1,426,654 | ) | (81,456 | ) | (2,641,770 | ) | ||||||||
(15,571 | ) | (406,060 | ) | (20,387 | ) | (658,058 | ) | |||||||||
Investor Shares | ||||||||||||||||
Shares sold |
294,237 | 7,888,093 | 815,337 | 26,010,460 | ||||||||||||
Reinvestment of distributions |
570,066 | 14,257,356 | 10,482 | 295,176 | ||||||||||||
Shares redeemed |
(1,122,822 | ) | (30,351,429 | ) | (1,754,425 | ) | (53,617,675 | ) | ||||||||
(258,519 | ) | (8,205,980 | ) | (928,606 | ) | (27,312,039 | ) | |||||||||
Class R6 Shares | ||||||||||||||||
Shares sold |
594,188 | 16,312,047 | 631,922 | 21,122,074 | ||||||||||||
Reinvestment of distributions |
887,467 | 23,686,493 | 24,331 | 718,494 | ||||||||||||
Shares redeemed |
(544,399 | ) | (14,622,859 | ) | (2,915,629 | ) | (92,706,574 | ) | ||||||||
937,256 | 25,375,681 | (2,259,376 | ) | (70,866,006 | ) | |||||||||||
Class R Shares | ||||||||||||||||
Shares sold |
66,629 | 1,651,205 | 125,400 | 3,882,129 | ||||||||||||
Reinvestment of distributions |
161,112 | 3,905,346 | 128 | 3,543 | ||||||||||||
Shares redeemed |
(78,561 | ) | (1,938,691 | ) | (284,861 | ) | (8,669,839 | ) | ||||||||
149,180 | 3,617,860 | (159,333 | ) | (4,784,167 | ) | |||||||||||
Class P Shares | ||||||||||||||||
Shares sold |
999,841 | 26,311,345 | 656,903 | 22,358,809 | ||||||||||||
Reinvestment of distributions |
1,279,518 | 34,137,536 | 19,262 | 568,617 | ||||||||||||
Shares redeemed |
(1,404,164 | ) | (36,475,383 | ) | (404,571 | ) | (13,845,592 | ) | ||||||||
875,195 | 23,973,498 | 271,594 | 9,081,834 | |||||||||||||
NET INCREASE (DECREASE) |
3,283,556 | $ | 81,680,257 | (6,263,227 | ) | $ | (179,925,376 | ) |
113
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
Notes to Financial Statements (continued)
April 30, 2022 (Unaudited)
13. SUMMARY OF SHARE TRANSACTIONS (continued) |
Small Cap Growth Insights Fund | ||||||||||||||||
|
|
|||||||||||||||
For the Six Months Ended April 30, 2022 (Unaudited) |
For the Fiscal Year Ended October 31, 2021 |
|||||||||||||||
|
|
|||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|||||||||||||||
Class A Shares | ||||||||||||||||
Shares sold |
737,515 | $ | 25,663,970 | 200,305 | $ | 8,989,161 | ||||||||||
Reinvestment of distributions |
3,171,796 | 47,830,685 | 49,962 | 2,024,645 | ||||||||||||
Shares redeemed |
(2,157,292 | ) | (34,573,857 | ) | (479,824 | ) | (21,229,689 | ) | ||||||||
1,752,019 | 38,920,798 | (229,557 | ) | (10,215,883 | ) | |||||||||||
Class C Shares | ||||||||||||||||
Shares sold |
345,258 | 6,696,658 | 21,857 | 709,037 | ||||||||||||
Reinvestment of distributions |
4,490,243 | 12,303,265 | 12,362 | 363,996 | ||||||||||||
Shares redeemed |
(2,391,020 | ) | (6,596,609 | ) | (58,186 | ) | (1,901,256 | ) | ||||||||
2,444,481 | 12,403,314 | (23,967 | ) | (828,223 | ) | |||||||||||
Institutional Shares | ||||||||||||||||
Shares sold |
769,883 | 19,352,662 | 954,048 | 51,400,881 | ||||||||||||
Reinvestment of distributions |
2,934,400 | 72,098,210 | 133,643 | 6,550,783 | ||||||||||||
Shares redeemed |
(4,082,468 | ) | (102,713,042 | ) | (3,096,424 | ) | (167,651,024 | ) | ||||||||
(378,185 | ) | (11,262,170 | ) | (2,008,733 | ) | (109,699,360 | ) | |||||||||
Investor Shares | ||||||||||||||||
Shares sold |
223,891 | 4,082,760 | 2,878,928 | 130,807,137 | ||||||||||||
Reinvestment of distributions |
2,144,431 | 35,940,663 | 443,811 | 18,615,787 | ||||||||||||
Shares redeemed |
(1,820,082 | ) | (33,285,018 | ) | (14,448,839 | ) | (678,528,770 | ) | ||||||||
548,240 | 6,738,405 | (11,126,100 | ) | (529,105,846 | ) | |||||||||||
Class R6 Shares | ||||||||||||||||
Shares sold |
146,288 | 4,382,821 | 990,249 | 52,473,767 | ||||||||||||
Reinvestment of distributions |
1,889,851 | 46,509,244 | 134,792 | 6,611,412 | ||||||||||||
Shares redeemed |
(1,880,725 | ) | (48,066,996 | ) | (5,811,777 | ) | (308,314,516 | ) | ||||||||
155,414 | 2,825,069 | (4,686,736 | ) | (249,229,337 | ) | |||||||||||
Class R Shares | ||||||||||||||||
Shares sold |
53,059 | 789,427 | 47,078 | 1,999,938 | ||||||||||||
Reinvestment of distributions |
334,627 | 4,303,299 | 8,078 | 311,653 | ||||||||||||
Shares redeemed |
(136,967 | ) | (1,765,086 | ) | (157,505 | ) | (6,656,958 | ) | ||||||||
250,719 | 3,327,640 | (102,349 | ) | (4,345,367 | ) | |||||||||||
Class P Shares | ||||||||||||||||
Shares sold |
89,131 | 1,968,758 | 16,769 | 925,178 | ||||||||||||
Reinvestment of distributions |
214,331 | 5,274,692 | 7,360 | 361,013 | ||||||||||||
Shares redeemed |
(136,538 | ) | (3,377,716 | ) | (83,999 | ) | (4,668,279 | ) | ||||||||
166,924 | 3,865,734 | (59,870 | ) | (3,382,088 | ) | |||||||||||
NET INCREASE (DECREASE) |
4,939,612 | $ | 56,818,790 | (18,237,312 | ) | $ | (906,806,104 | ) |
114
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
13. SUMMARY OF SHARE TRANSACTIONS (continued) |
Small Cap Value Insights Fund | ||||||||||||||||
|
|
|||||||||||||||
For the Six Months Ended April 30, 2022 (Unaudited) |
For the Fiscal Year Ended October 31, 2021 |
|||||||||||||||
|
|
|||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|||||||||||||||
Class A Shares | ||||||||||||||||
Shares sold |
341,630 | $ | 13,495,846 | 566,524 | $ | 27,357,223 | ||||||||||
Reinvestment of distributions |
1,110,993 | 41,255,586 | 17,972 | 733,047 | ||||||||||||
Shares redeemed |
(532,252 | ) | (21,348,377 | ) | (700,432 | ) | (32,964,079 | ) | ||||||||
920,371 | 33,403,055 | (115,936 | ) | (4,873,809 | ) | |||||||||||
Class C Shares | ||||||||||||||||
Shares sold |
30,737 | 713,380 | 42,344 | 1,422,441 | ||||||||||||
Reinvestment of distributions |
145,934 | 2,976,487 | 889 | 24,811 | ||||||||||||
Shares redeemed |
(62,096 | ) | (1,352,278 | ) | (85,171 | ) | (2,791,574 | ) | ||||||||
114,575 | 2,337,589 | (41,938 | ) | (1,344,322 | ) | |||||||||||
Institutional Shares | ||||||||||||||||
Shares sold |
1,487,545 | 89,571,540 | 2,422,336 | 155,514,994 | ||||||||||||
Reinvestment of distributions |
1,395,749 | 78,161,504 | 31,205 | 1,727,414 | ||||||||||||
Shares redeemed |
(1,296,593 | ) | (78,844,472 | ) | (1,545,560 | ) | (101,726,881 | ) | ||||||||
1,586,701 | 88,888,572 | 907,981 | 55,515,527 | |||||||||||||
Investor Shares | ||||||||||||||||
Shares sold |
4,071,334 | 181,444,089 | 2,218,254 | 107,386,728 | ||||||||||||
Reinvestment of distributions |
2,401,504 | 88,614,645 | 68,663 | 2,781,203 | ||||||||||||
Shares redeemed |
(3,937,989 | ) | (192,661,283 | ) | (3,851,812 | ) | (180,467,491 | ) | ||||||||
2,534,849 | 77,397,451 | (1,564,895 | ) | (70,299,560 | ) | |||||||||||
Class R6 Shares | ||||||||||||||||
Shares sold |
1,122,650 | 70,185,752 | 2,244,099 | 143,401,680 | ||||||||||||
Reinvestment of distributions |
1,158,040 | 64,837,855 | 28,540 | 1,579,576 | ||||||||||||
Shares redeemed |
(1,700,641 | ) | (103,192,992 | ) | (1,643,652 | ) | (105,757,051 | ) | ||||||||
580,049 | 31,830,615 | 628,987 | 39,224,205 | |||||||||||||
Class R Shares | ||||||||||||||||
Shares sold |
81,447 | 3,172,095 | 143,180 | 6,706,149 | ||||||||||||
Reinvestment of distributions |
186,001 | 6,663,870 | 2,943 | 117,344 | ||||||||||||
Shares redeemed |
(77,656 | ) | (2,918,948 | ) | (152,368 | ) | (7,129,277 | ) | ||||||||
189,792 | 6,917,017 | (6,245 | ) | (305,784 | ) | |||||||||||
Class P Shares | ||||||||||||||||
Shares sold |
33,561 | 1,956,534 | 126,625 | 7,802,899 | ||||||||||||
Reinvestment of distributions |
170,528 | 9,546,149 | 4,947 | 273,740 | ||||||||||||
Shares redeemed |
(66,961 | ) | (3,883,623 | ) | (149,515 | ) | (9,843,214 | ) | ||||||||
137,128 | 7,619,060 | (17,943 | ) | (1,766,575 | ) | |||||||||||
NET INCREASE (DECREASE) |
6,063,465 | $ | 248,393,359 | (209,989 | ) | $ | 16,149,682 |
115
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
Notes to Financial Statements (continued)
April 30, 2022 (Unaudited)
13. SUMMARY OF SHARE TRANSACTIONS (continued) |
U.S. Equity Insights Fund | ||||||||||||||||
|
|
|||||||||||||||
For the Six Months Ended April 30, 2022 (Unaudited) |
For the Fiscal Year Ended October 31, 2021 |
|||||||||||||||
|
|
|||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|||||||||||||||
Class A Shares | ||||||||||||||||
Shares sold |
133,159 | $ | 7,721,235 | 207,268 | $ | 13,062,919 | ||||||||||
Reinvestment of distributions |
1,370,090 | 78,101,475 | 227,426 | 12,992,585 | ||||||||||||
Shares redeemed |
(467,235 | ) | (26,917,065 | ) | (678,999 | ) | (44,102,994 | ) | ||||||||
1,036,014 | 58,905,645 | (244,305 | ) | (18,047,490 | ) | |||||||||||
Class C Shares | ||||||||||||||||
Shares sold |
32,697 | 1,735,999 | 57,587 | 3,282,580 | ||||||||||||
Reinvestment of distributions |
98,696 | 4,769,992 | 15,127 | 762,084 | ||||||||||||
Shares redeemed |
(67,275 | ) | (3,231,626 | ) | (113,279 | ) | (6,257,364 | ) | ||||||||
64,118 | 3,274,365 | (40,565 | ) | (2,212,700 | ) | |||||||||||
Institutional Shares | ||||||||||||||||
Shares sold |
430,022 | 26,597,949 | 728,154 | 48,148,149 | ||||||||||||
Reinvestment of distributions |
1,146,235 | 68,455,553 | 208,034 | 12,322,729 | ||||||||||||
Shares redeemed |
(738,674 | ) | (45,146,808 | ) | (1,207,280 | ) | (79,403,501 | ) | ||||||||
837,583 | 49,906,694 | (271,092 | ) | (18,932,623 | ) | |||||||||||
Service Shares | ||||||||||||||||
Shares sold |
8,175 | 475,421 | 10,669 | 694,330 | ||||||||||||
Reinvestment of distributions |
22,830 | 1,290,452 | 4,293 | 243,533 | ||||||||||||
Shares redeemed |
(15,618 | ) | (869,822 | ) | (35,614 | ) | (2,372,863 | ) | ||||||||
15,387 | 896,051 | (20,652 | ) | (1,435,000 | ) | |||||||||||
Investor Shares | ||||||||||||||||
Shares sold |
276,278 | 17,124,879 | 464,534 | 29,994,670 | ||||||||||||
Reinvestment of distributions |
521,209 | 29,215,058 | 78,789 | 4,441,328 | ||||||||||||
Shares redeemed |
(661,246 | ) | (37,265,824 | ) | (448,219 | ) | (28,495,429 | ) | ||||||||
136,241 | 9,074,113 | 95,104 | 5,940,569 | |||||||||||||
Class R6 Shares | ||||||||||||||||
Shares sold |
177,476 | 11,411,660 | 65,402 | 4,400,402 | ||||||||||||
Reinvestment of distributions |
65,441 | 3,904,300 | 7,120 | 421,374 | ||||||||||||
Shares redeemed |
(58,275 | ) | (3,455,478 | ) | (44,390 | ) | (3,013,307 | ) | ||||||||
184,642 | 11,860,482 | 28,132 | 1,808,469 | |||||||||||||
Class R Shares | ||||||||||||||||
Shares sold |
38,227 | 2,298,690 | 75,688 | 4,589,321 | ||||||||||||
Reinvestment of distributions |
86,368 | 4,786,764 | 33,114 | 1,850,453 | ||||||||||||
Shares redeemed |
(51,083 | ) | (2,908,974 | ) | (578,215 | ) | (34,437,536 | ) | ||||||||
73,512 | 4,176,480 | (469,413 | ) | (27,997,762 | ) | |||||||||||
Class P Shares | ||||||||||||||||
Shares sold |
708,684 | 40,062,752 | 536,918 | 34,615,121 | ||||||||||||
Reinvestment of distributions |
1,094,747 | 65,314,484 | 208,354 | 12,331,032 | ||||||||||||
Shares redeemed |
(1,217,896 | ) | (76,412,220 | ) | (817,391 | ) | (54,251,909 | ) | ||||||||
585,535 | 28,965,016 | (72,119 | ) | (7,305,756 | ) | |||||||||||
NET INCREASE (DECREASE) |
2,933,032 | $ | 167,058,846 | (994,910 | ) | $ | (68,182,293 | ) |
116
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
Liquidity Risk Management Program (Unaudited)
Each Fund has adopted and implemented a liquidity risk management program (the Program) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage each Funds liquidity risk, i.e., the risk that a Fund is unable to satisfy redemption requests without significantly diluting remaining investors interests in the Fund. The Board of Trustees of the Trust has designated GSAM, each Funds investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.
The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Funds liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Funds investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of illiquid investments (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in highly liquid investments (as defined under Rule 22e-4), the determination of a minimum percentage of the Funds assets that will generally be invested in highly liquid investments (a Highly Liquid Investment Minimum); and (5) periodic reporting to the Board of Trustees.
At a meeting of the Board of Trustees on February 8-9, 2022, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the period from January 1, 2021 through December 31, 2021 (the Reporting Period). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; and (3) the impact of local holidays in non-U.S. jurisdictions. The report concluded that the Program continues to be reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.
There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Funds prospectus for more information regarding the Funds exposure to liquidity risk and other risks to which it may be subject.
117
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
Impact of Russian Invasion of Ukraine (Unaudited)
The Russian invasion of Ukraine has negatively affected the global economy and has resulted in significant disruptions in financial markets and increased macroeconomic uncertainty. In addition, governments around the world have responded to Russias invasion by imposing economic sanctions and export controls on certain industry sectors, companies and individuals in or associated with Russia. Russia has imposed its own restrictions against investors and countries outside Russia and has proposed additional measures aimed at non-Russian-owned businesses. Businesses in the U.S. and globally have experienced shortages in materials and increased costs for transportation, energy and raw materials due, in part, to the negative effects of the war on the global economy. The escalation or continuation of the war between Russia and Ukraine or other hostilities presents heightened risks relating to cyber-attacks, the frequency and volume of failures to settle securities transactions, supply chain disruptions, inflation, as well as the potential for increased volatility in commodity, currency and other financial markets. The extent and duration of the war, sanctions and resulting market disruptions, as well as the potential adverse consequences for the Funds operations are difficult to predict.
118
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
Fund Expenses Six Month Period Ended April 30, 2022 (Unaudited)
As a shareholder of Class A, Class C, Institutional, Service, Investor, Class R6, Class R and Class P Shares of a Fund, you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares), contingent deferred sales charges on redemptions (with respect to Class C Shares), and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (with respect to Class A, Class C, Service and Class R Shares); and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Service, Investor, Class R6, Class R and Class P Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2021 through April 30, 2022, which represents a period of 181 days in a 365 day year. This projection assumes that annualized expense ratios were in effect during the period.
Actual Expenses The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled Expenses Paid to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher:
Large Cap Growth Insights Fund |
Large Cap Value Insights Fund |
Small Cap Equity Insights Fund |
||||||||||||||||||||||||||||||||||
Share Class |
Beginning |
Ending |
Expenses |
Beginning |
Ending |
Expenses |
Beginning |
Ending |
Expenses |
|||||||||||||||||||||||||||
Class A |
||||||||||||||||||||||||||||||||||||
Actual |
$ | 1,000.00 | $ | 820.68 | $ | 4.15 | $ | 1,000.00 | $ | 979.07 | $ | 4.58 | $ | 1,000.00 | $ | 835.77 | $ | 5.52 | ||||||||||||||||||
Hypothetical 5% return |
1,000.00 | 1,020.24 | + | 4.60 | 1,000.00 | 1,020.16 | + | 4.68 | 1,000.00 | 1,018.78 | + | 6.07 | ||||||||||||||||||||||||
Class C |
||||||||||||||||||||||||||||||||||||
Actual |
1,000.00 | 817.79 | 7.52 | 1,000.00 | 975.41 | 8.25 | 1,000.00 | 832.58 | 8.92 | |||||||||||||||||||||||||||
Hypothetical 5% return |
1,000.00 | 1,016.52 | + | 8.34 | 1,000.00 | 1,016.44 | + | 8.42 | 1,000.00 | 1,015.06 | + | 9.81 | ||||||||||||||||||||||||
Institutional |
||||||||||||||||||||||||||||||||||||
Actual |
1,000.00 | 822.36 | 2.48 | 1,000.00 | 981.01 | 2.77 | 1,000.00 | 837.32 | 3.84 | |||||||||||||||||||||||||||
Hypothetical 5% return |
1,000.00 | 1,022.08 | + | 2.75 | 1,000.00 | 1,022.00 | + | 2.83 | 1,000.00 | 1,020.61 | + | 4.23 | ||||||||||||||||||||||||
Service |
||||||||||||||||||||||||||||||||||||
Actual |
1,000.00 | 820.22 | 4.73 | 1,000.00 | 978.17 | 5.22 | 1,000.00 | 835.14 | 6.11 | |||||||||||||||||||||||||||
Hypothetical 5% return |
1,000.00 | 1,019.60 | + | 5.25 | 1,000.00 | 1,019.52 | + | 5.33 | 1,000.00 | 1,018.13 | + | 6.72 | ||||||||||||||||||||||||
Investor |
||||||||||||||||||||||||||||||||||||
Actual |
1,000.00 | 821.71 | 3.02 | 1,000.00 | 980.41 | 3.36 | 1,000.00 | 836.89 | 4.39 | |||||||||||||||||||||||||||
Hypothetical 5% return |
1,000.00 | 1,021.48 | + | 3.35 | 1,000.00 | 1,021.40 | + | 3.43 | 1,000.00 | 1,020.02 | + | 4.83 | ||||||||||||||||||||||||
Class R6 |
||||||||||||||||||||||||||||||||||||
Actual |
1,000.00 | 822.49 | 2.43 | 1,000.00 | 981.07 | 2.72 | 1,000.00 | 837.38 | 3.80 | |||||||||||||||||||||||||||
Hypothetical 5% return |
1,000.00 | 1,022.12 | + | 2.70 | 1,000.00 | 1,022.05 | + | 2.78 | 1,000.00 | 1,020.66 | + | 4.18 | ||||||||||||||||||||||||
Class R |
||||||||||||||||||||||||||||||||||||
Actual |
1,000.00 | 819.85 | 5.28 | 1,000.00 | 977.75 | 5.81 | 1,000.00 | 834.71 | 6.66 | |||||||||||||||||||||||||||
Hypothetical 5% return |
1,000.00 | 1,019.00 | + | 5.85 | 1,000.00 | 1,018.92 | + | 5.93 | 1,000.00 | 1,017.54 | + | 7.32 | ||||||||||||||||||||||||
Class P |
||||||||||||||||||||||||||||||||||||
Actual |
1,000.00 | 822.17 | 2.44 | 1,000.00 | 980.62 | 2.72 | 1,000.00 | 837.38 | 3.80 | |||||||||||||||||||||||||||
Hypothetical 5% return |
1,000.00 | 1,022.12 | + | 2.70 | 1,000.00 | 1,022.05 | + | 2.78 | 1,000.00 | 1,020.66 | + | 4.18 |
* | Expenses for each share class are calculated using each Funds annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended April 30, 2022. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. |
119
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
Fund Expenses Six Month Period Ended April 30, 2022 (Unaudited) (continued)
Small Cap Growth Insights Fund |
Small Cap Value Insights Fund |
U.S. Equity Insights Fund |
||||||||||||||||||||||||||||||||||
Share Class |
Beginning |
Ending |
Expenses |
Beginning |
Ending |
Expenses |
Beginning |
Ending |
Expenses |
|||||||||||||||||||||||||||
Class A |
||||||||||||||||||||||||||||||||||||
Actual |
$ | 1,000.00 | $ | 745.80 | $ | 5.25 | $ | 1,000.00 | $ | 918.31 | $ | 5.77 | $ | 1,000.00 | $ | 895.81 | $ | 4.36 | ||||||||||||||||||
Hypothetical 5% return |
1,000.00 | 1,018.78 | + | 6.08 | 1,000.00 | 1,018.77 | + | 6.08 | 1,000.00 | 1,020.20 | + | 4.64 | ||||||||||||||||||||||||
Class C |
||||||||||||||||||||||||||||||||||||
Actual |
1,000.00 | 742.10 | 8.48 | 1,000.00 | 915.36 | 9.33 | 1,000.00 | 892.43 | 7.87 | |||||||||||||||||||||||||||
Hypothetical 5% return |
1,000.00 | 1,015.06 | + | 9.81 | 1,000.00 | 1,015.06 | + | 9.81 | 1,000.00 | 1,016.48 | + | 8.38 | ||||||||||||||||||||||||
Institutional |
||||||||||||||||||||||||||||||||||||
Actual |
1,000.00 | 747.09 | 3.66 | 1,000.00 | 920.20 | 4.02 | 1,000.00 | 897.46 | 2.62 | |||||||||||||||||||||||||||
Hypothetical 5% return |
1,000.00 | 1,020.61 | + | 4.23 | 1,000.00 | 1,020.61 | + | 4.23 | 1,000.00 | 1,022.03 | + | 2.79 | ||||||||||||||||||||||||
Service |
||||||||||||||||||||||||||||||||||||
Actual |
N/A | N/A | N/A | N/A | N/A | N/A | 1,000.00 | 895.19 | 4.97 | |||||||||||||||||||||||||||
Hypothetical 5% return |
N/A | N/A | N/A | N/A | N/A | N/A | 1,000.00 | 1,019.55 | + | 5.29 | ||||||||||||||||||||||||||
Investor |
||||||||||||||||||||||||||||||||||||
Actual |
1,000.00 | 746.92 | 4.17 | 1,000.00 | 919.59 | 4.59 | 1,000.00 | 896.97 | 3.18 | |||||||||||||||||||||||||||
Hypothetical 5% return |
1,000.00 | 1,020.01 | + | 4.83 | 1,000.00 | 1,020.01 | + | 4.83 | 1,000.00 | 1,021.44 | + | 3.39 | ||||||||||||||||||||||||
Class R6 |
||||||||||||||||||||||||||||||||||||
Actual |
1,000.00 | 747.06 | 3.61 | 1,000.00 | 920.28 | 3.97 | 1,000.00 | 897.63 | 2.57 | |||||||||||||||||||||||||||
Hypothetical 5% return |
1,000.00 | 1,020.66 | + | 4.18 | 1,000.00 | 1,020.66 | + | 4.18 | 1,000.00 | 1,022.08 | + | 2.74 | ||||||||||||||||||||||||
Class R |
||||||||||||||||||||||||||||||||||||
Actual |
1,000.00 | 745.17 | 6.33 | 1,000.00 | 917.51 | 6.96 | 1,000.00 | 894.67 | 5.53 | |||||||||||||||||||||||||||
Hypothetical 5% return |
1,000.00 | 1,017.54 | + | 7.32 | 1,000.00 | 1,017.53 | + | 7.32 | 1,000.00 | 1,018.96 | + | 5.89 | ||||||||||||||||||||||||
Class P |
||||||||||||||||||||||||||||||||||||
Actual |
1,000.00 | 747.06 | 3.61 | 1,000.00 | 920.23 | 3.97 | 1,000.00 | 897.42 | 2.57 | |||||||||||||||||||||||||||
Hypothetical 5% return |
1,000.00 | 1,020.66 | + | 4.18 | 1,000.00 | 1,020.66 | + | 4.18 | 1,000.00 | 1,022.08 | + | 2.74 |
* | Expenses for each share class are calculated using each Funds annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended April 30, 2022. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows: |
Fund |
Class A |
Class C |
Institutional |
Service |
Investor |
Class R6 |
Class R |
Class P |
||||||||||||||||||||||||||||
Large Cap Growth Insights Fund |
0.92 | % | 1.67 | % | 0.55 | % | 1.05 | % | 0.67 | % | 0.54 | % | 1.17 | % | 0.54 | % | ||||||||||||||||||||
Large Cap Value Insights Fund |
0.93 | 1.68 | 0.56 | 1.06 | 0.68 | 0.55 | 1.18 | 0.55 | ||||||||||||||||||||||||||||
Small Cap Equity Insights Fund |
1.21 | 1.96 | 0.84 | 1.34 | 0.96 | 0.83 | 1.46 | 0.83 | ||||||||||||||||||||||||||||
Small Cap Growth Insights Fund |
1.21 | 1.96 | 0.84 | N/A | 0.96 | 0.83 | 1.46 | 0.83 | ||||||||||||||||||||||||||||
Small Cap Value Insights Fund |
1.21 | 1.96 | 0.84 | N/A | 0.96 | 0.83 | 1.46 | 0.83 | ||||||||||||||||||||||||||||
U.S. Equity Insights Fund |
0.93 | 1.68 | 0.56 | 1.06 | 0.68 | 0.55 | 1.18 | 0.55 |
+ | Hypothetical expenses are based on each Funds actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses. |
120
FUNDS PROFILE
Goldman Sachs Funds
Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.
Today, the Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.13 trillion in assets under supervision as of March 31, 2022, Goldman Sachs Asset Management (GSAM) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.
Money Market
Financial Square FundsSM
∎ | Financial Square Treasury Solutions Fund1 |
∎ | Financial Square Government Fund1 |
∎ | Financial Square Money Market Fund2 |
∎ | Financial Square Prime Obligations Fund2 |
∎ | Financial Square Treasury Instruments Fund1 |
∎ | Financial Square Treasury Obligations Fund1 |
∎ | Financial Square Federal Instruments Fund1 |
Investor FundsSM
∎ | Investor Money Market Fund3 |
∎ | Investor Tax-Exempt Money Market Fund3 |
Fixed Income
Short Duration and Government
∎ | Enhanced Income Fund |
∎ | Short-Term Conservative Income Fund |
∎ | Short Duration Government Fund |
∎ | Short Duration Bond Fund4 |
∎ | Government Income Fund |
∎ | Inflation Protected Securities Fund |
Multi-Sector
∎ | Bond Fund |
∎ | Core Fixed Income Fund |
∎ | Global Core Fixed Income Fund |
∎ | Strategic Income Fund |
∎ | Income Fund |
Municipal and Tax-Free
∎ | High Yield Municipal Fund |
∎ | Dynamic Municipal Income Fund |
∎ | Short Duration Tax-Free Fund |
∎ | Municipal Income Completion Fund |
Single Sector
∎ | Investment Grade Credit Fund |
∎ | U.S. Mortgages Fund |
∎ | High Yield Fund |
∎ | High Yield Floating Rate Fund |
∎ | Emerging Markets Debt Fund |
∎ | Local Emerging Markets Debt Fund |
Fixed Income Alternatives
∎ | Long Short Credit Strategies Fund |
Fundamental Equity
∎ | Equity Income Fund |
∎ | Small Cap Growth Fund |
∎ | Small Cap Value Fund |
∎ | Small/Mid Cap Value Fund |
∎ | Mid Cap Value Fund |
∎ | Large Cap Value Fund |
∎ | Focused Value Fund |
∎ | Large Cap Core Fund5 |
∎ | Strategic Growth Fund |
∎ | Small/Mid Cap Growth Fund |
∎ | Flexible Cap Fund |
∎ | Concentrated Growth Fund |
∎ | Technology Opportunities Fund |
∎ | Mid Cap Growth Fund6 |
∎ | Rising Dividend Growth Fund |
∎ | U.S. Equity ESG Fund |
∎ | Income Builder Fund |
Tax-Advantaged Equity
∎ | U.S. Tax-Managed Equity Fund |
∎ | International Tax-Managed Equity Fund |
∎ | U.S. Equity Dividend and Premium Fund |
∎ | International Equity Dividend and Premium Fund |
Equity Insights
∎ | Small Cap Equity Insights Fund |
∎ | U.S. Equity Insights Fund |
∎ | Small Cap Growth Insights Fund |
∎ | Large Cap Growth Insights Fund |
∎ | Large Cap Value Insights Fund |
∎ | Small Cap Value Insights Fund |
∎ | International Small Cap Insights Fund |
∎ | International Equity Insights Fund |
∎ | Emerging Markets Equity Insights Fund |
Fundamental Equity International
∎ | International Equity Income Fund |
∎ | International Equity ESG Fund |
∎ | China Equity Fund |
∎ | Emerging Markets Equity Fund |
∎ | ESG Emerging Markets Equity Fund |
Alternative
∎ | Clean Energy Income Fund |
∎ | Defensive Equity Fund |
∎ | Real Estate Securities Fund |
∎ | Commodity Strategy Fund |
∎ | Global Real Estate Securities Fund |
∎ | Absolute Return Tracker Fund |
∎ | Managed Futures Strategy Fund |
∎ | MLP Energy Infrastructure Fund |
∎ | Energy Infrastructure Fund |
∎ | Multi-Manager Alternatives Fund |
∎ | Global Infrastructure Fund |
Total Portfolio Solutions
∎ | Global Managed Beta Fund |
∎ | Multi-Manager Non-Core Fixed Income Fund |
∎ | Multi-Manager Global Equity Fund |
∎ | Multi-Manager International Equity Fund |
∎ | Tactical Tilt Overlay Fund |
∎ | Balanced Strategy Portfolio |
∎ | Multi-Manager U.S. Small Cap Equity Fund |
∎ | Multi-Manager Real Assets Strategy Fund |
∎ | Growth and Income Strategy Portfolio |
∎ | Growth Strategy Portfolio |
∎ | Dynamic Global Equity Fund |
∎ | Satellite Strategies Portfolio |
∎ | Enhanced Dividend Global Equity Portfolio |
∎ | Tax-Advantaged Global Equity Portfolio |
∎ | Strategic Factor Allocation Fund |
∎ | Strategic Volatility Premium Fund |
∎ | Target Date Retirement Portfolio |
∎ | Target Date 2025 Portfolio |
∎ | Target Date 2030 Portfolio |
∎ | Target Date 2035 Portfolio |
∎ | Target Date 2040 Portfolio |
∎ | Target Date 2045 Portfolio |
∎ | Target Date 2050 Portfolio |
∎ | Target Date 2055 Portfolio |
∎ | Target Date 2060 Portfolio |
∎ | GQG Partners International Opportunities Fund |
1 | You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Funds sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. |
2 | You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Funds liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Funds sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. |
3 | You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Funds liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Funds sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. |
4 | Effective after the close of business on July 29, 2021, the Goldman Sachs Short Duration Income Fund was renamed the Goldman Sachs Short Duration Bond Fund. |
5 | Effective after the close of business on April 13, 2022, the Goldman Sachs Capital Growth Fund was renamed the Goldman Sachs Large Cap Core Fund. |
6 | Effective after the close of business on April 13, 2022, the Goldman Sachs Growth Opportunities Fund was renamed the Goldman Sachs Mid Cap Growth. |
Financial Square FundsSM and Investor FundsSM are registered service marks of Goldman Sachs & Co. LLC. |
* | This list covers open-end funds only. Please visit our website at www.GSAMFUNDS.com to learn about our closed-end funds and exchange-traded funds. |
TRUSTEES Jessica Palmer, Chair Dwight L. Bush Kathryn A. Cassidy John G. Chou Diana M. Daniels Eileen H. Dowling Joaquin Delgado James A. McNamara Roy W. Templin Gregory G. Weaver Paul C. Wirth |
OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary | |
GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent |
GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser |
Visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.
Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282
The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund managements predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (ii) on the Securities and Exchange Commission (SEC) web site at http://www.sec.gov.
The Funds will file their portfolio holdings for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SECs web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).
Fund holdings and allocations shown are unaudited, and may not be representative of current or future investments. Fund holdings and allocations may not include the Funds entire investment portfolio, which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.
Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poors, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.
This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus or summary prospectus, if applicable. Investors should consider a Funds objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the prospectus carefully before investing or sending money. The summary prospectus, if available, and the prospectus contain this and other information about a Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling (retail 1-800-526-7384) (institutional 1-800-621-2550).
© 2022 Goldman Sachs. All rights reserved. 281666-OTU-1622984 DOMINSSAR-22
Goldman Sachs Funds
Semi-Annual Report | April 30, 2022 | |||
Fundamental Equity International Funds | ||||
China Equity | ||||
Emerging Markets Equity | ||||
ESG Emerging Markets Equity | ||||
International Equity ESG | ||||
International Equity Income |
Goldman Sachs Fundamental Equity International Funds
∎ | CHINA EQUITY |
∎ | EMERGING MARKETS EQUITY |
∎ | ESG EMERGING MARKETS EQUITY |
∎ | INTERNATIONAL EQUITY ESG |
∎ | INTERNATIONAL EQUITY INCOME |
1 | ||||
14 | ||||
27 | ||||
34 | ||||
34 | ||||
40 | ||||
47 | ||||
54 | ||||
61 | ||||
68 | ||||
88 |
NOT FDIC-INSURED | May Lose Value | No Bank Guarantee |
Fundamental International Equity Funds
The following are highlights both of key factors affecting the international and emerging markets equity markets and of any key changes made to the Goldman Sachs Fundamental International Equity Funds (the Funds) during the six months ended April 30, 2022 (the Reporting Period). Attribution highlights are provided for those Funds that materially outperformed or underperformed their respective benchmark during the Reporting Period. A fuller review will appear in the Funds annual shareholder report covering the 12 months ended October 31, 2022.
Market and Economic Review
International Equities
| Representing the developed international equity markets, the MSCI EAFE Index (net) returned -11.80% for the Reporting Period, underperforming the U.S. equity market, as represented by the -9.65% return of the S&P 500 Index. |
| As the Reporting Period began, international equity markets receded in November 2021 following a strong October. |
| The markets fell around fears that the new Omicron variant of COVID-19 would weigh on investor sentiment. Travel restrictions were re-imposed to curtail the variants spread, and lockdown measures were re-instituted in Europe. Japans equity market fell due to both inflation and supply-chain issues as well as concerns about the Omicron variant. |
| Persistently high inflation weighed on market sentiment as well. |
| Following the sell-off in November, international equities saw a strong rebound in December 2021, as the initial scare around the Omicron variant dissipated among studies showing its symptoms were less severe than prior variants. Also, value stocks outperformed growth stocks, which benefited international equities given their relatively high value/cyclical exposures. |
| During the first quarter of 2022, international equities fell, facing pressures from global concerns around rising inflation, planned interest rate hikes by the U.S. Federal Reserve (the Fed), rising bond yields, valuation concerns, and Russias invasion of Ukraine. |
| Major countries around the world took a public stance condemning Russias action and imposed various economic sanctions, including removal of Russian financial institutions from bank connectivity network SWIFT, banning transactions with the Russian central bank and halting trading of Russian securities. Such sanctions further boosted the price of crude oil in the global markets. |
| Driven by increased market volatility, the Fed signaled a slower than anticipated pace of monetary policy tightening while retaining a cautionary focus on rising inflation. |
| Hopes around the success of diplomatic talks and peaceful negotiations between Russia and Ukraine led to some market recovery toward the end of the quarter. |
| Still, beyond the broader concerns around the geopolitical crisis, the impact on commodity prices reinforced concerns around supply-side inflation and led markets to worry about a potential stagflation scenarioparticularly in Europe. (Stagflation is characterized by slow economic growth and high inflation.) However, the corporate earnings season retained its overall strength. |
| Other macroeconomic uncertainties included those around regulation in China, the status of Chinese shares listed in the U.S., and slowing economic growth in China, all exacerbated by the imposition of lockdowns and manufacturing halts due to a rise in COVID-19 cases, leading, in turn, to further supply-chain issues. |
| International equities continued to sell off in April 2022. |
| Inflation continued to rise, and supply-chain issues worsened as China instituted lockdowns following a surge in COVID-19 cases. |
1
MARKET REVIEW
| More consumer-facing sectors, in particular, struggled, as they were negatively impacted by supply-chain disruptions and weak consumer confidence. |
| The best performing sector within the MSCI EAFE Index during the Reporting Period was energy, the only sector to post a positive total return for the Reporting Period. The weakest performing sectors were information technology, consumer discretionary and industrials. |
| The best performing country within the MSCI EAFE Index was Chile, the only constituent to post a positive total return for the Reporting Period. Other countries within the MSCI EAFE Index that performed comparatively well, albeit generating negative total returns, were the U.K., Australia, Norway and Hong Kong. The weakest performing countries during the Reporting Period were Poland, the Netherlands, Ireland, Austria and New Zealand. |
Emerging Markets Equities
| Representing the emerging markets equity markets, the MSCI Emerging Markets Index (net) returned -14.15% during the Reporting Period, underperforming both the U.S. equity market and the developed international equity markets overall. |
| As the Reporting Period began in November 2021, the MSCI Emerging Markets Index fell sharply, as the Omicron variant of COVID-19 spread across regions, dampening investor sentiment and leading to mixed outlooks for the global economic recovery. |
| In December 2021, emerging markets equity markets rose. Global economic data was encouraging despite market participants closely monitoring the implications of the spread of the Omicron variant, inflation remaining top of mind for investors, and Chinas heightened regulations, mainly in the technology sector, weighing on sentiment. |
| The MSCI Emerging Markets Index fell in each of the first four months of 2022. |
| In January, both growing tensions between Russia and Ukraine and rising global borrowing costs worried investors. COVID-19 cases surged and hospitalizations rose, further dampening investor sentiment around an economic recovery across emerging markets. |
| In February, the Russia/Ukraine situation deteriorated sharply, with Russia launching a full-scale invasion, triggering a sell-off in emerging markets equities. |
| In March and April, the Russia/Ukraine war continued to drive a sell-off in emerging markets equities. |
| Additionally in April, as inflation loomed internationally, the acceleration in global food prices rivaled the move in oil prices, creating a new set of risks for the emerging markets. |
| The best performing sector within the MSCI Emerging Markets Index during the Reporting Period was utilities, the only sector to post a positive total return for the Reporting Period. The weakest performing sectors were consumer discretionary, health care and energy. |
| The best performing countries within the MSCI Emerging Markets Index during the Reporting Period were United Arab Emirates, Brazil, Saudi Arabia, Kuwait and Qatarall oil exporting countries. The weakest performing countries during the Reporting Period were Hungary, Poland, China, Egypt and South Korea. |
| Of the largest emerging markets equity markets, the equity markets of China, Taiwan, India, Brazil and Saudi Arabia posted total returns for the Reporting Period of -25.05%, -9.22%, -2.93%, +20.59% and +19.80%, respectively. |
| The MSCI Russia Index declined 52.75% in February 2022, having been a top detractor from the MSCI Emerging Markets Index in prior months as well. Tensions with the U.S. rose, as the U.S. discussed potential sanctions on the country amid rumors of a potential invasion of Ukraine. Russia invaded Ukraine on February 24, 2022. |
| Effective March 9, 2022, MSCI Inc. removed Russian securities from the MSCI Emerging Market Index after deeming the Russian equity market uninvestable amidst Russias invasion of Ukraine. MSCI Inc. announced the MSCI Russia Indexes would be reclassified to standalone markets instead of emerging markets across all of MSCIs indexes at a price that is effectively zero. |
2
MARKET REVIEW
Fund Changes and Highlights
No material changes were made to the Funds during the Reporting Period.
Goldman Sachs Emerging Markets Equity Fund
| The Fund underperformed its benchmark, the MSCI Emerging Markets Index (Net, USD, Unhedged), during the Reporting Period. |
| Stock selection overall detracted from the Funds performance during the Reporting Period, especially in the financials, communication services and information technology sectors. |
| Having an underweight to state-owned enterprises in general particularly dampened returns. (A state-owned enterprise is a legal entity that is created by a government in order to partake in commercial activities on the governments behalf.) |
| From a country perspective, stock selection in Brazil, Taiwan, China and India detracted most during the Reporting Period. |
Goldman Sachs ESG Emerging Markets Equity Fund
| The Fund underperformed its benchmark, the MSCI Emerging Markets Index (Net, USD, Unhedged), during the Reporting Period. |
| Stock selection overall detracted from the Funds performance during the Reporting Period, especially in the financials, communication services and industrials sectors. |
| Having an underweight to state-owned enterprises in general particularly dampened returns. (A state-owned enterprise is a legal entity that is created by a government in order to partake in commercial activities on the governments behalf.) |
| From a country perspective, stock selection in Brazil, Taiwan, China and India detracted most during the Reporting Period. |
Goldman Sachs International Equity Income Fund
| While posting disappointing absolute returns, the Fund outperformed its benchmark, the MSCI EAFE Index (Net, USD, Unhedged), on a relative basis during the Reporting Period. |
| Stock selection overall contributed positively to the Funds performance during the Reporting Period, especially in the health care and information technology sectors. |
| Having an underweight to the consumer discretionary sector, which underperformed the Funds benchmark during the Reporting Period, also added value. |
| From a country perspective, stock selection in and having an overweight to the U.K. boosted the Funds relative results as did stock selection in the Netherlands and Japan. Such positive contributors were partially offset by stock selection in Italy and having underweighted positions in Australia and Hong Kong, which detracted. |
3
FUND BASICS
China Equity Fund
as of April 30, 2022
PERFORMANCE REVIEW |
| |||||||||
November 1, 2021April 30, 2022 | Fund Total Return (based on NAV)1 |
MSCI® China All Shares Index2 |
||||||||
Class A | -29.56 | % | -23.79 | % | ||||||
Class C | -29.84 | -23.79 | ||||||||
Institutional | -29.46 | -23.79 | ||||||||
Investor | -29.46 | -23.79 | ||||||||
Class R6 | -29.45 | -23.79 | ||||||||
Class P | -29.44 | -23.79 |
1 | The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Funds performance assumes the reinvestment of dividends and other distributions. The Funds performance does not reflect the deduction of any applicable sales charges. |
2 | The MSCI China All Shares Index (Net, USD, Unhedged) captures large- and mid-cap representation across China A Shares, B Shares, H Shares, Red Chips, P-Chips and foreign listings. The MSCI China All Shares Index (Net, USD, Unhedged) aims to reflect the opportunity set of China share classes listed in Hong Kong, Shanghai, Shenzhen and outside of China. MSCI uses withholding tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. The MSCI China All Shares Index (Net, USD, Unhedged) does not reflect any deductions of expenses associated with mutual funds such as management fees and other expenses. |
The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Funds investment return and principal value will fluctuate so that an investors shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
TOP TEN HOLDINGS AS OF 4/30/223,4,5 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
Tencent Holdings Ltd. | 8.7 | % | Media & Entertainment | China | ||||||
Alibaba Group Holding Ltd. | 6.3 | Retailing | China | |||||||
Kweichow Moutai Co. Ltd., Class A | 5.8 | Food, Beverage & Tobacco | China | |||||||
Meituan, Class B | 4.7 | Retailing | China | |||||||
NetEase, Inc. | 3.5 | Media & Entertainment | China | |||||||
Bank of Ningbo Co. Ltd., Class A | 3.2 | Banks | China | |||||||
Contemporary Amperex Technology Co. Ltd., Class A | 3.2 | Capital Goods | China | |||||||
China Merchants Bank Co. Ltd., Class H | 3.1 | Banks | China | |||||||
China Mengniu Dairy Co. Ltd. | 2.6 | Food, Beverage & Tobacco | China | |||||||
CITIC Securities Co. Ltd., Class H | 2.1 | Diversified Financials | China |
3 | The top 10 holdings may not be representative of the Funds future investments. |
4 | The line of business for each holding is reported at the industry or sub-industry level. |
4
FUND BASICS
FUND VS. BENCHMARK SECTOR ALLOCATIONS6 |
As of April 30, 2022 |
6 | The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Funds overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (GICS); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Underlying sector allocations of exchange traded funds and investment companies held by the Fund are not reflected in the graph above. Investments in the securities lending reinvestment vehicle represented 0.3% of the Funds net assets at April 30, 2022. |
For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Funds investment strategies, holdings, and performance.
5
FUND BASICS
Emerging Markets Equity Fund
as of April 30, 2022
PERFORMANCE REVIEW |
| |||||||||
November 1, 2021April 30, 2022 | Fund Total Return (based on NAV)1 |
MSCI® Emerging Markets Index2 |
||||||||
Class A | -23.70 | % | -14.15 | % | ||||||
Class C | -24.00 | -14.15 | ||||||||
Institutional | -23.60 | -14.15 | ||||||||
Service | -23.78 | -14.15 | ||||||||
Investor | -23.61 | -14.15 | ||||||||
Class R6 | -23.59 | -14.15 | ||||||||
Class P | -23.57 | -14.15 |
1 | The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Funds performance assumes the reinvestment of dividends and other distributions. The Funds performance does not reflect the deduction of any applicable sales charges. |
2 | The MSCI® Emerging Markets Index (Net, USD, Unhedged) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. As of April 30, 2022 the MSCI® Emerging Markets Index consists of the following 24 emerging market country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. For this Index, the dividend is reinvested after deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties. MSCI Barra uses withholding tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. The MSCI Emerging Markets Index does not reflect any deductions of expenses associated with mutual funds such as management fees and other expenses. It is not possible to invest directly in an index. |
The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Funds investment return and principal value will fluctuate so that an investors shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
TOP TEN HOLDINGS AS OF 4/30/223,4 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 8.1 | % | Semiconductors & Semiconductor Equipment | Taiwan | ||||||
Samsung Electronics Co. Ltd. | 5.6 | Technology Hardware & Equipment | South Korea | |||||||
Tencent Holdings Ltd. | 5.2 | Media & Entertainment | China | |||||||
iShares ESG Aware MSCI EM ETF | 2.6 | Exchange Traded Funds | United States | |||||||
Bank Central Asia Tbk PT | 1.9 | Banks | Indonesia | |||||||
Kweichow Moutai Co. Ltd., Class A | 1.9 | Food Products | China | |||||||
China Merchants Bank Co. Ltd., Class H | 1.8 | Banks | China | |||||||
Meituan, Class B | 1.5 | Retailing | China | |||||||
Saudi National Bank (The) | 1.5 | Banks | Saudi Arabia | |||||||
AIA Group Ltd. | 1.5 | Insurance | Hong Kong |
3 | The top 10 holdings may not be representative of the Funds future investments. |
4 | The line of business for each holding is reported at the industry or sub-industry level. |
6
FUND BASICS
FUND VS. BENCHMARK SECTOR ALLOCATIONS5 |
As of April 30, 2022 |
5 | The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Funds overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (GICS); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Underlying sector allocations of exchange traded funds and investment companies held by the Fund are not reflected in the graph above. Investments in the securities lending reinvestment vehicle represented 1.7% of the Funds net assets at April 30, 2022. |
For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Funds investment strategies, holdings, and performance.
7
FUND BASICS
ESG Emerging Markets Equity Fund
as of April 30, 2022
PERFORMANCE REVIEW |
| |||||||||
November 1, 2021April 30, 2022 | Fund Total Return (based on NAV)1 |
MSCI® Emerging Markets Index2 |
||||||||
Class A | -22.48 | % | -14.15 | % | ||||||
Class C | -22.75 | -14.15 | ||||||||
Institutional | -22.34 | -14.15 | ||||||||
Investor | -22.38 | -14.15 | ||||||||
Class R6 | -22.38 | -14.15 | ||||||||
Class R | -22.54 | -14.15 | ||||||||
Class P | -22.38 | -14.15 |
1 | The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Funds performance assumes the reinvestment of dividends and other distributions. The Funds performance does not reflect the deduction of any applicable sales charges. |
2 | The MSCI® Emerging Markets Index (Net, USD, Unhedged) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. As of April 30, 2022 the MSCI® Emerging Markets Index consists of the following 24 emerging market country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. For this Index, the dividend is reinvested after deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties. MSCI Barra uses withholding tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. The MSCI Emerging Markets Index does not reflect any deductions of expenses associated with mutual funds such as management fees and other expenses. It is not possible to invest directly in an index. |
The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Funds investment return and principal value will fluctuate so that an investors shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
TOP TEN HOLDINGS AS OF 4/30/223,4 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 8.9 | % | Semiconductors & Semiconductor Equipment | Taiwan | ||||||
Tencent Holdings Ltd. | 6.1 | Media & Entertainment | China | |||||||
Samsung Electronics Co. Ltd. | 5.9 | Technology Hardware & Equipment | South Korea | |||||||
MediaTek, Inc. | 2.3 | Semiconductors & Semiconductor Equipment | Taiwan | |||||||
Bank Central Asia Tbk PT | 2.2 | Banks | Indonesia | |||||||
China Merchants Bank Co. Ltd., Class H | 2.2 | Banks | China | |||||||
AIA Group Ltd. | 2.1 | Insurance | Hong Kong | |||||||
Infosys Ltd. ADR | 2.0 | Software & Services | India | |||||||
Wal-Mart de Mexico SAB de CV | 1.9 | Food & Staples Retailing | Mexico | |||||||
MercadoLibre, Inc. | 1.8 | Retailing | Brazil |
3 | The top 10 holdings may not be representative of the Funds future investments. |
4 | The line of business for each holding is reported at the industry or sub-industry level. |
8
FUND BASICS
FUND VS. BENCHMARK SECTOR ALLOCATIONS5 |
As of April 30, 2022 |
5 | The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Funds overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (GICS); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. |
For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Funds investment strategies, holdings, and performance.
9
FUND BASICS
International Equity ESG Fund
as of April 30, 2022
PERFORMANCE REVIEW |
|
|||||||||
November 1, 2021April 30, 2022 | Fund Total Return (based on NAV)1 |
MSCI® EAFE Index2 | ||||||||
Class A | -14.36 | % | -11.80 | % | ||||||
Class C | -14.69 | -11.80 | ||||||||
Institutional | -14.20 | -11.80 | ||||||||
Service | -14.41 | -11.80 | ||||||||
Investor | -14.24 | -11.80 | ||||||||
Class R6 | -14.21 | -11.80 | ||||||||
Class P | -14.22 | -11.80 |
1 | The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Funds performance assumes the reinvestment of dividends and other distributions. The Funds performance does not reflect the deduction of any applicable sales charges. |
2 | The MSCI® EAFE Index is a market capitalization-weighted composite of securities in 21 developed markets. The MSCI® EAFE Index approximates the minimum possible dividend reinvestment. The dividend is reinvested after deduction for withholding tax, applying the rate to non-resident individuals who do not benefit from double taxation treaties. MSCI® Inc. uses withholding tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. The MSCI® EAFE Index is unmanaged and the figures for the MSCI® EAFE Index do not include any deduction for fees or expenses. It is not possible to invest directly in an index. |
The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Funds investment return and principal value will fluctuate so that an investors shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
TOP TEN HOLDINGS AS OF 4/30/223,4 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
Iberdrola SA | 5.0 | % | Utilities | Spain | ||||||
Rentokil Initial PLC | 4.4 | Commercial & Professional Services | United Kingdom | |||||||
Zurich Insurance Group AG | 4.2 | Insurance | Switzerland | |||||||
Schneider Electric SE | 4.0 | Capital Goods | United States | |||||||
Novo Nordisk A/S, Class B | 3.8 | Pharmaceuticals, Biotechnology & Life Sciences | Denmark | |||||||
AstraZeneca PLC | 3.8 | Pharmaceuticals, Biotechnology & Life Sciences | United Kingdom | |||||||
Neste OYJ | 3.6 | Energy | Finland | |||||||
ORIX Corp. | 3.5 | Diversified Financials | Japan | |||||||
BNP Paribas SA | 3.5 | Banks | France | |||||||
Reckitt Benckiser Group PLC | 3.4 | Household & Personal Products | United Kingdom |
3 | The top 10 holdings may not be representative of the Funds future investments. |
4 | The line of business for each holding is reported at the industry or sub-industry level. |
10
FUND BASICS
FUND VS. BENCHMARK SECTOR ALLOCATIONS5 |
As of April 30, 2022 |
5 | The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Funds overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (GICS); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Underlying sector allocations of exchange traded funds and investment companies held by the Fund are not reflected in the graph above. Investments in the securities lending reinvestment vehicle represented 5.7% of the Funds net assets at April 30, 2022. |
For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Funds investment strategies, holdings, and performance.
11
FUND BASICS
International Equity Income Fund
as of April 30, 2022
PERFORMANCE REVIEW |
| |||||||||
November 1, 2021April 30, 2022 | Fund Total Return (based on NAV)1 |
MSCI® EAFE Index2 | ||||||||
Class A | -4.64 | % | -11.80 | % | ||||||
Class C | -4.95 | -11.80 | ||||||||
Institutional | -4.47 | -11.80 | ||||||||
Investor | -4.44 | -11.80 | ||||||||
Class R6 | -4.47 | -11.80 | ||||||||
Class R | -4.73 | -11.80 | ||||||||
Class P | -4.48 | -11.80 |
1 | The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Funds performance assumes the reinvestment of dividends and other distributions. The Funds performance does not reflect the deduction of any applicable sales charges. |
2 | The MSCI® EAFE Index is a market capitalization-weighted composite of securities in 21 developed markets. The MSCI® EAFE Index approximates the minimum possible dividend reinvestment. The dividend is reinvested after deduction for withholding tax, applying the rate to non-resident individuals who do not benefit from double taxation treaties. MSCI® Inc. uses withholding tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. The MSCI® EAFE Index is unmanaged and the figures for the MSCI® EAFE Index do not include any deduction for fees or expenses. It is not possible to invest directly in an index. |
The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Funds investment return and principal value will fluctuate so that an investors shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
TOP TEN HOLDINGS AS OF 4/30/223,4 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
Zurich Insurance Group AG | 4.3 | % | Insurance | Switzerland | ||||||
AstraZeneca PLC | 3.8 | Pharmaceuticals, Biotechnology & Life Sciences | United Kingdom | |||||||
Sanofi | 3.8 | Pharmaceuticals, Biotechnology & Life Sciences | France | |||||||
Roche Holding AG | 3.7 | Pharmaceuticals, Biotechnology & Life Sciences | Switzerland | |||||||
Nestle SA (Registered) | 3.4 | Food Products | Switzerland | |||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 3.4 | Semiconductors & Semiconductor Equipment | Taiwan | |||||||
Rio Tinto PLC | 3.3 | Materials | Australia | |||||||
Iberdrola SA | 3.3 | Utilities | Spain | |||||||
Coca-Cola Europacific Partners PLC | 3.2 | Food, Beverage & Tobacco | United Kingdom | |||||||
HSBC Holdings PLC | 3.2 | Banks | United Kingdom |
3 | The top 10 holdings may not be representative of the Funds future investments. |
4 | The line of business for each holding is reported at the industry or sub-industry level. |
12
FUND BASICS
FUND VS. BENCHMARK SECTOR ALLOCATIONS5 |
As of April 30, 2022 |
5 | The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Funds overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (GICS); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Underlying sector allocations of exchange traded funds and investment companies held by the Fund are not reflected in the graph above. |
For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Funds investment strategies, holdings, and performance.
13
GOLDMAN SACHS CHINA EQUITY FUND
April 30, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks 98.4% | ||||||||
China 92.7% | ||||||||
498,076 | Alibaba Group Holding Ltd. (Retailing)* | $ | 6,075,376 | |||||
50,800 | ANTA Sports Products Ltd. (Consumer Durables & Apparel) | 583,819 | ||||||
3,500 | Baidu, Inc. ADR (Media & Entertainment)* | 434,595 | ||||||
107,550 | Baidu, Inc., Class A (Media & Entertainment)* | 1,714,747 | ||||||
577,341 | Bank of Ningbo Co. Ltd., Class A (Banks) | 3,126,722 | ||||||
626,896 | Baoshan Iron & Steel Co. Ltd., Class A (Materials) | 604,840 | ||||||
76,100 | Beijing Easpring Material Technology Co. Ltd., Class A (Materials) | 756,034 | ||||||
112,900 | Budweiser Brewing Co. APAC Ltd. (Food, Beverage & Tobacco)(a) | 280,917 | ||||||
25,400 | CanSino Biologics, Inc., Class H (Pharmaceuticals, Biotechnology & Life Sciences)*(a) | 269,519 | ||||||
494,000 | China Feihe Ltd. (Food, Beverage & Tobacco)(a) | 469,679 | ||||||
469,000 | China Mengniu Dairy Co. Ltd. (Food, Beverage & Tobacco)* | 2,531,203 | ||||||
97,700 | China Merchants Bank Co. Ltd., Class A (Banks) | 583,826 | ||||||
500,500 | China Merchants Bank Co. Ltd., Class H (Banks) | 3,016,639 | ||||||
109,600 | China Vanke Co. Ltd., Class A (Real Estate) | 319,219 | ||||||
285,200 | China Vanke Co. Ltd., Class H (Real Estate) | 672,502 | ||||||
104,700 | China Yangtze Power Co. Ltd., Class A (Utilities) | 356,795 | ||||||
3,345,500 | CIFI Holdings Group Co. Ltd. (Real Estate) | 1,609,245 | ||||||
935,500 | CITIC Securities Co. Ltd., Class H (Diversified Financials) | 2,055,419 | ||||||
50,998 | Contemporary Amperex Technology Co. Ltd., Class A (Capital Goods) | 3,090,897 | ||||||
236,976 | East Money Information Co. Ltd., Class A (Diversified Financials) | 801,109 | ||||||
54,500 | Ecovacs Robotics Co. Ltd., Class A (Consumer Durables & Apparel) | 877,485 | ||||||
29,200 | ENN Energy Holdings Ltd. (Utilities) | 391,136 | ||||||
887,766 | Focus Media Information Technology Co. Ltd., Class A (Media & Entertainment) | 772,912 | ||||||
69,800 | Ganfeng Lithium Co. Ltd., Class H (Materials)(a) | 835,452 | ||||||
227,674 | Hangzhou Robam Appliances Co. Ltd., Class A (Consumer Durables & Apparel) | 1,051,246 | ||||||
58,600 | Hangzhou Tigermed Consulting Co. Ltd., Class H (Pharmaceuticals, Biotechnology & Life Sciences)(a) | 567,921 | ||||||
14,000 | Helens International Holdings Co. Ltd. (Consumer Services)* | 19,264 | ||||||
|
|
Shares |
Description | Value | ||||||
Common Stocks (continued) | ||||||||
China (continued) | ||||||||
129,710 | Hongfa Technology Co. Ltd., Class A (Capital Goods)* | $ | 938,136 | |||||
38,246 | Huazhu Group Ltd. ADR (Consumer Services) | 1,156,559 | ||||||
539,000 | Jiumaojiu International Holdings Ltd. (Consumer Services)(a) | 1,185,844 | ||||||
110,828 | Juewei Food Co. Ltd., Class A (Food, Beverage & Tobacco) | 727,574 | ||||||
503,000 | Kingdee International Software Group Co. Ltd. (Software & Services)* | 1,026,419 | ||||||
20,419 | Kweichow Moutai Co. Ltd., Class A (Food, Beverage & Tobacco) | 5,604,936 | ||||||
132,400 | Li Auto, Inc., Class A (Automobiles & Components)* | 1,547,378 | ||||||
122,000 | Li Ning Co. Ltd. (Consumer Durables & Apparel) | 950,889 | ||||||
228,674 | Luxshare Precision Industry Co. Ltd., Class A (Technology Hardware & Equipment) | 1,051,354 | ||||||
213,700 | Meituan, Class B (Retailing)*(a) | 4,578,823 | ||||||
44,000 | Midea Group Co. Ltd., Class A (Consumer Durables & Apparel) | 374,400 | ||||||
534,000 | Minth Group Ltd. (Automobiles & Components) | 1,258,215 | ||||||
176,485 | NetEase, Inc. (Media & Entertainment) | 3,380,620 | ||||||
342,760 | Ping An Bank Co. Ltd., Class A (Banks) | 785,537 | ||||||
228,500 | Ping An Insurance Group Co. of China Ltd., Class H (Insurance) | 1,444,284 | ||||||
47,915 | Qingdao Haier Biomedical Co. Ltd., Class A (Health Care Equipment & Services) | 464,017 | ||||||
96,500 | SF Holding Co. Ltd., Class A (Transportation)* | 739,964 | ||||||
21,300 | SG Micro Corp., Class A (Semiconductors & Semiconductor Equipment) | 885,203 | ||||||
62,800 | Shandong Hualu Hengsheng Chemical Co. Ltd., Class A (Materials) | 282,891 | ||||||
14,200 | Shanghai Putailai New Energy Technology Co. Ltd., Class A (Materials)* | 249,775 | ||||||
192,978 | Shenzhen Inovance Technology Co. Ltd., Class A (Capital Goods) | 1,658,159 | ||||||
39,200 | Shenzhen Kangtai Biological Products Co. Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences) | 380,033 | ||||||
24,900 | Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care Equipment & Services) | 1,167,195 | ||||||
58,900 | Shenzhou International Group Holdings Ltd. (Consumer Durables & Apparel) | 799,212 | ||||||
116,912 | Sungrow Power Supply Co. Ltd., Class A (Capital Goods) | 1,096,414 | ||||||
81,700 | Sunny Optical Technology Group Co. Ltd. (Technology Hardware & Equipment) | 1,190,687 | ||||||
|
|
14 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS CHINA EQUITY FUND
Shares |
Description | Value | ||||||
Common Stocks (continued) | ||||||||
China (continued) | ||||||||
178,300 | Tencent Holdings Ltd. (Media & Entertainment) | $ | 8,402,367 | |||||
222,000 | Tsingtao Brewery Co. Ltd., Class H (Food, Beverage & Tobacco) | 1,797,348 | ||||||
58,100 | Wanhua Chemical Group Co. Ltd., Class A (Materials) | 675,906 | ||||||
742,000 | Weimob, Inc. (Software & Services)*(a)(b) | 434,826 | ||||||
28,532 | Will Semiconductor Co. Ltd., Class A (Semiconductors & Semiconductor Equipment) | 637,882 | ||||||
85,328 | WuXi AppTec Co. Ltd., Class H (Pharmaceuticals, Biotechnology & Life Sciences)(a) | 1,160,614 | ||||||
207,500 | Wuxi Biologics Cayman, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)*(a) | 1,531,519 | ||||||
109,646 | XPeng, Inc., Class A (Automobiles & Components)* | 1,362,438 | ||||||
296,678 | Yantai Jereh Oilfield Services Group Co. Ltd., Class A (Energy) | 1,373,664 | ||||||
478,370 | Yunnan Aluminium Co. Ltd., Class A (Materials)* | 741,604 | ||||||
42,720 | Yunnan Energy New Material Co. Ltd., Class A (Materials)* | 1,289,953 | ||||||
224,419 | Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A (Capital Goods) | 559,964 | ||||||
39,149 | ZTO Express Cayman, Inc. ADR (Transportation) | 1,076,989 | ||||||
|
|
|||||||
89,838,110 | ||||||||
|
|
|||||||
Hong Kong 4.5% | ||||||||
121,000 | AIA Group Ltd. (Insurance) | 1,188,675 | ||||||
70,300 | ASM Pacific Technology Ltd. (Semiconductors & Semiconductor Equipment) | 708,469 | ||||||
18,001 | Hong Kong Exchanges & Clearing Ltd. (Diversified Financials) | 763,584 | ||||||
2,042,500 | Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 1,071,356 | ||||||
49,500 | Techtronic Industries Co. Ltd. (Capital Goods) | 660,731 | ||||||
|
|
|||||||
4,392,815 | ||||||||
|
|
|||||||
Taiwan 1.2% | ||||||||
43,000 | MediaTek, Inc. (Semiconductors & Semiconductor Equipment) | 1,185,424 | ||||||
|
|
|||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $112,860,367) | $ | 95,416,349 | ||||||
|
|
|||||||
Shares | Dividend Rate |
Value | ||||||
Investment Company 1.4%(c) | ||||||||
|
Goldman Sachs Financial Square Government Fund |
| ||||||
1,321,208 | 0.317% | $ | 1,321,208 | |||||
(Cost $1,321,208) | ||||||||
|
|
|||||||
|
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE |
| ||||||
(Cost $114,181,575) | $ | 96,737,557 | ||||||
|
|
|||||||
Securities Lending Reinvestment Vehicle 0.3%(c) | ||||||||
|
Goldman Sachs Financial Square Government Fund
|
| ||||||
259,000 | 0.317% | $ | 259,000 | |||||
(Cost $259,000) | ||||||||
|
|
|||||||
TOTAL INVESTMENTS 100.1% | ||||||||
(Cost $114,440,575) | $ | 96,996,557 | ||||||
|
|
|||||||
|
LIABILITIES IN EXCESS OF OTHER ASSETS (0.1)% |
(42,098 | ) | |||||
|
|
|||||||
NET ASSETS 100.0% | $ | 96,954,459 | ||||||
|
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
* |
Non-income producing security. | |
(a) |
Exempt from registration under Rule 144A of the Securities Act of 1933. | |
(b) |
All or a portion of security is on loan. | |
(c) |
Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
ADR |
American Depositary Receipt | |
|
Sector Name | % of Market Value |
|||
Consumer Discretionary |
22.5 | % | ||
Communication Services |
15.1 | |||
Financials |
14.2 | |||
Consumer Staples |
11.8 | |||
Industrials |
10.1 | |||
Information Technology |
7.3 | |||
Health Care |
6.8 | |||
Materials |
5.6 | |||
Real Estate |
2.7 | |||
Energy |
1.4 | |||
Investment Company |
1.4 | |||
Utilities |
0.8 | |||
Securities Lending Reinvestment Vehicle |
0.3 | |||
TOTAL INVESTMENTS | 100.0 | % |
The accompanying notes are an integral part of these financial statements. | 15 |
GOLDMAN SACHS EMERGING MARKETS EQUITY FUND
Schedule of Investments
April 30, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks 96.2% | ||||||||
Brazil 3.9% | ||||||||
10,721,261 | Aeris Industria E Comercio De Equipamentos Para Geracao De Energia SA (Capital Goods) | $ | 10,582,582 | |||||
425,342 | Banco Bradesco SA ADR (Banks) | 1,531,231 | ||||||
1,261,925 | Blau Farmaceutica SA (Pharmaceuticals, Biotechnology & Life Sciences) | 6,355,633 | ||||||
5,352,224 | Boa Vista Servicos SA (Commercial & Professional Services) | 8,693,122 | ||||||
11,954,979 | Caixa Seguridade Participacoes SA (Insurance) | 18,957,925 | ||||||
12,545,300 | Hapvida Participacoes e Investimentos SA (Health Care Equipment & Services)(a) | 22,253,923 | ||||||
3,318,607 | Locaweb Servicos de Internet SA (Software & Services)*(a) | 4,812,834 | ||||||
36,022 | MercadoLibre, Inc. (Retailing)* | 35,072,100 | ||||||
523,231 | Pagseguro Digital Ltd., Class A (Software & Services)* | 7,696,728 | ||||||
2,259,386 | Rede DOr Sao Luiz SA (Health Care Equipment & Services)(a) | 16,785,616 | ||||||
1,650,900 | Sao Martinho SA (Food, Beverage & Tobacco) | 15,497,380 | ||||||
|
|
|||||||
148,239,074 | ||||||||
|
|
|||||||
China 26.8% | ||||||||
480,318 | Alibaba Group Holding Ltd. ADR (Retailing)* | 46,634,075 | ||||||
3,579,756 | Alibaba Group Holding Ltd. (Retailing)* | 43,664,751 | ||||||
1,901,800 | ANTA Sports Products Ltd. (Consumer Durables & Apparel) | 21,856,427 | ||||||
353,534 | Baidu, Inc. ADR (Media & Entertainment)* | 43,898,317 | ||||||
1,754,003 | Beijing Easpring Material Technology Co. Ltd., Class A (Materials) | 17,425,559 | ||||||
5,613,600 | Budweiser Brewing Co. APAC Ltd. (Food, Beverage & Tobacco)(a) | 13,967,745 | ||||||
15,444,000 | China Feihe Ltd. (Food, Beverage & Tobacco)(a) | 14,683,662 | ||||||
7,094,000 | China Mengniu Dairy Co. Ltd. (Food, Beverage & Tobacco)* | 38,286,474 | ||||||
10,996,000 | China Merchants Bank Co. Ltd., Class H (Banks) | 66,275,644 | ||||||
440,368 | Contemporary Amperex Technology Co. Ltd., Class A (Capital Goods) | 26,689,916 | ||||||
862,267 | Ecovacs Robotics Co. Ltd., Class A (Consumer Durables & Apparel) | 13,883,047 | ||||||
3,420,200 | ENN Energy Holdings Ltd. (Utilities) | 45,813,839 | ||||||
4,096,884 | Hangzhou Robam Appliances Co. Ltd., Class A (Consumer Durables & Apparel) | 18,916,673 | ||||||
|
|
|||||||
Common Stocks (continued) | ||||||||
China (continued) | ||||||||
5,758,000 | Jiumaojiu International Holdings Ltd. (Consumer Services)(a)(b) | 12,668,067 | ||||||
256,178 | Kweichow Moutai Co. Ltd., Class A (Food, Beverage & Tobacco) | 70,319,864 | ||||||
4,111,311 | Luxshare Precision Industry Co. Ltd., Class A (Technology Hardware & Equipment) | 18,902,206 | ||||||
2,725,700 | Meituan, Class B (Retailing)*(a) | 58,401,956 | ||||||
5,694,000 | Minth Group Ltd. (Automobiles & Components) | 13,416,243 | ||||||
6,016,500 | Ping An Insurance Group Co. of China Ltd., Class H (Insurance) | 38,028,606 | ||||||
775,500 | Ping An Insurance Group Co. of China Ltd., Class H (Insurance) | 5,005,354 | ||||||
1,050,414 | Qingdao Haier Biomedical Co. Ltd., Class A (Health Care Equipment & Services) | 10,172,380 | ||||||
3,138,838 | SF Holding Co. Ltd., Class A (Transportation)* | 24,068,664 | ||||||
4,624,600 | Shandong Hualu Hengsheng Chemical Co. Ltd., Class A (Materials) | 20,832,108 | ||||||
1,770,100 | Shenzhou International Group Holdings Ltd. (Consumer Durables & Apparel) | 24,018,430 | ||||||
236,497 | Silergy Corp. (Semiconductors & Semiconductor Equipment) | 21,055,911 | ||||||
1,548,870 | Sungrow Power Supply Co. Ltd., Class A (Capital Goods) | 14,525,478 | ||||||
1,313,400 | Sunny Optical Technology Group Co. Ltd. (Technology Hardware & Equipment) | 19,141,343 | ||||||
4,207,200 | Tencent Holdings Ltd. (Media & Entertainment) | 198,263,817 | ||||||
1,634,794 | WuXi AppTec Co. Ltd., Class H (Pharmaceuticals, Biotechnology & Life Sciences)(a) | 22,236,136 | ||||||
13,028,392 | Yunnan Aluminium Co. Ltd., Class A (Materials)* | 20,197,552 | ||||||
5,742,003 | Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A (Capital Goods) | 14,327,282 | ||||||
|
|
|||||||
1,017,577,526 | ||||||||
|
|
|||||||
Egypt 0.9% | ||||||||
10,032,146 | Commercial International Bank Egypt SAE (Banks) | 24,221,980 | ||||||
9,117,564 | E-Finance for Digital & Financial Investments (Software & Services) | 8,595,246 | ||||||
|
|
|||||||
32,817,226 | ||||||||
|
|
|||||||
Greece 1.2% | ||||||||
1,336,217 | Hellenic Exchanges Athens Stock Exchange SA (Diversified Financials) | 5,244,881 | ||||||
|
|
16 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EMERGING MARKETS EQUITY FUND
Shares |
Description | Value | ||||||
Common Stocks (continued) | ||||||||
Greece (continued) | ||||||||
1,191,399 | JUMBO SA (Retailing) | $ | 19,310,047 | |||||
2,330,211 | National Bank of Greece SA (Banks)* | 9,242,730 | ||||||
1,557,836 | Sarantis SA (Household & Personal Products) | 11,908,777 | ||||||
|
|
|||||||
45,706,435 | ||||||||
|
|
|||||||
Hong Kong 3.5% | ||||||||
5,658,200 | AIA Group Ltd. (Insurance) | 55,584,796 | ||||||
788,413 | Hong Kong Exchanges & Clearing Ltd. (Diversified Financials) | 33,443,672 | ||||||
40,137,500 | Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 21,053,395 | ||||||
1,646,500 | Techtronic Industries Co. Ltd. (Capital Goods) | 21,977,656 | ||||||
|
|
|||||||
132,059,519 | ||||||||
|
|
|||||||
Hungary 0.5% | ||||||||
585,129 | OTP Bank Nyrt (Banks)* | 17,454,072 | ||||||
|
|
|||||||
India 15.4% | ||||||||
515,099 | Amber Enterprises India Ltd. (Consumer Durables & Apparel)* | 24,847,083 | ||||||
432,392 | Avenue Supermarts Ltd. (Food & Staples Retailing)*(a) | 22,149,367 | ||||||
529,897 | Cartrade Tech Ltd. (Retailing)* | 4,461,711 | ||||||
253,349 | Coforge Ltd. (Software & Services) | 13,770,141 | ||||||
652,062 | Computer Age Management Services Ltd. (Software & Services) | 20,938,474 | ||||||
3,918,077 | Crompton Greaves Consumer Electricals Ltd. (Consumer Durables & Apparel) | 19,614,026 | ||||||
694,240 | FSN E-Commerce Ventures Ltd. (Retailing)* | 15,200,415 | ||||||
1,678,949 | Godrej Properties Ltd. (Real Estate)* | 34,148,179 | ||||||
5,514,888 | ICICI Bank Ltd. (Banks) | 53,015,000 | ||||||
1,323,817 | ICICI Lombard General Insurance Co. Ltd. (Insurance)(a) | 22,004,463 | ||||||
308,729 | Info Edge India Ltd. (Media & Entertainment) | 18,604,120 | ||||||
2,629,988 | Infosys Ltd. (Software & Services) | 53,302,484 | ||||||
1,367,448 | Kotak Mahindra Bank Ltd. (Banks) | 31,711,314 | ||||||
663,903 | Navin Fluorine International Ltd. (Materials) | 33,929,467 | ||||||
710,167 | Reliance Industries Ltd. (Energy) | 25,731,095 | ||||||
1,148,289 | Route Mobile Ltd. (Software & Services) | 24,367,401 | ||||||
1,428,231 | SBI Life Insurance Co. Ltd. (Insurance)(a) | 20,513,231 | ||||||
2,819,045 | Sona Blw Precision Forgings Ltd. (Automobiles & Components)(a) | 23,157,543 | ||||||
2,370,134 | Sun Pharmaceutical Industries Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 28,650,151 | ||||||
|
|
|||||||
Common Stocks (continued) | ||||||||
India (continued) | ||||||||
3,186,877 | Tata Consumer Products Ltd. (Food, Beverage & Tobacco) | 34,147,394 | ||||||
399,315 | TeamLease Services Ltd. (Commercial & Professional Services)* | 20,130,394 | ||||||
3,318,645 | Wipro Ltd. (Software & Services) | 21,804,796 | ||||||
20,552,469 | Zomato Ltd. (Retailing)* | 19,059,271 | ||||||
|
|
|||||||
585,257,520 | ||||||||
|
|
|||||||
Indonesia 3.8% | ||||||||
68,286,100 | Bank BTPN Syariah Tbk PT (Banks)* | 16,214,388 | ||||||
129,939,200 | Bank Central Asia Tbk PT (Banks) | 72,879,207 | ||||||
224,029,600 | BFI Finance Indonesia Tbk PT (Diversified Financials) | 19,857,766 | ||||||
43,002,100 | Cisarua Mountain Dairy PT TBK (Food, Beverage & Tobacco)* | 12,132,068 | ||||||
30,019,800 | Map Aktif Adiperkasa PT (Retailing)* | 6,361,954 | ||||||
300,456,400 | Pakuwon Jati Tbk PT (Real Estate)* | 11,589,602 | ||||||
11,075,111 | Semen Indonesia Persero Tbk PT (Materials) | 4,887,120 | ||||||
|
|
|||||||
143,922,105 | ||||||||
|
|
|||||||
Mexico 4.0% | ||||||||
6,397,499 | Arca Continental SAB de CV (Food, Beverage & Tobacco) | 40,595,504 | ||||||
8,844,800 | Banco del Bajio SA (Banks)(a) | 21,758,212 | ||||||
8,732,750 | Gentera SAB de CV (Diversified Financials)* | 6,782,843 | ||||||
15,124,399 | Kimberly-Clark de Mexico SAB de CV, Class A (Household & Personal Products) | 21,115,533 | ||||||
7,165,632 | Prologis Property Mexico SA de CV REIT (Real Estate) | 19,232,189 | ||||||
12,370,800 | Wal-Mart de Mexico SAB de CV (Food & Staples Retailing) | 43,744,735 | ||||||
|
|
|||||||
153,229,016 | ||||||||
|
|
|||||||
Philippines 1.0% | ||||||||
6,337,700 | Del Monte Pacific Ltd. (Food, Beverage & Tobacco) | 1,741,441 | ||||||
3,546,140 | Jollibee Foods Corp. (Consumer Services) | 14,567,424 | ||||||
86,614,400 | Monde Nissin Corp. (Food, Beverage & Tobacco)*(a) | 21,535,388 | ||||||
|
|
|||||||
37,844,253 | ||||||||
|
|
|||||||
Poland 0.7% | ||||||||
435,215 | Dino Polska SA (Food & Staples Retailing)*(a) | 28,154,845 | ||||||
|
|
|||||||
Russia % | ||||||||
10,483,256 | Detsky Mir PJSC (Retailing)(a)(c) | | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 17 |
GOLDMAN SACHS EMERGING MARKETS EQUITY FUND
Schedule of Investments (continued)
April 30, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks (continued) | ||||||||
Russia (continued) | ||||||||
2,495,750 | Renaissance Insurance Group JSC (Insurance)*(c) | $ | | |||||
4,327,745 | Sberbank of Russia PJSC (Banks)(c) | | ||||||
15,182 | TCS Group Holding PLC GDR (Banks)*(c) | | ||||||
740,821 | United Medical Group CY PLC GDR (Health Care Equipment & Services)(c) | | ||||||
|
|
|||||||
| ||||||||
|
|
|||||||
Saudi Arabia 4.0% | ||||||||
1,457,418 | Alinma Bank (Banks) | 15,986,918 | ||||||
362,066 | Leejam Sports Co. JSC (Consumer Services) | 10,676,256 | ||||||
2,852,622 | Saudi Arabian Oil Co. (Energy)(a) | 34,088,224 | ||||||
2,770,581 | Saudi National Bank (The) (Banks) | 58,070,907 | ||||||
648,632 | Saudi Tadawul Group Holding Co. (Diversified Financials)* | 34,966,778 | ||||||
|
|
|||||||
153,789,083 | ||||||||
|
|
|||||||
Singapore 0.7% | ||||||||
7,586,393 | Nanofilm Technologies International Ltd. (Materials) | 14,642,054 | ||||||
740,700 | TDCX, Inc. ADR (Software & Services)* | 10,258,695 | ||||||
|
|
|||||||
24,900,749 | ||||||||
|
|
|||||||
Slovenia 0.3% | ||||||||
950,887 | Nova Ljubljanska Banka dd GDR (Banks) | 13,241,428 | ||||||
|
|
|||||||
South Africa 3.1% | ||||||||
1,122,547 | Clicks Group Ltd. (Food & Staples Retailing) | 22,093,402 | ||||||
2,147,687 | JSE Ltd. (Diversified Financials) | 15,095,346 | ||||||
2,489,749 | Mr Price Group Ltd. (Retailing) | 33,908,198 | ||||||
520,226 | Santam Ltd. (Insurance) | 9,623,152 | ||||||
11,115,591 | Transaction Capital Ltd. (Diversified Financials) | 35,551,591 | ||||||
|
|
|||||||
116,271,689 | ||||||||
|
|
|||||||
South Korea 9.9% | ||||||||
411,116 | Hankook Tire & Technology Co. Ltd. (Automobiles & Components) | 11,283,805 | ||||||
724,593 | KB Financial Group, Inc. (Banks) | 33,711,047 | ||||||
363,763 | LG Electronics, Inc. (Consumer Durables & Apparel) | 32,944,946 | ||||||
170,456 | NAVER Corp. (Media & Entertainment) | 37,970,615 | ||||||
74,601 | NCSoft Corp. (Media & Entertainment) | 24,705,358 | ||||||
493,327 | NHN KCP Corp. (Software & Services)* | 8,110,376 | ||||||
179,250 | Orion Corp. (Food, Beverage & Tobacco) | 13,360,291 | ||||||
|
|
|||||||
Common Stocks (continued) | ||||||||
South Korea (continued) | ||||||||
3,984,963 | Samsung Electronics Co. Ltd. (Technology Hardware & Equipment) | 212,372,933 | ||||||
|
|
|||||||
374,459,371 | ||||||||
|
|
|||||||
Taiwan 12.4% | ||||||||
360,000 | ASMedia Technology, Inc. (Semiconductors & Semiconductor Equipment) | 16,943,380 | ||||||
3,278,814 | Chailease Holding Co. Ltd. (Diversified Financials) | 26,056,109 | ||||||
1,995,000 | MediaTek, Inc. (Semiconductors & Semiconductor Equipment) | 54,998,157 | ||||||
420,600 | momo.com, Inc. (Retailing) | 11,102,655 | ||||||
1,342,000 | Nien Made Enterprise Co. Ltd. (Consumer Durables & Apparel) | 14,134,417 | ||||||
16,918,883 | Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | 305,938,392 | ||||||
2,186,718 | Tong Hsing Electronic Industries Ltd. (Technology Hardware & Equipment) | 16,973,650 | ||||||
15,879,000 | United Microelectronics Corp. (Semiconductors & Semiconductor Equipment) | 25,225,207 | ||||||
|
|
|||||||
471,371,967 | ||||||||
|
|
|||||||
Thailand 2.4% | ||||||||
15,857,200 | Airports of Thailand PCL (Transportation)* | 30,643,554 | ||||||
4,777,700 | Kasikornbank PCL (Banks) | 21,149,503 | ||||||
15,134,323 | Ngern Tid Lor PCL (Diversified Financials) | 16,157,178 | ||||||
5,072,600 | PTT Exploration & Production PCL (Energy) | 22,194,718 | ||||||
|
|
|||||||
90,144,953 | ||||||||
|
|
|||||||
United Arab Emirates 1.1% | ||||||||
10,409,380 | Abu Dhabi Commercial Bank PJSC (Banks) | 28,774,964 | ||||||
7,998,212 | Fertiglobe PLC (Materials) | 12,078,564 | ||||||
|
|
|||||||
40,853,528 | ||||||||
|
|
|||||||
United States 0.6% | ||||||||
9,858,000 | Samsonite International SA (Consumer Durables & Apparel)*(a) | 21,604,473 | ||||||
|
|
|||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $3,609,956,448) | $ | 3,648,898,832 | ||||||
|
|
|||||||
18 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EMERGING MARKETS EQUITY FUND
Shares |
Description | Rate | Value | |||||||||
Preferred Stocks 1.4% | ||||||||||||
Brazil 1.4% | ||||||||||||
9,288,459 | Banco Bradesco SA (Banks) |
5.16 | % | $ | 33,779,972 | |||||||
3,208,800 | Gerdau SA (Materials) |
11.19 | 18,153,528 | |||||||||
|
|
|||||||||||
TOTAL PREFERRED STOCKS | ||||||||||||
(Cost $61,498,424) | $ | 51,933,500 | ||||||||||
|
|
Shares | Description | Value | ||||||
Exchange-Traded Fund 2.6% | ||||||||
United States 2.6% | ||||||||
2,917,964 | iShares ESG Aware MSCI EM ETF(b) | |||||||
(Cost $105,981,335) | $ | 100,173,704 | ||||||
|
|
|||||||
|
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE |
| ||||||
(Cost $3,777,436,207) | $ | 3,801,006,036 | ||||||
|
|
|||||||
Shares | Dividend Rate |
Value | ||||||
Securities Lending Reinvestment Vehicle 1.8%(d) | ||||||||
|
Goldman Sachs Financial Square Government Fund |
| ||||||
68,061,600 | 0.317% | $ | 68,061,600 | |||||
(Cost $68,061,600) | ||||||||
|
|
|||||||
TOTAL INVESTMENTS 102.0% | ||||||||
(Cost $3,845,497,807) | $ | 3,869,067,636 | ||||||
|
|
|||||||
|
LIABILITIES IN EXCESS OF OTHER ASSETS (2.0)% |
(74,897,089 | ) | |||||
|
|
|||||||
NET ASSETS 100.0% | $ | 3,794,170,547 | ||||||
|
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
* |
Non-income producing security. | |
(a) |
Exempt from registration under Rule 144A of the Securities Act of 1933. | |
(b) |
All or a portion of security is on loan. | |
(c) |
Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. | |
(d) |
Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
ADR |
American Depositary Receipt | |
GDR |
Global Depositary Receipt | |
PLC |
Public Limited Company | |
REIT |
Real Estate Investment Trust | |
|
Sector Name | % of Market Value |
|||
Financials |
22.8 | % | ||
Information Technology |
22.4 | |||
Consumer Discretionary |
14.7 | |||
Consumer Staples |
11.0 | |||
Communication Services |
8.4 | |||
Industrials |
4.4 | |||
Materials |
3.7 | |||
Health Care |
3.3 | |||
Exchange-Traded Fund |
2.6 | |||
Energy |
2.1 | |||
Real Estate |
1.7 | |||
Utilities |
1.2 | |||
Securities Lending Reinvestment Vehicle |
1.7 | |||
TOTAL INVESTMENTS | 100.0 | % |
The accompanying notes are an integral part of these financial statements. | 19 |
GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND
Schedule of Investments
April 30, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks 95.6% | ||||||||
Brazil 6.2% | ||||||||
181,013 | Aeris Industria E Comercio De Equipamentos Para Geracao De Energia SA (Capital Goods) | $ | 178,672 | |||||
219,302 | Banco Bradesco SA ADR (Banks) | 789,487 | ||||||
158,463 | Caixa Seguridade Participacoes SA (Insurance) | 251,287 | ||||||
143,600 | Hapvida Participacoes e Investimentos SA (Health Care Equipment & Services)(a) | 254,730 | ||||||
863 | MercadoLibre, Inc. (Retailing)* | 840,243 | ||||||
8,854 | Pagseguro Digital Ltd., Class A (Software & Services)* | 130,242 | ||||||
27,318 | Rede DOr Sao Luiz SA (Health Care Equipment & Services)(a) | 202,953 | ||||||
20,200 | Sao Martinho SA (Food, Beverage & Tobacco) | 189,622 | ||||||
|
|
|||||||
2,837,236 | ||||||||
|
|
|||||||
China 25.6% | ||||||||
46,080 | Alibaba Group Holding Ltd. (Retailing)* | 562,070 | ||||||
5,108 | Alibaba Group Holding Ltd. ADR (Retailing)* | 495,936 | ||||||
26,600 | ANTA Sports Products Ltd. (Consumer Durables & Apparel) | 305,700 | ||||||
4,556 | Baidu, Inc. ADR (Media & Entertainment)* | 565,718 | ||||||
209,000 | China Feihe Ltd. (Food, Beverage & Tobacco)(a) | 198,711 | ||||||
109,000 | China Mengniu Dairy Co. Ltd. (Food, Beverage & Tobacco)* | 588,275 | ||||||
165,000 | China Merchants Bank Co. Ltd., Class H (Banks) | 994,496 | ||||||
7,400 | Contemporary Amperex Technology Co. Ltd., Class A (Capital Goods) | 448,501 | ||||||
13,100 | Ecovacs Robotics Co. Ltd., Class A (Consumer Durables & Apparel) | 210,918 | ||||||
58,300 | ENN Energy Holdings Ltd. (Utilities) | 780,933 | ||||||
52,700 | Hangzhou Robam Appliances Co. Ltd., Class A (Consumer Durables & Apparel) | 243,333 | ||||||
45,600 | Luxshare Precision Industry Co. Ltd., Class A (Technology Hardware & Equipment) | 209,651 | ||||||
32,400 | Meituan, Class B (Retailing)*(a) | 694,216 | ||||||
103,000 | Ping An Insurance Group Co. of China Ltd., Class H (Insurance) | 651,034 | ||||||
11,340 | Qingdao Haier Biomedical Co. Ltd., Class A (Health Care Equipment & Services) | 109,818 | ||||||
28,900 | SF Holding Co. Ltd., Class A (Transportation)* | 221,606 | ||||||
37,200 | Shandong Hualu Hengsheng Chemical Co. Ltd., Class A (Materials) | 167,572 | ||||||
2,000 | Silergy Corp. (Semiconductors & Semiconductor Equipment) | 178,065 | ||||||
|
|
|||||||
Common Stocks (continued) | ||||||||
China (continued) | ||||||||
23,000 | Sungrow Power Supply Co. Ltd., Class A (Capital Goods) | 215,697 | ||||||
21,600 | Sunny Optical Technology Group Co. Ltd. (Technology Hardware & Equipment) | 314,796 | ||||||
60,100 | Tencent Holdings Ltd. (Media & Entertainment) | 2,832,206 | ||||||
31,328 | WuXi AppTec Co. Ltd., Class H (Pharmaceuticals, Biotechnology & Life Sciences)(a) | 426,117 | ||||||
168,900 | Yunnan Aluminium Co. Ltd., Class A (Materials)* | 261,841 | ||||||
59,650 | Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A (Capital Goods) | 148,837 | ||||||
|
|
|||||||
11,826,047 | ||||||||
|
|
|||||||
Egypt 0.6% | ||||||||
124,393 | Commercial International Bank Egypt SAE (Banks) | 300,339 | ||||||
|
|
|||||||
Greece 1.2% | ||||||||
27,438 | JUMBO SA (Retailing) | 444,712 | ||||||
27,925 | National Bank of Greece SA (Banks)* | 110,764 | ||||||
|
|
|||||||
555,476 | ||||||||
|
|
|||||||
Hong Kong 4.8% | ||||||||
100,400 | AIA Group Ltd. (Insurance) | 986,305 | ||||||
16,067 | Hong Kong Exchanges & Clearing Ltd. (Diversified Financials) | 681,546 | ||||||
459,000 | Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 240,760 | ||||||
24,500 | Techtronic Industries Co. Ltd. (Capital Goods) | 327,029 | ||||||
|
|
|||||||
2,235,640 | ||||||||
|
|
|||||||
Hungary 0.7% | ||||||||
10,549 | OTP Bank Nyrt (Banks)* | 314,671 | ||||||
|
|
|||||||
India 13.8% | ||||||||
5,686 | Avenue Supermarts Ltd. (Food & Staples Retailing)*(a) | 291,266 | ||||||
63,038 | Crompton Greaves Consumer Electricals Ltd. (Consumer Durables & Apparel) | 315,570 | ||||||
10,974 | FSN E-Commerce Ventures Ltd. (Retailing)* | 240,276 | ||||||
10,460 | Godrej Properties Ltd. (Real Estate)* | 212,746 | ||||||
68,549 | ICICI Bank Ltd. (Banks) | 658,966 | ||||||
27,165 | ICICI Lombard General Insurance Co. Ltd. (Insurance)(a) | 451,536 | ||||||
5,841 | Info Edge India Ltd. (Media & Entertainment) | 351,981 | ||||||
47,365 | Infosys Ltd. ADR (Software & Services) | 941,143 | ||||||
21,982 | Kotak Mahindra Bank Ltd. (Banks) | 509,766 | ||||||
|
|
20 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND
Shares |
Description | Value | ||||||
Common Stocks (continued) | ||||||||
India (continued) | ||||||||
21,931 | SBI Life Insurance Co. Ltd. (Insurance)(a) | $ | 314,988 | |||||
28,791 | Sona Blw Precision Forgings Ltd. (Automobiles & Components)(a) | 236,509 | ||||||
22,837 | Sun Pharmaceutical Industries Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 276,053 | ||||||
75,408 | Tata Consumer Products Ltd. (Food, Beverage & Tobacco) | 807,997 | ||||||
64,689 | Wipro Ltd. (Software & Services) | 425,032 | ||||||
339,346 | Zomato Ltd. (Retailing)* | 314,692 | ||||||
|
|
|||||||
6,348,521 | ||||||||
|
|
|||||||
Indonesia 2.8% | ||||||||
1,155,400 | Bank BTPN Syariah Tbk PT (Banks)* | 274,347 | ||||||
1,806,100 | Bank Central Asia Tbk PT (Banks) | 1,012,990 | ||||||
|
|
|||||||
1,287,337 | ||||||||
|
|
|||||||
Mexico 5.0% | ||||||||
96,699 | Arca Continental SAB de CV (Food, Beverage & Tobacco) | 613,606 | ||||||
133,900 | Banco del Bajio SA (Banks)(a) | 329,394 | ||||||
202,765 | Kimberly-Clark de Mexico SAB de CV, Class A (Household & Personal Products) | 283,085 | ||||||
85,872 | Prologis Property Mexico SA de CV REIT (Real Estate) | 230,476 | ||||||
246,000 | Wal-Mart de Mexico SAB de CV (Food & Staples Retailing) | 869,888 | ||||||
|
|
|||||||
2,326,449 | ||||||||
|
|
|||||||
Philippines 0.8% | ||||||||
22,020 | Jollibee Foods Corp. (Consumer Services) | 90,458 | ||||||
1,038,100 | Monde Nissin Corp. (Food, Beverage & Tobacco)*(a) | 258,108 | ||||||
|
|
|||||||
348,566 | ||||||||
|
|
|||||||
Russia 0.0% | ||||||||
96,162 | Detsky Mir PJSC (Retailing)(a)(b) | | ||||||
16,753 | Renaissance Insurance Group JSC (Insurance)*(b) | | ||||||
139 | TCS Group Holding PLC GDR (Banks)*(b) | | ||||||
|
|
|||||||
| ||||||||
|
|
|||||||
Saudi Arabia 3.2% | ||||||||
21,948 | Alinma Bank (Banks) | 240,755 | ||||||
38,091 | Saudi National Bank (The) (Banks) | 798,381 | ||||||
7,926 | Saudi Tadawul Group Holding Co. (Diversified Financials)* | 427,279 | ||||||
|
|
|||||||
1,466,415 | ||||||||
|
|
|||||||
South Africa 4.2% | ||||||||
36,676 | Clicks Group Ltd. (Food & Staples Retailing) | 721,838 | ||||||
|
|
|||||||
Common Stocks (continued) | ||||||||
South Africa (continued) | ||||||||
40,535 | Mr Price Group Ltd. (Retailing) | 552,051 | ||||||
11,764 | Santam Ltd. (Insurance) | 217,611 | ||||||
138,085 | Transaction Capital Ltd. (Diversified Financials) | 441,645 | ||||||
|
|
|||||||
1,933,145 | ||||||||
|
|
|||||||
South Korea 10.2% | ||||||||
8,268 | KB Financial Group, Inc. (Banks) | 384,661 | ||||||
6,325 | LG Electronics, Inc. (Consumer Durables & Apparel) | 572,837 | ||||||
2,695 | NAVER Corp. (Media & Entertainment) | 600,336 | ||||||
853 | NCSoft Corp. (Media & Entertainment) | 282,485 | ||||||
2,159 | Orion Corp. (Food, Beverage & Tobacco) | 160,920 | ||||||
51,150 | Samsung Electronics Co. Ltd. (Technology Hardware & Equipment) | 2,725,966 | ||||||
|
|
|||||||
4,727,205 | ||||||||
|
|
|||||||
Taiwan 13.7% | ||||||||
64,362 | Chailease Holding Co. Ltd. (Diversified Financials) | 511,472 | ||||||
38,000 | MediaTek, Inc. (Semiconductors & Semiconductor Equipment) | 1,047,584 | ||||||
22,000 | Nien Made Enterprise Co. Ltd. (Consumer Durables & Apparel) | 231,712 | ||||||
228,000 | Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | 4,122,846 | ||||||
256,000 | United Microelectronics Corp. (Semiconductors & Semiconductor Equipment) | 406,679 | ||||||
|
|
|||||||
6,320,293 | ||||||||
|
|
|||||||
Thailand 1.5% | ||||||||
196,000 | Airports of Thailand PCL (Transportation)* | 378,764 | ||||||
67,700 | Kasikornbank PCL (Banks) | 299,688 | ||||||
|
|
|||||||
678,452 | ||||||||
|
|
|||||||
United Arab Emirates 1.3% | ||||||||
162,767 | Abu Dhabi Commercial Bank PJSC (Banks) | 449,941 | ||||||
95,617 | Fertiglobe PLC (Materials) | 144,397 | ||||||
|
|
|||||||
594,338 | ||||||||
|
|
|||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $51,304,543) | $ | 44,100,130 | ||||||
|
|
Shares | Description | Rate | Value | |||||||||
Preferred Stock 0.5% | ||||||||||||
Brazil 0.5% | ||||||||||||
38,800 | Gerdau SA (Materials) |
11.19 | % | $ | 219,508 | |||||||
(Cost $232,937) | ||||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 21 |
GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND
Schedule of Investments (continued)
April 30, 2022 (Unaudited)
Shares | Dividend Rate |
Value | ||||||
Investment Company 2.0%(c) | ||||||||
|
Goldman Sachs Financial Square Government Fund
Institutional |
| ||||||
900,774 | 0.317% | $ | 900,774 | |||||
(Cost $900,774) | ||||||||
|
|
|||||||
TOTAL INVESTMENTS 98.1% | ||||||||
(Cost $52,438,254) | $ | 45,220,412 | ||||||
|
|
|||||||
|
OTHER ASSETS IN EXCESS OF LIABILITIES 1.9% |
888,731 | ||||||
|
|
|||||||
NET ASSETS 100.0% | $ | 46,109,143 | ||||||
|
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
* |
Non-income producing security. | |
(a) |
Exempt from registration under Rule 144A of the Securities Act of 1933. | |
(b) |
Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. | |
(c) |
Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
ADR |
American Depositary Receipt | |
GDR |
Global Depositary Receipt | |
PLC |
Public Limited Company | |
REIT |
Real Estate Investment Trust | |
|
Sector Name | % of Market Value |
|||
Financials |
27.4 | % | ||
Information Technology |
23.2 | |||
Consumer Discretionary |
14.1 | |||
Consumer Staples |
11.0 | |||
Communication Services |
10.3 | |||
Industrials |
4.2 | |||
Health Care |
3.3 | |||
Investment Company |
2.0 | |||
Materials |
1.8 | |||
Utilities |
1.7 | |||
Real Estate |
1.0 | |||
TOTAL INVESTMENTS | 100.0 | % |
22 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND
Schedule of Investments
April 30, 2022 (Unaudited)
Shares | Description |
Value | ||||||
Common Stocks 98.4% | ||||||||
Denmark 3.8% | ||||||||
172,516 | Novo Nordisk A/S, Class B (Pharmaceuticals, Biotechnology & Life Sciences) | $ | 19,705,862 | |||||
|
|
|||||||
Finland 3.6% | ||||||||
434,952 | Neste OYJ (Energy) | 18,663,281 | ||||||
|
|
|||||||
France 9.7% | ||||||||
347,868 | BNP Paribas SA (Banks) | 18,037,443 | ||||||
670,331 | Klepierre SA REIT (Real Estate)* | 16,044,812 | ||||||
162,206 | Vinci SA (Capital Goods)(a) | 15,739,477 | ||||||
|
|
|||||||
49,821,732 | ||||||||
|
|
|||||||
Germany 2.8% | ||||||||
498,417 | Infineon Technologies AG (Semiconductors & Semiconductor Equipment) | 14,146,683 | ||||||
|
|
|||||||
Japan 15.5% | ||||||||
136,200 | Hoya Corp. (Health Care Equipment & Services) | 13,516,779 | ||||||
33,400 | Keyence Corp. (Technology Hardware & Equipment) | 13,426,942 | ||||||
153,200 | Nidec Corp. (Capital Goods) | 9,904,243 | ||||||
998,500 | ORIX Corp. (Diversified Financials) | 18,211,613 | ||||||
198,900 | Shiseido Co. Ltd. (Household & Personal Products) | 9,402,291 | ||||||
537,373 | Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 15,592,708 | ||||||
|
|
|||||||
80,054,576 | ||||||||
|
|
|||||||
Netherlands 5.0% | ||||||||
216,154 | Aalberts NV (Capital Goods) | 10,503,420 | ||||||
90,544 | Koninklijke DSM NV (Materials) | 15,221,320 | ||||||
|
|
|||||||
25,724,740 | ||||||||
|
|
|||||||
Singapore 2.5% | ||||||||
533,480 | DBS Group Holdings Ltd. (Banks) | 12,942,562 | ||||||
|
|
|||||||
Spain 13.0% | ||||||||
252,505 | Amadeus IT Group SA (Software & Services)* | 15,822,705 | ||||||
1,887,599 | Banco Bilbao Vizcaya Argentaria SA (Banks)(a) | 9,904,707 | ||||||
337,641 | Cellnex Telecom SA (Telecommunication Services)*(b) | 15,737,554 | ||||||
2,219,425 | Iberdrola SA (Utilities) | 25,502,978 | ||||||
|
|
|||||||
66,967,944 | ||||||||
|
|
|||||||
Sweden 2.0% | ||||||||
778,169 | Hexagon AB, Class B (Technology Hardware & Equipment)*(a) | 10,040,661 | ||||||
|
|
|||||||
Switzerland 4.2% | ||||||||
47,241 | Zurich Insurance Group AG (Insurance) | 21,507,407 | ||||||
|
|
|||||||
Common Stocks (continued) | ||||||||
Taiwan 2.3% | ||||||||
129,874 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Semiconductors & Semiconductor Equipment) | 12,069,191 | ||||||
|
|
|||||||
United Kingdom 24.6% | ||||||||
146,782 | AstraZeneca PLC (Pharmaceuticals, Biotechnology & Life Sciences) | 19,586,778 | ||||||
481,394 | Compass Group PLC (Consumer Services) | 10,158,308 | ||||||
3,836,759 | DS Smith PLC (Materials) | 15,766,274 | ||||||
425,564 | Experian PLC (Commercial & Professional Services) | 14,696,582 | ||||||
537,771 | Farfetch Ltd., Class A (Retailing)* | 6,023,035 | ||||||
1,399,824 | Informa PLC (Media & Entertainment)* | 9,930,215 | ||||||
161,277 | InterContinental Hotels Group PLC (Consumer Services) | 10,295,884 | ||||||
227,424 | Reckitt Benckiser Group PLC (Household & Personal Products) | 17,735,803 | ||||||
3,260,445 | Rentokil Initial PLC (Commercial & Professional Services) | 22,393,631 | ||||||
|
|
|||||||
126,586,510 | ||||||||
|
|
|||||||
United States 9.4% | ||||||||
125,071 | Ferguson PLC (Capital Goods) | 15,690,061 | ||||||
92,975 | Nestle SA (Registered) (Food, Beverage & Tobacco) | 12,002,523 | ||||||
144,437 | Schneider Electric SE (Capital Goods) | 20,722,249 | ||||||
|
|
|||||||
48,414,833 | ||||||||
|
|
|||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $533,508,759) | $ | 506,645,982 | ||||||
|
|
Shares | Dividend Rate |
Value | ||||||
Investment Company 0.7%(c) | ||||||||
|
Goldman Sachs Financial Square Government Fund |
| ||||||
3,479,973 | 0.317% | $ | 3,479,973 | |||||
(Cost $3,479,973) | ||||||||
|
|
|||||||
|
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE |
| ||||||
(Cost $536,988,732) | $ | 510,125,955 | ||||||
|
|
|||||||
The accompanying notes are an integral part of these financial statements. | 23 |
GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND
Schedule of Investments (continued)
April 30, 2022 (Unaudited)
Shares | Dividend Rate |
Value | ||||||
Securities Lending Reinvestment Vehicle 5.9%(c) | ||||||||
|
Goldman Sachs Financial Square Government Fund
Institutional |
| ||||||
30,579,478 | 0.317% | $ | 30,579,478 | |||||
(Cost $30,579,478) | ||||||||
|
|
|||||||
TOTAL INVESTMENTS 105.0% | ||||||||
(Cost $567,568,210) | $ | 540,705,433 | ||||||
|
|
|||||||
|
LIABILITIES IN EXCESS OF OTHER ASSETS (5.0)% |
(25,735,574 | ) | |||||
|
|
|||||||
NET ASSETS 100.0% | $ | 514,969,859 | ||||||
|
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
* |
Non-income producing security. | |
(a) |
All or a portion of security is on loan. | |
(b) |
Exempt from registration under Rule 144A of the Securities Act of 1933. | |
(c) |
Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
ADR |
American Depositary Receipt | |
PLC |
Public Limited Company | |
REIT |
Real Estate Investment Trust | |
|
Sector Name | % of Market Value |
|||
Industrials |
20.3 | % | ||
Financials |
14.9 | |||
Health Care |
12.7 | |||
Information Technology |
12.1 | |||
Consumer Staples |
7.2 | |||
Materials |
5.7 | |||
Consumer Discretionary |
4.9 | |||
Communication Services |
4.7 | |||
Utilities |
4.7 | |||
Energy |
3.5 | |||
Real Estate |
3.0 | |||
Investment Company |
0.6 | |||
Securities Lending Reinvestment Vehicle |
5.7 | |||
TOTAL INVESTMENTS | 100.0 | % |
24 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND
Schedule of Investments
April 30, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks 96.9% | ||||||||
Australia 7.3% | ||||||||
99,852 | Rio Tinto PLC (Materials) | $ | 7,055,161 | |||||
471,713 | Transurban Group (Transportation) | 4,736,762 | ||||||
215,786 | Westpac Banking Corp. (Banks) | 3,612,257 | ||||||
|
|
|||||||
15,404,180 | ||||||||
|
|
|||||||
Denmark 2.4% | ||||||||
43,653 | Novo Nordisk A/S, Class B (Pharmaceuticals, Biotechnology & Life Sciences) | 4,986,320 | ||||||
|
|
|||||||
Finland 2.5% | ||||||||
530,199 | Nordea Bank Abp (Banks) | 5,286,129 | ||||||
|
|
|||||||
France 13.3% | ||||||||
95,549 | BNP Paribas SA (Banks) | 4,954,349 | ||||||
49,137 | Gecina SA REIT (Real Estate) | 5,535,195 | ||||||
147,400 | Klepierre SA REIT (Real Estate)* | 3,528,116 | ||||||
75,426 | Sanofi (Pharmaceuticals, Biotechnology & Life Sciences) | 7,972,148 | ||||||
64,313 | Vinci SA (Capital Goods) | 6,240,540 | ||||||
|
|
|||||||
28,230,348 | ||||||||
|
|
|||||||
Germany 2.6% | ||||||||
139,957 | Vonovia SE (Real Estate)* | 5,576,027 | ||||||
|
|
|||||||
Italy 3.7% | ||||||||
617,329 | Enel SpA (Utilities) | 4,014,426 | ||||||
417,142 | UniCredit SpA (Banks) | 3,860,683 | ||||||
|
|
|||||||
7,875,109 | ||||||||
|
|
|||||||
Japan 5.6% | ||||||||
237,700 | ORIX Corp. (Diversified Financials) | 4,335,404 | ||||||
139,200 | Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 4,039,103 | ||||||
63,300 | Trend Micro, Inc. (Software & Services) | 3,529,413 | ||||||
|
|
|||||||
11,903,920 | ||||||||
|
|
|||||||
Netherlands 4.7% | ||||||||
1,475,737 | Koninklijke KPN NV (Telecommunication Services) | 5,092,168 | ||||||
181,510 | Shell PLC (Energy) | 4,872,800 | ||||||
|
|
|||||||
9,964,968 | ||||||||
|
|
|||||||
Singapore 4.0% | ||||||||
181,400 | DBS Group Holdings Ltd. (Banks) | 4,400,879 | ||||||
591,200 | Singapore Exchange Ltd. (Diversified Financials) | 4,159,888 | ||||||
|
|
|||||||
8,560,767 | ||||||||
|
|
|||||||
Spain 3.3% | ||||||||
613,331 | Iberdrola SA (Utilities) | 7,047,666 | ||||||
|
|
|||||||
Switzerland 14.1% | ||||||||
55,913 | Nestle SA (Registered) (Food Products) | 7,218,038 | ||||||
21,015 | Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences) | 7,792,657 | ||||||
2,289 | SGS SA (Registered) (Commercial & Professional Services) | 5,881,634 | ||||||
19,843 | Zurich Insurance Group AG (Insurance) | 9,033,921 | ||||||
|
|
|||||||
29,926,250 | ||||||||
|
|
|||||||
Common Stocks (continued) | ||||||||
Taiwan 3.4% | ||||||||
394,000 | Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | 7,124,568 | ||||||
|
|
|||||||
United Kingdom 23.9% | ||||||||
59,747 | AstraZeneca PLC (Pharmaceuticals, Biotechnology & Life Sciences) | 7,972,716 | ||||||
1,361,827 | BP PLC (Energy) | 6,574,625 | ||||||
134,963 | Coca-Cola Europacific Partners PLC (Food, Beverage & Tobacco) | 6,741,402 | ||||||
202,243 | Compass Group PLC (Consumer Services) | 4,267,703 | ||||||
1,053,124 | DS Smith PLC (Materials) | 4,327,569 | ||||||
1,075,618 | HSBC Holdings PLC (Banks) | 6,721,677 | ||||||
428,918 | National Grid PLC (Utilities) | 6,372,427 | ||||||
45,560 | Reckitt Benckiser Group PLC (Household & Personal Products) | 3,553,025 | ||||||
88,380 | Unilever PLC (Household & Personal Products) | 4,108,798 | ||||||
|
|
|||||||
50,639,942 | ||||||||
|
|
|||||||
United States 6.1% | ||||||||
33,027 | Ferguson PLC (Capital Goods) | 4,143,212 | ||||||
23,757 | Schneider Electric SE (Capital Goods) | 3,408,396 | ||||||
65,783 | Swiss Re AG (Insurance) | 5,394,656 | ||||||
|
|
|||||||
12,946,264 | ||||||||
|
|
|||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $211,610,720) | $ | 205,472,458 | ||||||
|
|
Shares | Dividend Rate |
Value | ||||||
Investment Company 3.9%(a) | ||||||||
|
Goldman Sachs Financial Square Government Fund |
| ||||||
8,346,685 | 0.317% | $ | 8,346,685 | |||||
(Cost $8,346,685) | ||||||||
|
|
|||||||
TOTAL INVESTMENTS 100.8% | ||||||||
(Cost $219,957,405) | $ | 213,819,143 | ||||||
|
|
|||||||
|
LIABILITIES IN EXCESS OF OTHER ASSETS (0.8)% |
(1,876,453 | ) | |||||
|
|
|||||||
NET ASSETS 100.0% | $ | 211,942,690 | ||||||
|
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
* |
Non-income producing security. | |
(a) |
Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
PLC |
Public Limited Company | |
REIT |
Real Estate Investment Trust | |
|
The accompanying notes are an integral part of these financial statements. | 25 |
GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND
Schedule of Investments (continued)
April 30, 2022 (Unaudited)
Sector Name | % of Market Value |
|||
Financials |
24.2 | % | ||
Health Care |
15.3 | |||
Industrials |
11.4 | |||
Consumer Staples |
10.1 | |||
Utilities |
8.2 | |||
Real Estate |
6.8 | |||
Energy |
5.4 | |||
Materials |
5.3 | |||
Information Technology |
5.0 | |||
Investment Company |
3.9 | |||
Communication Services |
2.4 | |||
Consumer Discretionary |
2.0 | |||
TOTAL INVESTMENTS | 100.0 | % |
26 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
Statements of Assets and Liabilities
April 30, 2022 (Unaudited)
China Equity Fund |
Emerging Markets Equity Fund |
ESG Emerging Markets Equity Fund |
||||||||||||
Assets: |
| |||||||||||||
Investments in unaffiliated issuers, at value (cost $112,860,367, $3,777,436,207 and $51,537,480, respectively)(a) |
$ | 95,416,349 | $ | 3,801,006,036 | $ | 44,319,638 | ||||||||
Investments in affiliated issuers, at value (cost $1,321,208, $0 and $900,774, respectively) |
1,321,208 | | 900,774 | |||||||||||
Investments in affiliated securities lending reinvestment vehicle, at value which equals cost |
259,000 | 68,061,600 | | |||||||||||
Cash |
886,957 | 8,052,591 | 205,466 | |||||||||||
Foreign currency, at value (cost $52,377, $6,709,977 and $617,596, respectively) |
51,542 | 6,700,454 | 609,293 | |||||||||||
Receivables: |
||||||||||||||
Investments sold |
913,539 | 4,378,764 | 20,870 | |||||||||||
Fund shares sold |
31,575 | 6,257,335 | 187,526 | |||||||||||
Reimbursement from investment adviser |
30,943 | | 42,323 | |||||||||||
Dividends |
28,734 | 1,916,475 | 24,415 | |||||||||||
Foreign capital gains taxes |
14,320 | | | |||||||||||
Securities lending income |
430 | 2,788 | | |||||||||||
Foreign tax reclaims |
| 259,604 | 2,273 | |||||||||||
Other assets |
44,411 | 739,009 | 94,999 | |||||||||||
Total assets | 98,999,008 | 3,897,374,655 | 46,407,577 | |||||||||||
Liabilities: | ||||||||||||||
Payables: |
||||||||||||||
Investments purchased |
1,175,864 | 746,280 | 9,636 | |||||||||||
Payable upon return of securities loaned |
259,000 | 68,061,600 | | |||||||||||
Fund shares redeemed |
216,755 | 17,610,863 | 1,772 | |||||||||||
Management fees |
83,024 | 3,177,017 | 38,713 | |||||||||||
Distribution and Service fees and Transfer Agency fees |
9,780 | 354,484 | 2,690 | |||||||||||
Foreign capital gains taxes |
| 12,022,268 | 13,094 | |||||||||||
Accrued expenses |
300,126 | 1,231,596 | 232,529 | |||||||||||
Total liabilities | 2,044,549 | 103,204,108 | 298,434 | |||||||||||
Net Assets: | ||||||||||||||
Paid-in capital |
125,748,361 | 4,185,773,700 | 109,440,021 | |||||||||||
Total distributable loss |
(28,793,902 | ) | (391,603,153 | ) | (63,330,878 | ) | ||||||||
NET ASSETS | $ | 96,954,459 | $ | 3,794,170,547 | $ | 46,109,143 | ||||||||
Net Assets: |
||||||||||||||
Class A |
$ | 16,377,801 | $ | 214,067,012 | $ | 2,710,147 | ||||||||
Class C |
1,271,292 | 25,681,619 | 79,868 | |||||||||||
Institutional |
16,574,006 | 2,450,508,790 | 22,192,679 | |||||||||||
Service |
| 25,233,018 | | |||||||||||
Investor |
440,786 | 243,194,562 | 812,122 | |||||||||||
Class R6 |
1,091,764 | 107,265,020 | 683,182 | |||||||||||
Class R |
| | 246,563 | |||||||||||
Class P |
61,198,810 | 728,220,526 | 19,384,582 | |||||||||||
Total Net Assets |
$ | 96,954,459 | $ | 3,794,170,547 | $ | 46,109,143 | ||||||||
Shares outstanding $0.001 par value (unlimited number of shares authorized): |
||||||||||||||
Class A |
692,441 | 9,902,931 | 267,980 | |||||||||||
Class C |
61,823 | 1,343,633 | 8,061 | |||||||||||
Institutional |
647,613 | 105,576,720 | 2,190,206 | |||||||||||
Service |
| 1,211,876 | | |||||||||||
Investor |
17,355 | 10,559,260 | 80,177 | |||||||||||
Class R6 |
42,811 | 4,600,790 | 67,460 | |||||||||||
Class R |
| | 24,542 | |||||||||||
Class P |
2,398,841 | 31,232,470 | 1,913,033 | |||||||||||
Net asset value, offering and redemption price per share:(b) |
||||||||||||||
Class A |
$23.65 | $21.62 | $10.11 | |||||||||||
Class C |
20.56 | 19.11 | 9.91 | |||||||||||
Institutional |
25.59 | 23.21 | 10.13 | |||||||||||
Service |
| 20.82 | | |||||||||||
Investor |
25.40 | 23.03 | 10.13 | |||||||||||
Class R6 |
25.50 | 23.31 | 10.13 | |||||||||||
Class R |
| | 10.05 | |||||||||||
Class P |
25.51 | 23.32 | 10.13 |
(a) | Includes loaned securities having a market value of $216,827, $66,606,424 and $. |
(b) | Maximum public offering price per share for Class A Shares of the China Equity Fund, Emerging Markets Equity Fund and ESG Emerging Markets Equity Fund Funds is $25.03, $22.88 and $10.70. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (NAV) or the original purchase price of the shares. |
The accompanying notes are an integral part of these financial statements. | 27 |
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
Statements of Assets and Liabilities (continued)
April 30, 2022 (Unaudited)
International Equity ESG Fund |
International Equity Income Fund |
|||||||||
Assets: | ||||||||||
Investments in unaffiliated issuers, at value (cost $533,508,759 and $211,610,720, respectively)(a) |
$ | 506,645,982 | $ | 205,472,458 | ||||||
Investments in affiliated issuers, at value (cost $3,479,973 and $8,346,685, respectively) |
3,479,973 | 8,346,685 | ||||||||
Investments in affiliated securities lending reinvestment vehicle, at value which equals cost |
30,579,478 | | ||||||||
Cash |
| 673,782 | ||||||||
Foreign currency, at value (cost $409,097 and $727,022, respectively) |
406,048 | 715,742 | ||||||||
Receivables: |
||||||||||
Investments sold |
17,499,444 | 3,871,985 | ||||||||
Dividends |
1,869,948 | 272,332 | ||||||||
Fund shares sold |
1,062,538 | 1,435,437 | ||||||||
Foreign tax reclaims |
752,451 | 503,357 | ||||||||
Reimbursement from investment adviser |
35,436 | 24,923 | ||||||||
Securities lending income |
10,932 | | ||||||||
Other assets |
100,297 | 79,344 | ||||||||
Total assets | 562,442,527 | 221,396,045 | ||||||||
Liabilities: | ||||||||||
Payables: |
||||||||||
Payable upon return of securities loaned |
30,579,478 | | ||||||||
Investments purchased |
9,985,363 | 8,894,993 | ||||||||
Due to custodian |
4,992,533 | | ||||||||
Fund shares redeemed |
913,337 | 193,259 | ||||||||
Management fees |
373,227 | 137,157 | ||||||||
Distribution and Service fees and Transfer Agency fees |
52,967 | 23,730 | ||||||||
Accrued expenses |
575,763 | 204,216 | ||||||||
Total liabilities | 47,472,668 | 9,453,355 | ||||||||
Net Assets: | ||||||||||
Paid-in capital |
548,142,776 | 215,248,148 | ||||||||
Total distributable loss |
(33,172,917 | ) | (3,305,458 | ) | ||||||
NET ASSETS | $ | 514,969,859 | $ | 211,942,690 | ||||||
Net Assets: |
||||||||||
Class A |
$ | 61,086,355 | $ | 32,788,206 | ||||||
Class C |
9,086,976 | 2,178,828 | ||||||||
Institutional |
218,051,758 | 96,119,946 | ||||||||
Service |
676,639 | | ||||||||
Investor |
80,918,153 | 39,827,193 | ||||||||
Class R6 |
33,818,124 | 12,059,714 | ||||||||
Class R |
| 623,333 | ||||||||
Class P |
111,331,854 | 28,345,470 | ||||||||
Total Net Assets |
$ | 514,969,859 | $ | 211,942,690 | ||||||
Shares outstanding $0.001 par value (unlimited number of shares authorized): |
||||||||||
Class A |
2,511,146 | 2,304,043 | ||||||||
Class C |
408,312 | 175,221 | ||||||||
Institutional |
8,735,698 | 6,375,715 | ||||||||
Service |
26,620 | | ||||||||
Investor |
3,264,047 | 2,804,804 | ||||||||
Class R6 |
1,362,859 | 801,187 | ||||||||
Class R |
| 43,606 | ||||||||
Class P |
4,486,336 | 1,884,405 | ||||||||
Net asset value, offering and redemption price per share:(b) |
||||||||||
Class A |
$24.33 | $14.23 | ||||||||
Class C |
22.25 | 12.43 | ||||||||
Institutional |
24.96 | 15.08 | ||||||||
Service |
25.42 | | ||||||||
Investor |
24.79 | 14.20 | ||||||||
Class R6 |
24.81 | 15.05 | ||||||||
Class R |
| 14.29 | ||||||||
Class P |
24.82 | 15.04 |
(a) | Includes loaned securities having a market value of $29,502,323 and $. |
(b) | Maximum public offering price per share for Class A Shares of the International Equity ESG Fund and International Equity Income Fund Funds is $25.75 and $15.06. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (NAV) or the original purchase price of the shares. |
28 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
Statements of Operations
For the Six Months Ended April 30, 2022 (Unaudited)
China Equity Fund |
Emerging Markets Equity Fund |
ESG Emerging Markets Equity Fund |
||||||||||||
Investment income: |
| |||||||||||||
Dividends unaffiliated issuers (net of foreign withholding taxes of $2,431, $3,335,091 and $28,357, respectively) |
$ | 417,579 | $ | 32,931,875 | $ | 276,061 | ||||||||
Dividends affiliated issuers |
739 | 13,185 | 402 | |||||||||||
Securities lending income affiliated issuer |
500 | 57,449 | 16 | |||||||||||
Interest |
| 2,543,344 | | |||||||||||
Total investment income | 418,818 | 35,545,853 | 276,479 | |||||||||||
Expenses: |
| |||||||||||||
Management fees |
598,455 | 20,428,918 | 180,316 | |||||||||||
Custody, accounting and administrative services |
101,121 | 1,233,874 | 94,113 | |||||||||||
Professional fees |
53,472 | 66,227 | 103,608 | |||||||||||
Registration fees |
48,005 | 170,536 | 48,873 | |||||||||||
Transfer Agency fees(a) |
32,622 | 1,126,086 | 9,174 | |||||||||||
Distribution and/or Service (12b-1) fees(a) |
29,399 | 436,322 | 5,272 | |||||||||||
Printing and mailing costs |
21,064 | 203,164 | 32,056 | |||||||||||
Trustee fees |
11,215 | 14,218 | 11,128 | |||||||||||
Service fees Class C |
1,878 | 67,578 | 131 | |||||||||||
Shareholder Administration fees Service Shares |
| 37,749 | | |||||||||||
Other |
13,494 | 33,216 | 11,644 | |||||||||||
Total expenses | 910,725 | 23,817,888 | 496,315 | |||||||||||
Less expense reductions |
(187,352 | ) | (2,510,069 | ) | (283,104 | ) | ||||||||
Net expenses | 723,373 | 21,307,819 | 213,211 | |||||||||||
NET INVESTMENT INCOME (LOSS) | (304,555 | ) | 14,238,034 | 63,268 | ||||||||||
Realized and unrealized gain (loss): |
| |||||||||||||
Net realized gain (loss) from: |
||||||||||||||
Investments unaffiliated issuers |
(9,996,405 | ) | (340,664,119 | ) | (3,161,089 | ) | ||||||||
Foreign currency transactions |
(4,868 | ) | 4,615,949 | (40,362 | ) | |||||||||
Net change in unrealized gain (loss) on: |
||||||||||||||
Investments unaffiliated issuers (including the effects of the foreign capital gains tax liability of $17,294, $(14,797,576) and $(18,810), respectively) |
(30,056,793 | ) | (811,185,202 | ) | (7,144,679 | ) | ||||||||
Foreign currency translations |
(18,873 | ) | 4,064,290 | (6,092 | ) | |||||||||
Net realized and unrealized loss | (40,076,939 | ) | (1,143,169,082 | ) | (10,352,222 | ) | ||||||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (40,381,494 | ) | $ | (1,128,931,048 | ) | $ | (10,288,954 | ) |
(a) | Class specific Distribution and/or Service and Transfer Agency fees were as follows: |
Distribution and/or Service (12b-1) Fees | Transfer Agency Fees | |||||||||||||||||||||||||||||||||||||||||||||||
Fund |
Service |
Class A |
Class C |
Class R |
Class A |
Class C |
Institutional |
Service |
Investor |
Class R6 |
Class R |
Class P |
||||||||||||||||||||||||||||||||||||
China Equity Fund |
$ | | $ | 23,766 | $ | 5,633 | $ | | $ | 15,210 | $ | 1,202 | $ | 3,985 | $ | | $ | 414 | $ | 183 | $ | | $ | 11,628 | ||||||||||||||||||||||||
Emerging Markets Equity Fund |
7,845 | 310,133 | 118,344 | | 198,485 | 25,247 | 528,800 | 5,898 | 217,612 | 18,775 | | 131,269 | ||||||||||||||||||||||||||||||||||||
ESG Emerging Markets Equity Fund |
| 4,210 | 393 | 669 | 2,694 | 84 | 2,320 | | 792 | 29 | 214 | 3,041 |
The accompanying notes are an integral part of these financial statements. | 29 |
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
Statements of Operations (continued)
For the Six Months Ended April 30, 2022 (Unaudited)
International Equity ESG Fund |
International Equity Income Fund |
|||||||||
Investment income: |
| |||||||||
Dividends unaffiliated issuers (net of foreign withholding taxes of $820,627 and $701,264, respectively) |
$ | 4,827,409 | $ | 3,497,131 | ||||||
Securities lending income affiliated issuer |
10,727 | | ||||||||
Dividends affiliated issuers |
4,778 | 2,514 | ||||||||
Total investment income | 4,842,914 | 3,499,645 | ||||||||
Expenses: |
| |||||||||
Management fees |
1,952,591 | 602,279 | ||||||||
Transfer Agency fees(a) |
163,351 | 61,510 | ||||||||
Distribution and/or Service (12b-1) fees(a) |
114,516 | 41,238 | ||||||||
Professional fees |
93,309 | 47,697 | ||||||||
Custody, accounting and administrative services |
71,398 | 60,691 | ||||||||
Registration fees |
59,190 | 49,849 | ||||||||
Printing and mailing costs |
25,743 | 19,690 | ||||||||
Service fees Class C |
12,170 | 2,743 | ||||||||
Trustee fees |
11,347 | 11,179 | ||||||||
Shareholder Administration fees Service Shares |
420 | | ||||||||
Other |
12,772 | 7,318 | ||||||||
Total expenses | 2,516,807 | 904,194 | ||||||||
Less expense reductions |
(375,190 | ) | (196,894 | ) | ||||||
Net expenses | 2,141,617 | 707,300 | ||||||||
NET INVESTMENT INCOME | 2,701,297 | 2,792,345 | ||||||||
Realized and unrealized gain (loss): |
| |||||||||
Net realized gain (loss) from: |
||||||||||
Investments unaffiliated issuers |
(6,576,298 | ) | 1,054,977 | |||||||
Foreign currency transactions |
51,829 | (18,745 | ) | |||||||
Net change in unrealized gain (loss) on: |
||||||||||
Investments unaffiliated issuers |
(74,351,903 | ) | (15,079,141 | ) | ||||||
Foreign currency translations |
(125,699 | ) | (51,496 | ) | ||||||
Net realized and unrealized loss | (81,002,071 | ) | (14,094,405 | ) | ||||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (78,300,774 | ) | $ | (11,302,060 | ) |
(a) | Class specific Distribution and/or Service and Transfer Agency fees were as follows: |
Distribution and/or Service (12b-1) Fees |
Transfer Agency Fees | |||||||||||||||||||||||||||||||||||||||||||
Fund |
Class A |
Class C |
Class R |
Class A |
Class C |
Institutional |
Service |
Investor |
Class R6 |
Class R |
Class P |
|||||||||||||||||||||||||||||||||
International Equity ESG Fund |
$ | 79,264 | $ | 35,252 | $ | | $ | 50,729 | $ | 7,520 | $ | 36,055 | $ | 67 | $ | 47,366 | $ | 3,200 | $ | | $ | 18,414 | ||||||||||||||||||||||
International Equity Income Fund |
31,391 | 8,230 | 1,617 | 20,090 | 1,756 | 11,646 | | 22,135 | 1,043 | 518 | 4,322 |
30 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
Statements of Changes in Net Assets
China Equity Fund | Emerging Markets Equity Fund | |||||||||||||||||||||
For the Six Months Ended April 30, 2022 (Unaudited) |
For the Fiscal Year Ended October 31, 2021 |
For the Six Months Ended April 30, 2022 (Unaudited) |
For the Fiscal Year Ended October 31, 2021 |
|||||||||||||||||||
From operations: |
|
|||||||||||||||||||||
Net investment income (loss) |
$ | (304,555 | ) | $ | (77,561 | ) | $ | 14,238,034 | $ | 7,272,920 | ||||||||||||
Net realized gain (loss) |
(10,001,273 | ) | 6,588,397 | (336,048,170 | ) | 180,856,993 | ||||||||||||||||
Net change in unrealized gain (loss) |
(30,075,666 | ) | (14,596,604 | ) | (807,120,912 | ) | 294,374,618 | |||||||||||||||
Net increase (decrease) in net assets resulting from operations | (40,381,494 | ) | (8,085,768 | ) | (1,128,931,048 | ) | 482,504,531 | |||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||||
From distributable earnings: |
||||||||||||||||||||||
Class A Shares |
(1,284,176 | ) | (1,032,658 | ) | (1,742,196 | ) | (195,130 | ) | ||||||||||||||
Class C Shares |
(117,728 | ) | (58,412 | ) | (113,290 | ) | | |||||||||||||||
Institutional Shares |
(1,257,226 | ) | (579,417 | ) | (26,320,435 | ) | (5,534,105 | ) | ||||||||||||||
Service Shares |
| | (248,453 | ) | | |||||||||||||||||
Investor Shares |
(33,071 | ) | (88,975 | ) | (2,572,982 | ) | (461,894 | ) | ||||||||||||||
Class R6 Shares |
(75,181 | ) | (38,386 | ) | (1,248,690 | ) | (207,233 | ) | ||||||||||||||
Class P Shares |
(4,901,721 | ) | (3,246,437 | ) | (8,752,840 | ) | (1,905,777 | ) | ||||||||||||||
Total distributions to shareholders | (7,669,103 | ) | (5,044,285 | ) | (40,998,886 | ) | (8,304,139 | ) | ||||||||||||||
From share transactions: | ||||||||||||||||||||||
Proceeds from sales of shares |
23,507,525 | 106,114,403 | 1,523,361,202 | 2,204,016,948 | ||||||||||||||||||
Reinvestment of distributions |
7,587,962 | 4,973,744 | 38,197,200 | 7,511,354 | ||||||||||||||||||
Cost of shares redeemed |
(25,865,943 | ) | (46,334,845 | ) | (1,032,193,565 | ) | (700,870,868 | ) | ||||||||||||||
Net increase in net assets resulting from share transactions | 5,229,544 | 64,753,302 | 529,364,837 | 1,510,657,434 | ||||||||||||||||||
TOTAL INCREASE (DECREASE) | (42,821,053 | ) | 51,623,249 | (640,565,097 | ) | 1,984,857,826 | ||||||||||||||||
Net Assets: | ||||||||||||||||||||||
Beginning of period |
139,775,512 | 88,152,263 | 4,434,735,644 | 2,449,877,818 | ||||||||||||||||||
End of period |
$ | 96,954,459 | $ | 139,775,512 | $ | 3,794,170,547 | $ | 4,434,735,644 |
The accompanying notes are an integral part of these financial statements. | 31 |
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
Statements of Changes in Net Assets (continued)
ESG Emerging Markets Equity Fund | International Equity ESG Fund | |||||||||||||||||||||
For the Six Months Ended April 30, 2022 (Unaudited) |
For the Fiscal Year Ended October 31, 2021 |
For the Six Months Ended April 30, 2022 (Unaudited) |
For the Fiscal Year Ended October 31, 2021 |
|||||||||||||||||||
From operations: |
|
|||||||||||||||||||||
Net investment income |
$ | 63,268 | $ | 18,695 | $ | 2,701,297 | $ | 2,523,575 | ||||||||||||||
Net realized gain (loss) |
(3,201,451 | ) | 4,793,527 | (6,524,469 | ) | 24,378,654 | ||||||||||||||||
Net change in unrealized gain (loss) |
(7,150,771 | ) | (5,226,807 | ) | (74,477,602 | ) | 43,827,449 | |||||||||||||||
Net increase (decrease) in net assets resulting from operations | (10,288,954 | ) | (414,585 | ) | (78,300,774 | ) | 70,729,678 | |||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||||
From distributable earnings: |
||||||||||||||||||||||
Class A Shares |
(261,225 | ) | | (3,927,097 | ) | (1,466 | ) | |||||||||||||||
Class C Shares |
(9,013 | ) | | (555,440 | ) | | ||||||||||||||||
Institutional Shares |
(400,976 | ) | (30,382 | ) | (7,449,330 | ) | (91,491 | ) | ||||||||||||||
Service Shares |
| | (20,704 | ) | | |||||||||||||||||
Investor Shares |
(77,847 | ) | (158 | ) | (2,279,918 | ) | (5,951 | ) | ||||||||||||||
Class R6 Shares |
(4,683 | ) | (237 | ) | (1,253,796 | ) | (7,595 | ) | ||||||||||||||
Class R Shares |
(17,502 | ) | | | | |||||||||||||||||
Class P Shares |
(1,441,940 | ) | (586 | ) | (7,925,666 | ) | (223,814 | ) | ||||||||||||||
Total distributions to shareholders | (2,213,186 | ) | (31,363 | ) | (23,411,951 | ) | (330,317 | ) | ||||||||||||||
From share transactions: | ||||||||||||||||||||||
Proceeds from sales of shares |
31,780,179 | 9,402,122 | 336,831,584 | 199,535,178 | ||||||||||||||||||
Proceeds received in connection with merger |
| 26,514,969 | | | ||||||||||||||||||
Reinvestment of distributions |
2,210,726 | 31,363 | 22,947,346 | 327,945 | ||||||||||||||||||
Cost of shares redeemed |
(6,123,425 | ) | (14,006,154 | ) | (105,660,556 | ) | (42,252,620 | ) | ||||||||||||||
Net increase in net assets resulting from share transactions | 27,867,480 | 21,942,300 | 254,118,374 | 157,610,503 | ||||||||||||||||||
TOTAL INCREASE | 15,365,340 | 21,496,352 | 152,405,649 | 228,009,864 | ||||||||||||||||||
Net Assets: | ||||||||||||||||||||||
Beginning of period |
30,743,803 | 9,247,451 | 362,564,210 | 134,554,346 | ||||||||||||||||||
End of period |
$ | 46,109,143 | $ | 30,743,803 | $ | 514,969,859 | $ | 362,564,210 |
32 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
Statements of Changes in Net Assets (continued)
International Equity Income Fund | ||||||||||
For the Six Months Ended April 30, 2022 (Unaudited) |
For the Fiscal Year Ended October 31, 2021 |
|||||||||
From operations: |
| |||||||||
Net investment income |
$ | 2,792,345 | $ | 2,392,132 | ||||||
Net realized gain |
1,036,232 | 3,170,433 | ||||||||
Net change in unrealized gain (loss) |
(15,130,637 | ) | 14,849,663 | |||||||
Net increase (decrease) in net assets resulting from operations | (11,302,060 | ) | 20,412,228 | |||||||
Distributions to shareholders: | ||||||||||
From distributable earnings: |
||||||||||
Class A Shares |
(259,728 | ) | (409,392 | ) | ||||||
Class C Shares |
(24,914 | ) | (36,613 | ) | ||||||
Institutional Shares |
(496,363 | ) | (343,890 | ) | ||||||
Investor Shares |
(318,940 | ) | (358,627 | ) | ||||||
Class R6 Shares |
(87,992 | ) | (95,219 | ) | ||||||
Class R Shares |
(7,665 | ) | (9,504 | ) | ||||||
Class P Shares |
(402,984 | ) | (652,395 | ) | ||||||
Total distributions to shareholders | (1,598,586 | ) | (1,905,640 | ) | ||||||
From share transactions: | ||||||||||
Proceeds from sales of shares |
144,543,711 | 42,199,176 | ||||||||
Reinvestment of distributions |
1,588,532 | 1,892,437 | ||||||||
Cost of shares redeemed |
(23,377,570 | ) | (17,978,889 | ) | ||||||
Net increase in net assets resulting from share transactions | 122,754,673 | 26,112,724 | ||||||||
TOTAL INCREASE | 109,854,027 | 44,619,312 | ||||||||
Net Assets: | ||||||||||
Beginning of period |
102,088,663 | 57,469,351 | ||||||||
End of period |
$ | 211,942,690 | $ | 102,088,663 |
The accompanying notes are an integral part of these financial statements. | 33 |
GOLDMAN SACHS CHINA EQUITY FUND
Selected Share Data for a Share Outstanding Throughout Each Period
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounted to $0.04 per share and 0.17% of average net assets. |
(c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Funds portfolio turnover rate may be higher. |
34 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS CHINA EQUITY FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs China Equity Fund | ||||||||||||||||||||||||||
Class C Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 31.53 | $ | 33.03 | $ | 23.14 | $ | 20.95 | $ | 25.31 | $ | 19.41 | ||||||||||||||
Net investment loss(a) |
(0.19 | ) | (0.40 | ) | (0.26 | ) | (0.14 | ) | (0.13 | ) | (0.17 | )(b) | ||||||||||||||
Net realized and unrealized gain (loss) |
(8.64 | ) | 0.87 | 10.15 | 3.82 | (3.84 | ) | 6.07 | ||||||||||||||||||
Total from investment operations |
(8.83 | ) | 0.47 | 9.89 | 3.68 | (3.97 | ) | 5.90 | ||||||||||||||||||
Distributions to shareholders from net realized gains |
(2.14 | ) | (1.97 | ) | | (1.49 | ) | (0.39 | ) | | ||||||||||||||||
Net asset value, end of period |
$ | 20.56 | $ | 31.53 | $ | 33.03 | $ | 23.14 | $ | 20.95 | $ | 25.31 | ||||||||||||||
Total Return(c) | (29.84 | )% | 1.22 | % | 42.60 | % | 18.66 | % | (15.94 | )% | 30.35 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 1,271 | $ | 1,737 | $ | 973 | $ | 896 | $ | 1,318 | $ | 1,732 | ||||||||||||||
Ratio of net expenses to average net assets |
2.21 | %(d) | 2.20 | % | 2.21 | % | 2.27 | % | 2.29 | % | 2.30 | % | ||||||||||||||
Ratio of total expenses to average net assets |
2.58 | %(d) | 2.54 | % | 2.85 | % | 2.85 | % | 2.66 | % | 2.78 | % | ||||||||||||||
Ratio of net investment loss to average net assets |
(1.51 | )%(d) | (1.17 | )% | (0.98 | )% | (0.63 | )% | (0.52 | )% | (0.79 | )%(b) | ||||||||||||||
Portfolio turnover rate(e) |
18 | % | 46 | % | 106 | % | 20 | % | 39 | % | 89 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounted to $0.04 per share and 0.17% of average net assets. |
(c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Funds portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 35 |
GOLDMAN SACHS CHINA EQUITY FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs China Equity Fund | ||||||||||||||||||||||||||
Institutional Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 38.50 | $ | 39.52 | $ | 27.63 | $ | 24.56 | $ | 29.28 | $ | 22.20 | ||||||||||||||
Net investment income (loss)(a) |
(0.07 | ) | 0.03 | 0.05 | 0.14 | 0.19 | 0.09 | (b) | ||||||||||||||||||
Net realized and unrealized gain (loss) |
(10.70 | ) | 0.92 | 12.09 | 4.50 | (4.51 | ) | 6.99 | ||||||||||||||||||
Total from investment operations |
(10.77 | ) | 0.95 | 12.14 | 4.64 | (4.32 | ) | 7.08 | ||||||||||||||||||
Distributions to shareholders from net investment income |
| | (0.25 | ) | (0.08 | ) | (0.01 | ) | | |||||||||||||||||
Distributions to shareholders from net realized gains |
(2.14 | ) | (1.97 | ) | | (1.49 | ) | (0.39 | ) | | ||||||||||||||||
Total distributions |
(2.14 | ) | (1.97 | ) | (0.25 | ) | (1.57 | ) | (0.40 | ) | | |||||||||||||||
Net asset value, end of period |
$ | 25.59 | $ | 38.50 | $ | 39.52 | $ | 27.63 | $ | 24.56 | $ | 29.28 | ||||||||||||||
Total Return(c) | (29.46 | )% | 2.28 | % | 44.13 | % | 19.98 | % | (14.98 | )% | 31.91 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 16,574 | $ | 23,762 | $ | 10,824 | $ | 6,327 | $ | 6,997 | $ | 62,843 | ||||||||||||||
Ratio of net expenses to average net assets |
1.15 | %(d) | 1.15 | % | 1.15 | % | 1.15 | % | 1.15 | % | 1.15 | % | ||||||||||||||
Ratio of total expenses to average net assets |
1.46 | %(d) | 1.40 | % | 1.74 | % | 1.71 | % | 1.47 | % | 1.63 | % | ||||||||||||||
Ratio of net investment income (loss) to average net assets |
(0.45 | )%(d) | 0.07 | % | 0.17 | % | 0.54 | % | 0.63 | % | 0.36 | %(b) | ||||||||||||||
Portfolio turnover rate(e) |
18 | % | 46 | % | 106 | % | 20 | % | 39 | % | 89 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounted to $0.04 per share and 0.17% of average net assets. |
(c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Funds portfolio turnover rate may be higher. |
36 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS CHINA EQUITY FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs China Equity Fund | ||||||||||||||||||||||||||
Investor Shares(a) | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 38.24 | $ | 39.28 | $ | 27.46 | $ | 24.41 | $ | 29.14 | $ | 22.12 | ||||||||||||||
Net investment income (loss)(b) |
(0.08 | ) | (0.01 | ) | 0.01 | 0.09 | 0.15 | 0.06 | (c) | |||||||||||||||||
Net realized and unrealized gain (loss) |
(10.62 | ) | 0.94 | 12.03 | 4.50 | (4.48 | ) | 6.96 | ||||||||||||||||||
Total from investment operations |
(10.70 | ) | 0.93 | 12.04 | 4.59 | (4.33 | ) | 7.02 | ||||||||||||||||||
Distributions to shareholders from net investment income |
| | (0.22 | ) | (0.05 | ) | (0.01 | ) | | |||||||||||||||||
Distributions to shareholders from net realized gains |
(2.14 | ) | (1.97 | ) | | (1.49 | ) | (0.39 | ) | | ||||||||||||||||
Total distributions |
(2.14 | ) | (1.97 | ) | (0.22 | ) | (1.54 | ) | (0.40 | ) | | |||||||||||||||
Net asset value, end of period |
$ | 25.40 | $ | 38.24 | $ | 39.28 | $ | 27.46 | $ | 24.41 | $ | 29.14 | ||||||||||||||
Total Return(d) | (29.46 | )% | 2.22 | % | 44.01 | % | 19.86 | % | (15.11 | )% | 31.74 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 441 | $ | 636 | $ | 762 | $ | 226 | $ | 392 | $ | 136 | ||||||||||||||
Ratio of net expenses to average net assets |
1.21 | %(e) | 1.20 | % | 1.22 | % | 1.27 | % | 1.29 | % | 1.30 | % | ||||||||||||||
Ratio of total expenses to average net assets |
1.58 | %(e) | 1.49 | % | 1.86 | % | 1.85 | % | 1.63 | % | 1.78 | % | ||||||||||||||
Ratio of net investment income (loss) to average net assets |
(0.51 | )%(e) | (0.02 | )% | 0.04 | % | 0.35 | % | 0.52 | % | 0.24 | %(c) | ||||||||||||||
Portfolio turnover rate(f) |
18 | % | 46 | % | 106 | % | 20 | % | 39 | % | 89 | % |
(a) | Effective August 15, 2017, Class IR changed its name to Investor Shares. |
(b) | Calculated based on the average shares outstanding methodology. |
(c) | Reflects income recognized from special dividends which amounted to $0.04 per share and 0.17% of average net assets. |
(d) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(e) | Annualized. |
(f) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Funds portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 37 |
GOLDMAN SACHS CHINA EQUITY FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs China Equity Fund | ||||||||||||||||||||||
Class R6 Shares | ||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | Period Ended October 31, 2018(a) |
||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||
Net asset value, beginning of period |
$ | 38.37 | $ | 39.39 | $ | 27.54 | $ | 24.56 | $ | 30.83 | ||||||||||||
Net investment income (loss)(b) |
(0.07 | ) | 0.03 | (0.02 | ) | 0.15 | 0.19 | |||||||||||||||
Net realized and unrealized gain (loss) |
(10.66 | ) | 0.92 | 12.13 | 4.48 | (6.46 | ) | |||||||||||||||
Total from investment operations |
(10.73 | ) | 0.95 | 12.11 | 4.63 | (6.27 | ) | |||||||||||||||
Distributions to shareholders from net investment income |
| | (0.26 | ) | (0.16 | ) | | |||||||||||||||
Distributions to shareholders from net realized gains |
(2.14 | ) | (1.97 | ) | | (1.49 | ) | | ||||||||||||||
Total distributions |
(2.14 | ) | (1.97 | ) | (0.26 | ) | (1.65 | ) | | |||||||||||||
Net asset value, end of period |
$ | 25.50 | $ | 38.37 | $ | 39.39 | $ | 27.54 | $ | 24.56 | ||||||||||||
Total Return(c) | (29.45 | )% | 2.29 | % | 44.15 | % | 19.96 | % | (20.34 | )% | ||||||||||||
Net assets, end of period (in 000s) |
$ | 1,092 | $ | 1,389 | $ | 631 | $ | 432 | $ | 8 | ||||||||||||
Ratio of net expenses to average net assets |
1.14 | %(d) | 1.14 | % | 1.14 | % | 1.15 | % | 1.15 | %(d) | ||||||||||||
Ratio of total expenses to average net assets |
1.45 | %(d) | 1.38 | % | 1.71 | % | 1.70 | % | 1.55 | %(d) | ||||||||||||
Ratio of net investment income (loss) to average net assets |
(0.44 | )%(d) | 0.08 | % | (0.07 | )% | 0.57 | % | 1.00 | %(d) | ||||||||||||
Portfolio turnover rate(e) |
18 | % | 46 | % | 106 | % | 20 | % | 39 | % |
(a) | Commenced operations on February 28, 2018. |
(b) | Calculated based on the average shares outstanding methodology. |
(c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Funds portfolio turnover rate may be higher. |
38 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS CHINA EQUITY FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs China Equity Fund | ||||||||||||||||||||||
Class P Shares | ||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | Period Ended October 31, 2018(a) |
||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||
Net asset value, beginning of period |
$ | 38.39 | $ | 39.40 | $ | 27.55 | $ | 24.57 | $ | 30.61 | ||||||||||||
Net investment income (loss)(b) |
(0.07 | ) | | (c) | 0.01 | 0.14 | 0.09 | |||||||||||||||
Net realized and unrealized gain (loss) |
(10.67 | ) | 0.96 | 12.10 | 4.49 | (6.13 | ) | |||||||||||||||
Total from investment operations |
(10.74 | ) | 0.96 | 12.11 | 4.63 | (6.04 | ) | |||||||||||||||
Distributions to shareholders from net investment income |
| | (0.26 | ) | (0.16 | ) | | |||||||||||||||
Distributions to shareholders from net realized gains |
(2.14 | ) | (1.97 | ) | | (1.49 | ) | | ||||||||||||||
Total distributions |
(2.14 | ) | (1.97 | ) | (0.26 | ) | (1.65 | ) | | |||||||||||||
Net asset value, end of period |
$ | 25.51 | $ | 38.39 | $ | 39.40 | $ | 27.55 | $ | 24.57 | ||||||||||||
Total Return(d) | (29.44 | )% | 2.26 | % | 44.17 | % | 19.98 | % | (19.73 | )% | ||||||||||||
Net assets, end of period (in 000s) |
$ | 61,199 | $ | 90,250 | $ | 56,345 | $ | 52,673 | $ | 47,901 | ||||||||||||
Ratio of net expenses to average net assets |
1.14 | %(e) | 1.14 | % | 1.14 | % | 1.15 | % | 1.14 | %(e) | ||||||||||||
Ratio of total expenses to average net assets |
1.45 | %(e) | 1.39 | % | 1.71 | % | 1.70 | % | 1.77 | %(e) | ||||||||||||
Ratio of net investment income (loss) to average net assets |
(0.44 | )%(e) | 0.01 | % | 0.04 | % | 0.55 | % | 0.59 | %(e) | ||||||||||||
Portfolio turnover rate(f) |
18 | % | 46 | % | 106 | % | 20 | % | 39 | % |
(a) | Commenced operations on April 16, 2018. |
(b) | Calculated based on the average shares outstanding methodology. |
(c) | Amount is less than $0.005 per share. |
(d) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(e) | Annualized. |
(f) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Funds portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 39 |
GOLDMAN SACHS EMERGING MARKETS EQUITY FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounted to $0.04 per share and 0.19% of average net assets. |
(c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Funds portfolio turnover rate may be higher. |
40 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EMERGING MARKETS EQUITY FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs Emerging Markets Equity Fund | ||||||||||||||||||||||||||
Class C Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 25.23 | $ | 21.16 | $ | 18.12 | $ | 15.34 | $ | 18.72 | $ | 14.53 | ||||||||||||||
Net investment loss(a) |
(0.04 | ) | (0.21 | ) | (0.06 | ) | (0.06 | ) | (0.05 | ) | (0.09 | )(b) | ||||||||||||||
Net realized and unrealized gain (loss) |
(6.00 | ) | 4.28 | 3.12 | 2.84 | (3.30 | ) | 4.28 | ||||||||||||||||||
Total from investment operations |
(6.04 | ) | 4.07 | 3.06 | 2.78 | (3.35 | ) | 4.19 | ||||||||||||||||||
Distributions to shareholders from net investment income |
(0.08 | ) | | (0.02 | ) | | (0.03 | ) | | |||||||||||||||||
Net asset value, end of period |
$ | 19.11 | $ | 25.23 | $ | 21.16 | $ | 18.12 | $ | 15.34 | $ | 18.72 | ||||||||||||||
Total Return(c) | (24.00 | )% | 19.23 | % | 16.85 | % | 18.12 | % | (17.91 | )% | 28.84 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 25,682 | $ | 36,367 | $ | 23,425 | $ | 30,115 | $ | 33,252 | $ | 36,286 | ||||||||||||||
Ratio of net expenses to average net assets |
2.04 | %(d) | 2.09 | % | 2.24 | % | 2.30 | % | 2.31 | % | 2.32 | % | ||||||||||||||
Ratio of total expenses to average net assets |
2.21 | %(d) | 2.23 | % | 2.29 | % | 2.33 | % | 2.39 | % | 2.50 | % | ||||||||||||||
Ratio of net investment loss to average net assets |
(0.35 | )%(d) | (0.81 | )% | (0.34 | )% | (0.33 | )% | (0.25 | )% | (0.55 | )%(b) | ||||||||||||||
Portfolio turnover rate(e) |
26 | % | 52 | % | 31 | % | 33 | % | 52 | % | 113 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounted to $0.04 per share and 0.19% of average net assets. |
(c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Funds portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 41 |
GOLDMAN SACHS EMERGING MARKETS EQUITY FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs Emerging Markets Equity Fund | ||||||||||||||||||||||||||
Institutional Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 30.67 | $ | 25.54 | $ | 21.85 | $ | 18.43 | $ | 22.40 | $ | 17.38 | ||||||||||||||
Net investment income(a) |
0.10 | 0.07 | 0.21 | 0.17 | 0.20 | 0.12 | (b) | |||||||||||||||||||
Net realized and unrealized gain (loss) |
(7.28 | ) | 5.15 | 3.73 | 3.40 | (3.96 | ) | 5.07 | ||||||||||||||||||
Total from investment operations |
(7.18 | ) | 5.22 | 3.94 | 3.57 | (3.76 | ) | 5.19 | ||||||||||||||||||
Distributions to shareholders from net investment income |
(0.28 | ) | (0.09 | ) | (0.25 | ) | (0.15 | ) | (0.21 | ) | (0.17 | ) | ||||||||||||||
Net asset value, end of period |
$ | 23.21 | $ | 30.67 | $ | 25.54 | $ | 21.85 | $ | 18.43 | $ | 22.40 | ||||||||||||||
Total Return(c) | (23.60 | )% | 20.51 | % | 18.11 | % | 19.51 | % | (16.99 | )% | 30.31 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 2,450,509 | $ | 2,699,332 | $ | 1,479,859 | $ | 940,632 | $ | 678,197 | $ | 664,085 | ||||||||||||||
Ratio of net expenses to average net assets |
0.98 | %(d) | 1.03 | % | 1.16 | % | 1.17 | % | 1.17 | % | 1.18 | % | ||||||||||||||
Ratio of total expenses to average net assets |
1.09 | %(d) | 1.11 | % | 1.17 | % | 1.19 | % | 1.24 | % | 1.36 | % | ||||||||||||||
Ratio of net investment income to average net assets |
0.70 | %(d) | 0.24 | % | 0.93 | % | 0.84 | % | 0.91 | % | 0.63 | %(b) | ||||||||||||||
Portfolio turnover rate(e) |
26 | % | 52 | % | 31 | % | 33 | % | 52 | % | 113 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounted to $0.04 per share and 0.19% of average net assets. |
(c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Funds portfolio turnover rate may be higher. |
42 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EMERGING MARKETS EQUITY FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs Emerging Markets Equity Fund | ||||||||||||||||||||||||||
Service Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 27.54 | $ | 22.97 | $ | 19.68 | $ | 16.60 | $ | 20.21 | $ | 15.71 | ||||||||||||||
Net investment income (loss)(a) |
0.03 | (0.07 | ) | 0.07 | 0.06 | 0.07 | 0.02 | (b) | ||||||||||||||||||
Net realized and unrealized gain (loss) |
(6.54 | ) | 4.64 | 3.38 | 3.06 | (3.56 | ) | 4.59 | ||||||||||||||||||
Total from investment operations |
(6.51 | ) | 4.57 | 3.45 | 3.12 | (3.49 | ) | 4.61 | ||||||||||||||||||
Distributions to shareholders from net investment income |
(0.21 | ) | | (0.16 | ) | (0.04 | ) | (0.12 | ) | (0.11 | ) | |||||||||||||||
Net asset value, end of period |
$ | 20.82 | $ | 27.54 | $ | 22.97 | $ | 19.68 | $ | 16.60 | $ | 20.21 | ||||||||||||||
Total Return(c) | (23.78 | )% | 19.90 | % | 17.55 | % | 18.85 | % | (17.38 | )% | 29.65 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 25,233 | $ | 32,940 | $ | 26,329 | $ | 24,183 | $ | 19,922 | $ | 26,049 | ||||||||||||||
Ratio of net expenses to average net assets |
1.48 | %(d) | 1.53 | % | 1.65 | % | 1.67 | % | 1.67 | % | 1.68 | % | ||||||||||||||
Ratio of total expenses to average net assets |
1.59 | %(d) | 1.61 | % | 1.67 | % | 1.69 | % | 1.75 | % | 1.86 | % | ||||||||||||||
Ratio of net investment income (loss) to average net assets |
0.21 | %(d) | (0.26 | )% | 0.35 | % | 0.32 | % | 0.36 | % | 0.11 | %(b) | ||||||||||||||
Portfolio turnover rate(e) |
26 | % | 52 | % | 31 | % | 33 | % | 52 | % | 113 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounted to $0.04 per share and 0.19% of average net assets. |
(c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Funds portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 43 |
GOLDMAN SACHS EMERGING MARKETS EQUITY FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs Emerging Markets Equity Fund | ||||||||||||||||||||||||||
Investor Shares(a) | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 30.43 | $ | 25.33 | $ | 21.66 | $ | 18.28 | $ | 22.24 | $ | 17.27 | ||||||||||||||
Net investment income(b) |
0.09 | 0.06 | 0.16 | 0.12 | 0.17 | 0.13 | (c) | |||||||||||||||||||
Net realized and unrealized gain (loss) |
(7.23 | ) | 5.11 | 3.73 | 3.38 | (3.94 | ) | 5.01 | ||||||||||||||||||
Total from investment operations |
(7.14 | ) | 5.17 | 3.89 | 3.50 | (3.77 | ) | 5.14 | ||||||||||||||||||
Distributions to shareholders from net investment income |
(0.26 | ) | (0.07 | ) | (0.22 | ) | (0.12 | ) | (0.19 | ) | (0.17 | ) | ||||||||||||||
Net asset value, end of period |
$ | 23.03 | $ | 30.43 | $ | 25.33 | $ | 21.66 | $ | 18.28 | $ | 22.24 | ||||||||||||||
Total Return(d) | (23.61 | )% | 20.43 | % | 18.02 | % | 19.31 | % | 17.07 | % | 30.11 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 243,195 | $ | 295,910 | $ | 147,386 | $ | 135,484 | $ | 139,726 | $ | 62,974 | ||||||||||||||
Ratio of net expenses to average net assets |
1.04 | %(e) | 1.08 | % | 1.24 | % | 1.30 | % | 1.31 | % | 1.31 | % | ||||||||||||||
Ratio of total expenses to average net assets |
1.21 | %(e) | 1.23 | % | 1.29 | % | 1.33 | % | 1.38 | % | 1.49 | % | ||||||||||||||
Ratio of net investment income to average net assets |
0.65 | %(e) | 0.20 | % | 0.70 | % | 0.58 | % | 0.79 | % | 0.67 | %(c) | ||||||||||||||
Portfolio turnover rate(f) |
26 | % | 52 | % | 31 | % | 33 | % | 52 | % | 113 | % |
(a) | Effective August 15, 2017, Class IR changed its name to Investor Shares. |
(b) | Calculated based on the average shares outstanding methodology. |
(c) | Reflects income recognized from special dividends which amounted to $0.04 per share and 0.19% of average net assets. |
(d) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(e) | Annualized. |
(f) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Funds portfolio turnover rate may be higher. |
44 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EMERGING MARKETS EQUITY FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs Emerging Markets Equity Fund | ||||||||||||||||||||||||||
Class R6 Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 30.81 | $ | 25.65 | $ | 21.94 | $ | 18.51 | $ | 22.41 | $ | 17.38 | ||||||||||||||
Net investment income(a) |
0.10 | 0.07 | 0.16 | 0.17 | 0.21 | 0.16 | (b) | |||||||||||||||||||
Net realized and unrealized gain (loss) |
(7.32 | ) | 5.19 | 3.80 | 3.41 | (4.00 | ) | 5.05 | ||||||||||||||||||
Total from investment operations |
(7.22 | ) | 5.26 | 3.96 | 3.58 | (3.79 | ) | 5.21 | ||||||||||||||||||
Distributions to shareholders from net investment income |
(0.28 | ) | (0.10 | ) | (0.25 | ) | (0.15 | ) | (0.11 | ) | (0.18 | ) | ||||||||||||||
Net asset value, end of period |
$ | 23.31 | $ | 30.81 | $ | 25.65 | $ | 21.94 | $ | 18.51 | $ | 22.41 | ||||||||||||||
Total Return(c) | (23.59 | )% | 20.51 | % | 18.13 | % | 19.52 | % | (16.96 | )% | 30.35 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 107,265 | $ | 141,786 | $ | 53,424 | $ | 25,387 | $ | 37,865 | $ | 245 | ||||||||||||||
Ratio of net expenses to average net assets |
0.97 | %(d) | 1.02 | % | 1.15 | % | 1.16 | % | 1.16 | % | 1.17 | % | ||||||||||||||
Ratio of total expenses to average net assets |
1.08 | %(d) | 1.10 | % | 1.16 | % | 1.18 | % | 1.21 | % | 1.35 | % | ||||||||||||||
Ratio of net investment income to average net assets |
0.72 | %(d) | 0.22 | % | 0.71 | % | 0.82 | % | 0.99 | % | 0.88 | %(b) | ||||||||||||||
Portfolio turnover rate(e) |
26 | % | 52 | % | 31 | % | 33 | % | 52 | % | 113 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounted to $0.04 per share and 0.19% of average net assets. |
(c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Funds portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 45 |
GOLDMAN SACHS EMERGING MARKETS EQUITY FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs Emerging Markets Equity Fund | ||||||||||||||||||||||
Class P Shares | ||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | Period Ended October 31, 2018(a) |
||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||
Net asset value, beginning of period |
$ | 30.81 | $ | 25.65 | $ | 21.94 | $ | 18.51 | $ | 23.46 | ||||||||||||
Net investment income(b) |
0.10 | 0.08 | 0.19 | 0.17 | 0.10 | |||||||||||||||||
Net realized and unrealized gain (loss) |
(7.31 | ) | 5.18 | 3.77 | 3.41 | (5.05 | ) | |||||||||||||||
Total from investment operations |
(7.21 | ) | 5.26 | 3.96 | 3.58 | (4.95 | ) | |||||||||||||||
Distributions to shareholders from net investment income |
(0.28 | ) | (0.10 | ) | (0.25 | ) | (0.15 | ) | | |||||||||||||
Net asset value, end of period |
$ | 23.32 | $ | 30.81 | $ | 25.65 | $ | 21.94 | $ | 18.51 | ||||||||||||
Total Return(c) | (23.57 | )% | 20.50 | % | 18.14 | % | 19.47 | % | (21.06 | )% | ||||||||||||
Net assets, end of period (in 000s) |
$ | 728,221 | $ | 963,360 | $ | 471,690 | $ | 389,019 | $ | 311,447 | ||||||||||||
Ratio of net expenses to average net assets |
0.97 | %(d) | 1.01 | % | 1.15 | % | 1.16 | % | 1.15 | %(d) | ||||||||||||
Ratio of total expenses to average net assets |
1.08 | %(d) | 1.10 | % | 1.15 | % | 1.18 | % | 1.24 | %(d) | ||||||||||||
Ratio of net investment income to average net assets |
0.72 | %(d) | 0.27 | % | 0.86 | % | 0.82 | % | 0.94 | %(d) | ||||||||||||
Portfolio turnover rate(e) |
26 | % | 52 | % | 31 | % | 33 | % | 52 | % |
(a) | Commenced operations on April 16, 2018. |
(b) | Calculated based on the average shares outstanding methodology. |
(c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Funds portfolio turnover rate may be higher. |
46 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
(a) | Commenced operations on May 31, 2018. |
(b) | Calculated based on the average shares outstanding methodology. |
(c) | Amount is less than $0.005 per share. |
(d) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(e) | Annualized. |
(f) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Funds portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 47 |
GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs ESG Emerging Markets Equity Fund | ||||||||||||||||||||||
Class C Shares | ||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | Period Ended October 31, 2018(a) |
||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||
Net asset value, beginning of period |
$ | 13.77 | $ | 11.61 | $ | 9.87 | $ | 8.37 | $ | 10.00 | ||||||||||||
Net investment loss(b) |
(0.04 | ) | (0.14 | ) | (0.09 | ) | (0.03 | ) | | (c) | ||||||||||||
Net realized and unrealized gain (loss) |
(2.92 | ) | 2.30 | 1.83 | 1.53 | (1.63 | ) | |||||||||||||||
Total from investment operations |
(2.96 | ) | 2.16 | 1.74 | 1.50 | (1.63 | ) | |||||||||||||||
Distributions to shareholders from net realized gains |
(0.90 | ) | | | | | ||||||||||||||||
Net asset value, end of period |
$ | 9.91 | $ | 13.77 | $ | 11.61 | $ | 9.87 | $ | 8.37 | ||||||||||||
Total Return(d) | (22.75 | )% | 18.60 | % | 17.58 | % | 17.92 | % | (16.30 | )% | ||||||||||||
Net assets, end of period (in 000s) |
$ | 80 | $ | 137 | $ | 58 | $ | 49 | $ | 42 | ||||||||||||
Ratio of net expenses to average net assets |
2.21 | %(e) | 2.20 | % | 2.24 | % | 2.35 | % | 2.28 | %(e) | ||||||||||||
Ratio of total expenses to average net assets |
3.90 | %(e) | 3.64 | % | 6.94 | % | 8.49 | % | 11.03 | %(e) | ||||||||||||
Ratio of net investment loss to average net assets |
(0.71 | )%(e) | (0.96 | )% | (0.84 | )% | (0.31 | )% | (0.11 | )%(e) | ||||||||||||
Portfolio turnover rate(f) |
26 | % | 116 | % | 28 | % | 57 | % | 23 | % |
(a) | Commenced operations on May 31, 2018. |
(b) | Calculated based on the average shares outstanding methodology. |
(c) | Amount is less than $0.005 per share. |
(d) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(e) | Annualized. |
(f) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Funds portfolio turnover rate may be higher. |
48 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs ESG Emerging Markets Equity Fund | ||||||||||||||||||||||
Institutional Shares | ||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | Period Ended October 31, 2018(a) |
||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||
Net asset value, beginning of period |
$ | 14.06 | $ | 11.77 | $ | 9.98 | $ | 8.41 | $ | 10.00 | ||||||||||||
Net investment income(b) |
0.02 | 0.01 | 0.03 | 0.08 | 0.04 | |||||||||||||||||
Net realized and unrealized gain (loss) |
(2.98 | ) | 2.32 | 1.85 | 1.53 | (1.63 | ) | |||||||||||||||
Total from investment operations |
(2.96 | ) | 2.33 | 1.88 | 1.61 | (1.59 | ) | |||||||||||||||
Distributions to shareholders from net investment income |
(0.07 | ) | (0.04 | ) | (0.09 | ) | (0.04 | ) | | |||||||||||||
Distributions to shareholders from net realized gains |
(0.90 | ) | | | | | ||||||||||||||||
Total distributions |
(0.97 | ) | (0.04 | ) | (0.09 | ) | (0.04 | ) | | |||||||||||||
Net asset value, end of period |
$ | 10.13 | $ | 14.06 | $ | 11.77 | $ | 9.98 | $ | 8.41 | ||||||||||||
Total Return(c) | (22.34 | )% | 19.81 | % | 18.91 | % | 19.26 | % | (15.90 | )% | ||||||||||||
Net assets, end of period (in 000s) |
$ | 22,193 | $ | 5,008 | $ | 8,631 | $ | 6,912 | $ | 5,679 | ||||||||||||
Ratio of net expenses to average net assets |
1.12 | %(d) | 1.14 | % | 1.14 | % | 1.21 | % | 1.14 | %(d) | ||||||||||||
Ratio of total expenses to average net assets |
2.54 | %(d) | 3.16 | % | 5.83 | % | 7.31 | % | 9.89 | %(d) | ||||||||||||
Ratio of net investment income to average net assets |
0.38 | %(d) | 0.06 | % | 0.26 | % | 0.85 | % | 1.03 | %(d) | ||||||||||||
Portfolio turnover rate(e) |
26 | % | 116 | % | 28 | % | 57 | % | 23 | % |
(a) | Commenced operations on May 31, 2018. |
(b) | Calculated based on the average shares outstanding methodology. |
(c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Funds portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 49 |
GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs ESG Emerging Markets Equity Fund | ||||||||||||||||||||||
Investor Shares(a) | ||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | Period Ended October 31, 2018(b) |
||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||
Net asset value, beginning of period |
$ | 14.06 | $ | 11.76 | $ | 9.97 | $ | 8.41 | $ | 10.00 | ||||||||||||
Net investment income(c) |
0.02 | 0.01 | 0.02 | 0.06 | 0.03 | |||||||||||||||||
Net realized and unrealized gain (loss) |
(2.98 | ) | 2.32 | 1.85 | 1.53 | (1.62 | ) | |||||||||||||||
Total from investment operations |
(2.96 | ) | 2.33 | 1.87 | 1.59 | (1.59 | ) | |||||||||||||||
Distributions to shareholders from net investment income |
(0.07 | ) | (0.03 | ) | (0.08 | ) | (0.03 | ) | | |||||||||||||
Distributions to shareholders from net realized gains |
(0.90 | ) | | | | | ||||||||||||||||
Total distributions |
(0.97 | ) | (0.03 | ) | (0.08 | ) | (0.03 | ) | | |||||||||||||
Net asset value, end of period |
$ | 10.13 | $ | 14.06 | $ | 11.76 | $ | 9.97 | $ | 8.41 | ||||||||||||
Total Return(d) | (22.38 | )% | 19.82 | % | 18.79 | % | 19.03 | % | (15.90 | )% | ||||||||||||
Net assets, end of period (in 000s) |
$ | 812 | $ | 1,088 | $ | 59 | $ | 50 | $ | 42 | ||||||||||||
Ratio of net expenses to average net assets |
1.21 | %(e) | 1.22 | % | 1.24 | % | 1.35 | % | 1.28 | %(e) | ||||||||||||
Ratio of total expenses to average net assets |
2.87 | %(e) | 3.33 | % | 5.94 | % | 7.49 | % | 10.03 | %(e) | ||||||||||||
Ratio of net investment income to average net assets |
0.29 | %(e) | 0.08 | % | 0.15 | % | 0.69 | % | 0.89 | %(e) | ||||||||||||
Portfolio turnover rate(f) |
26 | % | 116 | % | 28 | % | 57 | % | 23 | % |
(a) | Effective August 15, 2017, Class IR changed its name to Investor Shares. |
(b) | Commenced operations on May 31, 2018. |
(c) | Calculated based on the average shares outstanding methodology. |
(d) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(e) | Annualized. |
(f) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Funds portfolio turnover rate may be higher. |
50 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs ESG Emerging Markets Equity Fund | ||||||||||||||||||||||
Class R6 Shares | ||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | Period Ended October 31, 2018(a) |
||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||
Net asset value, beginning of period |
$ | 14.07 | $ | 11.77 | $ | 9.98 | $ | 8.41 | $ | 10.00 | ||||||||||||
Net investment income(b) |
0.02 | 0.02 | 0.03 | 0.08 | 0.04 | |||||||||||||||||
Net realized and unrealized gain (loss) |
(2.98 | ) | 2.32 | 1.85 | 1.53 | (1.63 | ) | |||||||||||||||
Total from investment operations |
(2.96 | ) | 2.34 | 1.88 | 1.61 | (1.59 | ) | |||||||||||||||
Distributions to shareholders from net investment income |
(0.08 | ) | (0.04 | ) | (0.09 | ) | (0.04 | ) | | |||||||||||||
Distributions to shareholders from net realized gains |
(0.90 | ) | | | | | ||||||||||||||||
Total distributions |
(0.98 | ) | (0.04 | ) | (0.09 | ) | (0.04 | ) | | |||||||||||||
Net asset value, end of period |
$ | 10.13 | $ | 14.07 | $ | 11.77 | $ | 9.98 | $ | 8.41 | ||||||||||||
Total Return(c) | (22.38 | )% | 19.90 | % | 18.92 | % | 19.26 | % | (15.90 | )% | ||||||||||||
Net assets, end of period (in 000s) |
$ | 683 | $ | 17 | $ | 65 | $ | 50 | $ | 42 | ||||||||||||
Ratio of net expenses to average net assets |
1.10 | %(d) | 1.13 | % | 1.13 | % | 1.20 | % | 1.13 | %(d) | ||||||||||||
Ratio of total expenses to average net assets |
2.35 | %(d) | 3.00 | % | 5.84 | % | 7.34 | % | 9.88 | %(d) | ||||||||||||
Ratio of net investment income to average net assets |
0.41 | %(d) | 0.13 | % | 0.26 | % | 0.84 | % | 1.04 | %(d) | ||||||||||||
Portfolio turnover rate(e) |
26 | % | 116 | % | 28 | % | 57 | % | 23 | % |
(a) | Commenced operations on May 31, 2018. |
(b) | Calculated based on the average shares outstanding methodology. |
(c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Funds portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 51 |
GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs ESG Emerging Markets Equity Fund | ||||||||||||||||||||||
Class R Shares | ||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | Period Ended October 31, 2018(a) |
||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||
Net asset value, beginning of period |
$ | 13.92 | $ | 11.68 | $ | 9.94 | $ | 8.39 | $ | 10.00 | ||||||||||||
Net investment income (loss)(b) |
(0.01 | ) | (0.07 | ) | (0.03 | ) | 0.01 | 0.02 | ||||||||||||||
Net realized and unrealized gain (loss) |
(2.95 | ) | 2.31 | 1.83 | 1.55 | (1.63 | ) | |||||||||||||||
Total from investment operations |
(2.96 | ) | 2.24 | 1.80 | 1.56 | (1.61 | ) | |||||||||||||||
Distributions to shareholders from net investment income |
(0.01 | ) | | (0.06 | ) | (0.01 | ) | | ||||||||||||||
Distributions to shareholders from net realized gains |
(0.90 | ) | | | | | ||||||||||||||||
Total distributions |
(0.91 | ) | | (0.06 | ) | (0.01 | ) | | ||||||||||||||
Net asset value, end of period |
$ | 10.05 | $ | 13.92 | $ | 11.68 | $ | 9.94 | $ | 8.39 | ||||||||||||
Total Return(c) | (22.54 | )% | 19.18 | % | 18.11 | % | 18.57 | % | (16.10 | )% | ||||||||||||
Net assets, end of period (in 000s) |
$ | 247 | $ | 267 | $ | 255 | $ | 167 | $ | 42 | ||||||||||||
Ratio of net expenses to average net assets |
1.71 | %(d) | 1.72 | % | 1.74 | % | 1.92 | % | 1.78 | %(d) | ||||||||||||
Ratio of total expenses to average net assets |
3.35 | %(d) | 4.12 | % | 6.53 | % | 7.68 | % | 10.53 | %(d) | ||||||||||||
Ratio of net investment income (loss) to average net assets |
(0.21 | )%(d) | (0.47 | )% | (0.34 | )% | 0.06 | % | 0.39 | %(d) | ||||||||||||
Portfolio turnover rate(e) |
26 | % | 116 | % | 28 | % | 57 | % | 23 | % |
(a) | Commenced operations on May 31, 2018. |
(b) | Calculated based on the average shares outstanding methodology. |
(c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Funds portfolio turnover rate may be higher. |
52 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs ESG Emerging Markets Equity Fund | ||||||||||||||
Class P Shares | ||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, 2021 |
Period Ended October 31, 2020(a) |
||||||||||||
Per Share Data | ||||||||||||||
Net asset value, beginning of period |
$ | 14.07 | $ | 11.77 | $ | 10.87 | ||||||||
Net investment income(b) |
0.02 | 0.02 | 0.03 | |||||||||||
Net realized and unrealized gain (loss) |
(2.98 | ) | 2.32 | 0.87 | ||||||||||
Total from investment operations |
(2.96 | ) | 2.34 | 0.90 | ||||||||||
Distributions to shareholders from net investment income |
(0.08 | ) | (0.04 | ) | | |||||||||
Distributions to shareholders from net realized gains |
(0.90 | ) | | | ||||||||||
Total distributions |
(0.98 | ) | (0.04 | ) | | |||||||||
Net asset value, end of period |
$ | 10.13 | $ | 14.07 | $ | 11.77 | ||||||||
Total Return(c) | (22.38 | )% | 19.92 | % | 8.28 | % | ||||||||
Net assets, end of period (in 000s) |
$ | 19,385 | $ | 20,156 | $ | 86 | ||||||||
Ratio of net expenses to average net assets |
1.12 | %(d) | 1.13 | % | 1.08 | %(d) | ||||||||
Ratio of total expenses to average net assets |
2.70 | %(d) | 3.46 | % | 6.51 | %(d) | ||||||||
Ratio of net investment income to average net assets |
0.39 | %(d) | 0.17 | % | 0.30 | %(d) | ||||||||
Portfolio turnover rate(e) |
26 | % | 116 | % | 28 | % |
(a) | Commenced operations on January 31, 2020. |
(b) | Calculated based on the average shares outstanding methodology. |
(c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Funds portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 53 |
GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Amount is less than $0.005 per share. |
(c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Funds portfolio turnover rate may be higher. |
54 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs International Equity ESG Fund | ||||||||||||||||||||||||||
Class C Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 27.80 | $ | 19.44 | $ | 19.16 | $ | 16.49 | $ | 18.39 | $ | 15.37 | ||||||||||||||
Net investment income (loss)(a) |
0.02 | | (b) | (0.10 | ) | 0.13 | 0.07 | 0.02 | ||||||||||||||||||
Net realized and unrealized gain (loss) |
(3.91 | ) | 8.36 | 0.60 | 2.58 | (1.86 | ) | 3.35 | ||||||||||||||||||
Total from investment operations |
(3.89 | ) | 8.36 | 0.50 | 2.71 | (1.79 | ) | 3.37 | ||||||||||||||||||
Distributions to shareholders from net investment income |
(0.18 | ) | | (0.22 | ) | (0.04 | ) | (0.11 | ) | (0.35 | ) | |||||||||||||||
Distributions to shareholders from net realized gains |
(1.48 | ) | | | | | | |||||||||||||||||||
Total distributions |
(1.66 | ) | | (0.22 | ) | (0.04 | ) | (0.11 | ) | (0.35 | ) | |||||||||||||||
Net asset value, end of period |
$ | 22.25 | $ | 27.80 | $ | 19.44 | $ | 19.16 | $ | 16.49 | $ | 18.39 | ||||||||||||||
Total Return(c) | (14.69 | )% | 43.08 | % | 2.53 | % | 16.49 | % | (9.79 | )% | 22.40 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 9,087 | $ | 8,953 | $ | 9,369 | $ | 10,400 | $ | 9,985 | $ | 15,681 | ||||||||||||||
Ratio of net expenses to average net assets |
1.93 | %(d) | 1.93 | % | 1.95 | % | 2.01 | % | 2.04 | % | 2.05 | % | ||||||||||||||
Ratio of total expenses to average net assets |
2.14 | %(d) | 2.23 | % | 2.44 | % | 2.44 | % | 2.33 | % | 2.37 | % | ||||||||||||||
Ratio of net investment income (loss) to average net assets |
0.18 | %(d) | (0.01 | )% | (0.54 | )% | 0.78 | % | 0.40 | % | 0.12 | % | ||||||||||||||
Portfolio turnover rate(e) |
21 | % | 39 | % | 55 | % | 41 | % | 38 | % | 116 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Amount is less than $0.005 per share. |
(c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Funds portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 55 |
GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs International Equity ESG Fund | ||||||||||||||||||||||||||
Institutional Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 31.04 | $ | 21.53 | $ | 21.17 | $ | 18.23 | $ | 20.30 | $ | 16.93 | ||||||||||||||
Net investment income(a) |
0.17 | 0.35 | 0.15 | 0.29 | 0.40 | 0.22 | ||||||||||||||||||||
Net realized and unrealized gain (loss) |
(4.37 | ) | 9.23 | 0.63 | 2.89 | (2.14 | ) | 3.69 | ||||||||||||||||||
Total from investment operations |
(4.20 | ) | 9.58 | 0.78 | 3.18 | (1.74 | ) | 3.91 | ||||||||||||||||||
Distributions to shareholders from net investment income |
(0.40 | ) | (0.07 | ) | (0.42 | ) | (0.24 | ) | (0.33 | ) | (0.54 | ) | ||||||||||||||
Distributions to shareholders from net realized gains |
(1.48 | ) | | | | | | |||||||||||||||||||
Total distributions |
(1.88 | ) | (0.07 | ) | (0.42 | ) | (0.24 | ) | (0.33 | ) | (0.54 | ) | ||||||||||||||
Net asset value, end of period |
$ | 24.96 | $ | 31.04 | $ | 21.53 | $ | 21.17 | $ | 18.23 | $ | 20.30 | ||||||||||||||
Total Return(b) | (14.20 | )% | 44.62 | % | 3.62 | % | 17.76 | % | (8.76 | )% | 23.78 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 218,052 | $ | 111,615 | $ | 23,137 | $ | 7,660 | $ | 6,835 | $ | 127,403 | ||||||||||||||
Ratio of net expenses to average net assets |
0.86 | %(c) | 0.86 | % | 0.86 | % | 0.90 | % | 0.90 | % | 0.90 | % | ||||||||||||||
Ratio of total expenses to average net assets |
1.00 | %(c) | 1.09 | % | 1.33 | % | 1.31 | % | 1.17 | % | 1.22 | % | ||||||||||||||
Ratio of net investment income to average net assets |
1.25 | %(c) | 1.20 | % | 0.72 | % | 1.49 | % | 1.94 | % | 1.22 | % | ||||||||||||||
Portfolio turnover rate(d) |
21 | % | 39 | % | 55 | % | 41 | % | 38 | % | 116 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Funds portfolio turnover rate may be higher. |
56 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs International Equity ESG Fund | ||||||||||||||||||||||||||
Service Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 31.63 | $ | 22.00 | $ | 21.63 | $ | 18.70 | $ | 20.68 | $ | 16.79 | ||||||||||||||
Net investment income(a) |
0.11 | 0.17 | 0.01 | 0.28 | 0.22 | 0.13 | ||||||||||||||||||||
Net realized and unrealized gain (loss) |
(4.46 | ) | 9.46 | 0.70 | 2.88 | (2.10 | ) | 3.76 | ||||||||||||||||||
Total from investment operations |
(4.35 | ) | 9.63 | 0.71 | 3.16 | (1.88 | ) | 3.89 | ||||||||||||||||||
Distributions to shareholders from net investment income |
(0.38 | ) | | (0.34 | ) | (0.23 | ) | (0.10 | ) | | ||||||||||||||||
Distributions to shareholders from net realized gains |
(1.48 | ) | | | | | | |||||||||||||||||||
Total distributions |
(1.86 | ) | | (0.34 | ) | (0.23 | ) | (0.10 | ) | | ||||||||||||||||
Net asset value, end of period |
$ | 25.42 | $ | 31.63 | $ | 22.00 | $ | 21.63 | $ | 18.70 | $ | 20.68 | ||||||||||||||
Total Return(b) | (14.41 | )% | 43.90 | % | 3.16 | % | 17.20 | % | (9.14 | )% | 23.17 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 677 | $ | 260 | $ | 4 | $ | 4 | $ | 4 | $ | 4 | ||||||||||||||
Ratio of net expenses to average net assets |
1.36 | %(c) | 1.36 | % | 1.34 | % | 1.36 | % | 1.34 | % | 1.39 | % | ||||||||||||||
Ratio of total expenses to average net assets |
1.51 | %(c) | 1.58 | % | 1.79 | % | 1.75 | % | 1.58 | % | 1.66 | % | ||||||||||||||
Ratio of net investment income to average net assets |
0.75 | %(c) | 0.57 | % | 0.07 | % | 1.44 | % | 1.07 | % | 0.71 | % | ||||||||||||||
Portfolio turnover rate(d) |
21 | % | 39 | % | 55 | % | 41 | % | 38 | % | 116 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Funds portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 57 |
GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs International Equity ESG Fund | ||||||||||||||||||||||||||
Investor Shares(a) | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 30.85 | $ | 21.41 | $ | 21.06 | $ | 18.20 | $ | 20.23 | $ | 16.86 | ||||||||||||||
Net investment income(b) |
0.16 | 0.34 | 0.09 | 0.36 | 0.24 | 0.27 | ||||||||||||||||||||
Net realized and unrealized gain (loss) |
(4.34 | ) | 9.17 | 0.68 | 2.78 | (2.02 | ) | 3.60 | ||||||||||||||||||
Total from investment operations |
(4.18 | ) | 9.51 | 0.77 | 3.14 | (1.78 | ) | 3.87 | ||||||||||||||||||
Distributions to shareholders from net investment income |
(0.40 | ) | (0.07 | ) | (0.42 | ) | (0.28 | ) | (0.25 | ) | (0.50 | ) | ||||||||||||||
Distributions to shareholders from net realized gains |
(1.48 | ) | | | | | | |||||||||||||||||||
Total distributions |
(1.88 | ) | (0.07 | ) | (0.42 | ) | (0.28 | ) | (0.25 | ) | (0.50 | ) | ||||||||||||||
Net asset value, end of period |
$ | 24.79 | $ | 30.85 | $ | 21.41 | $ | 21.06 | $ | 18.20 | $ | 20.23 | ||||||||||||||
Total Return(c) | (14.24 | )% | 44.52 | % | 3.56 | % | 17.64 | % | (8.92 | )% | 23.63 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 80,918 | $ | 31,735 | $ | 1,298 | $ | 492 | $ | 421 | $ | 1,009 | ||||||||||||||
Ratio of net expenses to average net assets |
0.93 | %(d) | 0.93 | % | 0.95 | % | 1.00 | % | 1.04 | % | 1.05 | % | ||||||||||||||
Ratio of total expenses to average net assets |
1.12 | %(d) | 1.20 | % | 1.44 | % | 1.44 | % | 1.34 | % | 1.39 | % | ||||||||||||||
Ratio of net investment income to average net assets |
1.18 | %(d) | 1.15 | % | 0.44 | % | 1.87 | % | 1.20 | % | 1.50 | % | ||||||||||||||
Portfolio turnover rate(e) |
21 | % | 39 | % | 55 | % | 41 | % | 38 | % | 116 | % |
(a) | Effective August 15, 2017, Class IR changed its name to Investor Shares. |
(b) | Calculated based on the average shares outstanding methodology. |
(c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Funds portfolio turnover rate may be higher. |
58 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs International Equity ESG Fund | ||||||||||||||||||||||||||
Class R6 Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 30.87 | $ | 21.41 | $ | 21.06 | $ | 18.23 | $ | 20.30 | $ | 16.93 | ||||||||||||||
Net investment income(a) |
0.17 | 0.36 | 0.14 | 0.45 | 0.31 | 0.22 | ||||||||||||||||||||
Net realized and unrealized gain (loss) |
(4.35 | ) | 9.17 | 0.64 | 2.71 | (2.05 | ) | 3.69 | ||||||||||||||||||
Total from investment operations |
(4.18 | ) | 9.53 | 0.78 | 3.16 | (1.74 | ) | 3.91 | ||||||||||||||||||
Distributions to shareholders from net investment income |
(0.40 | ) | (0.07 | ) | (0.43 | ) | (0.33 | ) | (0.33 | ) | (0.54 | ) | ||||||||||||||
Distributions to shareholders from net realized gains |
(1.48 | ) | | | | | | |||||||||||||||||||
Total distributions |
(1.88 | ) | (0.07 | ) | (0.43 | ) | (0.33 | ) | (0.33 | ) | (0.54 | ) | ||||||||||||||
Net asset value, end of period |
$ | 24.81 | $ | 30.87 | $ | 21.41 | $ | 21.06 | $ | 18.23 | $ | 20.30 | ||||||||||||||
Total Return(b) | (14.21 | )% | 44.65 | % | 3.63 | % | 17.76 | % | (8.74 | )% | 23.80 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 33,818 | $ | 15,095 | $ | 1,981 | $ | 470 | $ | 11 | $ | 12 | ||||||||||||||
Ratio of net expenses to average net assets |
0.85 | %(c) | 0.85 | % | 0.85 | % | 0.90 | % | 0.89 | % | 0.89 | % | ||||||||||||||
Ratio of total expenses to average net assets |
1.00 | %(c) | 1.08 | % | 1.32 | % | 1.31 | % | 1.18 | % | 1.22 | % | ||||||||||||||
Ratio of net investment income to average net assets |
1.26 | %(c) | 1.23 | % | 0.69 | % | 2.35 | % | 1.53 | % | 1.21 | % | ||||||||||||||
Portfolio turnover rate(d) |
21 | % | 39 | % | 55 | % | 41 | % | 38 | % | 116 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Funds portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 59 |
GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs International Equity ESG Fund | ||||||||||||||||||||||
Class P Shares | ||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | Period Ended October 31, 2018(a) |
||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||
Net asset value, beginning of period |
$ | 30.87 | $ | 21.42 | $ | 21.05 | $ | 18.23 | $ | 20.84 | ||||||||||||
Net investment income(b) |
0.17 | 0.33 | 0.11 | 0.36 | 0.06 | |||||||||||||||||
Net realized and unrealized gain (loss) |
(4.34 | ) | 9.19 | 0.69 | 2.79 | (2.67 | ) | |||||||||||||||
Total from investment operations |
(4.17 | ) | 9.52 | 0.80 | 3.15 | (2.61 | ) | |||||||||||||||
Distributions to shareholders from net investment income |
(0.40 | ) | (0.07 | ) | (0.43 | ) | (0.33 | ) | | |||||||||||||
Distributions to shareholders from net realized gains |
(1.48 | ) | | | | | ||||||||||||||||
Total distributions |
(1.88 | ) | (0.07 | ) | (0.43 | ) | (0.33 | ) | | |||||||||||||
Net asset value, end of period |
$ | 24.82 | $ | 30.87 | $ | 21.42 | $ | 21.05 | $ | 18.23 | ||||||||||||
Total Return(c) | (14.22 | )% | 44.64 | % | 3.67 | % | 17.73 | % | (12.52 | )% | ||||||||||||
Net assets, end of period (in 000s) |
$ | 111,332 | $ | 132,657 | $ | 64,838 | $ | 68,987 | $ | 94,972 | ||||||||||||
Ratio of net expenses to average net assets |
0.85 | %(d) | 0.85 | % | 0.86 | % | 0.89 | % | 0.89 | %(d) | ||||||||||||
Ratio of total expenses to average net assets |
1.01 | %(d) | 1.09 | % | 1.30 | % | 1.29 | % | 1.22 | %(d) | ||||||||||||
Ratio of net investment income to average net assets |
1.26 | %(d) | 1.16 | % | 0.55 | % | 1.88 | % | 0.59 | %(d) | ||||||||||||
Portfolio turnover rate(e) |
21 | % | 39 | % | 55 | % | 41 | % | 38 | % |
(a) | Commenced operations on April 16, 2018. |
(b) | Calculated based on the average shares outstanding methodology. |
(c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Funds portfolio turnover rate may be higher. |
60 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Funds portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 61 |
GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs International Equity Income Fund | ||||||||||||||||||||||||||
Class C Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 13.24 | $ | 10.14 | $ | 11.89 | $ | 11.88 | $ | 12.98 | $ | 10.75 | ||||||||||||||
Net investment income(a) |
0.18 | 0.25 | 0.13 | 0.25 | 0.25 | 0.07 | ||||||||||||||||||||
Net realized and unrealized gain (loss) |
(0.84 | ) | 3.09 | (1.50 | ) | 1.34 | (1.22 | ) | 2.31 | |||||||||||||||||
Total from investment operations |
(0.66 | ) | 3.34 | (1.37 | ) | 1.59 | (0.97 | ) | 2.38 | |||||||||||||||||
Distributions to shareholders from net investment income |
(0.15 | ) | (0.24 | ) | (0.38 | ) | (0.29 | ) | (0.13 | ) | (0.15 | ) | ||||||||||||||
Distributions to shareholders from net realized gains |
| | | (1.29 | ) | | | |||||||||||||||||||
Total distributions |
(0.15 | ) | (0.24 | ) | (0.38 | ) | (1.58 | ) | (0.13 | ) | (0.15 | ) | ||||||||||||||
Net asset value, end of period |
$ | 12.43 | $ | 13.24 | $ | 10.14 | $ | 11.89 | $ | 11.88 | $ | 12.98 | ||||||||||||||
Total Return(b) | (4.95 | )% | 33.02 | % | (11.88 | )% | 16.01 | % | 7.59 | % | 22.44 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 2,179 | $ | 2,149 | $ | 1,514 | $ | 1,638 | $ | 1,673 | $ | 3,770 | ||||||||||||||
Ratio of net expenses to average net assets |
1.94 | %(c) | 1.95 | % | 1.97 | % | 2.00 | % | 2.01 | % | 2.05 | % | ||||||||||||||
Ratio of total expenses to average net assets |
2.25 | %(c) | 2.44 | % | 2.67 | % | 2.91 | % | 2.63 | % | 2.63 | % | ||||||||||||||
Ratio of net investment income to average net assets |
2.71 | %(c) | 1.92 | % | 1.19 | % | 2.24 | % | 1.89 | % | 0.58 | % | ||||||||||||||
Portfolio turnover rate(d) |
7 | % | 28 | % | 51 | % | 27 | % | 87 | % | 32 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Funds portfolio turnover rate may be higher. |
62 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs International Equity Income Fund | ||||||||||||||||||||||||||
Institutional Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 16.01 | $ | 12.20 | $ | 14.26 | $ | 13.88 | $ | 15.20 | $ | 12.56 | ||||||||||||||
Net investment income(a) |
0.30 | 0.47 | 0.31 | 0.42 | 0.49 | 0.23 | ||||||||||||||||||||
Net realized and unrealized gain (loss) |
(1.01 | ) | 3.71 | (1.80 | ) | 1.63 | (1.46 | ) | 2.70 | |||||||||||||||||
Total from investment operations |
(0.71 | ) | 4.18 | (1.49 | ) | 2.05 | (0.97 | ) | 2.93 | |||||||||||||||||
Distributions to shareholders from net investment income |
(0.22 | ) | (0.37 | ) | (0.57 | ) | (0.38 | ) | (0.35 | ) | (0.29 | ) | ||||||||||||||
Distributions to shareholders from net realized gains |
| | | (1.29 | ) | | | |||||||||||||||||||
Total distributions |
(0.22 | ) | (0.37 | ) | (0.57 | ) | (1.67 | ) | (0.35 | ) | (0.29 | ) | ||||||||||||||
Net asset value, end of period |
$ | 15.08 | $ | 16.01 | $ | 12.20 | $ | 14.26 | $ | 13.88 | $ | 15.20 | ||||||||||||||
Total Return(b) | (4.47 | )% | 34.45 | % | (10.86 | )% | 17.29 | % | (6.59 | )% | 23.88 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 96,120 | $ | 24,118 | $ | 10,051 | $ | 5,232 | $ | 2,666 | $ | 40,667 | ||||||||||||||
Ratio of net expenses to average net assets |
0.85 | %(c) | 0.85 | % | 0.85 | % | 0.88 | % | 0.87 | % | 0.90 | % | ||||||||||||||
Ratio of total expenses to average net assets |
1.08 | %(c) | 1.30 | % | 1.55 | % | 1.79 | % | 1.42 | % | 1.49 | % | ||||||||||||||
Ratio of net investment income to average net assets |
3.80 | %(c) | 3.05 | % | 2.36 | % | 3.13 | % | 3.19 | % | 1.71 | % | ||||||||||||||
Portfolio turnover rate(d) |
7 | % | 28 | % | 51 | % | 27 | % | 87 | % | 32 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Funds portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 63 |
GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs International Equity Income Fund | ||||||||||||||||||||||||||
Investor Shares(a) | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 15.09 | $ | 11.52 | $ | 13.51 | $ | 13.25 | $ | 14.51 | $ | 12.00 | ||||||||||||||
Net investment income(b) |
0.27 | 0.42 | 0.29 | 0.34 | 0.40 | 0.24 | ||||||||||||||||||||
Net realized and unrealized gain (loss) |
(0.95 | ) | 3.51 | (1.72 | ) | 1.59 | (1.35 | ) | 2.54 | |||||||||||||||||
Total from investment operations |
(0.68 | ) | 3.93 | (1.43 | ) | 1.93 | (0.95 | ) | 2.78 | |||||||||||||||||
Distributions to shareholders from net investment income |
(0.21 | ) | (0.36 | ) | (0.56 | ) | (0.38 | ) | (0.31 | ) | (0.27 | ) | ||||||||||||||
Distributions to shareholders from net realized gains |
| | | (1.29 | ) | | | |||||||||||||||||||
Total distributions |
(0.21 | ) | (0.36 | ) | (0.56 | ) | (1.67 | ) | (0.31 | ) | (0.27 | ) | ||||||||||||||
Net asset value, end of period |
$ | 14.20 | $ | 15.09 | $ | 11.52 | $ | 13.51 | $ | 13.25 | $ | 14.51 | ||||||||||||||
Total Return(c) | (4.44 | )% | 34.25 | % | (10.99 | )% | 17.21 | % | (6.74 | )% | 23.75 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 39,827 | $ | 20,450 | $ | 8,958 | $ | 3,515 | $ | 349 | $ | 426 | ||||||||||||||
Ratio of net expenses to average net assets |
0.94 | %(d) | 0.95 | % | 0.98 | % | 1.09 | % | 1.01 | % | 1.05 | % | ||||||||||||||
Ratio of total expenses to average net assets |
1.22 | %(d) | 1.43 | % | 1.71 | % | 1.98 | % | 1.65 | % | 1.64 | % | ||||||||||||||
Ratio of net investment income to average net assets |
3.71 | %(d) | 2.92 | % | 2.39 | % | 2.67 | % | 2.78 | % | 1.85 | % | ||||||||||||||
Portfolio turnover rate(e) |
7 | % | 28 | % | 51 | % | 27 | % | 87 | % | 32 | % |
(a) | Effective August 15, 2017, Class IR changed its name to Investor Shares. |
(b) | Calculated based on the average shares outstanding methodology. |
(c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Funds portfolio turnover rate may be higher. |
64 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs International Equity Income Fund | ||||||||||||||||||||||||||
Class R6 Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 15.99 | $ | 12.18 | $ | 14.25 | $ | 13.87 | $ | 15.20 | $ | 12.56 | ||||||||||||||
Net investment income(a) |
0.30 | 0.47 | 0.28 | 0.49 | 0.45 | 0.16 | ||||||||||||||||||||
Net realized and unrealized gain (loss) |
(1.02 | ) | 3.72 | (1.78 | ) | 1.57 | (1.43 | ) | 2.77 | |||||||||||||||||
Total from investment operations |
(0.72 | ) | 4.19 | (1.50 | ) | 2.06 | (0.98 | ) | 2.93 | |||||||||||||||||
Distributions to shareholders from net investment income |
(0.22 | ) | (0.38 | ) | (0.57 | ) | (0.39 | ) | (0.35 | ) | (0.29 | ) | ||||||||||||||
Distributions to shareholders from net realized gains |
| | | (1.29 | ) | | | |||||||||||||||||||
Total distributions |
(0.22 | ) | (0.38 | ) | (0.57 | ) | (1.68 | ) | (0.35 | ) | (0.29 | ) | ||||||||||||||
Net asset value, end of period |
$ | 15.05 | $ | 15.99 | $ | 12.18 | $ | 14.25 | $ | 13.87 | $ | 15.20 | ||||||||||||||
Total Return(b) | (4.47 | )% | 34.52 | % | (10.93 | )% | 17.41 | % | (6.62 | )% | 23.91 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 12,060 | $ | 6,050 | $ | 2,304 | $ | 332 | $ | 68 | $ | 72 | ||||||||||||||
Ratio of net expenses to average net assets |
0.84 | %(c) | 0.84 | % | 0.84 | % | 0.86 | % | 0.86 | % | 0.89 | % | ||||||||||||||
Ratio of total expenses to average net assets |
1.09 | %(c) | 1.29 | % | 1.59 | % | 1.80 | % | 1.51 | % | 1.43 | % | ||||||||||||||
Ratio of net investment income to average net assets |
3.81 | %(c) | 3.03 | % | 2.22 | % | 3.74 | % | 2.99 | % | 1.16 | % | ||||||||||||||
Portfolio turnover rate(d) |
7 | % | 28 | % | 51 | % | 27 | % | 87 | % | 32 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Funds portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 65 |
GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs International Equity Income Fund | ||||||||||||||||||||||||||
Class R Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 15.19 | $ | 11.60 | $ | 13.55 | $ | 13.32 | $ | 14.59 | $ | 12.08 | ||||||||||||||
Net investment income(a) |
0.24 | 0.41 | 0.24 | 0.36 | 0.34 | 0.14 | ||||||||||||||||||||
Net realized and unrealized gain (loss) |
(0.96 | ) | 3.48 | (1.74 | ) | 1.52 | (1.37 | ) | 2.59 | |||||||||||||||||
Total from investment operations |
(0.72 | ) | 3.89 | (1.50 | ) | 1.88 | (1.03 | ) | 2.73 | |||||||||||||||||
Distributions to shareholders from net investment income |
(0.18 | ) | (0.30 | ) | (0.45 | ) | (0.36 | ) | (0.24 | ) | (0.22 | ) | ||||||||||||||
Distributions to shareholders from net realized gains |
| | | (1.29 | ) | | | |||||||||||||||||||
Total distributions |
(0.18 | ) | (0.30 | ) | (0.45 | ) | (1.65 | ) | (0.24 | ) | (0.22 | ) | ||||||||||||||
Net asset value, end of period |
$ | 14.29 | $ | 15.19 | $ | 11.60 | $ | 13.55 | $ | 13.32 | $ | 14.59 | ||||||||||||||
Total Return(b) | (4.73 | )% | 33.62 | % | (11.44 | )% | (16.63 | )% | (7.19 | )% | 22.99 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 623 | $ | 620 | $ | 173 | $ | 73 | $ | 84 | $ | 44 | ||||||||||||||
Ratio of net expenses to average net assets |
1.44 | %(c) | 1.44 | % | 1.48 | % | 1.50 | % | 1.51 | % | 1.55 | % | ||||||||||||||
Ratio of total expenses to average net assets |
1.75 | %(c) | 1.91 | % | 2.19 | % | 2.40 | % | 2.18 | % | 2.12 | % | ||||||||||||||
Ratio of net investment income to average net assets |
3.21 | %(c) | 2.79 | % | 1.96 | % | 2.90 | % | 2.38 | % | 1.05 | % | ||||||||||||||
Portfolio turnover rate(d) |
7 | % | 28 | % | 51 | % | 27 | % | 87 | % | 32 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Funds portfolio turnover rate may be higher. |
66 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period
Goldman Sachs International Equity Income Fund | ||||||||||||||||||||||
Class P Shares | ||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | Period Ended October 31, 2018(a) |
||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||
Net asset value, beginning of period |
$ | 15.98 | $ | 12.17 | $ | 14.23 | $ | 13.86 | $ | 15.62 | ||||||||||||
Net investment income(b) |
0.30 | 0.47 | 0.30 | 0.44 | 0.16 | |||||||||||||||||
Net realized and unrealized gain (loss) |
(1.02 | ) | 3.72 | (1.79 | ) | 1.61 | (1.84 | ) | ||||||||||||||
Total from investment operations |
(0.72 | ) | 4.19 | (1.49 | ) | 2.05 | (1.68 | ) | ||||||||||||||
Distributions to shareholders from net investment income |
(0.22 | ) | (0.38 | ) | (0.57 | ) | (0.39 | ) | (0.08 | ) | ||||||||||||
Distributions to shareholders from net realized gains |
| | | (1.29 | ) | | ||||||||||||||||
Total distributions |
(0.22 | ) | (0.38 | ) | (0.57 | ) | (1.68 | ) | (0.08 | ) | ||||||||||||
Net asset value, end of period |
$ | 15.04 | $ | 15.98 | $ | 12.17 | $ | 14.23 | $ | 13.86 | ||||||||||||
Total Return(c) | (4.48 | )% | 34.55 | % | (10.89 | )% | 17.34 | % | (10.76 | )% | ||||||||||||
Net assets, end of period (in 000s) |
$ | 28,345 | $ | 28,616 | $ | 20,799 | $ | 32,643 | $ | 30,930 | ||||||||||||
Ratio of net expenses to average net assets |
0.84 | %(d) | 0.84 | % | 0.84 | % | 0.85 | % | 0.84 | %(d) | ||||||||||||
Ratio of total expenses to average net assets |
1.12 | %(d) | 1.32 | % | 1.51 | % | 1.76 | % | 1.84 | %(d) | ||||||||||||
Ratio of net investment income to average net assets |
3.81 | %(d) | 3.05 | % | 2.33 | % | 3.37 | % | 2.00 | %(d) | ||||||||||||
Portfolio turnover rate(e) |
7 | % | 28 | % | 51 | % | 27 | % | 87 | % |
(a) | Commenced operations on April 16, 2018. |
(b) | Calculated based on the average shares outstanding methodology. |
(c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Funds portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 67 |
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
April 30, 2022 (Unaudited)
1. ORGANIZATION |
Goldman Sachs Trust (the Trust) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the Act), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the Funds or individually a Fund), along with their corresponding share classes and respective diversification status under the Act:
Fund | Share Classes Offered |
Diversified/ Non-diversified | ||
China Equity |
A, C, Institutional, Investor, R6 and P |
Diversified | ||
Emerging Markets Equity |
A, C, Institutional, Service, Investor, R6 and P |
Non-diversified | ||
ESG Emerging Markets Equity |
A, C, Institutional, Investor, R6, R and P |
Non-diversified | ||
International Equity ESG |
A, C, Institutional, Service, Investor, R6 and P |
Diversified | ||
International Equity Income |
A, C, Institutional, Investor, R6, R and P |
Diversified |
Class A Shares are sold with a front-end sales charge of up to 5.50%. Class C Shares are sold with a contingent deferred sales charge (CDSC) of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Investor, Class R6, Class R and Class P Shares are not subject to a sales charge.
Goldman Sachs Asset Management, L.P. (GSAM), an affiliate of Goldman Sachs & Co. LLC (Goldman Sachs), serves as investment adviser to the Funds pursuant to a management agreement (the Agreement) with the Trust.
2. SIGNIFICANT ACCOUNTING POLICIES |
The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.
A. Investment Valuation The Funds valuation policy is to value investments at fair value.
B. Investment Income and Investments Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (NAV) calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These reclaims, if any, are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered, if any, are reflected as other income in the Statements of Operations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments.
C. Class Allocations and Expenses Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service and Shareholder Administration fees.
68
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
D. Federal Taxes and Distributions to Shareholders It is each Funds policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the Code), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:
Fund | Income Distributions Declared/Paid |
Capital Gains Distributions Declared/Paid | ||||
China Equity |
Annually | Annually | ||||
Emerging Markets Equity |
Annually | Annually | ||||
ESG Emerging Markets Equity |
Annually | Annually | ||||
International Equity ESG |
Annually | Annually | ||||
International Equity Income |
Semi-Annually | Annually |
Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.
The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Funds distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.
E. Foreign Currency Translation The accounting records and reporting currency of a Fund are maintained in United States (U.S.) dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS |
U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:
Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2 Quoted prices in markets that are not active or financial instruments for which significant inputs are observable
(including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;
69
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
Notes to Financial Statements (continued)
April 30, 2022 (Unaudited)
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
Level 3 Prices or valuations that require significant unobservable inputs (including GSAMs assumptions in determining fair value measurement).
The Board of Trustees (Trustees) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.
A. Level 1 and Level 2 Fair Value Investments The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:
Equity Securities Equity securities traded on a United States (U.S.) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e., where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.
Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under Fair Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.
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. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Funds accounting policies and investment holdings, please see the Underlying Funds 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 Funds 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 Funds 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.
70
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
C. Fair Value Hierarchy The following is a summary of the Funds investments classified in the fair value hierarchy as of April 30, 2022:
CHINA EQUITY FUND |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) |
||||||||||||
Asia |
$ | 2,668,143 | $ | 92,748,206 | $ | | ||||||
Investment Company |
1,321,208 | | | |||||||||
Securities Lending Reinvestment Vehicle |
259,000 | | | |||||||||
Total | $ | 4,248,351 | $ | 92,748,206 | $ | | ||||||
EMERGING MARKETS EQUITY FUND | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) |
||||||||||||
Africa |
$ | 116,271,689 | $ | 32,817,226 | $ | | ||||||
Asia |
201,700,784 | 2,870,479,790 | | (b) | ||||||||
Europe |
| 104,556,780 | | |||||||||
North America |
153,229,016 | 21,604,473 | | |||||||||
South America |
148,239,074 | 51,933,500 | | |||||||||
Exchange-Traded Fund |
100,173,704 | | | |||||||||
Securities Lending Reinvestment Vehicle |
68,061,600 | | | |||||||||
Total | $ | 787,675,867 | $ | 3,081,391,769 | $ | | ||||||
ESG EMERGING MARKETS EQUITY FUND | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) |
||||||||||||
Africa |
$ | 1,933,145 | $ | 300,339 | $ | | ||||||
Asia |
2,688,184 | 33,144,630 | | (b) | ||||||||
Europe |
| 870,147 | | |||||||||
North America |
2,326,449 | | | |||||||||
South America |
2,837,236 | 219,508 | | |||||||||
Investment Company |
900,774 | | | |||||||||
Total | $ | 10,685,788 | $ | 34,534,624 | $ | |
(a) | Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table. The Fund utilizes fair value model prices provided by an independent third-party fair value service for certain international equity securities resulting in a Level 2 classification. |
(b) | Amount represents valuations of Russian investments for which GSAM has determined include significant unobservable inputs as of April 30, 2022. To the extent that the same positions were held as of the Funds prior fiscal year end, October 31, 2021, they were classified as either Level 1 or Level 2. |
71
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
Notes to Financial Statements (continued)
April 30, 2022 (Unaudited)
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
INTERNATIONAL EQUITY ESG FUND | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) |
||||||||||||
Asia |
$ | 12,069,191 | $ | 92,997,138 | $ | | ||||||
Europe |
6,023,035 | 347,141,785 | | |||||||||
North America |
| 48,414,833 | | |||||||||
Investment Company |
3,479,973 | | | |||||||||
Securities Lending Reinvestment Vehicle |
30,579,478 | | | |||||||||
Total | $ | 52,151,677 | $ | 488,553,756 | $ | | ||||||
INTERNATIONAL EQUITY INCOME FUND | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) |
||||||||||||
Asia |
$ | | $ | 27,589,255 | $ | | ||||||
Europe |
6,741,402 | 135,573,319 | | |||||||||
North America |
| 20,164,302 | | |||||||||
Oceania |
| 15,404,180 | | |||||||||
Investment Company |
8,346,685 | | | |||||||||
Total | $ | 15,088,087 | $ | 198,731,056 | $ | |
(a) | Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table. The Fund utilizes fair value model prices provided by an independent third-party fair value service for certain international equity securities resulting in a Level 2 classification. |
For further information regarding security characteristics, see the Schedules of Investments.
4. AGREEMENTS AND AFFILIATED TRANSACTIONS |
A. Management Agreement Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.
As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Funds average daily net assets.
72
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
For the six months ended April 30, 2022, contractual and effective net management fees with GSAM were at the following rates:
Contractual Management Rate | Effective Rate |
Effective Net Management |
||||||||||||||||||||||||||||
Fund | First $1 billion |
Next $1 billion |
Next $3 billion |
Next $3 billion |
Next $8 billion |
|||||||||||||||||||||||||
China Equity |
1.00 | % | 0.90 | % | 0.86 | % | 0.84 | % | 0.82 | % | 1.00 | % | 1.00 | % | ||||||||||||||||
Emerging Markets Equity |
1.02 | 1.02 | 0.92 | 0.87 | 0.85 | 0.97 | 0.86 | (1) | ||||||||||||||||||||||
ESG Emerging Markets Equity |
0.98 | 0.98 | 0.88 | 0.84 | 0.82 | 0.98 | 0.96 | (2) | ||||||||||||||||||||||
International Equity ESG |
0.85 | 0.77 | 0.73 | 0.71 | 0.70 | 0.85 | 0.82 | (3) | ||||||||||||||||||||||
International Equity Income |
0.80 | 0.72 | 0.68 | 0.67 | 0.66 | 0.80 | 0.80 |
^ | Effective Net Management Rate includes the impact of management fee waivers of affiliated underlying funds, if any. |
(1) | GSAM agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.90% as an annual percentage of the average daily net assets of the Fund. This waiver will be effective through at least February 28, 2023, and prior to such date GSAM may not terminate the arrangement without approval of the Trustees. |
(2) | Effective February 28, 2022, GSAM agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.94% as an annual percentage of average daily net assets of the Fund. This waiver will be effective through at least February 28, 2023, and prior to such date GSAM may not terminate the arrangement without approval of the Trustees. |
(3) | GSAM agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.82% as an annual percentage of the average daily net assets of the Fund. This waiver will be effective through at least February 28, 2023, and prior to such date GSAM may not terminate the arrangement without approval of the Trustees. |
The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund. For the six months ended April 30, 2022, GSAM waived $723, $20,560, $530, $8,855 and $2,698 of the China Equity, Emerging Markets Equity, ESG Emerging Markets Equity, International Equity ESG and International Equity Income Funds management fees, respectively.
B. Distribution and/or Service (12b-1) Plans The Trust, on behalf of Class A and Class R Shares of each applicable Fund, has adopted Distribution and Service Plans subject to Rule 12b-1 under the Act. Under the Distribution and Service Plans, Goldman Sachs, which serves as distributor (the Distributor), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A or Class R Shares of the Funds, as applicable, as set forth below.
The Trust, on behalf of Class C Shares of each applicable Fund, has adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Funds, as set forth below.
The Trust, on behalf of Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Funds as set forth below.
Distribution and/or Service Plan Rates | ||||||||||||||||
Class A* | Class C | Service | Class R* | |||||||||||||
Distribution and/or Service Plan |
0.25 | % | 0.75 | % | 0.25 | % | 0.50 | % |
* | With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and/or Service Plans to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on service fees imposed by the Financial Industry Regulatory Authority. |
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GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
Notes to Financial Statements (continued)
April 30, 2022 (Unaudited)
4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
C. Distribution Agreement Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares front end sales charge and Class C Shares CDSC. For the six months ended April 30, 2022, Goldman Sachs retained the following amounts:
Front End Sales Charge |
Contingent Deferred Sales Charge |
|||||||||
Fund | Class A | Class C | ||||||||
China Equity |
$ | 3,735 | $ | | ||||||
Emerging Markets Equity |
18,420 | | ||||||||
ESG Emerging Markets Equity |
94 | | ||||||||
International Equity ESG |
7,236 | 192 | ||||||||
International Equity Income |
2,183 | |
D. Service and Shareholder Administration Plans The Trust, on behalf of each applicable Fund, has adopted Service Plans to allow Class C Shares and Shareholder Administration Plans to allow Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance or shareholder administration services to their customers who are beneficial owners of such shares. The Service and Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C and Service Shares of the Funds.
E. Transfer Agency Agreement Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.16% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional and Service Shares.
For the six months ended April 30, 2022, the transfer agency fee waivers were as follows:
China Equity |
Emerging Markets Equity |
ESG Emerging Markets Equity |
International Equity ESG |
International Equity Income |
||||||||||||||||
Transfer Agency Waivers (Class A, Class C, Investor, and Class R Shares)* |
0.04% | (a) | 0.06 | % | 0.04 | % | 0.05 | % | 0.03 | % |
* | These arrangements will remain in effect through at least February 28, 2023, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees. |
(a) | Prior to February 28, 2022, the waiver was 0.07%. |
F. Other Expense Agreements and Affiliated Transactions GSAM has agreed to reduce or limit certain Other Expenses of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the China Equity, Emerging Markets Equity, ESG Emerging Markets Equity, International Equity ESG and International Equity Income Funds are 0.114%, 0.104%, 0.124%, 0.004% and 0.014%, respectively. These Other Expense limitations will remain in place through at least February 28, 2023 and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds expenses and are received irrespective of the application of the Other Expense limitations described above.
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GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
For the six months ended April 30, 2022, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:
Fund | Management Fee Waiver |
Transfer Agency Waiver/Credits |
Other Expense Reimbursement |
Total Expense Reductions |
||||||||||||||
China Equity |
$ | 723 | $ | 6,453 | $ | 180,176 | $ | 187,352 | ||||||||||
Emerging Markets Equity |
2,344,566 | 165,503 | | 2,510,069 | ||||||||||||||
ESG Emerging Markets Equity |
3,546 | 946 | 278,612 | 283,104 | ||||||||||||||
International Equity ESG |
77,770 | 32,848 | 264,572 | 375,190 | ||||||||||||||
International Equity Income |
2,698 | 8,310 | 185,886 | 196,894 |
G. Line of Credit Facility As of April 30, 2022, the Funds participated in a $1,250,000,000 committed, unsecured revolving line of credit facility (the facility) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended April 30, 2022, the Funds did not have any borrowings under the facility. Prior to April 22, 2022 the facility was $1,000,000,000.
H. Other Transactions with Affiliates For the six months ended April 30, 2022, Goldman Sachs earned $1,304, $11, and $387 in brokerage commissions from portfolio transactions, on behalf of the Emerging Markets Equity, ESG Emerging Markets Equity and International Equity ESG Funds, respectively.
The following table provides information about the Funds investments in the Goldman Sachs Financial Square Government Fund as of and for the six months ended April 30, 2022:
Fund | Beginning Value as of October 31, 2021 |
Purchased at Cost |
Proceeds from Sales |
Ending Value as of April 30, 2022 |
Shares as of April 30, 2022 |
Dividend Income |
||||||||||||||||||
China Equity |
$ | | $ | 26,449,591 | $ | (25,128,383 | ) | $ | 1,321,208 | 1,321,208 | $ | 739 | ||||||||||||
Emerging Markets Equity |
36,545,431 | 954,067,369 | (990,612,800 | ) | | | 13,185 | |||||||||||||||||
ESG Emerging Markets Equity |
884,272 | 25,356,212 | (25,339,710 | ) | 900,774 | 900,774 | 402 | |||||||||||||||||
International Equity ESG |
12,758,723 | 212,639,531 | (221,918,281 | ) | 3,479,973 | 3,479,973 | 4,778 | |||||||||||||||||
International Equity Income |
2,460,180 | 81,763,286 | (75,876,781 | ) | 8,346,685 | 8,346,685 | 2,514 |
As of April 30, 2022, The Goldman Sachs Group, Inc. was the beneficial owner of the following Funds:
Fund | Class C | Investor | Class R6 | Class R | ||||||||||||||
ESG Emerging Markets Equity |
10 | % | 0 | % | 0 | % | 0 | % |
75
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
Notes to Financial Statements (continued)
April 30, 2022 (Unaudited)
5. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended April 30, 2022, were as follows:
Fund | Purchases | Sales and Maturities | ||||||||
China Equity |
$ | 21,633,486 | $ | 24,036,206 | ||||||
Emerging Markets Equity |
1,675,521,579 | 1,096,714,611 | ||||||||
ESG Emerging Markets Equity |
34,646,214 | 9,308,064 | ||||||||
International Equity ESG |
335,400,090 | 94,459,521 | ||||||||
International Equity Income |
131,651,525 | 10,481,581 |
6. 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. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
The 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.
In the event of a default by a borrower with respect to any loan, GSAL will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL is unable to purchase replacement securities, GSAL will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdictions bankruptcy or insolvency laws. The Funds loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds overnight and continuous agreements, which represent the gross
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GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
6. SECURITIES LENDING (continued) |
amounts of recognized liabilities for securities lending transactions outstanding as of April 30, 2022, are disclosed as Payable upon return of securities loaned on the Statements of Assets and Liabilities, where applicable.
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 amounts earned, if any, by the Funds for the six months ended April 30, 2022, are reported under Investment Income on the Statements of Operations.
The table below details securities lending activity with affiliates of Goldman Sachs:
For the six months ended April 30, 2022 | Amounts Payable to April 30, 2022 |
|||||||||||||
Fund | Earnings of GSAL Relating to Securities Loaned |
Amounts Received by the Funds from Lending to Goldman Sachs |
||||||||||||
China Equity |
$ | 59 | $ | | $ | | ||||||||
Emerging Markets Equity |
6,318 | 12,393 | | |||||||||||
ESG Emerging Markets Equity |
2 | | | |||||||||||
International Equity ESG |
| | |
The following table provides information about the Funds investment in the Government Money Market Fund for the six months ended April 30, 2022.
Fund | Beginning Value as of October 31, 2021 |
Purchases at Cost |
Proceeds from Sales |
Ending Value as of April 30, 2022 |
||||||||||||||
China Equity |
$ | 352,275 | $ | 1,397,725 | $ | (1,491,000 | ) | $ | 259,000 | |||||||||
Emerging Markets Equity |
45,470,600 | 312,378,343 | (289,787,343 | ) | 68,061,600 | |||||||||||||
International Equity ESG |
| 35,612,477 | (5,032,999 | ) | 30,579,478 |
7. TAX INFORMATION |
As of the Funds most recent fiscal year ended October 31, 2021, the Funds capital loss carryforwards and certain timing differences on a tax basis were as follows:
China Equity |
Emerging Markets Equity |
ESG Emerging Markets Equity |
International Equity ESG |
International Equity Income |
||||||||||||||||
Capital loss carryforwards: |
||||||||||||||||||||
Perpetual Long-term |
$ | | $ | | $ | (24,018,179 | ) | $ | | $ | | |||||||||
Perpetual Short-term |
| (16,346,119 | ) | (28,752,165 | ) | | (108,296 | ) | ||||||||||||
Total capital loss carryforwards |
$ | | $ | (16,346,119 | ) | $ | (52,770,344 | ) | $ | | $ | (108,296 | ) | |||||||
Timing differences (Foreign Tax Reclaims |
||||||||||||||||||||
Accrued but not Received/Late Year |
||||||||||||||||||||
Ordinary Loss Deferrals) |
$ | | $ | | $ | (9,562 | ) | $ | 209,559 | $ | 25,435 |
77
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
Notes to Financial Statements (continued)
April 30, 2022 (Unaudited)
7. TAX INFORMATION (continued) |
As of April 30, 2022, the Funds aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
China Equity |
Emerging Markets Equity |
ESG Emerging Markets Equity |
International Equity ESG |
International Equity Income |
||||||||||||||||
Tax cost |
$ | 115,500,695 | $ | 3,906,623,271 | $ | 52,594,914 | $ | 569,997,929 | $ | 220,495,937 | ||||||||||
Gross unrealized gain |
9,154,459 | 504,134,666 | 1,183,649 | 20,695,555 | 7,160,156 | |||||||||||||||
Gross unrealized loss |
(27,658,597 | ) | (541,690,301 | ) | (8,558,151 | ) | (49,988,051 | ) | (13,836,950 | ) | ||||||||||
Net unrealized gain (loss) |
$ | (18,504,138 | ) | $ | (37,555,635 | ) | $ | (7,374,502 | ) | $ | (29,292,496 | ) | $ | (6,676,794 | ) |
The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales and differences in the tax treatment of passive foreign investment company investments.
GSAM has reviewed the Funds tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.
8. OTHER RISKS |
The Funds risks include, but are not limited to, the following:
Dividend-Paying Investments Risk A Funds 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 Funds 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 GSAMs 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).
Foreign and Emerging Countries Risk Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or 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, or economically tied to, emerging markets, these risks may be more pronounced.
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GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
8. OTHER RISKS (continued) |
The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Funds liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.
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 Funds 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 Funds 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 ETFs shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETFs shares may not develop or be maintained.
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 Funds 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 Funds current expenses being allocated over a smaller asset base, leading to an increase in the Funds expense ratio. Similarly, large Fund share purchases may adversely affect a Funds performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.
79
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
Notes to Financial Statements (continued)
April 30, 2022 (Unaudited)
8. OTHER RISKS (continued) |
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 Funds NAV and dilute remaining investors interests. These risks may be more pronounced in connection with the Funds investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Funds liquidity.
Market and Credit Risks In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.
Non-Diversification Risk Emerging Markets Equity and ESG Emerging Markets Equity Funds are non-diversified, meaning that they are permitted to invest a larger percentage of their assets in one or more issuers or in fewer issuers than diversified mutual funds. Thus, a Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.
9. INDEMNIFICATIONS |
Under the Trusts organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.
10. SUBSEQUENT EVENTS |
Subsequent events after the Statements of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.
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GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
11. SUMMARY OF SHARE TRANSACTIONS |
China Equity Fund | ||||||||||||||||
|
|
|||||||||||||||
For the Six Months Ended April 30, 2022 (Unaudited) |
For the Fiscal Year Ended October 31, 2021 |
|||||||||||||||
|
|
|||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|||||||||||||||
Class A Shares | ||||||||||||||||
Shares sold |
233,538 | $ | 6,607,142 | 327,821 | $ | 12,698,801 | ||||||||||
Reinvestment of distributions |
38,187 | 1,231,906 | 26,855 | 987,442 | ||||||||||||
Shares redeemed |
(193,773 | ) | (5,912,518 | ) | (243,540 | ) | (9,138,855 | ) | ||||||||
77,952 | 1,926,530 | 111,136 | 4,547,388 | |||||||||||||
Class C Shares | ||||||||||||||||
Shares sold |
21,822 | 577,139 | 42,814 | 1,389,950 | ||||||||||||
Reinvestment of distributions |
4,182 | 117,638 | 1,789 | 58,335 | ||||||||||||
Shares redeemed |
(19,271 | ) | (494,724 | ) | (18,973 | ) | (620,691 | ) | ||||||||
6,733 | 200,053 | 25,630 | 827,594 | |||||||||||||
Institutional Shares | ||||||||||||||||
Shares sold |
189,064 | 6,096,854 | 639,105 | 27,686,559 | ||||||||||||
Reinvestment of distributions |
35,229 | 1,228,445 | 14,051 | 554,169 | ||||||||||||
Shares redeemed |
(193,839 | ) | (6,478,132 | ) | (309,907 | ) | (12,471,869 | ) | ||||||||
30,454 | 847,167 | 343,249 | 15,768,859 | |||||||||||||
Investor Shares | ||||||||||||||||
Shares sold |
5,098 | 146,188 | 92,918 | 4,040,569 | ||||||||||||
Reinvestment of distributions |
955 | 33,071 | 2,271 | 88,975 | ||||||||||||
Shares redeemed |
(5,322 | ) | (168,047 | ) | (97,961 | ) | (3,867,348 | ) | ||||||||
731 | 11,212 | (2,772 | ) | 262,196 | ||||||||||||
Class R6 Shares | ||||||||||||||||
Shares sold |
12,884 | 393,141 | 46,019 | 1,989,393 | ||||||||||||
Reinvestment of distributions |
2,164 | 75,181 | 977 | 38,386 | ||||||||||||
Shares redeemed |
(8,430 | ) | (277,312 | ) | (26,832 | ) | (1,045,178 | ) | ||||||||
6,618 | 191,010 | 20,164 | 982,601 | |||||||||||||
Class P | ||||||||||||||||
Shares sold |
299,754 | 9,687,061 | 1,328,102 | 58,309,131 | ||||||||||||
Reinvestment of distributions |
141,016 | 4,901,721 | 82,585 | 3,246,437 | ||||||||||||
Shares redeemed |
(393,040 | ) | (12,535,210 | ) | (489,595 | ) | (19,190,904 | ) | ||||||||
47,730 | 2,053,572 | 921,092 | 42,364,664 | |||||||||||||
NET INCREASE |
170,218 | $ | 5,229,544 | 1,418,499 | $ | 64,753,302 |
81
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
Notes to Financial Statements (continued)
April 30, 2022 (Unaudited)
11. SUMMARY OF SHARE TRANSACTIONS (continued) |
Emerging Markets Equity Fund | ||||||||||||||||
|
|
|||||||||||||||
For the Six Months Ended April 30, 2022 (Unaudited) |
For the Fiscal Year Ended October 31, 2021 |
|||||||||||||||
|
|
|||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|||||||||||||||
Class A Shares | ||||||||||||||||
Shares sold |
2,542,121 | $ | 65,763,006 | 4,280,912 | $ | 124,419,278 | ||||||||||
Reinvestment of distributions |
63,497 | 1,666,807 | 6,822 | 187,599 | ||||||||||||
Shares redeemed |
(1,992,751 | ) | (51,361,073 | ) | (5,423,589 | ) | (158,313,522 | ) | ||||||||
612,867 | 16,068,740 | (1,135,855 | ) | (33,706,645 | ) | |||||||||||
Class C Shares | ||||||||||||||||
Shares sold |
109,137 | 2,514,348 | 577,804 | 15,201,688 | ||||||||||||
Reinvestment of distributions |
4,469 | 103,985 | | | ||||||||||||
Shares redeemed |
(211,279 | ) | (4,796,540 | ) | (243,447 | ) | (6,278,331 | ) | ||||||||
(97,673 | ) | (2,178,207 | ) | 334,357 | 8,923,357 | |||||||||||
Institutional Shares | ||||||||||||||||
Shares sold |
41,190,553 | 1,112,622,850 | 42,501,112 | 1,316,059,363 | ||||||||||||
Reinvestment of distributions |
839,728 | 23,638,349 | 161,320 | 4,755,711 | ||||||||||||
Shares redeemed |
(24,451,930 | ) | (650,280,619 | ) | (12,616,376 | ) | (390,477,385 | ) | ||||||||
17,578,351 | 485,980,580 | 30,046,056 | 930,337,689 | |||||||||||||
Service Shares | ||||||||||||||||
Shares sold |
97,265 | 2,403,811 | 216,703 | 6,127,997 | ||||||||||||
Reinvestment of distributions |
9,770 | 247,171 | | | ||||||||||||
Shares redeemed |
(91,177 | ) | (2,256,241 | ) | (166,951 | ) | (4,692,764 | ) | ||||||||
15,858 | 394,742 | 49,752 | 1,435,233 | |||||||||||||
Investor Shares | ||||||||||||||||
Shares sold |
3,815,945 | 102,295,338 | 6,072,425 | 188,814,654 | ||||||||||||
Reinvestment of distributions |
91,807 | 2,565,099 | 15,778 | 461,817 | ||||||||||||
Shares redeemed |
(3,072,426 | ) | (82,388,109 | ) | (2,182,734 | ) | (67,958,019 | ) | ||||||||
835,326 | 22,472,328 | 3,905,469 | 121,318,452 | |||||||||||||
Class R6 Shares | ||||||||||||||||
Shares sold |
1,260,694 | 34,723,933 | 3,147,994 | 97,502,426 | ||||||||||||
Reinvestment of distributions |
43,244 | 1,222,948 | 6,770 | 200,450 | ||||||||||||
Shares redeemed |
(1,304,696 | ) | (35,716,529 | ) | (636,100 | ) | (20,095,496 | ) | ||||||||
(758 | ) | 230,352 | 2,518,664 | 77,607,380 | ||||||||||||
Class P Shares | ||||||||||||||||
Shares sold |
7,320,805 | 203,037,916 | 14,510,264 | 455,891,542 | ||||||||||||
Reinvestment of distributions |
309,507 | 8,752,840 | 64,362 | 1,905,777 | ||||||||||||
Shares redeemed |
(7,663,200 | ) | (205,394,454 | ) | (1,699,704 | ) | (53,055,351 | ) | ||||||||
(32,888 | ) | 6,396,302 | 12,874,922 | 404,741,968 | ||||||||||||
NET INCREASE |
18,911,082 | $ | 529,364,837 | 48,593,365 | $ | 1,510,657,434 |
82
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
11. SUMMARY OF SHARE TRANSACTIONS (continued) |
ESG Emerging Markets Equity Fund | ||||||||||||||||
|
|
|||||||||||||||
For the Six Months Ended April 30, 2022 (Unaudited) |
For the Fiscal Year Ended October 31, 2021 |
|||||||||||||||
|
|
|||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|||||||||||||||
Class A Shares | ||||||||||||||||
Shares sold |
9,116 | $ | 113,674 | 69,991 | $ | 1,033,573 | ||||||||||
Reinvestment of distributions |
20,700 | 259,255 | | | ||||||||||||
Shares redeemed |
(52,257 | ) | (654,073 | ) | (60,759 | ) | (867,587 | ) | ||||||||
Shares issued in connection with merger |
| | 273,310 | 4,187,103 | ||||||||||||
(22,441 | ) | (281,144 | ) | 282,542 | 4,353,089 | |||||||||||
Class C Shares | ||||||||||||||||
Shares sold |
367 | 4,096 | 360 | 5,184 | ||||||||||||
Shares redeemed |
736 | 9,013 | (56,226 | ) | (820,204 | ) | ||||||||||
Shares issued in connection with merger |
(2,996 | ) | (36,888 | ) | 60,820 | 920,201 | ||||||||||
(1,893 | ) | (23,779 | ) | 4,954 | 105,181 | |||||||||||
Institutional Shares | ||||||||||||||||
Shares sold |
1,896,843 | 22,142,947 | 160,077 | 2,311,073 | ||||||||||||
Reinvestment of distributions |
31,841 | 400,485 | 2,172 | 30,382 | ||||||||||||
Shares redeemed |
(94,518 | ) | (1,141,145 | ) | (822,989 | ) | (11,743,225 | ) | ||||||||
Shares issued in connection with merger |
| | 283,218 | 4,341,741 | ||||||||||||
1,834,166 | 21,402,287 | (377,522 | ) | (5,060,029 | ) | |||||||||||
Investor Shares | ||||||||||||||||
Shares sold |
16,405 | 209,290 | 6,580 | 93,266 | ||||||||||||
Reinvestment of distributions |
6,195 | 77,847 | 11 | 158 | ||||||||||||
Shares redeemed |
(19,818 | ) | (248,620 | ) | (19,002 | ) | (271,406 | ) | ||||||||
Shares issued in connection with merger |
| | 84,748 | 1,299,196 | ||||||||||||
2,782 | 38,517 | 72,337 | 1,121,214 | |||||||||||||
Class R6 Shares | ||||||||||||||||
Shares sold |
65,995 | 746,409 | 395 | 5,656 | ||||||||||||
Reinvestment of distributions |
373 | 4,683 | 17 | 237 | ||||||||||||
Shares redeemed |
(83 | ) | (1,034 | ) | (5,536 | ) | (79,946 | ) | ||||||||
Shares issued in connection with merger |
| | 757 | 11,598 | ||||||||||||
66,285 | 750,058 | (4,367 | ) | (62,455 | ) | |||||||||||
Class R Shares | ||||||||||||||||
Shares sold |
3,965 | 47,256 | 2,987 | 41,861 | ||||||||||||
Reinvestment of distributions |
1,409 | 17,502 | | | ||||||||||||
Shares redeemed |
(19 | ) | (226 | ) | (5,624 | ) | (78,627 | ) | ||||||||
5,355 | 64,532 | (2,637 | ) | (36,766 | ) | |||||||||||
Class P Shares | ||||||||||||||||
Shares sold |
710,152 | 8,516,507 | 407,953 | 5,911,509 | ||||||||||||
Reinvestment of distributions |
114,661 | 1,441,940 | 42 | 586 | ||||||||||||
Shares redeemed |
(344,671 | ) | (4,041,438 | ) | (10,184 | ) | (145,159 | ) | ||||||||
Shares issued in connection with merger |
| | 1,027,732 | 15,755,130 | ||||||||||||
480,142 | 5,917,009 | 1,425,543 | 21,522,066 | |||||||||||||
NET INCREASE |
2,364,396 | $ | 27,867,480 | 1,400,850 | $ | 21,942,300 |
83
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
Notes to Financial Statements (continued)
April 30, 2022 (Unaudited)
11. SUMMARY OF SHARE TRANSACTIONS (continued) |
International Equity ESG Fund | ||||||||||||||||
|
|
|||||||||||||||
For the Six Months Ended April 30, 2022 (Unaudited) |
For the Fiscal Year Ended October 31, 2021 |
|||||||||||||||
|
|
|||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|||||||||||||||
Class A Shares | ||||||||||||||||
Shares sold |
647,142 | $ | 17,773,748 | 722,947 | $ | 20,409,262 | ||||||||||
Reinvestment of distributions |
131,881 | 3,638,112 | 54 | 1,408 | ||||||||||||
Shares redeemed |
(324,195 | ) | (8,704,365 | ) | (281,154 | ) | (7,863,045 | ) | ||||||||
454,828 | 12,707,495 | 441,847 | 12,547,625 | |||||||||||||
Class C Shares | ||||||||||||||||
Shares sold |
98,006 | 2,494,538 | 104,783 | 2,658,899 | ||||||||||||
Reinvestment of distributions |
21,874 | 551,527 | | | ||||||||||||
Shares redeemed |
(33,638 | ) | (852,740 | ) | (264,638 | ) | (6,724,888 | ) | ||||||||
86,242 | 2,193,325 | (159,855 | ) | (4,065,989 | ) | |||||||||||
Institutional Shares | ||||||||||||||||
Shares sold |
7,311,336 | 204,393,098 | 3,216,053 | 92,806,415 | ||||||||||||
Reinvestment of distributions |
257,096 | 7,277,624 | 3,345 | 89,177 | ||||||||||||
Shares redeemed |
(2,428,179 | ) | (64,090,051 | ) | (698,424 | ) | (20,179,279 | ) | ||||||||
5,140,253 | 147,580,671 | 2,520,974 | 72,716,313 | |||||||||||||
Service Shares | ||||||||||||||||
Shares sold |
23,027 | 625,347 | 12,152 | 364,641 | ||||||||||||
Reinvestment of distributions |
717 | 20,704 | | | ||||||||||||
Shares redeemed |
(5,345 | ) | (140,290 | ) | (4,125 | ) | (122,300 | ) | ||||||||
18,399 | 505,761 | 8,027 | 242,341 | |||||||||||||
Investor Shares | ||||||||||||||||
Shares sold |
2,669,538 | 73,164,465 | 1,052,845 | 30,820,739 | ||||||||||||
Reinvestment of distributions |
81,077 | 2,279,918 | 225 | 5,951 | ||||||||||||
Shares redeemed |
(515,174 | ) | (13,808,360 | ) | (85,096 | ) | (2,449,463 | ) | ||||||||
2,235,441 | 61,636,023 | 967,974 | 28,377,227 | |||||||||||||
Class R6 Shares | ||||||||||||||||
Shares sold |
1,011,561 | 27,822,320 | 435,422 | 12,635,665 | ||||||||||||
Reinvestment of distributions |
44,543 | 1,253,796 | 286 | 7,595 | ||||||||||||
Shares redeemed |
(182,167 | ) | (4,919,419 | ) | (39,284 | ) | (1,133,096 | ) | ||||||||
873,937 | 24,156,697 | 396,424 | 11,510,164 | |||||||||||||
Class P Shares | ||||||||||||||||
Shares sold |
375,599 | 10,558,070 | 1,393,169 | 39,839,557 | ||||||||||||
Reinvestment of distributions |
281,627 | 7,925,666 | 8,443 | 223,814 | ||||||||||||
Shares redeemed |
(468,068 | ) | (13,145,332 | ) | (132,065 | ) | (3,780,549 | ) | ||||||||
189,158 | 5,338,404 | 1,269,547 | 36,282,822 | |||||||||||||
NET INCREASE |
8,998,258 | $ | 254,118,376 | 5,444,938 | $ | 157,610,503 |
84
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
11. SUMMARY OF SHARE TRANSACTIONS (continued) |
International Equity Income Fund | ||||||||||||||||
|
|
|||||||||||||||
For the Six Months Ended April 30, 2022 (Unaudited) |
For the Fiscal Year Ended October 31, 2021 |
|||||||||||||||
|
|
|||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|||||||||||||||
Class A Shares | ||||||||||||||||
Shares sold |
1,395,734 | $ | 21,011,783 | 303,236 | $ | 4,398,992 | ||||||||||
Reinvestment of distributions |
17,088 | 250,000 | 27,263 | 396,802 | ||||||||||||
Shares redeemed |
(436,751 | ) | (6,165,150 | ) | (186,971 | ) | (2,701,106 | ) | ||||||||
976,071 | 15,096,633 | 143,528 | 2,094,688 | |||||||||||||
Class C Shares | ||||||||||||||||
Shares sold |
33,562 | 440,507 | 48,433 | 623,178 | ||||||||||||
Reinvestment of distributions |
1,943 | 24,914 | 2,846 | 36,613 | ||||||||||||
Shares redeemed |
(22,558 | ) | (295,369 | ) | (38,233 | ) | (484,150 | ) | ||||||||
12,947 | 170,052 | 13,046 | 175,641 | |||||||||||||
Institutional Shares | ||||||||||||||||
Shares sold |
5,156,075 | 82,267,043 | 1,092,396 | 16,937,735 | ||||||||||||
Reinvestment of distributions |
32,044 | 496,037 | 22,270 | 343,278 | ||||||||||||
Shares redeemed |
(318,659 | ) | (4,990,359 | ) | (432,411 | ) | (6,467,584 | ) | ||||||||
4,869,460 | 77,772,721 | 682,255 | 10,813,429 | |||||||||||||
Investor Shares | ||||||||||||||||
Shares sold |
1,976,195 | 29,366,747 | 946,534 | 13,807,772 | ||||||||||||
Reinvestment of distributions |
21,875 | 318,940 | 24,711 | 358,627 | ||||||||||||
Shares redeemed |
(548,034 | ) | (8,126,756 | ) | (394,436 | ) | (5,736,642 | ) | ||||||||
1,450,036 | 21,558,931 | 576,809 | 8,429,757 | |||||||||||||
Class R6 Shares | ||||||||||||||||
Shares sold |
473,159 | 7,469,128 | 225,518 | 3,444,069 | ||||||||||||
Reinvestment of distributions |
5,695 | 87,992 | 6,190 | 95,219 | ||||||||||||
Shares redeemed |
(56,118 | ) | (882,125 | ) | (42,460 | ) | (637,707 | ) | ||||||||
422,736 | 6,674,995 | 189,248 | 2,901,581 | |||||||||||||
Class R Shares | ||||||||||||||||
Shares sold |
3,917 | 58,934 | 27,958 | 395,632 | ||||||||||||
Reinvestment of distributions |
521 | 7,665 | 641 | 9,503 | ||||||||||||
Shares redeemed |
(1,628 | ) | (24,619 | ) | (2,753 | ) | (39,514 | ) | ||||||||
2,810 | 41,980 | 25,846 | 365,621 | |||||||||||||
Class P Shares | ||||||||||||||||
Shares sold |
245,889 | 3,929,569 | 166,755 | 2,591,798 | ||||||||||||
Reinvestment of distributions |
26,100 | 402,984 | 42,660 | 652,395 | ||||||||||||
Shares redeemed |
(178,825 | ) | (2,893,193 | ) | (127,109 | ) | (1,912,186 | ) | ||||||||
93,164 | 1,439,360 | 82,306 | 1,332,007 | |||||||||||||
NET INCREASE |
7,827,224 | $ | 122,754,672 | 1,713,038 | $ | 26,112,724 |
85
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
Liquidity Risk Management Program (Unaudited)
Each Fund has adopted and implemented a liquidity risk management program (the Program) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage each Funds liquidity risk, i.e., the risk that a Fund is unable to satisfy redemption requests without significantly diluting remaining investors interests in the Fund. The Board of Trustees of the Trust has designated GSAM, each Funds investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.
The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Funds liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Funds investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of illiquid investments (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in highly liquid investments (as defined under Rule 22e-4), the determination of a minimum percentage of the Funds assets that will generally be invested in highly liquid investments (a Highly Liquid Investment Minimum); and (5) periodic reporting to the Board of Trustees.
At a meeting of the Board of Trustees on February 8-9, 2022, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the period from January 1, 2021 through December 31, 2021 (the Reporting Period). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; and (3) the impact of local holidays in non-U.S. jurisdictions. The report concluded that the Program continues to be reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.
There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Funds prospectus for more information regarding the Funds exposure to liquidity risk and other risks to which it may be subject.
86
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
Impact of Russian Invasion of Ukraine (Unaudited)
The Russian invasion of Ukraine has negatively affected the global economy and has resulted in significant disruptions in financial markets and increased macroeconomic uncertainty. In addition, governments around the world have responded to Russias invasion by imposing economic sanctions and export controls on certain industry sectors, companies and individuals in or associated with Russia. Russia has imposed its own restrictions against investors and countries outside Russia and has proposed additional measures aimed at non-Russian-owned businesses. Businesses in the U.S. and globally have experienced shortages in materials and increased costs for transportation, energy and raw materials due, in part, to the negative effects of the war on the global economy. The escalation or continuation of the war between Russia and Ukraine or other hostilities presents heightened risks relating to cyber-attacks, the frequency and volume of failures to settle securities transactions, supply chain disruptions, inflation, as well as the potential for increased volatility in commodity, currency and other financial markets. The extent and duration of the war, sanctions and resulting market disruptions, as well as the potential adverse consequences for the Funds operations are difficult to predict.
87
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
Fund Expenses Six Month Period Ended April 30, 2022 (Unaudited)
As a shareholder of Class A, Class C, Institutional, Service, Investor, Class R6, Class R or Class P Shares of a Fund you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares) and contingent deferred sales charges on redemptions (with respect to Class C Shares); and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (with respect to Class A, Class C and Service Shares); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Service, Investor, Class R6, Class R and Class P Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2021 through April 30, 2022, which represents a period of 181 days of a 365 day year.
Actual Expenses The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled Expenses Paid to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds actual net expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fee or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
China Equity Fund | Emerging Markets Equity Fund | ESG Emerging Markets Equity Fund |
International Equity ESG Fund |
International Equity Income Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share Class | Beginning Account Value 11/1/21 |
Ending Account Value 4/30/22 |
Expenses Paid for the 6 months ended 4/30/2022* |
Beginning Account Value 11/1/21 |
Ending Account Value 4/30/22 |
Expenses Paid for the 6 months ended 4/30/2022* |
Beginning Account Value 11/1/21 |
Ending Account Value 4/30/22 |
Expenses Paid for the 6 months ended 4/30/2022* |
Beginning Account Value 11/1/21 |
Ending Account Value 4/30/22 |
Expenses Paid for the 6 months ended 4/30/2022* |
Beginning Account Value 11/1/21 |
Ending Account Value 4/30/22 |
Expenses Paid for the 6 months ended 4/30/2022* |
|||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actual |
$ | 1,000.00 | $ | 704.40 | $ | 6.17 | $ | 1,000.00 | $ | 763.05 | $ | 5.64 | $ | 1,000.00 | $ | 775.16 | $ | 6.43 | $ | 1,000.00 | $ | 856.41 | $ | 5.43 | $ | 1,000.00 | $ | 953.64 | $ | 5.76 | ||||||||||||||||||||||||||||||
Hypothetical 5% return |
1,000.00 | 1,017.55 | + | 7.30 | 1,000.00 | 1,018.40 | + | 6.46 | 1,000.00 | 1,017.55 | + | 7.30 | 1,000.00 | 1,018.94 | + | 5.91 | 1,000.00 | 1,018.89 | + | 5.96 | ||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actual |
1,000.00 | 701.65 | 9.32 | 1,000.00 | 760.02 | 8.90 | 1,000.00 | 772.51 | 9.71 | 1,000.00 | 853.08 | 8.87 | 1,000.00 | 950.49 | 9.38 | |||||||||||||||||||||||||||||||||||||||||||||
Hypothetical 5% return |
1,000.00 | 1,013.84 | + | 11.04 | 1,000.00 | 1,014.68 | + | 10.19 | 1,000.00 | 1,013.84 | + | 11.04 | 1,000.00 | 1,015.22 | + | 9.64 | 1,000.00 | 1,015.17 | + | 9.69 | ||||||||||||||||||||||||||||||||||||||||
Institutional | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actual |
1,000.00 | 705.44 | 4.86 | 1,000.00 | 763.97 | 4.29 | 1,000.00 | 776.61 | 4.93 | 1,000.00 | 857.97 | 3.96 | 1,000.00 | 955.31 | 4.12 | |||||||||||||||||||||||||||||||||||||||||||||
Hypothetical 5% return |
1,000.00 | 1,019.09 | + | 5.76 | 1,000.00 | 1,019.93 | + | 4.91 | 1,000.00 | 1,019.24 | + | 5.61 | 1,000.00 | 1,020.53 | + | 4.31 | 1,000.00 | 1,020.58 | + | 4.26 | ||||||||||||||||||||||||||||||||||||||||
Service | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actual |
N/A | N/A | N/A | 1,000.00 | 762.21 | 6.47 | N/A | N/A | N/A | 1,000.00 | 855.94 | 6.26 | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||||||
Hypothetical 5% return |
N/A | N/A | N/A | 1,000.00 | 1,017.46 | + | 7.40 | N/A | N/A | N/A | 1,000.00 | 1,018.05 | + | 6.80 | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||||
Investor | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actual |
1,000.00 | 705.45 | 5.12 | 1,000.00 | 763.88 | 4.55 | 1,000.00 | 776.20 | 5.33 | 1,000.00 | 857.63 | 4.28 | 1,000.00 | 955.56 | 4.56 | |||||||||||||||||||||||||||||||||||||||||||||
Hypothetical 5% return |
1,000.00 | 1,018.79 | + | 6.06 | 1,000.00 | 1,019.64 | + | 5.21 | 1,000.00 | 1,018.79 | + | 6.06 | 1,000.00 | 1,020.18 | + | 4.66 | 1,000.00 | 1,020.13 | + | 4.71 | ||||||||||||||||||||||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actual |
1,000.00 | 705.49 | 4.82 | 1,000.00 | 764.08 | 4.24 | 1,000.00 | 776.25 | 4.84 | 1,000.00 | 857.90 | 3.92 | 1,000.00 | 955.27 | 4.07 | |||||||||||||||||||||||||||||||||||||||||||||
Hypothetical 5% return |
1,000.00 | 1,019.14 | + | 5.71 | 1,000.00 | 1,019.98 | + | 4.86 | 1,000.00 | 1,019.34 | + | 5.51 | 1,000.00 | 1,020.58 | + | 4.26 | 1,000.00 | 1,020.63 | + | 4.21 | ||||||||||||||||||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actual |
N/A | N/A | N/A | N/A | N/A | N/A | 1,000.00 | 774.63 | 7.52 | N/A | N/A | N/A | 1,000.00 | 952.71 | 6.97 | |||||||||||||||||||||||||||||||||||||||||||||
Hypothetical 5% return |
N/A | N/A | N/A | N/A | N/A | N/A | 1,000.00 | 1,016.31 | + | 8.55 | N/A | N/A | N/A | 1,000.00 | 1,017.65 | + | 7.20 | |||||||||||||||||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actual |
1,000.00 | 705.56 | 4.82 | 1,000.00 | 764.34 | 4.24 | 1,000.00 | 776.23 | 4.93 | 1,000.00 | 857.79 | 3.92 | 1,000.00 | 955.22 | 4.07 | |||||||||||||||||||||||||||||||||||||||||||||
Hypothetical 5% return |
1,000.00 | 1,019.14 | + | 5.71 | 1,000.00 | 1,019.98 | + | 4.86 | 1,000.00 | 1,019.24 | + | 5.61 | 1,000.00 | 1,020.58 | + | 4.26 | 1,000.00 | 1,020.63 | + | 4.21 |
+ | Hypothetical expenses are based on each Funds actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses. |
* | Expenses are calculated using each Funds annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended April 30, 2022. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows: |
Fund | Class A Shares |
Class C Shares |
Institutional Shares |
Service Shares |
Investor Shares |
Class R6 Shares |
Class R Shares |
Class P Shares |
||||||||||||||||||||||||
China Equity Fund |
1.46 | % | 2.21 | % | 1.15 | % | N/A | 1.21 | % | 1.14 | % | N/A | 1.14 | % | ||||||||||||||||||
Emerging Markets Equity Fund |
1.29 | 2.04 | 0.98 | 1.48 | % | 1.04 | 0.97 | N/A | 0.97 | |||||||||||||||||||||||
ESG Emerging Markets Equity Fund |
1.46 | 2.21 | 1.12 | N/A | 1.21 | 1.10 | 1.71 | % | 1.12 | |||||||||||||||||||||||
International Equity ESG Fund |
1.18 | 1.93 | 0.86 | 1.36 | 0.93 | 0.85 | N/A | 0.85 | ||||||||||||||||||||||||
International Equity Income Fund |
1.19 | 1.94 | 0.85 | N/A | 0.94 | 0.84 | 1.44 | 0.84 |
88
FUNDS PROFILE
Goldman Sachs Funds
Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.
Today, the Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.13 trillion in assets under supervision as of March 31, 2022, Goldman Sachs Asset Management (GSAM) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.
Money Market
Financial Square FundsSM
∎ | Financial Square Treasury Solutions Fund1 |
∎ | Financial Square Government Fund1 |
∎ | Financial Square Money Market Fund2 |
∎ | Financial Square Prime Obligations Fund2 |
∎ | Financial Square Treasury Instruments Fund1 |
∎ | Financial Square Treasury Obligations Fund1 |
∎ | Financial Square Federal Instruments Fund1 |
Investor FundsSM
∎ | Investor Money Market Fund3 |
∎ | Investor Tax-Exempt Money Market Fund3 |
Fixed Income
Short Duration and Government
∎ | Enhanced Income Fund |
∎ | Short-Term Conservative Income Fund |
∎ | Short Duration Government Fund |
∎ | Short Duration Bond Fund4 |
∎ | Government Income Fund |
∎ | Inflation Protected Securities Fund |
Multi-Sector
∎ | Bond Fund |
∎ | Core Fixed Income Fund |
∎ | Global Core Fixed Income Fund |
∎ | Strategic Income Fund |
∎ | Income Fund |
Municipal and Tax-Free
∎ | High Yield Municipal Fund |
∎ | Dynamic Municipal Income Fund |
∎ | Short Duration Tax-Free Fund |
∎ | Municipal Income Completion Fund |
Single Sector
∎ | Investment Grade Credit Fund |
∎ | U.S. Mortgages Fund |
∎ | High Yield Fund |
∎ | High Yield Floating Rate Fund |
∎ | Emerging Markets Debt Fund |
∎ | Local Emerging Markets Debt Fund |
Fixed Income Alternatives
∎ | Long Short Credit Strategies Fund |
Fundamental Equity
∎ | Equity Income Fund |
∎ | Small Cap Growth Fund |
∎ | Small Cap Value Fund |
∎ | Small/Mid Cap Value Fund |
∎ | Mid Cap Value Fund |
∎ | Large Cap Value Fund |
∎ | Focused Value Fund |
∎ | Large Cap Core Fund5 |
∎ | Strategic Growth Fund |
∎ | Small/Mid Cap Growth Fund |
∎ | Flexible Cap Fund |
∎ | Concentrated Growth Fund |
∎ | Technology Opportunities Fund |
∎ | Mid Cap Growth Fund6 |
∎ | Rising Dividend Growth Fund |
∎ | U.S. Equity ESG Fund |
∎ | Income Builder Fund |
Tax-Advantaged Equity
∎ | U.S. Tax-Managed Equity Fund |
∎ | International Tax-Managed Equity Fund |
∎ | U.S. Equity Dividend and Premium Fund |
∎ | International Equity Dividend and Premium Fund |
Equity Insights
∎ | Small Cap Equity Insights Fund |
∎ | U.S. Equity Insights Fund |
∎ | Small Cap Growth Insights Fund |
∎ | Large Cap Growth Insights Fund |
∎ | Large Cap Value Insights Fund |
∎ | Small Cap Value Insights Fund |
∎ | International Small Cap Insights Fund |
∎ | International Equity Insights Fund |
∎ | Emerging Markets Equity Insights Fund |
Fundamental Equity International
∎ | International Equity Income Fund |
∎ | International Equity ESG Fund |
∎ | China Equity Fund |
∎ | Emerging Markets Equity Fund |
∎ | ESG Emerging Markets Equity Fund |
Alternative
∎ | Clean Energy Income Fund |
∎ | Defensive Equity Fund |
∎ | Real Estate Securities Fund |
∎ | Commodity Strategy Fund |
∎ | Global Real Estate Securities Fund |
∎ | Absolute Return Tracker Fund |
∎ | Managed Futures Strategy Fund |
∎ | MLP Energy Infrastructure Fund |
∎ | Energy Infrastructure Fund |
∎ | Multi-Manager Alternatives Fund |
∎ | Global Infrastructure Fund |
Total Portfolio Solutions
∎ | Global Managed Beta Fund |
∎ | Multi-Manager Non-Core Fixed Income Fund |
∎ | Multi-Manager Global Equity Fund |
∎ | Multi-Manager International Equity Fund |
∎ | Tactical Tilt Overlay Fund |
∎ | Balanced Strategy Portfolio |
∎ | Multi-Manager U.S. Small Cap Equity Fund |
∎ | Multi-Manager Real Assets Strategy Fund |
∎ | Growth and Income Strategy Portfolio |
∎ | Growth Strategy Portfolio |
∎ | Dynamic Global Equity Fund |
∎ | Satellite Strategies Portfolio |
∎ | Enhanced Dividend Global Equity Portfolio |
∎ | Tax-Advantaged Global Equity Portfolio |
∎ | Strategic Factor Allocation Fund |
∎ | Strategic Volatility Premium Fund |
∎ | Target Date Retirement Portfolio |
∎ | Target Date 2025 Portfolio |
∎ | Target Date 2030 Portfolio |
∎ | Target Date 2035 Portfolio |
∎ | Target Date 2040 Portfolio |
∎ | Target Date 2045 Portfolio |
∎ | Target Date 2050 Portfolio |
∎ | Target Date 2055 Portfolio |
∎ | Target Date 2060 Portfolio |
∎ | GQG Partners International Opportunities Fund |
1 | You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Funds sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. |
2 | You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Funds liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Funds sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. |
3 | You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Funds liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Funds sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. |
4 | Effective after the close of business on July 29, 2021, the Goldman Sachs Short Duration Income Fund was renamed the Goldman Sachs Short Duration Bond Fund. |
5 | Effective after the close of business on April 13, 2022, the Goldman Sachs Capital Growth Fund was renamed the Goldman Sachs Large Cap Core Fund. |
6 | Effective after the close of business on April 13, 2022, the Goldman Sachs Growth Opportunities Fund was renamed the Goldman Sachs Mid Cap Growth. |
Financial Square FundsSM and Investor FundsSM are registered service marks of Goldman Sachs & Co. LLC. |
* | This list covers open-end funds only. Please visit our website at www.GSAMFUNDS.com to learn about our closed-end funds and exchange-traded funds. |
TRUSTEES Jessica Palmer, Chair Dwight L. Bush Kathryn A. Cassidy John G. Chou Diana M. Daniels Joaquin Delgado Eileen H. Dowling James A. McNamara Roy W. Templin Gregory G. Weaver Paul C. Wirth
|
OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary | |
GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent |
GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser |
Visit our website at www.GSAMFUNDS.com to obtain the most recent month-end returns.
Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282
The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund managements predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (ii) on the Securities and Exchange Commission (SEC) web site at http://www.sec.gov.
The Funds will file portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SECs web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).
Fund holdings and allocations shown are as of April 30, 2022 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poors, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.
This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider a Funds objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling (retail 1-800-526-7384) (institutional 1-800-621-2550).
© 2022 Goldman Sachs. All rights reserved. 281668-OTU-1622081 EQINTEMESAR-22
Goldman Sachs Funds
Semi-Annual Report | April 30, 2022 | |||
International Equity Insights Funds | ||||
Emerging Markets Equity Insights | ||||
International Equity Insights | ||||
International Small Cap Insights |
Goldman Sachs International Equity
Insights Funds
∎ | EMERGING MARKETS EQUITY INSIGHTS |
∎ | INTERNATIONAL EQUITY INSIGHTS |
∎ | INTERNATIONAL SMALL CAP INSIGHTS |
1 | ||||
3 | ||||
9 | ||||
32 | ||||
36 | ||||
36 | ||||
43 | ||||
51 | ||||
57 | ||||
76 |
NOT FDIC-INSURED | May Lose Value | No Bank Guarantee |
MARKET REVIEW
Goldman Sachs International Equity Insights Funds
The following are highlights both of key factors affecting the emerging markets and international equity markets and of any key changes made to the Goldman Sachs International Equity Insights Funds (the Funds) during the six months ended April 30, 2022 (the Reporting Period). A fuller review of the markets and these changes will appear in the Funds annual shareholder report covering the 12 months ended October 31, 2022.
Emerging Markets Equities
| Representing the emerging markets equity markets, the MSCI Emerging Markets Standard Index (net) (MSCI Emerging Markets Index) returned -14.15% during the Reporting Period. |
| As the Reporting Period began in November 2021, the MSCI Emerging Markets Index fell sharply, as the Omicron variant of COVID-19 spread across regions, dampening investor sentiment and leading to mixed outlooks for the global economic recovery. |
| In December 2021, emerging markets equities rose. Global economic data was encouraging despite market participants closely monitoring the implications of the spread of the Omicron variant, inflation remaining top of mind for investors, and Chinas heightened regulations, mainly in the technology sector, weighing on sentiment. |
| The MSCI Emerging Markets Index fell in each of the first four months of 2022. |
| In January, both growing tensions between Russia and Ukraine and rising global borrowing costs worried investors. COVID-19 cases surged and hospitalizations rose, further dampening investor sentiment around an economic recovery across emerging markets. |
| In February, the Russia/Ukraine situation deteriorated sharply, with Russia launching a full-scale invasion, triggering a sell-off in emerging markets equities. |
| In March and April, the Russia/Ukraine war continued to drive a sell-off in emerging markets equities. |
| Additionally in April, as inflation loomed internationally, the acceleration in global food prices rivaled the increase in oil prices, creating a new set of risks for the emerging markets. |
| The best performing sector within the MSCI Emerging Markets Index during the Reporting Period was utilities, the only sector to post a positive total return for the Reporting Period. The weakest performing sectors were consumer discretionary, health care and energy. |
| The best performing countries within the MSCI Emerging Markets Index during the Reporting Period were United Arab Emirates, Brazil, Saudi Arabia, Kuwait and Qatar all oil exporting countries. The weakest performing countries during the Reporting Period were Hungary, Poland, China, Egypt and South Korea. |
| The MSCI Russia Index declined 52.75% in February 2022, having been a top detractor from the MSCI Emerging Markets Index in prior months as well. |
| Effective March 9, 2022, MSCI Inc. removed Russian securities from the MSCI Emerging Markets Index after deeming the Russian equity market uninvestable amidst Russias invasion of Ukraine. MSCI Inc. announced the MSCI Russia Indexes would be reclassified to standalone markets instead of emerging markets across all of MSCIs indexes at a price that is effectively zero. |
International Equities
| Representing the developed international equity markets, the MSCI EAFE Standard Index (net) (MSCI EAFE Index) returned -11.80% for the Reporting Period. |
1
MARKET REVIEW
| As the Reporting Period began, international equity markets receded in November 2021 following a strong October. |
| The markets fell around fears that the new Omicron variant of COVID-19 would weigh on investor sentiment. Travel restrictions were re-imposed to curtail the variants spread, and lockdown measures were re-instituted in Europe. Japans equity market fell due to both inflation and supply-chain issues as well as concerns about the Omicron variant. |
| Persistently high inflation weighed on market sentiment as well. |
| In December 2021, international equities experienced a strong rebound, as the initial scare around the Omicron variant dissipated amid studies showing its symptoms were less severe than prior variants. Also, value stocks generally outperformed growth stocks, which benefited international equities given their relatively high value/cyclical exposures. |
| During the first quarter of 2022, international equities fell, facing pressures from global concerns around rising inflation, planned interest rate hikes by the U.S. Federal Reserve (the Fed), rising bond yields, valuation concerns, and Russias invasion of Ukraine. |
| Major countries around the world took a public stance condemning Russias invasion and imposed various economic sanctions, including removal of Russian financial institutions from bank connectivity network SWIFT, banning transactions with the Russian central bank and halting trading of Russian securities. Such sanctions further boosted the price of crude oil in the global markets. |
| Driven by increased market volatility, the Fed signaled a slower than anticipated pace of monetary policy tightening while retaining a cautionary focus on rising inflation. That said, Fed officials raised short-term interest rates by 25 basis points in March, the first U.S. rate hike since the end of 2018. (A basis point is 1/100th of a percentage point.) |
| Hopes around the success of diplomatic talks and peaceful negotiations between Russia and Ukraine led to some market recovery toward the end of the first calendar quarter. |
| Still, beyond the broader concerns around the geopolitical crisis, the impact on commodity prices reinforced concerns around supply-side inflation and led to worries about a potential stagflation scenario particularly in Europe. (Stagflation is characterized by slow economic growth and high inflation.) However, the corporate earnings season retained its overall strength. |
| Other macroeconomic uncertainties included those around regulation in China, the status of Chinese shares listed in the U.S., and slowing economic growth in China, all exacerbated by the imposition of lockdowns and manufacturing halts due to a rise in COVID-19 cases, leading, in turn, to further supply-chain issues. |
| International equities continued to sell off in April 2022. |
| Inflation continued to rise, and supply-chain issues worsened as China instituted lockdowns following a surge in COVID-19 cases. |
| More consumer-facing sectors, in particular, struggled, as they were negatively impacted by supply-chain disruptions and weak consumer confidence. |
| The best performing sector within the MSCI EAFE Index during the Reporting Period was energy, the only sector to post a positive total return for the Reporting Period. The weakest performing sectors were information technology, consumer discretionary and industrials. |
| The best performing country within the MSCI EAFE Index was Chile, the only constituent to post a positive total return for the Reporting Period. Other countries within the MSCI EAFE Index that performed comparatively well, albeit generating negative total returns, were the U.K., Australia, Norway and Hong Kong. The weakest performing countries during the Reporting Period were Poland, the Netherlands, Ireland, Austria and New Zealand. |
Fund Changes and Highlights
No material changes were made to the Funds during the Reporting Period.
2
Emerging Markets Equity Insights Fund
as of April 30, 2022
PERFORMANCE REVIEW |
| |||||||||
November 1, 2021April 30, 2022 | Fund Total Return (based on NAV)1 |
MSCI Emerging Markets (Net, USD, Unhedged)2 |
||||||||
Class A | -10.94 | % | -14.15 | % | ||||||
Class C | -11.30 | |
-14.15 |
| ||||||
Institutional | -10.74 | |
-14.15 |
| ||||||
Investor | -10.78 | |
-14.15 |
| ||||||
Class R6 | -10.73 | |
-14.15 |
| ||||||
Class R | -11.04 | |
-14.15 |
| ||||||
Class P | -10.74 | -14.15 |
1 | The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Funds performance assumes the reinvestment of dividends and other distributions. The Funds performance does not reflect the deduction of any applicable sales charges. |
2 | The MSCI Emerging Markets Standard Index (Net, USD, Unhedged) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. As of April 30, 2022, the MSCI® Emerging Markets Standard Index (Net, USD, Unhedged) consists of the following 24 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Saudi Arabia, South Africa, Korea, Kuwait, Taiwan, Thailand, Turkey and the United Arab Emirates. The MSCI® Emerging Markets Standard Index (Net, USD, Unhedged) figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index. |
The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Funds investment return and principal value will fluctuate so that an investors shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
TOP TEN HOLDINGS AS OF 4/30/221 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 5.7 | % | Semiconductors & Semiconductor Equipment | Taiwan | ||||||
Samsung Electronics Co. Ltd. | 4.7 | Technology Hardware & Equipment | South Korea | |||||||
Tencent Holdings Ltd. | 3.3 | Media & Entertainment | China | |||||||
Alibaba Group Holding Ltd. ADR | 2.2 | Retailing | China | |||||||
Infosys Ltd. ADR | 2.2 | Software & Services | India | |||||||
China Construction Bank Corp., Class H | 2.0 | Banks | China | |||||||
NetEase, Inc. ADR | 1.9 | Media & Entertainment | China | |||||||
Vale SA ADR | 1.8 | Materials | Brazil | |||||||
Cathay Financial Holding Co. Ltd. | 1.7 | Insurance | Taiwan | |||||||
Hana Financial Group, Inc. | 1.6 | Banks | South Korea |
1 | The top 10 holdings may not be representative of the Funds future investments. |
3
FUND BASICS
FUND VS. BENCHMARK SECTOR ALLOCATIONS2 |
As of April 30, 2022 |
2 | The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Funds overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (GICS); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 0.4% of the Funds net assets at April 30, 2022. The graph depicts the Funds investments but may not represent the Funds market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Percentages may not sum to 100% due to rounding. |
For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Funds investment strategies, holdings, and performance.
4
FUND BASICS
International Equity Insights Fund
as of April 30, 2022
PERFORMANCE REVIEW |
| |||||||||
November 1, 2021April 30, 2022 | Fund Total Return (based on NAV)1 |
MSCI® EAFE Standard
Index (Net, USD, Unhedged)2 |
||||||||
Class A | -11.03 | % | -11.80 | % | ||||||
Class C | -11.37 | -11.80 | ||||||||
Institutional | -10.87 | -11.80 | ||||||||
Service | -11.11 | -11.80 | ||||||||
Investor | -10.95 | -11.80 | ||||||||
Class R6 |
-10.87 | -11.80 | ||||||||
Class R | -11.15 | -11.80 | ||||||||
Class P | -10.87 | -11.80 |
1 | The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Funds performance assumes the reinvestment of dividends and other distributions. The Funds performance does not reflect the deduction of any applicable sales charges. |
2 | The unmanaged MSCI® EAFE Standard Index (Net, USD, Unhedged) is a market capitalization-weighted composite of securities in 21 developed markets. As of April 30, 2022, the MSCI® EAFE Standard Index (Net, USD, Unhedged) consists of the following 21 developed countries: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. The MSCI® EAFE Standard Index (Net, USD, Unhedged) figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index. |
The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Funds investment return and principal value will fluctuate so that an investors shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
TOP TEN HOLDINGS AS OF 4/30/221 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
ASML Holding NV | 2.4 | % | Semiconductors & Semiconductor Equipment | Netherlands | ||||||
Novo Nordisk A/S, Class B | 2.1 | Pharmaceuticals, Biotechnology & Life Sciences | Denmark | |||||||
British American Tobacco PLC | 1.5 | Food, Beverage & Tobacco | United Kingdom | |||||||
Commonwealth Bank of Australia | 1.5 | Banks | Australia | |||||||
Shell PLC | 1.4 | Energy | Netherlands | |||||||
GlaxoSmithKline PLC ADR | 1.3 | Pharmaceuticals, Biotechnology & Life Sciences | United States | |||||||
BHP Group Ltd. | 1.3 | Materials | Australia | |||||||
Diageo PLC | 1.3 | Food, Beverage & Tobacco | United Kingdom | |||||||
Nestle SA (Registered) | 1.2 | Food, Beverage & Tobacco | United States | |||||||
UBS Group AG (Registered) | 1.2 | Diversified Financials | Switzerland |
1 | The top 10 holdings may not be representative of the Funds future investments. |
5
FUND BASICS
FUND VS. BENCHMARK SECTOR ALLOCATIONS2 |
As of April 30, 2022 |
2 | The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Funds overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (GICS); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 4.1% of the Funds net assets at April 30, 2022. The graph depicts the Funds investments but may not represent the Funds market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Percentages may not sum to 100% due to rounding. |
For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Funds investment strategies, holdings, and performance.
6
FUND BASICS
International Small Cap Insights Fund
as of April 30, 2022
PERFORMANCE REVIEW |
| |||||||||
November 1, 2021April 30, 2022 | Fund Total Return (based on NAV)1 |
MSCI® EAFE Small Cap
Index (Net, USD, Unhedged)2 |
||||||||
Class A | -12.75 | % | -16.06 | % | ||||||
Class C | -13.06 | -16.06 | ||||||||
Institutional | -12.57 | -16.06 | ||||||||
Investor | -12.61 | -16.06 | ||||||||
Class R6 | -12.53 | -16.06 | ||||||||
Class P | -12.53 | -16.06 |
1 | The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Funds performance assumes the reinvestment of dividends and other distributions. The Funds performance does not reflect the deduction of any applicable sales charges. |
2 | The MSCI® EAFE Small Cap Index (Net, USD, Unhedged) is a free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the U.S. and Canada. The MSCI® EAFE Small Cap Index (Net, USD, Unhedged) selects the most liquid securities across developed markets relative to their market capitalization, and targets for index inclusion 40% of the full market capitalization of the eligible small cap universe within each industry group, within each country. Its returns include net reinvested dividends but, unlike Fund returns, do not reflect the payment of sales commissions or other expenses incurred in the purchase or sale of the securities included in the MSCI® EAFE Small Cap Index (Net, USD, Unhedged). It is not possible to invest directly in an index. |
The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Funds investment return and principal value will fluctuate so that an investors shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
TOP TEN HOLDINGS AS OF 4/30/221 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
K+S AG (Registered) | 1.2 | % | Materials | Germany | ||||||
PSP Swiss Property AG (Registered) | 1.2 | Real Estate | Switzerland | |||||||
Dieteren Group | 1.1 | Retailing | Belgium | |||||||
Tritax Big Box REIT PLC REIT | 1.1 | Real Estate | United Kingdom | |||||||
Leonardo SpA | 1.1 | Capital Goods | Italy | |||||||
Golden Ocean Group Ltd. | 1.1 | Transportation | Norway | |||||||
Charter Hall Group REIT | 1.0 | Real Estate | Australia | |||||||
OCI NV | 1.0 | Materials | Netherlands | |||||||
Aurubis AG | 1.0 | Materials | Germany | |||||||
Man Group PLC | 1.0 | Diversified Financials | United Kingdom |
1 | The top 10 holdings may not be representative of the Funds future investments. |
7
FUND BASICS
FUND VS. BENCHMARK SECTOR ALLOCATIONS2 |
As of April 30, 2022 |
2 | The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Funds overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (GICS); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 2.6% of the Funds net assets at April 30, 2022. The graph depicts the Funds investments but may not represent the Funds market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Percentages may not sum to 100% due to rounding. |
For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Funds investment strategies, holdings, and performance.
8
GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND
April 30, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks 93.1% | ||||||||
Brazil 5.3% | ||||||||
849,100 | Ambev SA ADR (Food, Beverage & Tobacco) | $ | 2,470,881 | |||||
1,425,200 | Banco do Brasil SA (Banks) | 9,576,380 | ||||||
29,800 | Cia Energetica de Minas Gerais (Utilities) | 115,428 | ||||||
5,153,000 | Cia Energetica de Minas Gerais ADR (Utilities)(a) | 15,613,590 | ||||||
459,600 | CPFL Energia SA (Utilities) | 3,360,580 | ||||||
211,800 | EDP Energias do Brasil SA (Utilities) | 907,356 | ||||||
245,225 | Embraer SA ADR (Capital Goods)* | 2,788,208 | ||||||
784,600 | Enauta Participacoes SA (Energy) | 3,275,548 | ||||||
1,075,900 | Grendene SA (Consumer Durables & Apparel) | 2,056,505 | ||||||
150,500 | Itau Unibanco Holding SA (Banks) | 611,260 | ||||||
619,700 | Marfrig Global Foods SA (Food, Beverage & Tobacco) | 2,350,221 | ||||||
48,200 | Odontoprev SA (Health Care Equipment & Services) | 98,955 | ||||||
248,500 | Petro Rio SA (Energy)* | 1,342,034 | ||||||
99,600 | Porto Seguro SA (Insurance) | 409,968 | ||||||
572,200 | Santos Brasil Participacoes SA (Transportation) | 820,578 | ||||||
628,500 | Sao Martinho SA (Food, Beverage & Tobacco) | 5,899,875 | ||||||
982,400 | Transmissora Alianca de Energia Eletrica SA (Utilities) | 8,739,156 | ||||||
1,942,500 | Vale SA ADR (Materials) | 32,808,825 | ||||||
275,800 | WEG SA (Capital Goods) | 1,679,139 | ||||||
|
|
|||||||
94,924,487 | ||||||||
|
|
|||||||
Chile 0.8% | ||||||||
31,060 | Banco Santander Chile ADR (Banks) | 603,806 | ||||||
2,255,673 | Cencosud SA (Food & Staples Retailing) | 3,610,622 | ||||||
136,549 | Cia Cervecerias Unidas SA ADR (Food, Beverage & Tobacco) | 1,821,564 | ||||||
6,699,020 | Cia Sud Americana de Vapores SA (Transportation) | 757,289 | ||||||
1,261,730 | Falabella SA (Retailing) | 3,543,603 | ||||||
43,836 | Sociedad Quimica y Minera de Chile SA ADR (Materials) | 3,235,097 | ||||||
|
|
|||||||
13,571,981 | ||||||||
|
|
|||||||
China 33.2% | ||||||||
60,265,000 | Agricultural Bank of China Ltd., Class H (Banks) | 22,603,108 | ||||||
408,000 | Alibaba Group Holding Ltd. ADR (Retailing)* | 39,612,720 | ||||||
218,000 | Anhui Expressway Co. Ltd., Class H (Transportation) | 192,134 | ||||||
784,413 | AVIC Electromechanical Systems Co. Ltd., Class A (Capital Goods) | 1,160,429 | ||||||
|
|
|||||||
Common Stocks (continued) | ||||||||
China (continued) | ||||||||
9,400 | Baidu, Inc. ADR (Media & Entertainment)* | 1,167,198 | ||||||
37,382,000 | Bank of China Ltd., Class H (Banks) | 14,668,045 | ||||||
786,500 | Bank of Communications Co. Ltd., Class A (Banks) | 599,010 | ||||||
12,182,000 | Bank of Communications Co. Ltd., Class H (Banks) | 8,477,320 | ||||||
12,982,000 | Bosideng International Holdings Ltd. (Consumer Durables & Apparel) | 6,475,045 | ||||||
54,500 | BYD Co. Ltd., Class H (Automobiles & Components) | 1,586,044 | ||||||
17,551,000 | CGN Power Co. Ltd., Class H (Utilities)(b) | 4,931,896 | ||||||
4,204,000 | China BlueChemical Ltd., Class H (Materials) | 1,445,126 | ||||||
16,138,000 | China CITIC Bank Corp. Ltd., Class H (Banks) | 8,202,137 | ||||||
49,877,000 | China Construction Bank Corp., Class H (Banks) | 35,532,338 | ||||||
1,562,000 | China Education Group Holdings Ltd. (Consumer Services) | 1,331,195 | ||||||
1,465,600 | China International Marine Containers Group Co. Ltd., Class H (Capital Goods) | 2,015,721 | ||||||
1,019,000 | China Medical System Holdings Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 1,458,950 | ||||||
410,000 | China Merchants Port Holdings Co. Ltd. (Transportation) | 715,777 | ||||||
552,261 | China National Medicines Corp. Ltd. (Health Care Equipment & Services) | 2,439,868 | ||||||
932,552 | China Northern Rare Earth Group High-Tech Co. Ltd., Class A (Materials) | 4,390,664 | ||||||
330,000 | China Oilfield Services Ltd., Class H (Energy) | 337,841 | ||||||
1,818,800 | China Pacific Insurance Group Co. Ltd., Class H (Insurance) | 4,032,233 | ||||||
32,654,000 | China Petroleum & Chemical Corp., Class H (Energy) | 15,983,224 | ||||||
594,000 | China Resources Land Ltd. (Real Estate) | 2,652,931 | ||||||
218,600 | China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences) | 1,213,393 | ||||||
868,000 | China Shenhua Energy Co. Ltd., Class H (Energy) | 2,773,136 | ||||||
619,000 | China Suntien Green Energy Corp. Ltd., Class H (Energy) | 349,438 | ||||||
754,000 | China XLX Fertiliser Ltd. (Materials) | 647,011 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 9 |
GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND
Schedule of Investments (continued)
April 30, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks (continued) | ||||||||
China (continued) | ||||||||
1,087,382 | China Yangtze Power Co. Ltd., Class A (Utilities) | $ | 3,705,568 | |||||
6,148,000 | China Yongda Automobiles Services Holdings Ltd. (Retailing) | 5,700,902 | ||||||
9,960,000 | CITIC Ltd. (Capital Goods) | 10,303,720 | ||||||
99,250 | COSCO SHIPPING Holdings Co. Ltd., Class H (Transportation)* | 154,409 | ||||||
161,000 | Country Garden Services Holdings Co. Ltd. (Real Estate) | 678,580 | ||||||
10,428,000 | CSPC Pharmaceutical Group Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 10,661,028 | ||||||
120,000 | Do-Fluoride New Materials Co. Ltd., Class A (Materials) | 562,450 | ||||||
1,485,942 | Dong-E-E-Jiao Co. Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences) | 6,737,919 | ||||||
688,000 | Dongyue Group Ltd. (Materials) | 809,971 | ||||||
248,500 | ENN Energy Holdings Ltd. (Utilities) | 3,328,676 | ||||||
13,055,921 | Focus Media Information Technology Co. Ltd., Class A (Media & Entertainment) | 11,366,817 | ||||||
5,064,500 | Great Wall Motor Co. Ltd., Class H (Automobiles & Components) | 7,092,461 | ||||||
2,874,890 | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences) | 12,526,586 | ||||||
912,000 | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H (Pharmaceuticals, Biotechnology & Life Sciences) | 2,352,490 | ||||||
893,000 | Haitian International Holdings Ltd. (Capital Goods) | 2,198,056 | ||||||
56,700 | Huazhu Group Ltd. ADR (Consumer Services) | 1,714,608 | ||||||
496,100 | Hubei Xingfa Chemicals Group Co. Ltd., Class A (Materials) | 2,364,870 | ||||||
6,881,000 | Industrial & Commercial Bank of China Ltd., Class H (Banks) | 4,147,913 | ||||||
815,307 | Inner Mongolia Yuan Xing Energy Co. Ltd., Class A (Materials)* | 1,031,352 | ||||||
86,300 | JD.com, Inc. ADR (Retailing)* | 5,321,258 | ||||||
117,921 | JD.com, Inc., Class A (Retailing)* | 3,676,607 | ||||||
317,625 | Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A (Food, Beverage & Tobacco) | 7,538,038 | ||||||
32,400 | JOYY, Inc. ADR (Media & Entertainment) | 1,282,068 | ||||||
1,969,500 | Kingboard Holdings Ltd. (Technology Hardware & Equipment) | 8,866,921 | ||||||
16,626,000 | Kunlun Energy Co. Ltd. (Utilities) | 13,797,699 | ||||||
768,500 | KWG Group Holdings Ltd. (Real Estate) | 274,981 | ||||||
|
|
|||||||
Common Stocks (continued) | ||||||||
China (continued) | ||||||||
2,220,000 | Lenovo Group Ltd. (Technology Hardware & Equipment) | 2,155,627 | ||||||
537,700 | Li Auto, Inc. ADR (Automobiles & Components)* | 12,060,611 | ||||||
1,660,500 | Li Ning Co. Ltd. (Consumer Durables & Apparel) | 12,942,218 | ||||||
2,882,000 | Lifetech Scientific Corp. (Health Care Equipment & Services)* | 803,571 | ||||||
110,500 | Longfor Group Holdings Ltd. (Real Estate)(b) | 547,261 | ||||||
940,400 | Meituan, Class B (Retailing)*(b) | 20,149,392 | ||||||
348,000 | NetEase, Inc. ADR (Media & Entertainment) | 33,174,840 | ||||||
208,400 | NetEase, Inc. (Media & Entertainment) | 3,991,960 | ||||||
1,271,000 | Peoples Insurance Co. Group of China Ltd. (The), Class H (Insurance) | 404,882 | ||||||
36,220,000 | PetroChina Co. Ltd., Class H (Energy) | 17,193,417 | ||||||
395,700 | Pharmaron Beijing Co. Ltd., Class H (Pharmaceuticals, Biotechnology & Life Sciences)(b) | 4,970,963 | ||||||
20,564,000 | PICC Property & Casualty Co. Ltd., Class H (Insurance) | 21,033,259 | ||||||
367,800 | Pinduoduo, Inc. ADR (Retailing)* | 15,848,502 | ||||||
5,806,700 | Shandong Nanshan Aluminum Co. Ltd., Class A (Materials) | 2,806,803 | ||||||
127,000 | Shanghai Industrial Holdings Ltd. (Capital Goods) | 187,093 | ||||||
7,653,448 | Shanghai International Port Group Co. Ltd., Class A (Transportation) | 6,793,805 | ||||||
310,800 | Shanghai Pharmaceuticals Holding Co. Ltd., Class H (Health Care Equipment & Services) | 502,555 | ||||||
3,380,558 | Shanxi Meijin Energy Co. Ltd., Class A (Materials)* | 5,249,447 | ||||||
1,474,441 | Shanxi Taigang Stainless Steel Co. Ltd., Class A (Materials) | 1,307,882 | ||||||
2,138,000 | Shougang Fushan Resources Group Ltd. (Materials) | 798,909 | ||||||
1,291,417 | Sichuan Swellfun Co. Ltd., Class A (Food, Beverage & Tobacco) | 13,611,934 | ||||||
29,000 | Silergy Corp. (Semiconductors & Semiconductor Equipment) | 2,581,941 | ||||||
2,032,000 | Sinofert Holdings Ltd. (Materials)* | 338,800 | ||||||
4,878,000 | SITC International Holdings Co. Ltd. (Transportation) | 16,216,763 | ||||||
1,251,800 | Tencent Holdings Ltd. (Media & Entertainment) | 58,990,931 | ||||||
271,000 | Tian Lun Gas Holdings Ltd. (Utilities) | 159,027 | ||||||
636,176 | Tibet Summit Resources Co. Ltd., Class A (Materials)* | 1,842,426 | ||||||
58,000 | Trip.com Group Ltd. ADR (Consumer Services)* | 1,371,700 | ||||||
|
|
10 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND
Shares |
Description | Value | ||||||
Common Stocks (continued) | ||||||||
China (continued) | ||||||||
237,000 | Uni-President China Holdings Ltd. (Food, Beverage & Tobacco) | $ | 207,684 | |||||
1,040,938 | Wens Foodstuffs Group Co. Ltd., Class A (Food, Beverage & Tobacco) | 2,913,699 | ||||||
162,000 | Wharf Holdings Ltd. (The) (Real Estate) | 474,644 | ||||||
234,000 | Wuxi Biologics Cayman, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)*(b) | 1,727,111 | ||||||
78,900 | Xiamen Faratronic Co. Ltd., Class A (Technology Hardware & Equipment) | 1,720,725 | ||||||
1,053,680 | Yintai Gold Co. Ltd., Class A (Materials)* | 1,472,927 | ||||||
203,120 | YongXing Special Materials Technology Co. Ltd., Class A (Materials) | 3,122,833 | ||||||
23,000 | Yunnan Baiyao Group Co. Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences) | 262,750 | ||||||
2,454,339 | Zhejiang NHU Co. Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences) | 9,841,998 | ||||||
352,500 | Zhongsheng Group Holdings Ltd. (Retailing) | 2,329,256 | ||||||
|
|
|||||||
597,300,026 | ||||||||
|
|
|||||||
Greece 0.8% | ||||||||
21,300 | Danaos Corp. (Transportation) | 1,741,062 | ||||||
167,319 | Hellenic Telecommunications Organization SA (Telecommunication Services) | 3,218,894 | ||||||
344,000 | Star Bulk Carriers Corp. (Transportation) | 9,666,400 | ||||||
|
|
|||||||
14,626,356 | ||||||||
|
|
|||||||
Hong Kong 0.1% | ||||||||
5,640,000 | Concord New Energy Group Ltd. (Utilities) | 519,141 | ||||||
2,171,000 | Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 1,138,758 | ||||||
650,000 | Truly International Holdings Ltd. (Technology Hardware & Equipment) | 177,038 | ||||||
|
|
|||||||
1,834,937 | ||||||||
|
|
|||||||
India 13.3% | ||||||||
322,906 | Apollo Hospitals Enterprise Ltd. (Health Care Equipment & Services) | 18,698,425 | ||||||
4,092,623 | Bharat Electronics Ltd. (Capital Goods) | 12,666,776 | ||||||
845,028 | Chambal Fertilisers and Chemicals Ltd. (Materials) | 5,009,476 | ||||||
|
|
|||||||
Common Stocks (continued) | ||||||||
India (continued) | ||||||||
39,583 | Coromandel International Ltd. (Materials) | 461,029 | ||||||
91,522 | EIH Ltd. (Consumer Services)* | 190,206 | ||||||
65,628 | Embassy Office Parks REIT (Real Estate) | 329,445 | ||||||
66,970 | Finolex Industries Ltd. (Materials) | 135,606 | ||||||
7,178,134 | GAIL India Ltd. (Utilities) | 14,839,541 | ||||||
472,913 | Gujarat Narmada Valley Fertilizers & Chemicals Ltd. (Materials) | 5,078,055 | ||||||
225,543 | Gujarat State Fertilizers & Chemicals Ltd. (Materials) | 500,093 | ||||||
1,908,778 | Hindalco Industries Ltd. (Materials) | 11,883,559 | ||||||
99,869 | Hindustan Aeronautics Ltd. (Capital Goods) | 2,069,799 | ||||||
1,136,417 | Hindustan Zinc Ltd. (Materials) | 4,747,109 | ||||||
796,447 | ICICI Bank Ltd. ADR (Banks) | 15,164,351 | ||||||
48,208 | ICICI Securities Ltd. (Diversified Financials)(b) | 351,059 | ||||||
1,006,887 | Indian Hotels Co. Ltd. (Consumer Services) | 3,334,696 | ||||||
503,402 | Indian Oil Corp. Ltd. (Energy) | 821,236 | ||||||
1,978,349 | Infosys Ltd. ADR (Software & Services) | 39,309,795 | ||||||
7,721,695 | ITC Ltd. (Food, Beverage & Tobacco) | 26,025,325 | ||||||
86,962 | JSW Steel Ltd. (Materials) | 818,483 | ||||||
40,847 | KPR Mill Ltd. (Consumer Durables & Apparel) | 334,650 | ||||||
37,140 | Larsen & Toubro Ltd. (Capital Goods) | 816,246 | ||||||
25,386 | Narayana Hrudayalaya Ltd. (Health Care Equipment & Services)* | 231,810 | ||||||
6,101,624 | National Aluminium Co. Ltd. (Materials) | 8,239,956 | ||||||
4,542,837 | NMDC Ltd. (Materials) | 9,424,375 | ||||||
3,610,772 | Oil & Natural Gas Corp. Ltd. (Energy) | 7,482,988 | ||||||
1,321,464 | Oil India Ltd. (Energy) | 3,902,059 | ||||||
8,228 | Persistent Systems Ltd. (Software & Services) | 461,155 | ||||||
1,143,776 | Power Finance Corp. Ltd. (Diversified Financials) | 1,749,853 | ||||||
1,470,854 | Power Grid Corp. of India Ltd. (Utilities) | 4,358,666 | ||||||
5,303,379 | REC Ltd. (Diversified Financials) | 8,758,202 | ||||||
445,673 | Redington India Ltd. (Technology Hardware & Equipment) | 883,133 | ||||||
260,917 | State Bank of India (Banks) | 1,675,774 | ||||||
209,380 | Sun Pharmaceutical Industries Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 2,530,983 | ||||||
128,764 | Tata Consultancy Services Ltd. (Software & Services) | 5,934,520 | ||||||
625,073 | Tata Steel Ltd. (Materials) | 10,263,170 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 11 |
GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND
Schedule of Investments (continued)
April 30, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks (continued) | ||||||||
India (continued) | ||||||||
162,198 | Tech Mahindra Ltd. (Software & Services) | $ | 2,649,039 | |||||
208,628 | Trent Ltd. (Retailing) | 3,317,225 | ||||||
103,255 | Vardhman Textiles Ltd. (Consumer Durables & Apparel) | 585,138 | ||||||
395,317 | Vedanta Ltd. (Materials) | 2,079,489 | ||||||
|
|
|||||||
238,112,495 | ||||||||
|
|
|||||||
Indonesia 1.2% | ||||||||
367,600 | Astra Agro Lestari Tbk PT (Food, Beverage & Tobacco) | 314,726 | ||||||
351,100 | Bank Mandiri Persero Tbk PT (Banks) | 215,588 | ||||||
8,246,200 | Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT (Banks) | 839,011 | ||||||
39,513,600 | Bank Pembangunan Daerah Jawa Timur Tbk PT (Banks) | 2,166,884 | ||||||
349,700 | Matahari Department Store Tbk PT (Retailing) | 139,909 | ||||||
6,028,600 | Mitra Keluarga Karyasehat Tbk PT (Health Care Equipment & Services) | 1,053,922 | ||||||
2,808,500 | Perusahaan Gas Negara Tbk PT (Utilities)* | 279,591 | ||||||
49,634,300 | Telkom Indonesia Persero Tbk PT (Telecommunication Services) | 15,817,788 | ||||||
576,500 | Vale Indonesia Tbk PT (Materials) | 289,153 | ||||||
|
|
|||||||
21,116,572 | ||||||||
|
|
|||||||
Mexico 1.9% | ||||||||
443,327 | Alfa SAB de CV, Class A (Capital Goods) | 296,978 | ||||||
1,205,340 | America Movil SAB de CV, Class L ADR (Telecommunication Services) | 23,419,756 | ||||||
40,481 | Arca Continental SAB de CV (Food, Beverage & Tobacco) | 256,873 | ||||||
120,143 | Coca-Cola Femsa SAB de CV ADR (Food, Beverage & Tobacco) | 6,559,808 | ||||||
21,200 | El Puerto de Liverpool SAB de CV (Retailing) | 106,880 | ||||||
78,585 | Grupo Aeroportuario del Centro Norte SAB de CV (Transportation) | 547,686 | ||||||
84,600 | Grupo Aeroportuario del Pacifico SAB de CV, Class B (Transportation)* | 1,301,886 | ||||||
6,984 | Grupo Aeroportuario del Sureste SAB de CV ADR (Transportation) | 1,524,049 | ||||||
|
|
|||||||
34,013,916 | ||||||||
|
|
|||||||
Monaco 0.0% | ||||||||
6,000 | Costamare, Inc. (Transportation) | 80,460 | ||||||
|
|
|||||||
Peru 0.7% | ||||||||
215,900 | Southern Copper Corp. (Materials) | 13,444,093 | ||||||
|
|
|||||||
Common Stocks (continued) | ||||||||
Philippines 0.5% | ||||||||
2,337,020 | International Container Terminal Services, Inc. (Transportation) | 9,595,787 | ||||||
34,250 | Manila Electric Co. (Utilities) | 230,562 | ||||||
|
|
|||||||
9,826,349 | ||||||||
|
|
|||||||
Poland 0.5% | ||||||||
148,378 | Bank Polska Kasa Opieki SA (Banks) | 3,260,646 | ||||||
5,543 | KRUK SA (Diversified Financials) | 318,922 | ||||||
458,992 | Powszechna Kasa Oszczednosci Bank Polski SA (Banks)* | 3,387,611 | ||||||
136,690 | Powszechny Zaklad Ubezpieczen SA (Insurance) | 945,040 | ||||||
11,624 | Santander Bank Polska SA (Banks) | 707,869 | ||||||
|
|
|||||||
8,620,088 | ||||||||
|
|
|||||||
Qatar 0.0% | ||||||||
138,206 | Qatar Aluminum Manufacturing Co. (Materials) | 91,081 | ||||||
36,873 | Qatar Electricity & Water Co. QSC (Utilities) | 172,424 | ||||||
|
|
|||||||
263,505 | ||||||||
|
|
|||||||
Russia 0.0% | ||||||||
2,397 | Novatek PJSC GDR (Energy)(c) | | ||||||
216,156 | Novolipetsk Steel PJSC GDR (Materials)(c) | | ||||||
106,118 | PhosAgro PJSC GDR (Materials)(c) | | ||||||
683 | PhosAgro PJSC NPV GDR (Materials)(c) | | ||||||
18,426 | Polyus PJSC GDR (Materials)(c) | | ||||||
2,789,380 | Sberbank of Russia PJSC (Banks)(c) | | ||||||
699,855 | Severstal PAO GDR (Materials)(c) | | ||||||
137,040 | VTB Bank PJSC GDR (Banks)(c) | | ||||||
|
|
|||||||
| ||||||||
|
| |||||||
Saudi Arabia 2.2% | ||||||||
32,070 | Alinma Bank (Banks) | 351,787 | ||||||
20,668 | Banque Saudi Fransi (Banks) | 296,962 | ||||||
655,276 | Riyad Bank (Banks) | 7,101,288 | ||||||
167,304 | SABIC Agri-Nutrients Co. (Materials) | 7,207,221 | ||||||
539,839 | Sahara International Petrochemical Co. (Materials) | 8,086,630 | ||||||
157,710 | Saudi Arabian Mining Co. (Materials)* | 5,743,271 | ||||||
286,534 | Saudi Basic Industries Corp. (Materials) | 9,926,014 | ||||||
|
|
|||||||
38,713,173 | ||||||||
|
|
|||||||
South Africa 1.9% | ||||||||
99,316 | African Rainbow Minerals Ltd. (Materials) | 1,646,976 | ||||||
29,559 | Anglo American Platinum Ltd. (Materials) | 3,284,254 | ||||||
249,073 | Barloworld Ltd. (Capital Goods) | 1,808,372 | ||||||
|
|
12 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND
Shares |
Description | Value | ||||||
Common Stocks (continued) | ||||||||
South Africa (continued) | ||||||||
408,015 | Coronation Fund Managers Ltd. (Diversified Financials) | $ | 1,080,462 | |||||
4,388,096 | FirstRand Ltd. (Diversified Financials) | 18,898,132 | ||||||
52,327 | Gold Fields Ltd. ADR (Materials) | 702,752 | ||||||
11,134 | Kumba Iron Ore Ltd. (Materials) | 369,632 | ||||||
178,245 | Rand Merchant Investment Holdings Ltd. (Insurance) | 304,853 | ||||||
509,403 | Standard Bank Group Ltd. (Banks) | 5,398,402 | ||||||
309,318 | Vukile Property Fund Ltd. REIT (Real Estate) | 263,437 | ||||||
|
|
|||||||
33,757,272 | ||||||||
|
|
|||||||
South Korea 12.7% | ||||||||
684,156 | BNK Financial Group, Inc. (Banks) | 4,243,160 | ||||||
25,958 | Daeduck Electronics Co. Ltd. / New (Technology Hardware & Equipment) | 616,081 | ||||||
67,320 | DB Insurance Co. Ltd. (Insurance) | 3,595,324 | ||||||
13,679 | Dentium Co. Ltd. (Health Care Equipment & Services) | 728,908 | ||||||
663,359 | DGB Financial Group, Inc. (Banks) | 4,675,913 | ||||||
23,900 | DI Dong Il Corp. (Consumer Durables & Apparel) | 454,043 | ||||||
6,682 | GOLFZON Co. Ltd. (Consumer Durables & Apparel) | 854,038 | ||||||
753,170 | Hana Financial Group, Inc. (Banks) | 27,962,725 | ||||||
224,500 | Hanwha Aerospace Co. Ltd. (Capital Goods) | 9,394,892 | ||||||
51,011 | HMM Co. Ltd. (Transportation) | 1,130,695 | ||||||
37,059 | Hyundai Marine & Fire Insurance Co. Ltd. (Insurance) | 955,142 | ||||||
289,344 | Industrial Bank of Korea (Banks) | 2,567,316 | ||||||
539,518 | JB Financial Group Co. Ltd. (Banks) | 3,816,215 | ||||||
10,964 | Jusung Engineering Co. Ltd. (Semiconductors & Semiconductor Equipment) | 182,080 | ||||||
472,763 | KB Financial Group, Inc. (Banks) | 21,994,880 | ||||||
250,516 | Kia Corp. (Automobiles & Components) | 16,431,416 | ||||||
12,244 | Korea Aerospace Industries Ltd. (Capital Goods) | 422,169 | ||||||
59,725 | Korea Real Estate Investment & Trust Co. Ltd. (Real Estate) | 103,867 | ||||||
896 | Korea Zinc Co. Ltd. (Materials) | 409,058 | ||||||
3,578 | KT&G Corp. (Food, Beverage & Tobacco) | 234,963 | ||||||
3,367 | LEENO Industrial, Inc. (Semiconductors & Semiconductor Equipment) | 466,729 | ||||||
38,610 | LF Corp. (Consumer Durables & Apparel) | 596,816 | ||||||
57,485 | LOTTE Fine Chemical Co. Ltd. (Materials) | 3,690,507 | ||||||
|
|
|||||||
Common Stocks (continued) | ||||||||
South Korea (continued) | ||||||||
4,209 | Meritz Fire & Marine Insurance Co. Ltd. (Insurance) | 147,260 | ||||||
1,056,856 | Mirae Asset Securities Co. Ltd. (Diversified Financials) | 6,685,328 | ||||||
1,293 | MK Electron Co. Ltd. (Semiconductors & Semiconductor Equipment) | 15,383 | ||||||
1,136,059 | Pan Ocean Co. Ltd. (Transportation) | 5,938,663 | ||||||
1,592,821 | Samsung Electronics Co. Ltd. (Technology Hardware & Equipment) | 84,887,129 | ||||||
13,933 | Samsung Securities Co. Ltd. (Diversified Financials) | 435,154 | ||||||
225,959 | SK Hynix, Inc. (Semiconductors & Semiconductor Equipment) | 19,800,363 | ||||||
711,351 | TK Chemical Corp. (Consumer Durables & Apparel)* | 2,777,694 | ||||||
47,417 | Tongyang Life Insurance Co. Ltd. (Insurance) | 252,399 | ||||||
199,240 | Woori Financial Group, Inc. (Banks) | 2,308,279 | ||||||
|
|
|||||||
228,774,589 | ||||||||
|
|
|||||||
Taiwan 14.0% | ||||||||
1,732,000 | Ardentec Corp. (Semiconductors & Semiconductor Equipment) | 2,517,022 | ||||||
2,753,000 | Brighton-Best International Taiwan, Inc. (Capital Goods) | 3,269,039 | ||||||
14,144,000 | Cathay Financial Holding Co. Ltd. (Insurance) | 29,738,647 | ||||||
365,000 | Chailease Holding Co. Ltd. (Diversified Financials) | 2,900,585 | ||||||
848,000 | Compeq Manufacturing Co. Ltd. (Technology Hardware & Equipment) | 1,293,956 | ||||||
260,000 | CTCI Corp. (Capital Goods) | 409,347 | ||||||
16,000 | eMemory Technology, Inc. (Semiconductors & Semiconductor Equipment) | 672,431 | ||||||
1,084,000 | Evergreen Marine Corp. Taiwan Ltd. (Transportation) | 5,210,719 | ||||||
3,438,400 | Fubon Financial Holding Co. Ltd. (Insurance) | 8,633,537 | ||||||
827,000 | Greatek Electronics, Inc. (Semiconductors & Semiconductor Equipment) | 1,923,559 | ||||||
1,267,000 | Kinsus Interconnect Technology Corp. (Semiconductors & Semiconductor Equipment) | 7,142,372 | ||||||
219,000 | Lite-On Technology Corp. (Technology Hardware & Equipment) | 479,830 | ||||||
1,891,000 | Mega Financial Holding Co. Ltd. (Banks) | 2,658,381 | ||||||
2,096,000 | Nan Ya Plastics Corp. (Materials) | 6,123,637 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 13 |
GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND
Schedule of Investments (continued)
April 30, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks (continued) | ||||||||
Taiwan (continued) | ||||||||
294,000 | Nan Ya Printed Circuit Board Corp. (Technology Hardware & Equipment) | $ | 3,905,042 | |||||
472,840 | President Securities Corp. (Diversified Financials) | 331,850 | ||||||
37,000 | Sitronix Technology Corp. (Semiconductors & Semiconductor Equipment) | 317,336 | ||||||
135,000 | Stark Technology, Inc. (Technology Hardware & Equipment) | 413,147 | ||||||
4,171,000 | Taishin Financial Holding Co. Ltd. (Banks) | 2,728,300 | ||||||
2,552,000 | Taiwan Fertilizer Co. Ltd. (Materials) | 6,423,628 | ||||||
5,616,000 | Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | 101,552,213 | ||||||
33,000 | U-Ming Marine Transport Corp. (Transportation) | 70,916 | ||||||
2,379,000 | Unimicron Technology Corp. (Technology Hardware & Equipment) | 16,686,618 | ||||||
8,522,000 | United Microelectronics Corp. (Semiconductors & Semiconductor Equipment) | 13,537,957 | ||||||
4,166,500 | Wan Hai Lines Ltd. (Transportation) | 20,195,976 | ||||||
2,832,000 | Wisdom Marine Lines Co. Ltd. (Transportation) | 8,714,318 | ||||||
58,000 | Yang Ming Marine Transport Corp. (Transportation)* | 241,971 | ||||||
3,482,000 | Yuanta Financial Holding Co. Ltd. (Diversified Financials) | 3,064,833 | ||||||
|
|
|||||||
251,157,167 | ||||||||
|
|
|||||||
Thailand 3.0% | ||||||||
508,500 | Bangkok Chain Hospital PCL (Health Care Equipment & Services) | 319,205 | ||||||
442,600 | Bangkok Dusit Medical Services PCL, Class F (Health Care Equipment & Services) | 331,303 | ||||||
1,017,200 | Bumrungrad Hospital PCL (Health Care Equipment & Services) | 4,739,565 | ||||||
327,100 | Central Retail Corp. PCL (Retailing)* | 373,790 | ||||||
27,890,100 | Chularat Hospital PCL, Class F (Health Care Equipment & Services) | 3,175,807 | ||||||
807,500 | Intouch Holdings PCL, Class F (Telecommunication Services) | 1,643,786 | ||||||
6,997,000 | Precious Shipping PCL (Transportation) | 3,868,105 | ||||||
|
|
|||||||
Common Stocks (continued) | ||||||||
Thailand (continued) | ||||||||
2,316,500 | PTT Exploration & Production PCL (Energy) | 10,135,643 | ||||||
1,640,400 | PTT Global Chemical PCL (Materials) | 2,378,279 | ||||||
3,491,000 | Regional Container Lines PCL (Transportation) | 4,525,110 | ||||||
6,138,100 | SCB X PCL (Banks) | 20,609,679 | ||||||
2,346,100 | SPCG PCL (Utilities) | 1,148,044 | ||||||
2,483,700 | Thoresen Thai Agencies PCL (Capital Goods) | 699,018 | ||||||
|
|
|||||||
53,947,334 | ||||||||
|
|
|||||||
Turkey 0.3% | ||||||||
668,367 | BIM Birlesik Magazalar AS (Food & Staples Retailing) | 3,754,946 | ||||||
256,243 | Enka Insaat ve Sanayi AS (Capital Goods) | 272,381 | ||||||
1,256,844 | Turkcell Iletisim Hizmetleri AS (Telecommunication Services) | 1,831,738 | ||||||
|
|
|||||||
5,859,065 | ||||||||
|
|
|||||||
United States 0.7% | ||||||||
1,343,800 | JBS SA (Food, Beverage & Tobacco) | 10,287,893 | ||||||
46,000 | Parade Technologies Ltd. (Semiconductors & Semiconductor Equipment) | 2,187,605 | ||||||
|
|
|||||||
12,475,498 | ||||||||
|
|
|||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $1,716,174,069) | $ | 1,672,419,363 | ||||||
|
|
Shares | Description | Rate | Value | |||||||
Preferred Stocks 2.1% | ||||||||||
Brazil 1.5% | ||||||||||
1,351,900 | Bradespar SA (Materials) |
33.23 | % | $ | 8,009,213 | |||||
534,600 | Cia de Transmissao de Energia Eletrica Paulista (Utilities) |
8.24 | 2,720,605 | |||||||
1,866,900 | Cia Paranaense de Energia (Utilities) |
17.46 | 2,809,441 | |||||||
117,200 | Gerdau SA (Materials) |
11.19 | 663,049 | |||||||
1,116,500 | Itau Unibanco Holding SA (Banks) |
2.77 | 5,390,600 | |||||||
438,096 | Unipar Carbocloro SA, Class B (Materials) |
15.70 | 8,507,691 | |||||||
|
|
|||||||||
28,100,599 | ||||||||||
|
14 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND
Shares |
Description | Rate | Value | |||||||
Preferred Stocks (continued) | ||||||||||
South Korea 0.6% | ||||||||||
284,543 | Mirae Asset Securities Co. Ltd. (Diversified Financials) |
6.70 | % | $ | 998,472 | |||||
196,998 | Samsung Electronics Co. Ltd. (Technology Hardware & Equipment) |
2.43 | 9,235,983 | |||||||
904 | Samsung Fire & Marine Insurance Co. Ltd. (Insurance) |
7.43 | 116,416 | |||||||
|
|
|||||||||
10,350,871 | ||||||||||
|
||||||||||
TOTAL PREFERRED STOCKS |
| |||||||||
(Cost $30,782,923) | $ | 38,451,470 | ||||||||
|
||||||||||
Shares | Dividend Rate |
Value | ||||||
Investment Company 0.4%(d) | ||||||||
Goldman Sachs Financial Square Government Fund Institutional Shares |
| |||||||
6,474,097 |
0.317 | % | $ | 6,474,097 | ||||
(Cost $6,474,097) |
|
|||||||
|
||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE |
| |||||||
(Cost $1,753,431,089) |
|
$ | 1,717,344,930 | |||||
|
||||||||
Securities Lending Reinvestment Vehicle 0.4%(d) | ||||||||
Goldman Sachs Financial Square Government Fund Institutional Shares |
| |||||||
6,574,425 |
0.317 | % | $ | 6,574,425 | ||||
(Cost $6,574,425) |
| |||||||
| ||||||||
TOTAL INVESTMENTS 96.0% |
| |||||||
(Cost $1,760,005,514) |
|
$ | 1,723,919,355 | |||||
| ||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES 4.0% |
|
73,294,824 | ||||||
| ||||||||
NET ASSETS 100.0% |
|
$ | 1,797,214,179 | |||||
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
* |
Non-income producing security. | |
(a) |
All or a portion of security is on loan. | |
(b) |
Exempt from registration under Rule 144A of the Securities Act of 1933. | |
(c) |
Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. | |
(d) |
Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
ADR |
American Depositary Receipt | |
GDR |
Global Depositary Receipt | |
REIT |
Real Estate Investment Trust | |
|
Sector Name | % of Market Value |
|||
Financials |
20.9 | % | ||
Information Technology |
19.3 | |||
Materials |
12.2 | |||
Consumer Discretionary |
10.0 | |||
Communication Services |
9.0 | |||
Industrials |
8.9 | |||
Health Care |
5.1 | |||
Consumer Staples |
5.1 | |||
Utilities |
4.7 | |||
Energy |
3.7 | |||
Investment Company |
0.4 | |||
Real Estate |
0.3 | |||
Securities Lending Reinvestment Vehicle |
0.4 | |||
TOTAL INVESTMENTS | 100.0 | % |
The accompanying notes are an integral part of these financial statements. | 15 |
GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND
Schedule of Investments (continued)
April 30, 2022 (Unaudited)
ADDITIONAL INVESTMENT INFORMATION |
FUTURES CONTRACTS At April 30, 2022, the Fund had the following futures contracts:
Description | Number of Contracts |
Expiration Date |
Notional Amount |
Unrealized Appreciation/ (Depreciation) |
||||||||||||
Long position contracts: |
||||||||||||||||
MSCI Emerging Markets E-Mini Index |
802 | 06/17/22 | $ | 43,123,897 | $ | (722,157 | ) |
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS At April 30, 2022, the Portfolio had the following forward foreign currency exchange contracts:
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS
Counterparty | Currency Purchased |
Currency Sold |
Settlement Date |
Unrealized Loss |
||||||||||||||||
JP Morgan Chase Bank, N.A |
USD | 1,012,163 | ZAR | 16,022,000 | 5/3/2022 | $ | (2,370 | ) |
16 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND
Schedule of Investments
April 30, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks 96.0% | ||||||||
Australia 10.2% | ||||||||
602,167 | Aristocrat Leisure Ltd. (Consumer Services) | $ | 13,971,689 | |||||
13,190 | ASX Ltd. (Diversified Financials) | 797,463 | ||||||
5,146,902 | Aurizon Holdings Ltd. (Transportation) | 14,535,455 | ||||||
1,068,985 | Australia & New Zealand Banking Group Ltd. (Banks) | 20,341,927 | ||||||
770,457 | BHP Group Ltd. (Materials) | 25,819,891 | ||||||
251,787 | Charter Hall Group REIT (Real Estate) | 2,706,059 | ||||||
82,752 | Coles Group Ltd. (Food & Staples Retailing) | 1,088,078 | ||||||
416,175 | Commonwealth Bank of Australia (Banks) | 30,249,073 | ||||||
746,538 | Computershare Ltd. (Software & Services) | 13,161,525 | ||||||
55,982 | CSL Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 10,684,182 | ||||||
963,717 | Glencore PLC (Materials)* | 5,938,105 | ||||||
48,156 | National Australia Bank Ltd. (Banks) | 1,099,339 | ||||||
108,467 | Premier Investments Ltd. (Retailing) | 1,922,033 | ||||||
177,687 | Qube Holdings Ltd. (Transportation) | 367,182 | ||||||
10,176 | Rio Tinto Ltd. (Materials) | 804,962 | ||||||
200,472 | Rio Tinto PLC ADR (Materials) | 14,257,569 | ||||||
441,310 | Suncorp Group Ltd. (Insurance) | 3,543,275 | ||||||
5,430,041 | Telstra Corp. Ltd. (Telecommunication Services) | 15,413,988 | ||||||
1,810,802 | Treasury Wine Estates Ltd. (Food, Beverage & Tobacco) | 14,326,505 | ||||||
515,855 | Wesfarmers Ltd. (Retailing) | 17,850,184 | ||||||
37,475 | Woodside Petroleum Ltd. (Energy) | 815,310 | ||||||
|
|
|||||||
209,693,794 | ||||||||
|
|
|||||||
Belgium 0.4% | ||||||||
48,197 | Dieteren Group (Retailing) | 7,736,231 | ||||||
10,606 | UCB SA (Pharmaceuticals, Biotechnology & Life Sciences) | 1,205,613 | ||||||
|
|
|||||||
8,941,844 | ||||||||
|
|
|||||||
Brazil 0.2% | ||||||||
77,675 | Yara International ASA (Materials)(a) | 3,949,637 | ||||||
|
|
|||||||
Canada 0.2% | ||||||||
353,397 | International Petroleum Corp. (Energy)* | 3,395,179 | ||||||
|
|
|||||||
China 0.1% | ||||||||
1,021,800 | Chow Tai Fook Jewellery Group Ltd. (Retailing)* | 1,713,276 | ||||||
|
|
|||||||
Denmark 3.6% | ||||||||
1,794 | AP Moller Maersk A/S, Class A (Transportation) | 5,078,170 | ||||||
5,400 | AP Moller Maersk A/S, Class B (Transportation) | 15,628,827 | ||||||
|
|
|||||||
Common Stocks (continued) | ||||||||
Denmark (continued) | ||||||||
19,144 | D/S Norden A/S (Transportation) | 711,307 | ||||||
5,690 | Genmab A/S (Pharmaceuticals, Biotechnology & Life Sciences)* | 2,000,841 | ||||||
373,789 | Novo Nordisk A/S, Class B (Pharmaceuticals, Biotechnology & Life Sciences) | 42,696,530 | ||||||
92,499 | Pandora A/S (Consumer Durables & Apparel) | 8,122,010 | ||||||
|
|
|||||||
74,237,685 | ||||||||
|
|
|||||||
Finland 2.4% | ||||||||
482,233 | Kesko OYJ, Class B (Food & Staples Retailing) | 12,140,924 | ||||||
988,368 | Nokia OYJ (Technology Hardware & Equipment)* | 5,011,096 | ||||||
1,705,478 | Nordea Bank Abp (Banks) | 17,003,760 | ||||||
111,632 | Nordea Bank Abp (Banks) | 1,113,742 | ||||||
314,796 | Sampo OYJ, Class A (Insurance) | 15,285,699 | ||||||
|
|
|||||||
50,555,221 | ||||||||
|
|
|||||||
France 9.8% | ||||||||
82,442 | Arkema SA (Materials) | 9,393,802 | ||||||
85,267 | AXA SA (Insurance) | 2,255,742 | ||||||
59,385 | BNP Paribas SA (Banks) | 3,079,196 | ||||||
296,324 | Cie de Saint-Gobain (Capital Goods) | 17,287,011 | ||||||
29,029 | Covivio REIT (Real Estate) | 2,067,375 | ||||||
16,845 | Dassault Aviation SA (Capital Goods) | 2,826,678 | ||||||
384,428 | Dassault Systemes SE (Software & Services) | 17,001,087 | ||||||
24,444 | Eiffage SA (Capital Goods) | 2,413,815 | ||||||
220,921 | Engie SA (Utilities)(a) | 2,606,974 | ||||||
18,144 | Gecina SA REIT (Real Estate) | 2,043,889 | ||||||
35,199 | Ipsen SA (Pharmaceuticals, Biotechnology & Life Sciences) | 3,648,862 | ||||||
32,249 | Kering (Consumer Durables & Apparel)(a) | 17,158,806 | ||||||
120,756 | Legrand SA (Capital Goods) | 10,700,697 | ||||||
33,991 | LVMH Moet Hennessy Louis Vuitton SE (Consumer Durables & Apparel)(a) | 21,996,782 | ||||||
91,682 | Pernod Ricard SA (Food, Beverage & Tobacco) | 18,921,723 | ||||||
225,291 | Publicis Groupe SA (Media & Entertainment) | 13,525,734 | ||||||
369,430 | Rexel SA (Capital Goods)* | 7,567,650 | ||||||
33,187 | Rubis SCA (Utilities) | 882,691 | ||||||
168,826 | Safran SA (Capital Goods) | 18,131,655 | ||||||
161,055 | Sanofi (Pharmaceuticals, Biotechnology & Life Sciences) | 17,022,701 | ||||||
2,915 | Sartorius Stedim Biotech (Pharmaceuticals, Biotechnology & Life Sciences) | 953,873 | ||||||
44,571 | Societe Generale SA (Banks) | 1,071,222 | ||||||
4,698 | Teleperformance (Commercial & Professional Services) | 1,686,164 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 17 |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND
Schedule of Investments (continued)
April 30, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks (continued) | ||||||||
France (continued) | ||||||||
47,970 | Thales SA (Capital Goods) | $ | 6,141,359 | |||||
130,438 | Vivendi SE (Media & Entertainment) | 1,498,156 | ||||||
|
|
|||||||
201,883,644 | ||||||||
|
|
|||||||
Germany 8.0% | ||||||||
67,870 | alstria office REIT-AG REIT (Real Estate) | 951,119 | ||||||
42,825 | Aurubis AG (Materials) | 4,866,609 | ||||||
210,044 | BASF SE (Materials)* | 11,061,543 | ||||||
334,676 | Bayer AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)* | 22,045,463 | ||||||
124,965 | Brenntag SE (Capital Goods) | 9,642,734 | ||||||
86,420 | Covestro AG (Materials)(b) | 3,720,861 | ||||||
548,038 | Deutsche Bank AG (Registered) (Diversified Financials)* | 5,480,016 | ||||||
285,986 | Deutsche Post AG (Registered) (Transportation) | 12,218,037 | ||||||
85,919 | Deutsche Telekom AG (Registered) (Telecommunication Services) | 1,582,728 | ||||||
25,547 | DWS Group GmbH & Co. KGaA (Diversified Financials)(b) | 840,712 | ||||||
1,660,290 | E.ON SE (Utilities) | 17,278,576 | ||||||
26,593 | GEA Group AG (Capital Goods) | 1,035,171 | ||||||
5,439 | Hapag-Lloyd AG (Transportation)(a)(b) | 2,165,194 | ||||||
418,878 | K+S AG (Registered) (Materials)* | 14,069,275 | ||||||
110,849 | Merck KGaA (Pharmaceuticals, Biotechnology & Life Sciences) | 20,565,531 | ||||||
29,609 | MTU Aero Engines AG (Capital Goods)* | 5,971,121 | ||||||
30,420 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) (Insurance) | 7,244,241 | ||||||
354,708 | RWE AG (Utilities) | 14,727,263 | ||||||
99,431 | SAP SE (Software & Services) | 10,076,937 | ||||||
|
|
|||||||
165,543,131 | ||||||||
|
|
|||||||
Hong Kong 1.0% | ||||||||
541,800 | AIA Group Ltd. (Insurance) | 5,322,513 | ||||||
120,500 | CK Asset Holdings Ltd. (Real Estate) | 816,887 | ||||||
224,200 | Link REIT (Real Estate) | 1,936,591 | ||||||
263,000 | Orient Overseas International Ltd. (Transportation) | 7,257,247 | ||||||
482,000 | Sun Hung Kai Properties Ltd. (Real Estate) | 5,551,238 | ||||||
|
|
|||||||
20,884,476 | ||||||||
|
|
|||||||
Indonesia 0.0% | ||||||||
251,400 | First Resources Ltd. (Food, Beverage & Tobacco) | 383,434 | ||||||
|
|
|||||||
Israel 0.2% | ||||||||
221,006 | Plus500 Ltd. (Diversified Financials) | 4,303,635 | ||||||
|
|
|||||||
Common Stocks (continued) | ||||||||
Italy 3.0% | ||||||||
3,370,740 | A2A SpA (Utilities) | 5,759,106 | ||||||
93,282 | Atlantia SpA (Transportation)* | 2,225,293 | ||||||
113,118 | BFF Bank SpA (Diversified Financials)(b) | 705,360 | ||||||
533,155 | Davide Campari-Milano NV (Food, Beverage & Tobacco) | 6,015,686 | ||||||
3,163,066 | Enel SpA (Utilities) | 20,569,085 | ||||||
154,758 | Falck Renewables SpA (Utilities) | 1,442,420 | ||||||
7,453 | Ferrari NV (Automobiles & Components) | 1,569,265 | ||||||
306,964 | Hera SpA (Utilities) | 1,144,852 | ||||||
1,249,256 | Leonardo SpA (Capital Goods)* | 12,856,578 | ||||||
37,703 | Recordati Industria Chimica e Farmaceutica SpA (Pharmaceuticals, Biotechnology & Life Sciences) | 1,816,846 | ||||||
29,259 | Reply SpA (Software & Services) | 4,307,427 | ||||||
525,429 | Unipol Gruppo SpA (Insurance) | 2,864,966 | ||||||
|
|
|||||||
61,276,884 | ||||||||
|
|
|||||||
Japan 23.9% | ||||||||
752,200 | Acom Co. Ltd. (Diversified Financials) | 1,934,451 | ||||||
1,141,500 | Amada Co. Ltd. (Capital Goods) | 8,863,705 | ||||||
47,000 | Central Japan Railway Co. (Transportation) | 5,916,604 | ||||||
141,000 | Chubu Electric Power Co., Inc. (Utilities) | 1,423,404 | ||||||
20,800 | Coca-Cola Bottlers Japan Holdings, Inc. (Food, Beverage & Tobacco) | 233,177 | ||||||
341,800 | Daiwa House Industry Co. Ltd. (Real Estate) | 8,216,939 | ||||||
2,631,900 | Daiwa Securities Group, Inc. (Diversified Financials) | 12,899,280 | ||||||
189,900 | East Japan Railway Co. (Transportation) | 9,902,675 | ||||||
70,700 | Eisai Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 3,079,051 | ||||||
582,000 | ENEOS Holdings, Inc. (Energy) | 2,047,834 | ||||||
156,000 | Hankyu Hanshin Holdings, Inc. (Transportation) | 4,117,090 | ||||||
83,800 | Hoya Corp. (Health Care Equipment & Services) | 8,316,491 | ||||||
315,300 | ITOCHU Corp. (Capital Goods) | 9,516,063 | ||||||
78,400 | J Front Retailing Co. Ltd. (Retailing) | 587,501 | ||||||
940,700 | Japan Tobacco, Inc. (Food, Beverage & Tobacco) | 16,002,998 | ||||||
28,700 | Kamigumi Co. Ltd. (Transportation) | 487,295 | ||||||
322,500 | Kao Corp. (Household & Personal Products) | 12,925,308 | ||||||
41,800 | KDDI Corp. (Telecommunication Services) | 1,384,194 | ||||||
31,400 | Keisei Electric Railway Co. Ltd. (Transportation) | 769,911 | ||||||
209,800 | Konami Holdings Corp. (Media & Entertainment) | 12,901,314 | ||||||
|
|
18 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND
Shares |
Description | Value | ||||||
Common Stocks (continued) | ||||||||
Japan (continued) | ||||||||
34,900 | Lawson, Inc. (Food & Staples Retailing) | $ | 1,283,630 | |||||
52,600 | Mitsubishi Corp. (Capital Goods) | 1,766,073 | ||||||
579,100 | Mitsubishi Estate Co. Ltd. (Real Estate) | 8,435,507 | ||||||
161,300 | Mitsubishi Gas Chemical Co., Inc. (Materials) | 2,355,458 | ||||||
3,067,800 | Mitsubishi HC Capital, Inc. (Diversified Financials) | 13,803,480 | ||||||
17,600 | Mitsubishi Logistics Corp. (Transportation) | 405,637 | ||||||
443,000 | Mitsui & Co. Ltd. (Capital Goods) | 10,727,602 | ||||||
734,500 | Mitsui Fudosan Co. Ltd. (Real Estate) | 15,566,814 | ||||||
22,800 | Mitsui Mining & Smelting Co. Ltd. (Materials) | 576,513 | ||||||
514,400 | Mitsui OSK Lines Ltd. (Transportation) | 12,042,684 | ||||||
318,100 | NEC Corp. (Software & Services) | 12,340,966 | ||||||
945,700 | NGK Insulators Ltd. (Capital Goods) | 12,721,201 | ||||||
192,100 | NIPPON EXPRESS HOLDINGS, Inc. (Transportation) | 11,262,971 | ||||||
122,100 | Nippon Suisan Kaisha Ltd. (Food, Beverage & Tobacco) | 539,110 | ||||||
460,900 | Nippon Telegraph & Telephone Corp. (Telecommunication Services) | 13,582,428 | ||||||
136,300 | Nippon Yusen KK (Transportation) | 9,833,227 | ||||||
1,311,400 | Nissan Motor Co. Ltd. (Automobiles & Components)* | 5,250,252 | ||||||
18,700 | NOF Corp. (Materials) | 701,895 | ||||||
1,277,800 | Nomura Holdings, Inc. (Diversified Financials) | 4,920,113 | ||||||
83,900 | Nomura Real Estate Holdings, Inc. (Real Estate) | 2,044,286 | ||||||
399 | Nomura Real Estate Master Fund, Inc. REIT (Real Estate) | 500,960 | ||||||
13,700 | NS United Kaiun Kaisha Ltd. (Transportation) | 376,515 | ||||||
864,000 | NTT Data Corp. (Software & Services) | 15,930,359 | ||||||
46,500 | Odakyu Electric Railway Co. Ltd. (Transportation) | 704,152 | ||||||
33,500 | Oriental Land Co. Ltd. (Consumer Services) | 5,067,551 | ||||||
833,000 | ORIX Corp. (Diversified Financials) | 15,193,063 | ||||||
437,400 | Osaka Gas Co. Ltd. (Utilities) | 7,883,440 | ||||||
1,291,600 | Ricoh Co. Ltd. (Technology Hardware & Equipment) | 9,431,150 | ||||||
726,700 | Santen Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 5,911,475 | ||||||
12,800 | Sawai Group Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 429,372 | ||||||
|
|
|||||||
Common Stocks (continued) | ||||||||
Japan (continued) | ||||||||
117,300 | SCREEN Holdings Co. Ltd. (Semiconductors & Semiconductor Equipment) | 9,586,844 | ||||||
599,000 | Sekisui House Ltd. (Consumer Durables & Apparel) | 10,403,396 | ||||||
341,000 | SoftBank Group Corp. (Telecommunication Services) | 14,025,413 | ||||||
348,800 | Sompo Holdings, Inc. (Insurance) | 14,199,647 | ||||||
24,700 | Square Enix Holdings Co. Ltd. (Media & Entertainment) | 986,167 | ||||||
189,200 | SUMCO Corp. (Semiconductors & Semiconductor Equipment) | 2,724,796 | ||||||
1,245,600 | Sumitomo Corp. (Capital Goods) | 19,709,928 | ||||||
717,400 | Sumitomo Forestry Co. Ltd. (Consumer Durables & Apparel) | 10,975,395 | ||||||
533,100 | Sumitomo Pharma Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 4,748,644 | ||||||
496,400 | Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 14,403,813 | ||||||
17,900 | Toho Gas Co. Ltd. (Utilities) | 419,917 | ||||||
141,600 | Tokio Marine Holdings, Inc. (Insurance) | 7,656,128 | ||||||
872,900 | Tokyo Gas Co. Ltd. (Utilities) | 16,719,925 | ||||||
192,900 | Tokyo Seimitsu Co. Ltd. (Semiconductors & Semiconductor Equipment) | 6,635,930 | ||||||
465,900 | TOPPAN, Inc. (Commercial & Professional Services) | 7,701,176 | ||||||
913,100 | Tosoh Corp. (Materials) | 12,608,561 | ||||||
155,400 | Toyota Motor Corp. (Automobiles & Components) | 2,662,579 | ||||||
383,500 | Toyota Tsusho Corp. (Capital Goods) | 13,778,099 | ||||||
|
|
|||||||
493,059,527 | ||||||||
|
|
|||||||
Luxembourg 0.8% | ||||||||
177,621 | Eurofins Scientific SE (Pharmaceuticals, Biotechnology & Life Sciences) | 16,507,710 | ||||||
|
|
|||||||
Netherlands 5.9% | ||||||||
15,100 | Aalberts NV (Capital Goods) | 733,744 | ||||||
130,158 | Aegon NV (Insurance) | 674,828 | ||||||
4,104 | ASM International NV (Semiconductors & Semiconductor Equipment) | 1,233,220 | ||||||
88,303 | ASML Holding NV (Semiconductors & Semiconductor Equipment) | 50,115,365 | ||||||
44,569 | ASR Nederland NV (Insurance) | 2,025,602 | ||||||
17,077 | Heineken Holding NV (Food, Beverage & Tobacco) | 1,333,069 | ||||||
662,453 | Koninklijke Ahold Delhaize NV (Food & Staples Retailing) | 19,539,702 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 19 |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND
Schedule of Investments (continued)
April 30, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks (continued) | ||||||||
Netherlands (continued) | ||||||||
488,938 | Koninklijke Philips NV (Health Care Equipment & Services) | $ | 12,776,498 | |||||
81,607 | OCI NV (Materials)* | 3,092,295 | ||||||
1,070,272 | Shell PLC (Energy) | 28,897,834 | ||||||
25,959 | Signify NV (Capital Goods)(b) | 1,098,263 | ||||||
|
|
|||||||
121,520,420 | ||||||||
|
|
|||||||
New Zealand 0.0% | ||||||||
149,768 | Fletcher Building Ltd. (Capital Goods) | 596,604 | ||||||
|
|
|||||||
Norway 2.2% | ||||||||
434,003 | Aker BP ASA (Energy)(a) | 15,549,843 | ||||||
613,740 | Golden Ocean Group Ltd. (Transportation) | 7,640,531 | ||||||
69,178 | Leroy Seafood Group ASA (Food, Beverage & Tobacco) | 649,255 | ||||||
84,037 | Mowi ASA (Food, Beverage & Tobacco) | 2,373,797 | ||||||
2,416,049 | MPC Container Ships ASA (Transportation) | 7,191,330 | ||||||
1,306,896 | Norsk Hydro ASA (Materials) | 10,974,692 | ||||||
8,595 | Salmar ASA (Food, Beverage & Tobacco) | 703,327 | ||||||
|
|
|||||||
45,082,775 | ||||||||
|
|
|||||||
Portugal 0.1% | ||||||||
90,860 | Galp Energia SGPS SA (Energy) | 1,105,916 | ||||||
|
|
|||||||
Singapore 0.1% | ||||||||
222,600 | Oversea-Chinese Banking Corp. Ltd. (Banks) | 1,976,374 | ||||||
|
|
|||||||
South Africa 1.0% | ||||||||
472,938 | Anglo American PLC (Materials) | 20,946,897 | ||||||
|
|
|||||||
Spain 0.6% | ||||||||
1,480,367 | Bankinter SA (Banks) | 8,711,775 | ||||||
209,221 | Red Electrica Corp. SA (Utilities) | 4,212,510 | ||||||
|
|
|||||||
12,924,285 | ||||||||
|
|
|||||||
Sweden 4.4% | ||||||||
277,295 | Boliden AB (Materials)(a) | 12,023,837 | ||||||
251,741 | Getinge AB, Class B (Health Care Equipment & Services)(a) | 7,282,311 | ||||||
122,743 | Industrivarden AB, Class A (Diversified Financials) | 3,144,987 | ||||||
324,838 | Investor AB, Class A (Diversified Financials) | 6,784,735 | ||||||
350,678 | Investor AB, Class B (Diversified Financials)(a) | 6,748,063 | ||||||
404,980 | Lundin Energy AB (Energy)(a) | 16,744,246 | ||||||
2,070,392 | SSAB AB, Class B (Materials) | 12,175,203 | ||||||
854,554 | Swedbank AB, Class A (Banks) | 13,518,397 | ||||||
1,003,561 | Swedish Match AB (Food, Beverage & Tobacco)(a) | 7,993,143 | ||||||
|
|
|||||||
Common Stocks (continued) | ||||||||
Sweden (continued) | ||||||||
570,562 | Telefonaktiebolaget LM Ericsson, Class B (Technology Hardware & Equipment) | 4,551,501 | ||||||
|
|
|||||||
90,966,423 | ||||||||
|
|
|||||||
Switzerland 6.9% | ||||||||
2,868 | Allreal Holding AG (Registered) (Real Estate) | 540,971 | ||||||
50,546 | Baloise Holding AG (Registered) (Insurance) | 8,792,020 | ||||||
369 | Chocoladefabriken Lindt & Spruengli AG (Food, Beverage & Tobacco) | 4,138,333 | ||||||
13 | Chocoladefabriken Lindt & Spruengli AG (Registered) (Food, Beverage & Tobacco) | 1,542,226 | ||||||
183,531 | Cie Financiere Richemont SA (Registered) (Consumer Durables & Apparel) | 21,324,601 | ||||||
68,283 | Galenica AG (Health Care Equipment & Services)(b) | 5,028,189 | ||||||
25,131 | Helvetia Holding AG (Registered) (Insurance) | 3,229,504 | ||||||
62,477 | Kuehne + Nagel International AG (Registered) (Transportation) | 17,477,709 | ||||||
33,818 | Lonza Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences) | 19,940,253 | ||||||
46,467 | PSP Swiss Property AG (Registered) (Real Estate) | 5,856,326 | ||||||
45,452 | Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences) | 16,854,240 | ||||||
9,611 | Sonova Holding AG (Registered) (Health Care Equipment & Services) | 3,465,978 | ||||||
3,157 | Swiss Prime Site AG (Registered) (Real Estate) | 308,579 | ||||||
21,417 | Tecan Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences) | 6,436,188 | ||||||
39,896 | Temenos AG (Registered) (Software & Services) | 4,027,333 | ||||||
1,417,109 | UBS Group AG (Registered) (Diversified Financials) | 24,057,750 | ||||||
|
|
|||||||
143,020,200 | ||||||||
|
|
|||||||
United Kingdom 7.9% | ||||||||
182,597 | 3i Group PLC (Diversified Financials) | 2,988,245 | ||||||
57,186 | AstraZeneca PLC ADR (Pharmaceuticals, Biotechnology & Life Sciences) | 3,797,150 | ||||||
3,245,186 | Aviva PLC (Insurance) | 17,410,844 | ||||||
237,422 | BAE Systems PLC (Capital Goods) | 2,192,986 | ||||||
20,695 | Berkeley Group Holdings PLC (Consumer Durables & Apparel)* | 1,049,578 | ||||||
|
|
20 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND
Shares |
Description | Value | ||||||
Common Stocks (continued) | ||||||||
United Kingdom (continued) | ||||||||
731,146 | British American Tobacco PLC (Food, Beverage & Tobacco) | $ | 30,644,050 | |||||
48,479 | DCC PLC (Capital Goods) | 3,673,205 | ||||||
516,787 | Diageo PLC (Food, Beverage & Tobacco) | 25,781,911 | ||||||
44,278 | Drax Group PLC (Utilities) | 447,460 | ||||||
129,482 | IG Group Holdings PLC (Diversified Financials) | 1,323,316 | ||||||
843,330 | Imperial Brands PLC (Food, Beverage & Tobacco) | 17,554,364 | ||||||
120,877 | InterContinental Hotels Group PLC (Consumer Services) | 7,716,758 | ||||||
29,533 | Intertek Group PLC (Commercial & Professional Services) | 1,840,348 | ||||||
2,136,245 | ITV PLC (Media & Entertainment) | 1,972,724 | ||||||
35,295 | Land Securities Group PLC REIT (Real Estate) | 331,017 | ||||||
7,717,919 | Lloyds Banking Group PLC (Banks) | 4,383,500 | ||||||
893,555 | M&G PLC (Diversified Financials) | 2,372,341 | ||||||
1,387,910 | Melrose Industries PLC (Capital Goods) | 2,016,770 | ||||||
1,962,438 | NatWest Group PLC (Banks) | 5,264,805 | ||||||
186,084 | Next PLC (Retailing) | 13,937,827 | ||||||
80,701 | Pennon Group PLC (Utilities) | 1,121,442 | ||||||
491,817 | SSE PLC (Utilities) | 11,422,859 | ||||||
307,205 | Taylor Wimpey PLC (Consumer Durables & Apparel) | 483,159 | ||||||
212,432 | Vodafone Group PLC ADR (Telecommunication Services) | 3,226,842 | ||||||
35,837 | Whitbread PLC (Consumer Services)* | 1,250,957 | ||||||
|
|
|||||||
164,204,458 | ||||||||
|
|
|||||||
United States 3.1% | ||||||||
587,748 | GlaxoSmithKline PLC ADR (Pharmaceuticals, Biotechnology & Life Sciences) | 26,613,229 | ||||||
198,851 | Nestle SA (Registered) (Food, Beverage & Tobacco) | 25,670,489 | ||||||
856,765 | Stellantis NV (Automobiles & Components) | 11,502,634 | ||||||
|
|
|||||||
63,786,352 | ||||||||
|
|
|||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $1,995,088,365) | $ | 1,982,459,781 | ||||||
|
|
Shares |
Description | Rate | Value | |||||||
Preferred Stocks 1.1% | ||||||||||
Germany 1.1% | ||||||||||
203,285 | Henkel AG & Co. KGaA (Household & Personal Products) |
3.05 | % | $ | 13,053,200 | |||||
70,992 | Volkswagen AG (Automobiles & Components) |
3.30 | 10,994,281 | |||||||
|
||||||||||
TOTAL PREFERRED STOCKS |
| |||||||||
(Cost $31,812,305) |
|
$ | 24,047,481 | |||||||
|
||||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE |
| |||||||||
(Cost $2,026,900,670) |
|
$ | 2,006,507,262 | |||||||
|
Shares | Dividend Rate |
Value | ||||||
Securities Lending Reinvestment Vehicle 4.1%(c) | ||||||||
Goldman Sachs Financial Square Government Fund Institutional Shares |
| |||||||
85,554,548 | 0.317 | % | $ | 85,554,548 | ||||
(Cost $85,554,548) |
| |||||||
|
||||||||
TOTAL INVESTMENTS 101.2% |
| |||||||
(Cost $2,112,455,218) |
|
$ | 2,092,061,810 | |||||
|
||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES (1.2)% |
|
(26,473,229 | ) | |||||
|
||||||||
NET ASSETS 100.0% |
|
$ | 2,065,588,581 | |||||
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
* |
Non-income producing security. | |
(a) |
All or a portion of security is on loan. | |
(b) |
Exempt from registration under Rule 144A of the Securities Act of 1933. | |
(c) |
Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
ADR |
American Depositary Receipt | |
PLC |
Public Limited Company | |
REIT |
Real Estate Investment Trust | |
|
The accompanying notes are an integral part of these financial statements. | 21 |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND
Schedule of Investments (continued)
April 30, 2022 (Unaudited)
Sector Name | % of Market Value |
|||
Industrials |
16.3 | % | ||
Financials |
14.7 | |||
Health Care |
13.3 | |||
Consumer Staples |
11.2 | |||
Consumer Discretionary |
9.3 | |||
Materials |
8.1 | |||
Information Technology |
7.9 | |||
Utilities |
5.2 | |||
Communication Services |
3.8 | |||
Energy |
3.3 | |||
Real Estate |
2.8 | |||
Securities Lending Reinvestment Vehicle |
4.1 | |||
TOTAL INVESTMENTS | 100.0 | % |
ADDITIONAL INVESTMENT INFORMATION |
FUTURES CONTRACTS At April 30, 2022, the Fund had the following futures contracts:
Description | Number of Contracts |
Expiration Date |
Notional Amount |
Unrealized Appreciation/ (Depreciation) |
||||||||||||
Long position contracts: |
||||||||||||||||
EURO STOXX 50 Index |
176 | 06/17/22 | $ | 7,097,718 | $ | 115,259 | ||||||||||
FTSE 100 Index |
26 | 06/17/22 | 2,422,474 | 124,286 | ||||||||||||
Hang Seng Index |
5 | 05/30/22 | 636,992 | 32,067 | ||||||||||||
MSCI Singapore Index |
9 | 05/30/22 | 201,191 | 4,301 | ||||||||||||
SPI 200 Index |
8 | 06/16/22 | 1,023,569 | 44,960 | ||||||||||||
TOPIX Index |
25 | 06/09/22 | 3,855,304 | 155,788 | ||||||||||||
Total Futures Contracts | $ | 476,661 |
22 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND
Schedule of Investments
April 30, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks 98.3% | ||||||||
Australia 8.5% | ||||||||
359,373 | Abacus Property Group REIT (Real Estate) | $ | 824,759 | |||||
59,612 | Allkem Ltd. (Materials)* | 496,820 | ||||||
406,266 | ALS Ltd. (Commercial & Professional Services) | 3,678,781 | ||||||
97,978 | Altium Ltd. (Software & Services) | 2,207,178 | ||||||
3,787,448 | AMP Ltd. (Diversified Financials)* | 3,059,975 | ||||||
368,326 | Beach Energy Ltd. (Energy) | 419,935 | ||||||
2,118,467 | Bendigo & Adelaide Bank Ltd. (Banks) | 15,794,922 | ||||||
336,860 | BWP Trust REIT (Real Estate) | 979,112 | ||||||
3,147,403 | Centuria Capital Group (Real Estate) | 6,113,462 | ||||||
269,631 | Centuria Industrial REIT (Real Estate) | 751,413 | ||||||
769,642 | Challenger Ltd. (Diversified Financials) | 3,894,046 | ||||||
3,117,567 | Charter Hall Group REIT (Real Estate) | 33,505,780 | ||||||
833,972 | Charter Hall Retail REIT (Real Estate) | 2,605,128 | ||||||
1,510,073 | Charter Hall Social Infrastructure REIT (Real Estate) | 4,274,770 | ||||||
55,042 | Corporate Travel Management Ltd. (Consumer Services)* | 993,101 | ||||||
1,111,177 | Data#3 Ltd. (Software & Services) | 4,512,615 | ||||||
448,962 | Downer EDI Ltd. (Commercial & Professional Services) | 1,737,038 | ||||||
198,727 | Elders Ltd. (Food, Beverage & Tobacco) | 1,997,828 | ||||||
87,484 | Flight Centre Travel Group Ltd. (Consumer Services)* | 1,366,223 | ||||||
293,027 | Genworth Mortgage Insurance Australia Ltd. (Banks) | 616,086 | ||||||
2,634,561 | GrainCorp Ltd., Class A (Food & Staples Retailing) | 19,038,318 | ||||||
121,294 | Growthpoint Properties Australia Ltd. REIT (Real Estate) | 373,080 | ||||||
2,293,401 | Iluka Resources Ltd. (Materials) | 17,963,991 | ||||||
8,493,167 | Incitec Pivot Ltd. (Materials) | 22,906,262 | ||||||
506,508 | Inghams Group Ltd. (Food, Beverage & Tobacco) | 1,096,632 | ||||||
7,975,616 | Karoon Energy Ltd. (Energy)* | 11,453,777 | ||||||
134,619 | Lovisa Holdings Ltd. (Retailing) | 1,541,299 | ||||||
233,016 | NRW Holdings Ltd. (Capital Goods) | 317,688 | ||||||
1,223,652 | Nufarm Ltd. (Materials) | 5,504,848 | ||||||
3,624,854 | Paladin Energy Ltd. (Energy)* | 1,994,853 | ||||||
238,487 | Perpetual Ltd. (Diversified Financials) | 5,482,758 | ||||||
858,365 | Perseus Mining Ltd. (Materials) | 1,194,439 | ||||||
3,667,025 | Pilbara Minerals Ltd. (Materials)* | 7,112,916 | ||||||
418,969 | Pinnacle Investment Management Group Ltd. (Diversified Financials) | 2,738,231 | ||||||
988,321 | Premier Investments Ltd. (Retailing) | 17,513,027 | ||||||
279,667 | Pro Medicus Ltd. (Health Care Equipment & Services) | 9,146,155 | ||||||
|
|
|||||||
Common Stocks (continued) | ||||||||
Australia (continued) | ||||||||
12,320,502 | Qube Holdings Ltd. (Transportation) | 25,459,767 | ||||||
5,633,760 | Sandfire Resources Ltd. (Materials) | 22,329,199 | ||||||
557,905 | Technology One Ltd. (Software & Services) | 4,025,980 | ||||||
983,971 | Waypoint REIT Ltd. REIT (Real Estate) | 1,854,867 | ||||||
326,944 | West African Resources Ltd. (Materials)* | 311,902 | ||||||
324,791 | Whitehaven Coal Ltd. (Energy) | 1,115,348 | ||||||
134,045 | Worley Ltd. (Energy) | 1,303,591 | ||||||
|
|
|||||||
271,607,900 | ||||||||
|
|
|||||||
Austria 0.4% | ||||||||
15,368 | ANDRITZ AG (Capital Goods) | 653,310 | ||||||
211,682 | BAWAG Group AG (Banks)*(a) | 10,051,481 | ||||||
46,667 | EVN AG (Utilities) | 1,187,970 | ||||||
|
|
|||||||
11,892,761 | ||||||||
|
|
|||||||
Belgium 1.9% | ||||||||
254,336 | Bekaert SA (Materials) | 9,427,943 | ||||||
220,645 | Dieteren Group (Retailing) | 35,416,326 | ||||||
54,988 | Melexis NV (Semiconductors & Semiconductor Equipment) | 4,719,874 | ||||||
317,267 | Warehouses De Pauw CVA REIT (Real Estate) | 12,205,327 | ||||||
|
|
|||||||
61,769,470 | ||||||||
|
|
|||||||
China 0.3% | ||||||||
454,000 | VSTECS Holdings Ltd. (Technology Hardware & Equipment) | 390,872 | ||||||
2,188,200 | Yangzijiang Shipbuilding Holdings Ltd. (Capital Goods) | 1,427,633 | ||||||
10,160,610 | Yanlord Land Group Ltd. (Real Estate) | 8,902,309 | ||||||
|
|
|||||||
10,720,814 | ||||||||
|
|
|||||||
Cyprus 0.1% | ||||||||
395,123 | Atalaya Mining PLC (Materials) | 1,875,600 | ||||||
|
|
|||||||
Denmark 2.8% | ||||||||
421,738 | D/S Norden A/S (Transportation) | 15,669,939 | ||||||
245,719 | Dfds A/S (Transportation) | 9,515,887 | ||||||
177,479 | Jyske Bank A/S (Registered) (Banks)* | 9,813,547 | ||||||
133,588 | Royal Unibrew A/S (Food, Beverage & Tobacco) | 11,514,105 | ||||||
195,942 | Scandinavian Tobacco Group A/S (Food, Beverage & Tobacco)(a) | 4,084,557 | ||||||
685,268 | Sydbank AS (Banks) | 23,554,620 | ||||||
252,445 | Topdanmark AS (Insurance) | 14,206,118 | ||||||
|
|
|||||||
88,358,773 | ||||||||
|
|
|||||||
Finland 0.6% | ||||||||
916,374 | Metso Outotec OYJ (Capital Goods) | 7,802,889 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 23 |
GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND
Schedule of Investments (continued)
April 30, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks (continued) | ||||||||
Finland (continued) | ||||||||
649,036 | Tokmanni Group Corp. (Retailing) | $ | 8,433,989 | |||||
58,074 | Uponor OYJ (Capital Goods) | 1,020,410 | ||||||
31,825 | Valmet OYJ (Capital Goods) | 852,298 | ||||||
|
|
|||||||
18,109,586 | ||||||||
|
|
|||||||
France 4.6% | ||||||||
34,421 | Alten SA (Software & Services) | 4,619,564 | ||||||
5,368,478 | CGG SA (Energy)* | 6,176,101 | ||||||
1,508,236 | Coface SA (Insurance) | 18,081,164 | ||||||
831,399 | Derichebourg SA (Commercial & Professional Services) | 7,502,830 | ||||||
70,628 | Eramet SA (Materials)* | 9,413,444 | ||||||
837,282 | Eutelsat Communications SA (Media & Entertainment) | 9,305,063 | ||||||
44,223 | Gaztransport Et Technigaz SA (Energy) | 5,266,011 | ||||||
102,777 | IPSOS (Media & Entertainment) | 4,947,795 | ||||||
228,880 | Nexans SA (Capital Goods) | 20,848,106 | ||||||
362,746 | Nexity SA (Real Estate) | 11,015,199 | ||||||
713,412 | Rexel SA (Capital Goods)* | 14,614,007 | ||||||
468,046 | Rubis SCA (Utilities) | 12,448,854 | ||||||
410,889 | SCOR SE (Insurance) | 11,617,410 | ||||||
106,803 | SPIE SA (Commercial & Professional Services) | 2,513,721 | ||||||
377,725 | Television Francaise 1 (Media & Entertainment) | 3,199,025 | ||||||
65,079 | Verallia SA (Materials)(a) | 1,788,979 | ||||||
10,716 | Virbac SA (Pharmaceuticals, Biotechnology & Life Sciences) | 4,326,556 | ||||||
|
|
|||||||
147,683,829 | ||||||||
|
|
|||||||
Georgia 0.0% | ||||||||
6,808 | Bank of Georgia Group PLC (Banks) | 105,126 | ||||||
|
|
|||||||
Germany 4.7% | ||||||||
9,679 | 1&1 AG (Telecommunication Services) | 203,968 | ||||||
286,224 | Aurubis AG (Materials) | 32,526,335 | ||||||
8,080 | Bilfinger SE (Commercial & Professional Services)* | 325,199 | ||||||
37,976 | CANCOM SE (Software & Services) | 1,833,766 | ||||||
1,884 | CTS Eventim AG & Co. KGaA (Media & Entertainment)* | 129,310 | ||||||
40,762 | Dermapharm Holding SE (Pharmaceuticals, Biotechnology & Life Sciences) | 2,304,708 | ||||||
489,771 | Deutsche Pfandbriefbank AG (Banks)(a) | 6,164,082 | ||||||
38,516 | Eckert & Ziegler Strahlen- und Medizintechnik AG (Health Care Equipment & Services) | 1,932,772 | ||||||
207,905 | Evotec SE (Pharmaceuticals, Biotechnology & Life Sciences)* | 5,062,166 | ||||||
|
|
|||||||
Common Stocks (continued) | ||||||||
Germany (continued) | ||||||||
84,855 | Gerresheimer AG (Pharmaceuticals, Biotechnology & Life Sciences)(b) | 5,894,229 | ||||||
35,941 | GFT Technologies SE (Software & Services) | 1,427,595 | ||||||
288,714 | Hensoldt AG (Capital Goods) | 8,040,392 | ||||||
45,784 | HUGO BOSS AG (Consumer Durables & Apparel) | 2,567,702 | ||||||
1,176,813 | K+S AG (Registered) (Materials)* | 39,526,796 | ||||||
1,750,803 | Kloeckner & Co SE (Capital Goods)* | 22,553,426 | ||||||
47,989 | Krones AG (Capital Goods) | 3,705,404 | ||||||
94,484 | METRO AG (Food & Staples Retailing)* | 829,943 | ||||||
69,223 | Rheinmetall AG (Capital Goods) | 15,604,540 | ||||||
18,054 | Softwareone Holding AG (Technology Hardware & Equipment)* | 244,099 | ||||||
4,219 | Varta AG (Capital Goods)(b) | 394,754 | ||||||
|
|
|||||||
151,271,186 | ||||||||
|
|
|||||||
Guernsey 0.2% | ||||||||
3,472,852 | BMO Commercial Property Trust Ltd. REIT (Real Estate) | 5,126,035 | ||||||
|
|
|||||||
Hong Kong 2.4% | ||||||||
2,827,800 | ASM Pacific Technology Ltd. (Semiconductors & Semiconductor Equipment) | 28,497,960 | ||||||
668,960 | Bank of East Asia Ltd. (The) (Banks) | 989,873 | ||||||
2,816,000 | Fortune Real Estate Investment Trust REIT (Real Estate) | 2,460,401 | ||||||
1,803,000 | Hang Lung Group Ltd. (Real Estate) | 3,520,344 | ||||||
4,720,000 | Kerry Properties Ltd. (Real Estate) | 12,763,522 | ||||||
1,229,000 | Luk Fook Holdings International Ltd. (Retailing) | 2,813,072 | ||||||
50,385,000 | Pacific Basin Shipping Ltd. (Transportation) | 23,117,173 | ||||||
599,000 | Sun Hung Kai & Co. Ltd. (Diversified Financials) | 284,729 | ||||||
5,132,000 | United Laboratories International Holdings Ltd. (The) (Pharmaceuticals, Biotechnology & Life Sciences) | 2,515,058 | ||||||
|
|
|||||||
76,962,132 | ||||||||
|
|
|||||||
Indonesia 0.6% | ||||||||
10,057,700 | First Resources Ltd. (Food, Beverage & Tobacco) | 15,339,936 | ||||||
10,811,800 | Golden Agri-Resources Ltd. (Food, Beverage & Tobacco) | 2,526,034 | ||||||
|
|
|||||||
17,865,970 | ||||||||
|
|
|||||||
Israel 3.4% | ||||||||
85,182 | Airport City Ltd. (Real Estate)* | 1,896,384 | ||||||
|
|
24 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND
Shares |
Description | Value | ||||||
Common Stocks (continued) | ||||||||
Israel (continued) | ||||||||
181,670 | Alony Hetz Properties & Investments Ltd. (Real Estate) | $ | 2,973,264 | |||||
388,389 | Amot Investments Ltd. (Real Estate) | 2,948,186 | ||||||
5,224,046 | Bezeq The Israeli Telecommunication Corp. Ltd. (Telecommunication Services)* | 8,281,618 | ||||||
15,352 | Big Shopping Centers Ltd. (Real Estate) | 2,319,976 | ||||||
56,122 | Camtek Ltd. (Semiconductors & Semiconductor Equipment)* | 1,651,742 | ||||||
112,503 | Clal Insurance Enterprises Holdings Ltd. (Insurance)* | 2,493,711 | ||||||
5,678 | Delta Galil Industries Ltd. (Consumer Durables & Apparel) | 378,400 | ||||||
12,632 | Elco Ltd. (Capital Goods) | 979,150 | ||||||
1,631 | Electra Ltd. (Capital Goods) | 1,119,195 | ||||||
66,883 | Energix-Renewable Energies Ltd. (Utilities) | 226,599 | ||||||
981,122 | Enlight Renewable Energy Ltd. (Utilities)* | 2,104,941 | ||||||
19,272 | Fattal Holdings 1998 Ltd. (Consumer Services)* | 2,779,663 | ||||||
185,915 | First International Bank Of Israel Ltd. (The) (Banks) | 7,807,038 | ||||||
18,382 | Fox Wizel Ltd. (Retailing) | 2,702,710 | ||||||
234,813 | Gazit-Globe Ltd. (Real Estate) | 2,201,306 | ||||||
257,740 | Harel Insurance Investments & Financial Services Ltd. (Insurance) | 3,159,089 | ||||||
207,554 | Israel Canada T.R Ltd. (Real Estate) | 1,026,199 | ||||||
10,260 | Israel Corp. Ltd. (The) (Materials)* | 5,764,766 | ||||||
47,832 | Maytronics Ltd. (Consumer Durables & Apparel) | 849,296 | ||||||
36,586 | Melisron Ltd. (Real Estate)* | 2,967,746 | ||||||
673,991 | Mivne Real Estate KD Ltd. (Real Estate) | 2,525,307 | ||||||
40,053 | Nova Ltd. (Semiconductors & Semiconductor Equipment)* | 3,840,871 | ||||||
42,762 | Perion Network Ltd. (Media & Entertainment)* | 914,298 | ||||||
804,806 | Phoenix Holdings Ltd. (The) (Insurance) | 10,124,822 | ||||||
1,301,702 | Plus500 Ltd. (Diversified Financials) | 25,347,953 | ||||||
166,642 | Shapir Engineering and Industry Ltd. (Capital Goods) | 1,559,135 | ||||||
231,884 | Shikun & Binui Ltd. (Capital Goods)* | 1,367,065 | ||||||
580,627 | Shufersal Ltd. (Food & Staples Retailing) | 4,885,163 | ||||||
39,085 | Strauss Group Ltd. (Food, Beverage & Tobacco) | 1,044,785 | ||||||
36,986 | Tower Semiconductor Ltd. (Semiconductors & Semiconductor Equipment)* | 1,778,663 | ||||||
|
|
|||||||
110,019,041 | ||||||||
|
|
|||||||
Common Stocks (continued) | ||||||||
Italy 4.7% | ||||||||
15,040,717 | A2A SpA (Utilities) | 25,697,943 | ||||||
126,666 | ACEA SpA (Utilities) | 2,172,813 | ||||||
245,624 | Banca IFIS SpA (Diversified Financials) | 4,460,360 | ||||||
2,203,037 | BFF Bank SpA (Diversified Financials)(a) | 13,737,280 | ||||||
854,957 | Falck Renewables SpA (Utilities) | 7,968,614 | ||||||
4,382,032 | Hera SpA (Utilities) | 16,343,205 | ||||||
1,970,039 | Iren SpA (Utilities) | 5,092,423 | ||||||
3,329,944 | Leonardo SpA (Capital Goods)* | 34,269,745 | ||||||
400,901 | MFE-MediaForEurope NV, Class B (Media & Entertainment)(b) | 369,215 | ||||||
61,867 | RAI Way SpA (Telecommunication Services)(a) | 363,743 | ||||||
174,453 | Reply SpA (Software & Services) | 25,682,478 | ||||||
2,523,219 | Unipol Gruppo SpA (Insurance) | 13,758,160 | ||||||
|
|
|||||||
149,915,979 | ||||||||
|
|
|||||||
Japan 27.9% | ||||||||
18,400 | 77 Bank Ltd. (The) (Banks) | 228,151 | ||||||
138,400 | Air Water, Inc. (Materials) | 1,836,970 | ||||||
116,000 | Airtrip Corp. (Consumer Services) | 2,827,047 | ||||||
122,200 | Alfresa Holdings Corp. (Health Care Equipment & Services) | 1,661,762 | ||||||
3,012,900 | Amada Co. Ltd. (Capital Goods) | 23,395,055 | ||||||
748,200 | Aozora Bank Ltd. (Banks) | 14,979,364 | ||||||
23,400 | Autobacs Seven Co. Ltd. (Retailing) | 246,379 | ||||||
168,100 | Avex, Inc. (Media & Entertainment) | 1,807,028 | ||||||
251,200 | Bell System24 Holdings, Inc. (Software & Services) | 2,905,018 | ||||||
13,000 | Benesse Holdings, Inc. (Consumer Services) | 227,460 | ||||||
375,300 | BIPROGY, Inc. (Software & Services) | 9,481,949 | ||||||
87,300 | BML, Inc. (Health Care Equipment & Services) | 2,246,717 | ||||||
36,400 | Canon Marketing Japan, Inc. (Technology Hardware & Equipment) | 792,059 | ||||||
594,200 | Chugoku Electric Power Co., Inc. (The) (Utilities) | 3,913,708 | ||||||
6,331,400 | Citizen Watch Co. Ltd. (Technology Hardware & Equipment) | 23,895,392 | ||||||
1,745,600 | Coca-Cola Bottlers Japan Holdings, Inc. (Food, Beverage & Tobacco) | 19,568,963 | ||||||
174 | CRE Logistics REIT, Inc. REIT (Real Estate) | 266,091 | ||||||
8,100 | Daido Steel Co. Ltd. (Materials) | 231,051 | ||||||
67,000 | Daihen Corp. (Capital Goods) | 1,916,695 | ||||||
1,138 | Daiwa Office Investment Corp. REIT (Real Estate) | 6,442,515 | ||||||
763,900 | DeNA Co. Ltd. (Media & Entertainment) | 11,072,030 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 25 |
GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND
Schedule of Investments (continued)
April 30, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks (continued) | ||||||||
Japan (continued) | ||||||||
303,500 | Dexerials Corp. (Technology Hardware & Equipment) | $ | 6,654,951 | |||||
30,600 | Doshisha Co. Ltd. (Retailing) | 360,446 | ||||||
10,400 | Doutor Nichires Holdings Co. Ltd. (Consumer Services) | 119,528 | ||||||
140,700 | DTS Corp. (Software & Services) | 3,087,148 | ||||||
18,800 | Eagle Industry Co. Ltd. (Automobiles & Components) | 149,796 | ||||||
62,600 | Ebara Corp. (Capital Goods) | 2,875,054 | ||||||
12,800 | Eizo Corp. (Technology Hardware & Equipment) | 333,649 | ||||||
296,100 | EXEO Group, Inc. (Capital Goods) | 4,929,420 | ||||||
215,900 | Ezaki Glico Co. Ltd. (Food, Beverage & Tobacco) | 6,189,552 | ||||||
519,900 | Financial Products Group Co. Ltd. (Diversified Financials) | 3,181,640 | ||||||
104,600 | Fuji Oil Holdings, Inc. (Food, Beverage & Tobacco) | 1,484,467 | ||||||
28,600 | Fuji Soft, Inc. (Software & Services) | 1,524,302 | ||||||
1,284,600 | Fujikura Ltd. (Capital Goods) | 6,076,798 | ||||||
17,800 | Future Corp. (Software & Services) | 260,807 | ||||||
25,300 | Fuyo General Lease Co. Ltd. (Diversified Financials) | 1,368,854 | ||||||
8,061 | Global One Real Estate Investment Corp. REIT (Real Estate) | 6,909,850 | ||||||
1,390,700 | Gunma Bank Ltd. (The) (Banks) | 3,997,633 | ||||||
51,100 | Gunze Ltd. (Consumer Durables & Apparel) | 1,471,071 | ||||||
1,226,600 | H2O Retailing Corp. (Retailing) | 8,023,540 | ||||||
161,600 | Hanwa Co. Ltd. (Capital Goods) | 3,950,084 | ||||||
606,500 | Haseko Corp. (Consumer Durables & Apparel) | 6,645,439 | ||||||
210,100 | HIS Co. Ltd. (Consumer Services)*(b) | 3,582,231 | ||||||
5,600 | Hisamitsu Pharmaceutical Co., Inc. (Pharmaceuticals, Biotechnology & Life Sciences) | 153,422 | ||||||
235,800 | Hitachi Zosen Corp. (Capital Goods) | 1,272,433 | ||||||
84,800 | Hokkaido Electric Power Co., Inc. (Utilities) | 314,786 | ||||||
11,600 | Horiba Ltd. (Technology Hardware & Equipment) | 564,379 | ||||||
347,300 | IDOM, Inc. (Retailing) | 1,740,212 | ||||||
31,800 | Iino Kaiun Kaisha Ltd. (Transportation) | 180,041 | ||||||
6,629 | Industrial & Infrastructure Fund Investment Corp. REIT (Real Estate) | 9,511,852 | ||||||
86,800 | Itoham Yonekyu Holdings, Inc. (Food, Beverage & Tobacco) | 436,869 | ||||||
18,000 | Izumi Co. Ltd. (Retailing) | 391,205 | ||||||
3,913,900 | J Front Retailing Co. Ltd. (Retailing) | 29,329,317 | ||||||
454 | Japan Excellent, Inc. REIT (Real Estate) | 445,457 | ||||||
18,600 | Japan Lifeline Co. Ltd. (Health Care Equipment & Services) | 155,037 | ||||||
|
|
|||||||
Common Stocks (continued) | ||||||||
Japan (continued) | ||||||||
161,400 | Japan Petroleum Exploration Co. Ltd. (Energy) | 3,217,347 | ||||||
5,387 | Japan Prime Realty Investment Corp. REIT (Real Estate) | 16,342,866 | ||||||
102,400 | Japan Steel Works Ltd. (The) (Capital Goods) | 2,882,007 | ||||||
3,000 | Jeol Ltd. (Health Care Equipment & Services) | 134,726 | ||||||
785,500 | Kamigumi Co. Ltd. (Transportation) | 13,336,929 | ||||||
294,200 | Kaneka Corp. (Materials) | 7,872,074 | ||||||
990,200 | Kanematsu Corp. (Capital Goods) | 10,233,847 | ||||||
13,400 | Kanematsu Electronics Ltd. (Software & Services) | 400,401 | ||||||
41,900 | Kawasaki Kisen Kaisha Ltd. (Transportation) | 2,190,618 | ||||||
1,657 | Kenedix Office Investment Corp. REIT (Real Estate) | 8,660,659 | ||||||
536 | Kenedix Retail REIT Corp. REIT (Real Estate) | 1,128,409 | ||||||
221,800 | Kumagai Gumi Co. Ltd. (Capital Goods) | 4,628,714 | ||||||
38,100 | KYB Corp. (Automobiles & Components) | 862,393 | ||||||
132,000 | Kyokuto Kaihatsu Kogyo Co. Ltd. (Capital Goods) | 1,330,802 | ||||||
223,800 | Life Corp. (Food & Staples Retailing) | 5,105,300 | ||||||
82,400 | Lintec Corp. (Materials) | 1,534,916 | ||||||
368,100 | Macnica Fuji Electronics Holdings, Inc. (Technology Hardware & Equipment) | 7,631,773 | ||||||
313,300 | Makino Milling Machine Co. Ltd. (Capital Goods) | 9,653,835 | ||||||
30,300 | Mandom Corp. (Household & Personal Products) | 301,265 | ||||||
33,400 | Mani, Inc. (Health Care Equipment & Services) | 381,429 | ||||||
60,700 | Matsuda Sangyo Co. Ltd. (Commercial & Professional Services) | 1,065,869 | ||||||
520,800 | Maxell Ltd. (Technology Hardware & Equipment) | 4,643,830 | ||||||
30,600 | Megachips Corp. (Semiconductors & Semiconductor Equipment) | 783,941 | ||||||
587 | Mirai Corp. REIT (Real Estate) | 228,011 | ||||||
272,500 | Mirait Holdings Corp. (Capital Goods) | 3,818,715 | ||||||
566,700 | Mitsubishi Logistics Corp. (Transportation) | 13,061,049 | ||||||
134,100 | Mitsubishi Research Institute, Inc. (Software & Services) | 4,037,411 | ||||||
672,300 | Mitsui Mining & Smelting Co. Ltd. (Materials) | 16,999,549 | ||||||
1,125 | Mori Hills REIT Investment Corp. REIT (Real Estate) | 1,275,905 | ||||||
942 | Mori Trust Sogo REIT, Inc. REIT (Real Estate) | 1,025,715 | ||||||
120,000 | Nachi-Fujikoshi Corp. (Capital Goods) | 3,490,030 | ||||||
|
|
26 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND
Shares |
Description | Value | ||||||
Common Stocks (continued) | ||||||||
Japan (continued) | ||||||||
184,400 | Nagoya Railroad Co. Ltd. (Transportation) | $ | 2,961,675 | |||||
858,800 | NEC Networks & System Integration Corp. (Software & Services) | 12,194,306 | ||||||
627,400 | NGK Spark Plug Co. Ltd. (Automobiles & Components) | 9,627,591 | ||||||
261,700 | Nichias Corp. (Capital Goods) | 4,699,985 | ||||||
389,400 | Nikkon Holdings Co. Ltd. (Transportation) | 5,897,873 | ||||||
150,720 | Nippon Light Metal Holdings Co. Ltd. (Materials) | 1,931,095 | ||||||
7,284 | NIPPON REIT Investment Corp. REIT (Real Estate) | 20,878,820 | ||||||
298,800 | Nippon Shokubai Co. Ltd. (Materials) | 12,021,127 | ||||||
29,800 | Nippon Steel Trading Corp. (Capital Goods) | 1,212,785 | ||||||
4,512,700 | Nippon Suisan Kaisha Ltd. (Food, Beverage & Tobacco) | 19,924,990 | ||||||
59,000 | Nisshin Oillio Group Ltd. (The) (Food, Beverage & Tobacco) | 1,335,245 | ||||||
52,600 | Nisshinbo Holdings, Inc. (Capital Goods) | 393,556 | ||||||
85,300 | NOF Corp. (Materials) | 3,201,691 | ||||||
490,500 | NOK Corp. (Automobiles & Components) | 4,173,308 | ||||||
189,000 | NS Solutions Corp. (Software & Services) | 5,638,516 | ||||||
657,400 | NS United Kaiun Kaisha Ltd. (Transportation)(b) | 18,067,242 | ||||||
203,100 | Okamura Corp. (Commercial & Professional Services) | 1,866,479 | ||||||
237,400 | OKUMA Corp. (Capital Goods) | 8,485,016 | ||||||
5,700 | Okumura Corp. (Capital Goods) | 134,559 | ||||||
547 | One REIT, Inc. REIT (Real Estate) | 1,161,158 | ||||||
5,969,800 | Orient Corp. (Diversified Financials) | 5,730,351 | ||||||
228,500 | Paramount Bed Holdings Co. Ltd. (Health Care Equipment & Services) | 3,805,656 | ||||||
10,000 | Prima Meat Packers Ltd. (Food, Beverage & Tobacco) | 163,981 | ||||||
1,061,000 | Resorttrust, Inc. (Consumer Services) | 17,849,769 | ||||||
65,300 | Rohto Pharmaceutical Co. Ltd. (Household & Personal Products) | 1,743,808 | ||||||
7,900 | Round One Corp. (Consumer Services) | 87,929 | ||||||
79,500 | S Foods, Inc. (Food, Beverage & Tobacco) | 1,849,555 | ||||||
361,300 | Sankyo Co. Ltd. (Consumer Durables & Apparel) | 10,396,410 | ||||||
399,700 | Sankyu, Inc. (Transportation) | 12,186,461 | ||||||
202,200 | Sato Holdings Corp. (Commercial & Professional Services) | 2,780,278 | ||||||
363,200 | Sawai Group Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 12,183,421 | ||||||
|
|
|||||||
Common Stocks (continued) | ||||||||
Japan (continued) | ||||||||
388,000 | SCREEN Holdings Co. Ltd. (Semiconductors & Semiconductor Equipment) | 31,710,960 | ||||||
21,600 | Sega Sammy Holdings, Inc. (Consumer Durables & Apparel) | 382,744 | ||||||
1,284,700 | Seino Holdings Co. Ltd. (Transportation) | 10,494,661 | ||||||
2,201 | Sekisui House REIT, Inc. REIT (Real Estate) | 1,287,919 | ||||||
1,274,200 | Senko Group Holdings Co. Ltd. (Transportation) | 8,617,279 | ||||||
758,200 | Shikoku Electric Power Co., Inc. (Utilities) | 4,359,283 | ||||||
8,100 | Shochiku Co. Ltd. (Media & Entertainment)* | 826,692 | ||||||
527,800 | Showa Denko KK (Materials) | 10,270,126 | ||||||
4,086,600 | SKY Perfect JSAT Holdings, Inc. (Media & Entertainment) | 13,238,171 | ||||||
507,700 | Sodick Co. Ltd. (Capital Goods) | 2,840,797 | ||||||
236,800 | Sojitz Corp. (Capital Goods) | 3,610,809 | ||||||
787 | SOSiLA Logistics REIT, Inc. REIT (Real Estate) | 956,633 | ||||||
10,843 | Star Asia Investment Corp. REIT (Real Estate) | 4,963,007 | ||||||
66,000 | Star Micronics Co. Ltd. (Capital Goods) | 739,828 | ||||||
71,500 | Starts Corp., Inc. (Real Estate) | 1,325,201 | ||||||
4,200 | Sumitomo Bakelite Co. Ltd. (Materials) | 137,807 | ||||||
1,961,600 | Sumitomo Forestry Co. Ltd. (Consumer Durables & Apparel) | 30,010,223 | ||||||
98,200 | Sumitomo Heavy Industries Ltd. (Capital Goods) | 2,078,049 | ||||||
468,500 | Sumitomo Warehouse Co. Ltd. (The) (Transportation) | 7,862,197 | ||||||
162,500 | Suzuken Co. Ltd. (Health Care Equipment & Services) | 4,796,554 | ||||||
209,900 | Takara Holdings, Inc. (Food, Beverage & Tobacco) | 1,767,964 | ||||||
9,347 | Takara Leben Real Estate Investment Corp. REIT (Real Estate) | 8,711,455 | ||||||
1,014,300 | Takashimaya Co. Ltd. (Retailing) | 9,251,680 | ||||||
11,700 | TechnoPro Holdings, Inc. (Commercial & Professional Services) | 297,977 | ||||||
1,015,200 | Toho Gas Co. Ltd. (Utilities) | 23,815,635 | ||||||
235,800 | Tohoku Electric Power Co., Inc. (Utilities) | 1,311,648 | ||||||
755,600 | Tokyo Seimitsu Co. Ltd. (Semiconductors & Semiconductor Equipment) | 25,993,305 | ||||||
584,200 | Tokyo Tatemono Co. Ltd. (Real Estate) | 8,236,601 | ||||||
432,900 | Tokyotokeiba Co. Ltd. (Consumer Services) | 14,730,855 | ||||||
187,700 | Tokyu Fudosan Holdings Corp. (Real Estate) | 976,729 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 27 |
GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND
Schedule of Investments (continued)
April 30, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks (continued) | ||||||||
Japan (continued) | ||||||||
34,000 | Tomy Co. Ltd. (Consumer Durables & Apparel) | $ | 322,578 | |||||
16,700 | Toridoll Holdings Corp. (Consumer Services) | 302,869 | ||||||
1,297,000 | Toyo Seikan Group Holdings Ltd. (Materials) | 14,028,848 | ||||||
202,300 | Toyo Tanso Co. Ltd. (Capital Goods) | 4,395,903 | ||||||
55,900 | Tsubakimoto Chain Co. (Capital Goods) | 1,276,452 | ||||||
13,100 | Tsumura & Co. (Pharmaceuticals, Biotechnology & Life Sciences) | 322,323 | ||||||
820,000 | TV Asahi Holdings Corp. (Media & Entertainment) | 9,366,343 | ||||||
184,600 | UACJ Corp. (Materials) | 3,088,350 | ||||||
115,500 | Ulvac, Inc. (Semiconductors & Semiconductor Equipment) | 4,525,855 | ||||||
5,748 | United Urban Investment Corp. REIT (Real Estate) | 6,289,092 | ||||||
1,084,100 | Ushio, Inc. (Capital Goods) | 14,055,986 | ||||||
215,800 | Yellow Hat Ltd. (Retailing) | 2,695,778 | ||||||
|
|
|||||||
896,730,811 | ||||||||
|
|
|||||||
Luxembourg 0.7% | ||||||||
578,368 | APERAM SA (Materials) | 22,323,551 | ||||||
|
|
|||||||
Netherlands 3.5% | ||||||||
267,283 | Aalberts NV (Capital Goods) | 12,987,896 | ||||||
5,854 | AMG Advanced Metallurgical Group NV (Materials) | 228,903 | ||||||
77,435 | Arcadis NV (Capital Goods) | 3,230,877 | ||||||
566,562 | ASR Nederland NV (Insurance) | 25,749,496 | ||||||
37,885 | BE Semiconductor Industries NV (Semiconductors & Semiconductor Equipment) | 2,309,419 | ||||||
35,777 | Eurocommercial Properties NV REIT (Real Estate) | 865,659 | ||||||
306,503 | Fugro NV (Capital Goods)* | 3,754,768 | ||||||
1,842,571 | Koninklijke BAM Groep NV (Capital Goods)* | 5,099,940 | ||||||
873,419 | OCI NV (Materials)* | 33,096,052 | ||||||
605,701 | Signify NV (Capital Goods)(a) | 25,625,755 | ||||||
9,417 | TKH Group NV (Capital Goods) | 461,812 | ||||||
22,936 | Van Lanschot Kempen NV (Diversified Financials) | 597,289 | ||||||
|
|
|||||||
114,007,866 | ||||||||
|
|
|||||||
New Zealand 0.5% | ||||||||
4,176,437 | Fletcher Building Ltd. (Capital Goods) | 16,636,922 | ||||||
|
|
|||||||
Norway 5.4% | ||||||||
6,002,198 | Aker Solutions ASA (Energy) | 20,739,715 | ||||||
758,838 | Austevoll Seafood ASA (Food, Beverage & Tobacco) | 12,031,438 | ||||||
512,760 | BW Offshore Ltd. (Energy) | 1,474,712 | ||||||
1,829,610 | Europris ASA (Retailing)(a)(b) | 9,296,739 | ||||||
|
|
|||||||
Common Stocks (continued) | ||||||||
Norway (continued) | ||||||||
2,738,271 | Golden Ocean Group Ltd. (Transportation) | 34,089,099 | ||||||
525,657 | Grieg Seafood ASA (Food, Beverage & Tobacco)* | 7,831,230 | ||||||
501,347 | Kongsberg Gruppen ASA (Capital Goods) | 21,534,148 | ||||||
1,738,973 | Leroy Seafood Group ASA (Food, Beverage & Tobacco) | 16,320,764 | ||||||
9,756,072 | MPC Container Ships ASA (Transportation) | 29,038,786 | ||||||
759,227 | NEL ASA (Capital Goods)*(b) | 1,078,915 | ||||||
168,611 | Nordic Semiconductor ASA (Semiconductors & Semiconductor Equipment)* | 3,352,196 | ||||||
42,483 | Salmar ASA (Food, Beverage & Tobacco) | 3,476,372 | ||||||
127,978 | Selvaag Bolig ASA (Real Estate)(b) | 609,234 | ||||||
334,908 | Veidekke ASA (Capital Goods) | 4,336,602 | ||||||
1,335,038 | Wallenius Wilhelmsen ASA (Transportation) | 8,379,742 | ||||||
|
|
|||||||
173,589,692 | ||||||||
|
|
|||||||
Portugal 0.5% | ||||||||
74,726 | NOS SGPS SA (Telecommunication Services) | 316,001 | ||||||
1,533,242 | REN Redes Energeticas Nacionais SGPS SA (Utilities) | 4,674,558 | ||||||
10,346,259 | Sonae SGPS SA (Food & Staples Retailing) | 11,169,725 | ||||||
|
|
|||||||
16,160,284 | ||||||||
|
|
|||||||
Singapore 0.2% | ||||||||
69,234 | Kenon Holdings Ltd. (Utilities) | 3,954,112 | ||||||
880,500 | Parkway Life Real Estate Investment Trust REIT (Real Estate) | 3,068,065 | ||||||
1,721,200 | Yangzijiang Financial Holding Pte Ltd. (Diversified Financials)* | 678,299 | ||||||
|
|
|||||||
7,700,476 | ||||||||
|
|
|||||||
Spain 1.5% | ||||||||
3,723,711 | Bankinter SA (Banks) | 21,913,575 | ||||||
404,340 | Faes Farma SA (Pharmaceuticals, Biotechnology & Life Sciences) | 1,693,438 | ||||||
28,493 | Indra Sistemas SA (Software & Services)* | 290,361 | ||||||
1,359,194 | Mediaset Espana Comunicacion SA (Media & Entertainment)*(b) | 6,082,356 | ||||||
1,217,260 | Merlin Properties Socimi SA REIT (Real Estate) | 13,223,904 | ||||||
117,441 | Viscofan SA (Food, Beverage & Tobacco) | 6,483,252 | ||||||
|
|
|||||||
49,686,886 | ||||||||
|
|
28 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND
Shares |
Description | Value | ||||||
Common Stocks (continued) | ||||||||
Sweden 5.6% | ||||||||
167,606 | AddTech AB, Class B (Capital Goods) | $ | 2,956,635 | |||||
17,594 | AFRY AB (Commercial & Professional Services) | 291,667 | ||||||
2,489,626 | Arjo AB, Class B (Health Care Equipment & Services)(b) | 18,761,980 | ||||||
1,725,810 | Betsson AB, Class B (Consumer Services)* | 10,601,530 | ||||||
652,362 | Biotage AB (Pharmaceuticals, Biotechnology & Life Sciences)(b) | 13,513,696 | ||||||
264,586 | Bonava AB, Class B (Consumer Durables & Apparel) | 1,284,438 | ||||||
448,025 | Bravida Holding AB (Commercial & Professional Services)*(a) | 4,592,978 | ||||||
465,542 | Hexpol AB (Materials)(b) | 3,997,221 | ||||||
17,672 | HMS Networks AB (Technology Hardware & Equipment) | 723,312 | ||||||
198,345 | Intrum AB (Commercial & Professional Services)*(b) | 4,794,606 | ||||||
819,555 | Inwido AB (Capital Goods)(b) | 11,314,663 | ||||||
248,007 | Lindab International AB (Capital Goods) | 5,784,456 | ||||||
176,771 | Mekonomen AB (Retailing)* | 2,037,220 | ||||||
196,363 | MIPS AB (Consumer Durables & Apparel) | 13,945,595 | ||||||
1,100,229 | NCC AB, Class B (Capital Goods) | 13,632,164 | ||||||
454,662 | New Wave Group AB, Class B (Consumer Durables & Apparel) | 7,938,643 | ||||||
63,182 | Nyfosa AB (Real Estate) | 696,369 | ||||||
451,535 | Saab AB, Class B (Capital Goods) | 19,099,447 | ||||||
784,241 | SSAB AB, Class A (Materials)(b) | 4,980,806 | ||||||
5,475,433 | SSAB AB, Class B (Materials)(b) | 32,198,978 | ||||||
272,727 | Trelleborg AB, Class B (Capital Goods)(b) | 5,981,881 | ||||||
29,470 | Wihlborgs Fastigheter AB (Real Estate) | 510,941 | ||||||
|
|
|||||||
179,639,226 | ||||||||
|
|
|||||||
Switzerland 4.2% | ||||||||
2,906 | ALSO Holding AG (Registered) (Technology Hardware & Equipment)* | 657,145 | ||||||
21,282 | Bucher Industries AG (Registered) (Capital Goods) | 7,672,907 | ||||||
19,480 | Comet Holding AG (Registered) (Technology Hardware & Equipment) | 4,211,073 | ||||||
139,482 | DKSH Holding AG (Commercial & Professional Services) | 11,976,613 | ||||||
221,804 | Galenica AG (Health Care Equipment & Services)(a) | 16,333,090 | ||||||
183,330 | Huber + Suhner AG (Registered) (Capital Goods) | 16,078,619 | ||||||
28,690 | Mobilezone Holding AG (Registered) (Retailing) | 464,553 | ||||||
|
|
|||||||
Common Stocks (continued) | ||||||||
Switzerland (continued) | ||||||||
306,994 | PSP Swiss Property AG (Registered) (Real Estate) | 38,691,052 | ||||||
9,934 | Siegfried Holding AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)* | 7,201,551 | ||||||
12,476 | Stadler Rail AG (Capital Goods)(b) | 455,305 | ||||||
35,122 | Swissquote Group Holding SA (Registered) (Diversified Financials) | 5,708,330 | ||||||
58,119 | Tecan Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences) | 17,465,790 | ||||||
1,899 | u-blox Holding AG (Semiconductors & Semiconductor Equipment)* | 157,762 | ||||||
31,613 | Valiant Holding AG (Registered) (Banks) | 3,157,750 | ||||||
63,929 | Zehnder Group AG (Capital Goods) | 4,998,956 | ||||||
|
|
|||||||
135,230,496 | ||||||||
|
|
|||||||
United Kingdom 13.0% | ||||||||
2,879,303 | Babcock International Group PLC (Capital Goods)* | 10,993,057 | ||||||
1,347,988 | Balfour Beatty PLC (Capital Goods) | 4,084,017 | ||||||
255,305 | Bellway PLC (Consumer Durables & Apparel) | 7,754,196 | ||||||
467,483 | Britvic PLC (Food, Beverage & Tobacco) | 5,037,760 | ||||||
743,613 | Capita PLC (Software & Services)* | 221,914 | ||||||
1,186,383 | Capital & Counties Properties PLC REIT (Real Estate) | 2,451,265 | ||||||
81,010 | Capricorn Energy PLC (Energy)* | 208,361 | ||||||
896,481 | Central Asia Metals PLC (Materials) | 3,003,657 | ||||||
16,828,256 | Centrica PLC (Utilities)* | 16,673,275 | ||||||
29,678 | Clarkson PLC (Transportation) | 1,366,447 | ||||||
355,626 | Computacenter PLC (Software & Services) | 11,948,919 | ||||||
560,590 | Crest Nicholson Holdings PLC (Consumer Durables & Apparel) | 1,763,882 | ||||||
10,039 | Dechra Pharmaceuticals PLC (Pharmaceuticals, Biotechnology & Life Sciences) | 454,921 | ||||||
1,444,769 | Drax Group PLC (Utilities) | 14,600,413 | ||||||
62,889 | Electrocomponents PLC (Capital Goods) | 820,858 | ||||||
11,163 | Euromoney Institutional Investor PLC (Media & Entertainment) | 137,650 | ||||||
136,069 | Fevertree Drinks PLC (Food, Beverage & Tobacco) | 3,085,331 | ||||||
2,064,013 | Halfords Group PLC (Retailing) | 5,875,972 | ||||||
1,279,467 | Hammerson PLC REIT (Real Estate) | 461,930 | ||||||
922,846 | Harbour Energy PLC (Energy) | 5,787,171 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 29 |
GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND
Schedule of Investments (continued)
April 30, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks (continued) | ||||||||
United Kingdom (continued) | ||||||||
351,493 | Hays PLC (Commercial & Professional Services) | $ | 539,840 | |||||
2,646,003 | IG Group Holdings PLC (Diversified Financials) | 27,042,346 | ||||||
694,725 | IMI PLC (Capital Goods) | 11,695,511 | ||||||
2,861,160 | Inchcape PLC (Retailing) | 25,600,712 | ||||||
1,021,563 | Indivior PLC (Pharmaceuticals, Biotechnology & Life Sciences)* | 4,023,257 | ||||||
52,528 | Intermediate Capital Group PLC (Diversified Financials) | 1,005,201 | ||||||
1,724,295 | Investec PLC (Diversified Financials) | 10,155,914 | ||||||
21,294,874 | ITV PLC (Media & Entertainment) | 19,664,836 | ||||||
157,891 | Lancashire Holdings Ltd. (Insurance) | 836,806 | ||||||
2,525,778 | LondonMetric Property PLC REIT (Real Estate) | 8,536,809 | ||||||
11,108,801 | Man Group PLC (Diversified Financials) | 32,376,918 | ||||||
42,656 | Morgan Advanced Materials PLC (Capital Goods) | 149,593 | ||||||
223,204 | Morgan Sindall Group PLC (Capital Goods) | 6,018,102 | ||||||
338,182 | OSB Group PLC (Banks) | 2,360,660 | ||||||
537,903 | Pagegroup PLC (Commercial & Professional Services) | 3,291,364 | ||||||
1,475,762 | Paragon Banking Group PLC (Banks) | 9,126,484 | ||||||
2,227,609 | Pennon Group PLC (Utilities) | 30,955,429 | ||||||
414,476 | Pets at Home Group PLC (Retailing) | 1,608,832 | ||||||
579,276 | QinetiQ Group PLC (Capital Goods) | 2,457,648 | ||||||
365,398 | Quilter PLC (Diversified Financials)(a) | 601,915 | ||||||
1,631,990 | Reach PLC (Media & Entertainment) | 3,336,790 | ||||||
571,194 | Redde Northgate PLC (Transportation) | 2,825,633 | ||||||
272,298 | Redrow PLC (Consumer Durables & Apparel) | 1,784,995 | ||||||
39,454 | Renishaw PLC (Technology Hardware & Equipment) | 2,085,033 | ||||||
1,887,092 | Royal Mail PLC (Transportation) | 8,088,645 | ||||||
497,396 | Safestore Holdings PLC REIT (Real Estate) | 7,824,922 | ||||||
194,657 | Savills PLC (Real Estate) | 2,618,644 | ||||||
692,383 | Serica Energy PLC (Energy) | 3,041,838 | ||||||
595,399 | Spectris PLC (Technology Hardware & Equipment) | 21,776,064 | ||||||
1,014,233 | Spirent Communications PLC (Technology Hardware & Equipment) | 2,932,540 | ||||||
282,537 | SSP Group PLC (Consumer Services)* | 833,944 | ||||||
477,650 | SThree PLC (Commercial & Professional Services) | 2,201,922 | ||||||
|
|
|||||||
Common Stocks (continued) | ||||||||
United Kingdom (continued) | ||||||||
1,318,574 | Tate & Lyle PLC (Food, Beverage & Tobacco)* | 12,816,022 | ||||||
671,682 | Travis Perkins PLC (Capital Goods) | 10,244,780 | ||||||
11,379,161 | Tritax Big Box REIT PLC REIT (Real Estate) | 34,736,833 | ||||||
2,400,475 | UK Commercial Property REIT Ltd. REIT (Real Estate) | 2,644,836 | ||||||
144,119 | Urban Logistics REIT PLC REIT (Real Estate) | 338,886 | ||||||
215,918 | Vesuvius PLC (Capital Goods) | 878,051 | ||||||
358,510 | Warehouse REIT PLC REIT (Real Estate) | 723,097 | ||||||
|
|
|||||||
416,512,648 | ||||||||
|
|
|||||||
United States 0.1% | ||||||||
157,932 | Carnival PLC ADR (Consumer Services)*(b) | 2,493,746 | ||||||
|
|
|||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $3,199,443,333) | $ | 3,153,996,806 | ||||||
|
|
|||||||
|
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE |
| ||||||
(Cost $3,199,443,333) | $ | 3,153,996,806 | ||||||
|
|
Shares | Dividend Rate |
Value | ||||||
Securities Lending Reinvestment Vehicle 2.6%(c) | ||||||||
Goldman Sachs Financial Square Government Fund Institutional Shares |
| |||||||
83,972,023 |
0.317 | % | $ | 83,972,023 | ||||
(Cost $83,972,023) |
| |||||||
|
||||||||
TOTAL INVESTMENTS 100.9% |
| |||||||
(Cost $3,283,415,356) |
|
$ | 3,237,968,829 | |||||
|
||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES (0.9)% |
|
(27,804,378 | ) | |||||
|
||||||||
NET ASSETS 100.0% |
|
$ | 3,210,164,451 | |||||
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
* |
Non-income producing security. | |
(a) |
Exempt from registration under Rule 144A of the Securities Act of 1933. | |
(b) |
All or a portion of security is on loan. | |
(c) |
Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
ADR |
American Depositary Receipt | |
CVA |
Dutch Certification | |
PLC |
Public Limited Company | |
REIT |
Real Estate Investment Trust | |
|
30 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND
Sector Name | % of Market Value |
|||
Industrials |
24.5 | % | ||
Financials |
11.7 | |||
Real Estate |
10.9 | |||
Materials |
10.8 | |||
Consumer Discretionary |
10.1 | |||
Information Technology |
8.7 | |||
Consumer Staples |
6.2 | |||
Utilities |
5.5 | |||
Health Care |
4.2 | |||
Communication Services |
2.9 | |||
Energy |
1.9 | |||
Securities Lending Reinvestment Vehicle |
2.6 | |||
TOTAL INVESTMENTS | 100.0 | % |
ADDITIONAL INVESTMENT INFORMATION |
FUTURES CONTRACTS At April 30, 2022, the Fund had the following futures contracts:
Description | Number of Contracts |
Expiration Date |
Notional Amount |
Unrealized Appreciation/ (Depreciation) |
||||||||||||
Long position contracts: |
||||||||||||||||
EURO STOXX 50 Index |
85 | 06/17/22 | $ | 3,280,040 | $ | 70,060 | ||||||||||
FTSE 100 Index |
16 | 06/17/22 | 1,430,836 | 80,720 | ||||||||||||
Hang Seng Index |
8 | 05/30/22 | 1,019,319 | 51,307 | ||||||||||||
MSCI Singapore Index |
7 | 05/30/22 | 155,489 | 3,345 | ||||||||||||
SPI 200 Index |
6 | 06/16/22 | 751,505 | 33,720 | ||||||||||||
TOPIX Index |
17 | 06/09/22 | 2,299,479 | 193,374 | ||||||||||||
Total Futures Contracts | $ | 432,526 |
The accompanying notes are an integral part of these financial statements. | 31 |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
Statements of Assets and Liabilities
April 30, 2022 (Unaudited)
Emerging Markets Equity Insights Fund |
International Equity Insights Fund |
International Small Cap Insights Fund |
||||||||||||
Assets: |
| |||||||||||||
Investments in unaffiliated issuers, at value (cost $1,746,956,992, $2,026,900,670 and $3,199,443,333, respectively)(a) |
$ | 1,710,870,833 | $ | 2,006,507,262 | $ | 3,153,996,806 | ||||||||
Investments in affiliated issuers, at value (cost $6,474,097, $0 and $0, respectively) |
6,474,097 | | | |||||||||||
Investments in affiliated securities lending reinvestment vehicle, at value which equals cost |
6,574,425 | 85,554,548 | 83,972,023 | |||||||||||
Cash |
32,316,574 | 30,136,299 | 138,867 | |||||||||||
Foreign currency, at value (cost 9,993,455, $15,374,139 and $33,548,460, respectively) |
9,893,230 | 15,248,920 | 33,206,167 | |||||||||||
Receivables: |
||||||||||||||
Fund shares sold |
36,613,251 | 7,482,688 | 3,830,927 | |||||||||||
Investments sold |
7,415,842 | 16,748,298 | 4,183,462 | |||||||||||
Dividends |
3,590,869 | 10,092,426 | 20,382,512 | |||||||||||
Collateral on certain derivative contracts(b) |
2,545,538 | 8,766,712 | 773,628 | |||||||||||
Foreign tax reclaims |
154,891 | 6,542,626 | 6,841,688 | |||||||||||
Reimbursement from investment adviser |
125,395 | 100,429 | 150,456 | |||||||||||
Securities lending income |
1,850 | 125,440 | 156,243 | |||||||||||
Variation margin on futures contracts |
189,469 | 108,205 | 83,466 | |||||||||||
Other assets |
59,544 | 96,455 | 145,449 | |||||||||||
Total assets | 1,816,825,808 | 2,187,510,308 | 3,307,861,694 | |||||||||||
Liabilities: | ||||||||||||||
Unrealized loss on forward foreign currency exchange contracts |
2,370 | | | |||||||||||
Payables: |
||||||||||||||
Investments purchased |
7,490,462 | 23,003,581 | 4,167,940 | |||||||||||
Payable upon return of securities loaned |
6,574,425 | 85,554,548 | 83,972,023 | |||||||||||
Fund shares redeemed |
1,558,908 | 2,654,817 | 2,485,852 | |||||||||||
Foreign capital gains tax |
1,497,778 | | | |||||||||||
Management fees |
1,496,744 | 1,356,864 | 2,267,020 | |||||||||||
Distribution and Service fees and Transfer Agency fees |
91,737 | 126,090 | 166,523 | |||||||||||
Due to custodian |
30,344 | 2,732,173 | 3,556,886 | |||||||||||
Due to broker |
17,039 | 5,812,805 | | |||||||||||
Accrued expenses |
851,822 | 680,849 | 1,080,999 | |||||||||||
Total liabilities | 19,611,629 | 121,921,727 | 97,697,243 | |||||||||||
Net Assets: | ||||||||||||||
Paid-in capital |
1,932,870,020 | 2,080,029,390 | 3,393,180,792 | |||||||||||
Total distributable loss |
(135,655,841 | ) | (14,440,809 | ) | (183,016,341 | ) | ||||||||
NET ASSETS | $ | 1,797,214,179 | $ | 2,065,588,581 | $ | 3,210,164,451 | ||||||||
Net Assets: |
||||||||||||||
Class A |
$ | 36,508,597 | $ | 82,455,395 | $ | 93,067,283 | ||||||||
Class C |
4,323,939 | 11,579,629 | 20,782,610 | |||||||||||
Institutional |
1,008,026,408 | 914,570,258 | 2,288,540,787 | |||||||||||
Service |
| 2,298,415 | | |||||||||||
Investor |
76,688,757 | 80,233,652 | 114,276,752 | |||||||||||
Class R6 |
534,199,124 | 551,610,725 | 642,908,938 | |||||||||||
Class R |
22,073,788 | 6,371,811 | | |||||||||||
Class P |
115,393,566 | 416,468,696 | 50,588,081 | |||||||||||
Total Net Assets |
$ | 1,797,214,179 | $ | 2,065,588,581 | $ | 3,210,164,451 | ||||||||
Shares Outstanding $0.001 par value (unlimited number of shares authorized): |
||||||||||||||
Class A |
4,185,687 | 6,676,180 | 7,672,182 | |||||||||||
Class C |
501,987 | 957,239 | 1,770,928 | |||||||||||
Institutional |
116,011,475 | 71,784,281 | 189,155,739 | |||||||||||
Service |
| 183,658 | | |||||||||||
Investor |
8,839,140 | 6,608,497 | 9,483,022 | |||||||||||
Class R6 |
61,552,530 | 43,332,753 | 53,014,969 | |||||||||||
Class R |
2,583,006 | 531,726 | | |||||||||||
Class P |
13,295,682 | 32,743,631 | 4,172,035 | |||||||||||
Net asset value, offering and redemption price per share:(c) |
||||||||||||||
Class A |
$8.72 | $12.35 | $12.13 | |||||||||||
Class C |
8.61 | 12.10 | 11.74 | |||||||||||
Institutional |
8.69 | 12.74 | 12.10 | |||||||||||
Service |
| 12.51 | | |||||||||||
Investor |
8.68 | 12.14 | 12.05 | |||||||||||
Class R6 |
8.68 | 12.73 | 12.13 | |||||||||||
Class R |
8.55 | 11.98 | | |||||||||||
Class P |
8.68 | 12.72 | 12.13 |
(a) | Includes loaned securities having a market value of $6,129,387, $79,972,538 and $79,503,031 for the Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds, respectively. |
(b) | Segregated for initial margin and/or collateral as follows: |
Fund | Futures | |||
Emerging Markets Equity Insights |
$ | 2,545,538 | ||
International Equity Insights Fund |
8,766,712 | |||
International Small Cap Insights Fund |
773,628 |
(c) | Maximum public offering price per share for Class A Shares of the Emerging Markets Equity Insights Fund, International Equity Insights Fund and International Small Cap Insights Fund is $9.23, $13.07 and $12.84, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (NAV) or the original purchase price of the shares. |
32 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
Statements of Operations
For the Six Months Ended April 30, 2022 (Unaudited)
Emerging Markets Equity Insights Fund |
International Equity Insights Fund |
International Small Cap Insights Fund |
||||||||||||
Investment income: |
| |||||||||||||
Dividends unaffiliated issuers (net of foreign withholding taxes of $3,659,331, $4,758,371 and $7,126,982, respectively) |
$ | 25,365,242 | $ | 37,180,915 | $ | 59,828,717 | ||||||||
Securities lending income affiliated issuer |
24,582 | 163,388 | 237,566 | |||||||||||
Dividends affiliated issuers |
3,591 | 202 | 252 | |||||||||||
Total investment income | 25,393,415 | 37,344,505 | 60,066,535 | |||||||||||
Expenses: |
| |||||||||||||
Management fees |
9,216,191 | 8,945,623 | 14,693,249 | |||||||||||
Custody, accounting and administrative services |
860,006 | 382,182 | 564,665 | |||||||||||
Transfer Agency fees(a) |
433,378 | 542,937 | 840,532 | |||||||||||
Distribution and/or Service (12b-1) fees(a) |
133,455 | 190,022 | 232,069 | |||||||||||
Professional fees |
72,063 | 69,168 | 82,946 | |||||||||||
Printing and mailing costs |
71,287 | 97,604 | 303,210 | |||||||||||
Registration fees |
58,383 | 64,581 | 98,708 | |||||||||||
Trustee fees |
12,655 | 13,138 | 13,910 | |||||||||||
Service fees Class C |
6,276 | 16,583 | 30,952 | |||||||||||
Shareholder Administration fees Service Shares |
| 3,305 | | |||||||||||
Other |
39,496 | 21,371 | 33,486 | |||||||||||
Total expenses | 10,903,190 | 10,346,514 | 16,893,727 | |||||||||||
Less expense reductions |
(620,288 | ) | (600,981 | ) | (844,278 | ) | ||||||||
Net expenses | 10,282,902 | 9,745,533 | 16,049,449 | |||||||||||
NET INVESTMENT INCOME | 15,110,513 | 27,598,972 | 44,017,086 | |||||||||||
Realized and unrealized gain (loss): |
| |||||||||||||
Net realized gain (loss) from: |
||||||||||||||
Investments unaffiliated issuers |
(75,421,512 | ) | 13,020,824 | (77,454,214 | ) | |||||||||
Futures contracts |
(4,182,455 | ) | (121,083 | ) | (2,447,909 | ) | ||||||||
Forward foreign currency contracts |
(276,256 | ) | (13,777 | ) | 86,621 | |||||||||
Foreign currency transactions |
(869,574 | ) | (1,701,331 | ) | (1,338,964 | ) | ||||||||
Net change in unrealized gain (loss) on: |
||||||||||||||
Investments unaffiliated issuers (including the effects of the net change in the foreign capital gains tax liability of $111,656, $0 and $0) |
(143,116,919 | ) | (294,361,757 | ) | (443,394,798 | ) | ||||||||
Futures contracts |
(1,089,912 | ) | 482,407 | (864,235 | ) | |||||||||
Forward foreign currency contracts |
(2,370 | ) | | | ||||||||||
Foreign currency translations |
1,133,519 | (1,262,605 | ) | (1,701,224 | ) | |||||||||
Net realized and unrealized loss | (223,825,479 | ) | (283,957,322 | ) | (527,114,723 | ) | ||||||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (208,714,966 | ) | $ | (256,358,350 | ) | $ | (483,097,637 | ) |
(a) | Class specific Distribution and/or Service and Transfer Agency fees were as follows: |
Distribution and/or Service (12b-1) Fees | Transfer Agency Fees | |||||||||||||||||||||||||||||||||||||||||||||||
Fund |
Class R |
Service |
Class A |
Class C |
Class A |
Class C |
Institutional |
Service |
Investor |
Class R6 |
Class R |
Class P |
||||||||||||||||||||||||||||||||||||
Emerging Markets Equity Insights Fund |
$ | 60,872 | $ | | $ | 53,756 | $ | 18,827 | $ | 34,404 | $ | 4,017 | $ | 198,545 | $ | | $ | 90,468 | $ | 66,507 | $ | 19,479 | $ | 19,958 | ||||||||||||||||||||||||
International Equity Insights Fund |
14,790 | 7,073 | 118,410 | 49,749 | 75,783 | 10,613 | 217,653 | 529 | 91,255 | 73,631 | 5,939 | 67,534 | ||||||||||||||||||||||||||||||||||||
International Small Cap Insights Fund |
| | 139,213 | 92,856 | 89,096 | 19,809 | 495,562 | | 131,417 | 96,373 | | 8,275 |
The accompanying notes are an integral part of these financial statements. | 33 |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
Statements of Changes in Net Assets
Emerging Markets Equity Insights Fund | International Equity Insights Fund | |||||||||||||||||||||
For the Six Months Ended April 30, 2022 (Unaudited) |
For the Fiscal Year Ended October 31, 2021 |
For the Six Months Ended April 30, 2022 (Unaudited) |
For the Fiscal Year Ended October 31, 2021 |
|||||||||||||||||||
From operations: |
|
|||||||||||||||||||||
Net investment income |
$ | 15,110,513 | $ | 37,277,064 | $ | 27,598,972 | $ | 54,448,379 | ||||||||||||||
Net realized gain (loss) |
(80,749,797 | ) | 519,399,041 | 11,184,633 | 450,034,238 | |||||||||||||||||
Net change in unrealized gain (loss) |
(143,075,682 | ) | (254,997,365 | ) | (295,141,955 | ) | 158,176,835 | |||||||||||||||
Net increase (decrease) in net assets resulting from operations | (208,714,966 | ) | 301,678,740 | (256,358,350 | ) | 662,659,452 | ||||||||||||||||
Distributions to shareholders: |
|
|||||||||||||||||||||
From distributable earnings: |
||||||||||||||||||||||
Class A Shares |
(8,031,963 | ) | (416,421 | ) | (6,018,415 | ) | (3,661,413 | ) | ||||||||||||||
Class C Shares |
(943,653 | ) | | (744,639 | ) | (112,935 | ) | |||||||||||||||
Institutional Shares |
(181,910,548 | ) | (12,590,250 | ) | (72,980,996 | ) | (17,452,273 | ) | ||||||||||||||
Service Shares |
| | (155,727 | ) | (57,944 | ) | ||||||||||||||||
Investor Shares |
(17,824,612 | ) | (1,039,734 | ) | (5,961,017 | ) | (1,748,151 | ) | ||||||||||||||
Class R6 Shares |
(99,744,666 | ) | (6,059,820 | ) | (39,942,112 | ) | (11,124,915 | ) | ||||||||||||||
Class R Shares |
(4,417,480 | ) | (214,543 | ) | (452,341 | ) | (133,553 | ) | ||||||||||||||
Class P Shares |
(25,054,959 | ) | (1,464,922 | ) | (28,448,250 | ) | (7,760,380 | ) | ||||||||||||||
Total distributions to shareholders | (337,927,881 | ) | (21,785,690 | ) | (154,703,497 | ) | (42,051,564 | ) | ||||||||||||||
From share transactions: |
|
|||||||||||||||||||||
Proceeds from sales of shares |
396,627,233 | 456,165,404 | 290,675,534 | 613,851,340 | ||||||||||||||||||
Reinvestment of distributions |
318,435,948 | 20,103,969 | 124,852,158 | 32,493,972 | ||||||||||||||||||
Cost of shares redeemed |
(297,707,580 | ) | (545,794,919 | ) | (490,049,818 | ) | (947,885,594 | ) | ||||||||||||||
Net increase (decrease) in net assets resulting from share transactions | 417,355,601 | (69,525,546 | ) | (74,522,126 | ) | (301,540,282 | ) | |||||||||||||||
TOTAL INCREASE (DECREASE) | (129,287,246 | ) | 210,367,504 | (485,583,973 | ) | 319,067,606 | ||||||||||||||||
Net Assets: |
|
|||||||||||||||||||||
Beginning of period |
1,926,501,425 | 1,716,133,921 | 2,551,172,554 | 2,232,104,948 | ||||||||||||||||||
End of period |
$ | 1,797,214,179 | $ | 1,926,501,425 | $ | 2,065,588,581 | $ | 2,551,172,554 |
34 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
Statements of Changes in Net Assets (continued)
International Small Cap Insights Fund | ||||||||||
For the Six Months Ended April 30, 2022 (Unaudited) |
For the Fiscal Year Ended October 31, 2021 |
|||||||||
From operations: |
| |||||||||
Net investment income |
$ | 44,017,086 | $ | 72,728,316 | ||||||
Net realized gain (loss) |
(81,154,466 | ) | 543,692,448 | |||||||
Net change in unrealized gain (loss) |
(445,960,257 | ) | 202,086,027 | |||||||
Net increase (decrease) in net assets resulting from operations | (483,097,637 | ) | 818,506,791 | |||||||
Distributions to shareholders: | ||||||||||
From distributable earnings: |
||||||||||
Class A Shares |
(3,065,760 | ) | (2,062,155 | ) | ||||||
Class C Shares |
(570,555 | ) | (217,691 | ) | ||||||
Institutional Shares |
(86,190,468 | ) | (34,889,859 | ) | ||||||
Investor Shares |
(4,455,953 | ) | (2,520,745 | ) | ||||||
Class R6 Shares |
(29,007,109 | ) | (10,388,113 | ) | ||||||
Class P Shares |
(1,934,023 | ) | (897,729 | ) | ||||||
Total distributions to shareholders | (125,223,868 | ) | (50,976,292 | ) | ||||||
From share transactions: | ||||||||||
Proceeds from sales of shares |
545,496,124 | 1,280,534,656 | ||||||||
Reinvestment of distributions |
120,740,450 | 48,546,591 | ||||||||
Cost of shares redeemed |
(685,698,669 | ) | (1,155,660,041 | ) | ||||||
Net increase (decrease) in net assets resulting from share transactions | (19,462,095 | ) | 173,421,206 | |||||||
TOTAL INCREASE (DECREASE) | (627,783,600 | ) | 940,951,705 | |||||||
Net Assets: | ||||||||||
Beginning of period |
3,837,948,051 | 2,896,996,346 | ||||||||
End of period |
$ | 3,210,164,451 | $ | 3,837,948,051 |
The accompanying notes are an integral part of these financial statements. | 35 |
GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND
Selected Data for a Share Outstanding Throughout Each Period
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
36 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
Goldman Sachs Emerging Markets Equity Insights Fund | ||||||||||||||||||||||||||
Class C Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data |
| |||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 11.69 | $ | 10.10 | $ | 9.19 | $ | 8.83 | $ | 10.88 | $ | 8.45 | ||||||||||||||
Net investment income(a) |
0.03 | 0.09 | 0.04 | 0.08 | 0.10 | 0.07 | ||||||||||||||||||||
Net realized and unrealized gain (loss) |
(1.16 | ) | 1.50 | 0.94 | 0.36 | (1.64 | ) | 2.39 | ||||||||||||||||||
Total from investment operations |
(1.13 | ) | 1.59 | 0.98 | 0.44 | (1.54 | ) | 2.46 | ||||||||||||||||||
Distributions to shareholders from net investment income |
(0.08 | ) | | (0.07 | ) | (0.08 | ) | (0.09 | ) | (0.03 | ) | |||||||||||||||
Distributions to shareholders from net realized gains |
(1.87 | ) | | | | (0.42 | ) | | ||||||||||||||||||
Total distributions |
(1.95 | ) | | (0.07 | ) | (0.08 | ) | (0.51 | ) | (0.03 | ) | |||||||||||||||
Net asset value, end of period |
$ | 8.61 | $ | 11.69 | $ | 10.10 | $ | 9.19 | $ | 8.83 | $ | 10.88 | ||||||||||||||
Total Return(b) | (11.30 | )% | 15.74 | % | 10.65 | % | 5.09 | % | (14.80 | )% | 29.20 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 4,324 | $ | 5,817 | $ | 5,905 | $ | 8,303 | $ | 8,975 | $ | 7,563 | ||||||||||||||
Ratio of net expenses to average net assets |
2.21 | %(c) | 2.21 | % | 2.21 | % | 2.23 | % | 2.23 | % | 2.26 | % | ||||||||||||||
Ratio of total expenses to average net assets |
2.28 | %(c) | 2.26 | % | 2.28 | % | 2.31 | % | 2.29 | % | 2.29 | % | ||||||||||||||
Ratio of net investment income to average net assets |
0.54 | %(c) | 0.74 | % | 0.41 | % | 0.85 | % | 0.98 | % | 0.72 | % | ||||||||||||||
Portfolio turnover rate(d) |
81 | % | 189 | % | 178 | % | 165 | % | 147 | % | 172 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 37 |
GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
Goldman Sachs Emerging Markets Equity Insights Fund | ||||||||||||||||||||||||||
Institutional Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data |
| |||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 11.86 | $ | 10.24 | $ | 9.33 | $ | 8.99 | $ | 11.01 | $ | 8.54 | ||||||||||||||
Net investment income(a) |
0.08 | 0.23 | 0.14 | 0.19 | 0.19 | 0.17 | ||||||||||||||||||||
Net realized and unrealized gain (loss) |
(1.17 | ) | 1.52 | 0.96 | 0.35 | (1.64 | ) | 2.41 | ||||||||||||||||||
Total from investment operations |
(1.09 | ) | 1.75 | 1.10 | 0.54 | (1.45 | ) | 2.58 | ||||||||||||||||||
Distributions to shareholders from net investment income |
(0.21 | ) | (0.13 | ) | (0.19 | ) | (0.20 | ) | (0.15 | ) | (0.11 | ) | ||||||||||||||
Distributions to shareholders from net realized gains |
(1.87 | ) | | | | (0.42 | ) | | ||||||||||||||||||
Total distributions |
(2.08 | ) | (0.13 | ) | (0.19 | ) | (0.20 | ) | (0.57 | ) | (0.11 | ) | ||||||||||||||
Net asset value, end of period |
$ | 8.69 | $ | 11.86 | $ | 10.24 | $ | 9.33 | $ | 8.99 | $ | 11.01 | ||||||||||||||
Total Return(b) | (10.74 | )% | 17.07 | % | 11.90 | % | 6.18 | % | (13.83 | )% | 30.67 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 1,008,026 | $ | 1,029,785 | $ | 961,138 | $ | 938,157 | $ | 981,091 | $ | 1,488,246 | ||||||||||||||
Ratio of net expenses to average net assets |
1.09 | %(c) | 1.09 | % | 1.09 | % | 1.10 | % | 1.10 | % | 1.15 | % | ||||||||||||||
Ratio of total expenses to average net assets |
1.16 | %(c) | 1.14 | % | 1.16 | % | 1.18 | % | 1.14 | % | 1.15 | % | ||||||||||||||
Ratio of net investment income to average net assets |
1.66 | %(c) | 1.88 | % | 1.53 | % | 2.01 | % | 1.84 | % | 1.74 | % | ||||||||||||||
Portfolio turnover rate(d) |
81 | % | 189 | % | 178 | % | 165 | % | 147 | % | 172 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
38 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
Goldman Sachs Emerging Markets Equity Insights Fund | ||||||||||||||||||||||||||
Investor Shares(a) | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data |
| |||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 11.83 | $ | 10.22 | $ | 9.32 | $ | 8.97 | $ | 10.99 | $ | 8.53 | ||||||||||||||
Net investment income(b) |
0.08 | 0.22 | 0.13 | 0.18 | 0.21 | 0.18 | ||||||||||||||||||||
Net realized and unrealized gain (loss) |
(1.16 | ) | 1.51 | 0.95 | 0.36 | (1.66 | ) | 2.38 | ||||||||||||||||||
Total from investment operations |
(1.08 | ) | 1.73 | 1.08 | 0.54 | (1.45 | ) | 2.56 | ||||||||||||||||||
Distributions to shareholders from net investment income |
(0.20 | ) | (0.12 | ) | (0.18 | ) | (0.19 | ) | (0.15 | ) | (0.10 | ) | ||||||||||||||
Distributions to shareholders from net realized gains |
(1.87 | ) | | | | (0.42 | ) | | ||||||||||||||||||
Total distributions |
(2.07 | ) | (0.12 | ) | (0.18 | ) | (0.19 | ) | (0.57 | ) | (0.10 | ) | ||||||||||||||
Net asset value, end of period |
$ | 8.68 | $ | 11.83 | $ | 10.22 | $ | 9.32 | $ | 8.97 | $ | 10.99 | ||||||||||||||
Total Return(c) | (10.78 | )% | 16.96 | % | 11.76 | % | 6.06 | % | (13.90 | )% | 30.47 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 76,689 | $ | 103,200 | $ | 89,556 | $ | 118,727 | $ | 96,779 | $ | 67,068 | ||||||||||||||
Ratio of net expenses to average net assets |
1.21 | %(d) | 1.21 | % | 1.22 | % | 1.23 | % | 1.23 | % | 1.26 | % | ||||||||||||||
Ratio of total expenses to average net assets |
1.28 | %(d) | 1.26 | % | 1.28 | % | 1.31 | % | 1.29 | % | 1.29 | % | ||||||||||||||
Ratio of net investment income to average net assets |
1.54 | %(d) | 1.78 | % | 1.39 | % | 1.92 | % | 1.99 | % | 1.81 | % | ||||||||||||||
Portfolio turnover rate(e) |
81 | % | 189 | % | 178 | % | 165 | % | 147 | % | 172 | % |
(a) | Effective August 15, 2017, Class IR changed its name to Investor Shares. |
(b) | Calculated based on the average shares outstanding methodology. |
(c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 39 |
GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
Goldman Sachs Emerging Markets Equity Insights Fund | ||||||||||||||||||||||||||
Class R6 Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data |
| |||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 11.85 | $ | 10.23 | $ | 9.33 | $ | 8.98 | $ | 11.00 | $ | 8.53 | ||||||||||||||
Net investment income(a) |
0.08 | 0.23 | 0.14 | 0.17 | 0.29 | 0.19 | ||||||||||||||||||||
Net realized and unrealized gain (loss) |
(1.17 | ) | 1.52 | 0.95 | 0.38 | (1.73 | ) | 2.39 | ||||||||||||||||||
Total from investment operations |
(1.09 | ) | 1.75 | 1.09 | 0.55 | (1.44 | ) | 2.58 | ||||||||||||||||||
Distributions to shareholders from net investment income |
(0.21 | ) | (0.13 | ) | (0.19 | ) | (0.20 | ) | (0.16 | ) | (0.11 | ) | ||||||||||||||
Distributions to shareholders from net realized gains |
(1.87 | ) | | | | (0.42 | ) | | ||||||||||||||||||
Total distributions |
(2.08 | ) | (0.13 | ) | (0.19 | ) | (0.20 | ) | (0.58 | ) | (0.11 | ) | ||||||||||||||
Net asset value, end of period |
$ | 8.68 | $ | 11.85 | $ | 10.23 | $ | 9.33 | $ | 8.98 | $ | 11.00 | ||||||||||||||
Total Return(b) | (10.73 | )% | 17.10 | % | 11.81 | % | 6.32 | % | (13.84 | )% | 30.74 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 534,199 | $ | 572,973 | $ | 465,604 | $ | 491,306 | $ | 621,590 | $ | 13,164 | ||||||||||||||
Ratio of net expenses to average net assets |
1.08 | %(c) | 1.08 | % | 1.08 | % | 1.09 | % | 1.08 | % | 1.13 | % | ||||||||||||||
Ratio of total expenses to average net assets |
1.15 | %(c) | 1.13 | % | 1.15 | % | 1.17 | % | 1.15 | % | 1.13 | % | ||||||||||||||
Ratio of net investment income to average net assets |
1.67 | %(c) | 1.90 | % | 1.53 | % | 1.89 | % | 2.78 | % | 1.87 | % | ||||||||||||||
Portfolio turnover rate(d) |
81 | % | 189 | % | 178 | % | 165 | % | 147 | % | 172 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
40 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
Goldman Sachs Emerging Markets Equity Insights Fund | ||||||||||||||||||||||||||
Class R Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data |
| |||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 11.66 | $ | 10.08 | $ | 9.20 | $ | 8.86 | $ | 10.87 | $ | 8.44 | ||||||||||||||
Net investment income(a) |
0.05 | 0.13 | 0.08 | 0.12 | 0.15 | 0.10 | ||||||||||||||||||||
Net realized and unrealized gain (loss) |
(1.14 | ) | 1.52 | 0.95 | 0.36 | (1.64 | ) | 2.40 | ||||||||||||||||||
Total from investment operations |
(1.09 | ) | 1.65 | 1.03 | 0.48 | (1.49 | ) | 2.50 | ||||||||||||||||||
Distributions to shareholders from net investment income |
(0.15 | ) | (0.07 | ) | (0.15 | ) | (0.14 | ) | (0.10 | ) | (0.07 | ) | ||||||||||||||
Distributions to shareholders from net realized gains |
(1.87 | ) | | | | (0.42 | ) | | ||||||||||||||||||
Total distributions |
(2.02 | ) | (0.07 | ) | (0.15 | ) | (0.14 | ) | (0.52 | ) | (0.07 | ) | ||||||||||||||
Net asset value, end of period |
$ | 8.55 | $ | 11.66 | $ | 10.08 | $ | 9.20 | $ | 8.86 | $ | 10.87 | ||||||||||||||
Total Return(b) | (11.04 | )% | 16.43 | % | 11.19 | % | 5.52 | % | (14.34 | )% | 29.86 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 22,074 | $ | 24,710 | $ | 29,635 | $ | 27,790 | $ | 20,852 | $ | 19,243 | ||||||||||||||
Ratio of net expenses to average net assets |
1.71 | %(c) | 1.71 | % | 1.72 | % | 1.73 | % | 1.73 | % | 1.77 | % | ||||||||||||||
Ratio of total expenses to average net assets |
1.78 | %(c) | 1.76 | % | 1.78 | % | 1.82 | % | 1.79 | % | 1.79 | % | ||||||||||||||
Ratio of net investment income to average net assets |
1.04 | %(c) | 1.11 | % | 0.91 | % | 1.27 | % | 1.46 | % | 1.06 | % | ||||||||||||||
Portfolio turnover rate(d) |
81 | % | 189 | % | 178 | % | 165 | % | 147 | % | 172 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 41 |
GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
Goldman Sachs Emerging Markets Equity Insights Fund | ||||||||||||||||||||||
Class P Shares | ||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | Period Ended October 31, 2018(a) |
||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||
Net asset value, beginning of period |
$ | 11.85 | $ | 10.23 | $ | 9.33 | $ | 8.98 | $ | 10.84 | ||||||||||||
Net investment income(b) |
0.08 | 0.24 | 0.14 | 0.18 | 0.18 | |||||||||||||||||
Net realized and unrealized gain (loss) |
(1.17 | ) | 1.51 | 0.95 | 0.37 | (2.04 | ) | |||||||||||||||
Total from investment operations |
(1.09 | ) | 1.75 | 1.09 | 0.55 | (1.86 | ) | |||||||||||||||
Distributions to shareholders from net investment income |
(0.21 | ) | (0.13 | ) | (0.19 | ) | (0.20 | ) | | |||||||||||||
Distributions to shareholders from net realized gains |
(1.87 | ) | | | | | ||||||||||||||||
Total distributions |
(2.08 | ) | (0.13 | ) | (0.19 | ) | (0.20 | ) | | |||||||||||||
Net asset value, end of period |
$ | 8.68 | $ | 11.85 | $ | 10.23 | $ | 9.33 | $ | 8.98 | ||||||||||||
Total Return(c) | (10.74 | )% | 17.10 | % | 11.80 | % | 6.33 | % | (17.16 | )% | ||||||||||||
Net assets, end of period (in 000s) |
$ | 115,394 | $ | 139,870 | $ | 112,229 | $ | 125,429 | $ | 130,763 | ||||||||||||
Ratio of net expenses to average net assets |
1.08 | %(d) | 1.08 | % | 1.08 | % | 1.09 | % | 1.08 | %(d) | ||||||||||||
Ratio of total expenses to average net assets |
1.15 | %(d) | 1.13 | % | 1.15 | % | 1.17 | % | 1.17 | %(d) | ||||||||||||
Ratio of net investment income to average net assets |
1.67 | %(d) | 1.92 | % | 1.48 | % | 1.96 | % | 3.36 | %(d) | ||||||||||||
Portfolio turnover rate(e) |
81 | % | 189 | % | 178 | % | 165 | % | 147 | % |
(a) | Commenced operations on April 16, 2018. |
(b) | Calculated based on the average shares outstanding methodology. |
(c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
42 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 43 |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
Goldman Sachs International Equity Insights Fund | ||||||||||||||||||||||||||
Class C Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data |
| |||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 14.42 | $ | 11.13 | $ | 12.13 | $ | 11.56 | $ | 12.91 | $ | 10.32 | ||||||||||||||
Net investment income(a) |
0.08 | 0.15 | 0.05 | 0.14 | 0.14 | 0.09 | ||||||||||||||||||||
Net realized and unrealized gain (loss) |
(1.65 | ) | 3.24 | (0.90 | ) | 0.52 | (1.34 | ) | 2.66 | |||||||||||||||||
Total from investment operations |
(1.57 | ) | 3.39 | (0.85 | ) | 0.66 | (1.20 | ) | 2.75 | |||||||||||||||||
Distributions to shareholders from net investment income |
(0.30 | ) | (0.10 | ) | (0.15 | ) | (0.09 | ) | (0.15 | ) | (0.16 | ) | ||||||||||||||
Distributions to shareholders from net realized gains |
(0.45 | ) | | | | | | |||||||||||||||||||
Total distributions |
(0.75 | ) | (0.10 | ) | (0.15 | ) | (0.09 | ) | (0.15 | ) | (0.16 | ) | ||||||||||||||
Net asset value, end of period |
$ | 12.10 | $ | 14.42 | $ | 11.13 | $ | 12.13 | $ | 11.56 | $ | 12.91 | ||||||||||||||
Total Return(b) | (11.37 | )% | 30.53 | % | (7.08 | )% | 5.79 | % | (9.45 | )% | 27.11 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 11,580 | $ | 14,406 | $ | 13,484 | $ | 22,427 | $ | 32,338 | $ | 14,886 | ||||||||||||||
Ratio of net expenses to average net assets |
1.92 | %(c) | 1.92 | % | 1.92 | % | 1.91 | % | 1.89 | % | 1.95 | % | ||||||||||||||
Ratio of total expenses to average net assets |
1.97 | %(c) | 1.96 | % | 1.98 | % | 1.99 | % | 2.01 | % | 2.09 | % | ||||||||||||||
Ratio of net investment income to average net assets |
1.24 | %(c) | 1.05 | % | 0.42 | % | 1.25 | % | 1.11 | % | 0.79 | % | ||||||||||||||
Portfolio turnover rate(d) |
70 | % | 164 | % | 160 | % | 136 | % | 124 | % | 161 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
44 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
Goldman Sachs International Equity Insights Fund | ||||||||||||||||||||||||||
Institutional Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data |
| |||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 15.23 | $ | 11.76 | $ | 12.83 | $ | 12.22 | $ | 13.57 | $ | 10.82 | ||||||||||||||
Net investment income(a) |
0.17 | 0.33 | 0.18 | 0.29 | 0.28 | 0.23 | ||||||||||||||||||||
Net realized and unrealized gain (loss) |
(1.75 | ) | 3.40 | (0.93 | ) | 0.54 | (1.41 | ) | 2.79 | |||||||||||||||||
Total from investment operations |
(1.58 | ) | 3.73 | (0.75 | ) | 0.83 | (1.13 | ) | 3.02 | |||||||||||||||||
Distributions to shareholders from net investment income |
(0.46 | ) | (0.26 | ) | (0.32 | ) | (0.22 | ) | (0.22 | ) | (0.27 | ) | ||||||||||||||
Distributions to shareholders from net realized gains |
(0.45 | ) | | | | | | |||||||||||||||||||
Total distributions |
(0.91 | ) | (0.26 | ) | (0.32 | ) | (0.22 | ) | (0.22 | ) | (0.27 | ) | ||||||||||||||
Net asset value, end of period |
$ | 12.74 | $ | 15.23 | $ | 11.76 | $ | 12.83 | $ | 12.22 | $ | 13.57 | ||||||||||||||
Total Return(b) | (10.87 | )% | 31.93 | % | (6.07 | )% | 7.07 | % | (8.48 | )% | 28.57 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 914,570 | $ | 1,227,429 | $ | 810,510 | $ | 1,256,782 | $ | 1,323,745 | $ | 1,012,010 | ||||||||||||||
Ratio of net expenses to average net assets |
0.80 | %(c) | 0.80 | % | 0.79 | % | 0.79 | % | 0.81 | % | 0.85 | % | ||||||||||||||
Ratio of total expenses to average net assets |
0.85 | %(c) | 0.84 | % | 0.85 | % | 0.85 | % | 0.87 | % | 0.94 | % | ||||||||||||||
Ratio of net investment income to average net assets |
2.36 | %(c) | 2.25 | % | 1.54 | % | 2.41 | % | 2.08 | % | 1.92 | % | ||||||||||||||
Portfolio turnover rate(d) |
70 | % | 164 | % | 160 | % | 136 | % | 124 | % | 161 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 45 |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
Goldman Sachs International Equity Insights Fund | ||||||||||||||||||||||||||
Service Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data |
| |||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 14.91 | $ | 11.52 | $ | 12.57 | $ | 11.98 | $ | 13.32 | $ | 10.63 | ||||||||||||||
Net investment income(a) |
0.13 | 0.25 | 0.12 | 0.23 | 0.21 | 0.18 | ||||||||||||||||||||
Net realized and unrealized gain (loss) |
(1.72 | ) | 3.33 | (0.91 | ) | 0.52 | (1.38 | ) | 2.73 | |||||||||||||||||
Total from investment operations |
(1.59 | ) | 3.58 | (0.79 | ) | 0.75 | (1.17 | ) | 2.91 | |||||||||||||||||
Distributions to shareholders from net investment income |
(0.36 | ) | (0.19 | ) | (0.26 | ) | (0.16 | ) | (0.17 | ) | (0.22 | ) | ||||||||||||||
Distributions to shareholders from net realized gains |
(0.45 | ) | | | | | | |||||||||||||||||||
Total distributions |
(0.81 | ) | (0.19 | ) | (0.26 | ) | (0.16 | ) | (0.17 | ) | (0.22 | ) | ||||||||||||||
Net asset value, end of period |
$ | 12.51 | $ | 14.91 | $ | 11.52 | $ | 12.57 | $ | 11.98 | $ | 13.32 | ||||||||||||||
Total Return(b) | (11.11 | )% | 31.25 | % | (6.50 | )% | 6.45 | % | (8.92 | )% | 27.89 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 2,298 | $ | 2,927 | $ | 3,675 | $ | 5,386 | $ | 4,538 | $ | 4,073 | ||||||||||||||
Ratio of net expenses to average net assets |
1.30 | %(c) | 1.30 | % | 1.29 | % | 1.29 | % | 1.31 | % | 1.35 | % | ||||||||||||||
Ratio of total expenses to average net assets |
1.35 | %(c) | 1.34 | % | 1.35 | % | 1.35 | % | 1.37 | % | 1.45 | % | ||||||||||||||
Ratio of net investment income to average net assets |
1.87 | %(c) | 1.71 | % | 1.03 | % | 1.93 | % | 1.57 | % | 1.51 | % | ||||||||||||||
Portfolio turnover rate(d) |
70 | % | 164 | % | 160 | % | 136 | % | 124 | % | 161 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
46 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
Goldman Sachs International Equity Insights Fund | ||||||||||||||||||||||||||
Investor Shares(a) | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data |
| |||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 14.55 | $ | 11.19 | $ | 12.23 | $ | 11.67 | $ | 12.97 | $ | 10.36 | ||||||||||||||
Net investment income(b) |
0.15 | 0.25 | 0.16 | 0.27 | 0.27 | 0.23 | ||||||||||||||||||||
Net realized and unrealized gain (loss) |
(1.67 | ) | 3.30 | (0.89 | ) | 0.50 | (1.35 | ) | 2.64 | |||||||||||||||||
Total from investment operations |
(1.52 | ) | 3.55 | (0.73 | ) | 0.77 | (1.08 | ) | 2.87 | |||||||||||||||||
Distributions to shareholders from net investment income |
(0.44 | ) | (0.19 | ) | (0.31 | ) | (0.21 | ) | (0.22 | ) | (0.26 | ) | ||||||||||||||
Distributions to shareholders from net realized gains |
(0.45 | ) | | | | | | |||||||||||||||||||
Total distributions |
(0.89 | ) | (0.19 | ) | (0.31 | ) | (0.21 | ) | (0.22 | ) | (0.26 | ) | ||||||||||||||
Net asset value, end of period |
$ | 12.14 | $ | 14.55 | $ | 11.19 | $ | 12.23 | $ | 11.67 | $ | 12.97 | ||||||||||||||
Total Return(c) | (10.95 | )% | 31.90 | % | (6.21 | )% | 6.90 | % | (8.52 | )% | 28.44 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 80,234 | $ | 96,352 | $ | 311,446 | $ | 549,732 | $ | 393,993 | $ | 147,186 | ||||||||||||||
Ratio of net expenses to average net assets |
0.92 | %(d) | 0.92 | % | 0.92 | % | 0.91 | % | 0.89 | % | 0.94 | % | ||||||||||||||
Ratio of total expenses to average net assets |
0.97 | %(d) | 0.96 | % | 0.98 | % | 0.99 | % | 1.01 | % | 1.07 | % | ||||||||||||||
Ratio of net investment income to average net assets |
2.24 | %(d) | 1.86 | % | 1.42 | % | 2.29 | % | 2.09 | % | 1.87 | % | ||||||||||||||
Portfolio turnover rate(e) |
70 | % | 164 | % | 160 | % | 136 | % | 124 | % | 161 | % |
(a) | Effective August 15, 2017, Class IR changed its name to Investor Shares. |
(b) | Calculated based on the average shares outstanding methodology. |
(c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 47 |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
Goldman Sachs International Equity Insights Fund | ||||||||||||||||||||||||||
Class R6 Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data |
| |||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 15.22 | $ | 11.75 | $ | 12.82 | $ | 12.22 | $ | 13.56 | $ | 10.82 | ||||||||||||||
Net investment income(a) |
0.17 | 0.33 | 0.19 | 0.30 | 0.33 | 0.23 | ||||||||||||||||||||
Net realized and unrealized gain (loss) |
(1.75 | ) | 3.40 | (0.94 | ) | 0.52 | (1.45 | ) | 2.78 | |||||||||||||||||
Total from investment operations |
(1.58 | ) | 3.73 | (0.75 | ) | 0.82 | (1.12 | ) | 3.01 | |||||||||||||||||
Distributions to shareholders from net investment income |
(0.46 | ) | (0.26 | ) | (0.32 | ) | (0.22 | ) | (0.22 | ) | (0.27 | ) | ||||||||||||||
Distributions to shareholders from net realized gains |
(0.45 | ) | | | | | | |||||||||||||||||||
Total distributions |
(0.91 | ) | (0.26 | ) | (0.32 | ) | (0.22 | ) | (0.22 | ) | (0.27 | ) | ||||||||||||||
Net asset value, end of period |
$ | 12.73 | $ | 15.22 | $ | 11.75 | $ | 12.82 | $ | 12.22 | $ | 13.56 | ||||||||||||||
Total Return(b) | (10.87 | )% | 31.97 | % | (6.06 | )% | 7.10 | % | (8.48 | )% | 28.51 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 551,611 | $ | 627,430 | $ | 522,707 | $ | 595,264 | $ | 415,327 | $ | 80,686 | ||||||||||||||
Ratio of net expenses to average net assets |
0.79 | %(c) | 0.79 | % | 0.78 | % | 0.78 | % | 0.79 | % | 0.83 | % | ||||||||||||||
Ratio of total expenses to average net assets |
0.84 | %(c) | 0.83 | % | 0.84 | % | 0.84 | % | 0.86 | % | 0.93 | % | ||||||||||||||
Ratio of net investment income to average net assets |
2.37 | %(c) | 2.24 | % | 1.61 | % | 2.49 | % | 2.45 | % | 1.96 | % | ||||||||||||||
Portfolio turnover rate(d) |
70 | % | 164 | % | 160 | % | 136 | % | 124 | % | 161 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
48 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
Goldman Sachs International Equity Insights Fund | ||||||||||||||||||||||||||
Class R Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data |
| |||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 14.32 | $ | 11.08 | $ | 12.10 | $ | 11.54 | $ | 12.85 | $ | 10.29 | ||||||||||||||
Net investment income(a) |
0.11 | 0.21 | 0.11 | 0.21 | 0.19 | 0.16 | ||||||||||||||||||||
Net realized and unrealized gain (loss) |
(1.64 | ) | 3.21 | (0.89 | ) | 0.50 | (1.33 | ) | 2.64 | |||||||||||||||||
Total from investment operations |
(1.53 | ) | 3.42 | (0.78 | ) | 0.71 | (1.14 | ) | 2.80 | |||||||||||||||||
Distributions to shareholders from net investment income |
(0.36 | ) | (0.18 | ) | (0.24 | ) | (0.15 | ) | (0.17 | ) | (0.24 | ) | ||||||||||||||
Distributions to shareholders from net realized gains |
(0.45 | ) | | | | | | |||||||||||||||||||
Total distributions |
(0.81 | ) | (0.18 | ) | (0.24 | ) | (0.15 | ) | (0.14 | ) | (0.24 | ) | ||||||||||||||
Net asset value, end of period |
$ | 11.98 | $ | 14.32 | $ | 11.08 | $ | 12.10 | $ | 11.54 | $ | 12.85 | ||||||||||||||
Total Return(b) | (11.15 | )% | 31.19 | % | (6.69 | )% | 6.36 | % | (9.01 | )% | 27.81 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 6,372 | $ | 7,896 | $ | 8,321 | $ | 9,281 | $ | 7,548 | $ | 7,071 | ||||||||||||||
Ratio of net expenses to average net assets |
1.42 | %(c) | 1.42 | % | 1.42 | % | 1.41 | % | 1.40 | % | 1.45 | % | ||||||||||||||
Ratio of total expenses to average net assets |
1.47 | %(c) | 1.46 | % | 1.48 | % | 1.49 | % | 1.51 | % | 1.59 | % | ||||||||||||||
Ratio of net investment income to average net assets |
1.74 | %(c) | 1.56 | % | 0.99 | % | 1.79 | % | 1.49 | % | 1.39 | % | ||||||||||||||
Portfolio turnover rate(d) |
70 | % | 164 | % | 160 | % | 136 | % | 124 | % | 161 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 49 |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
Goldman Sachs International Equity Insights Fund | ||||||||||||||||||||||
Class P Shares | ||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | Period Ended October 31, 2018(a) |
||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||
Net asset value, beginning of period |
$ | 15.21 | $ | 11.74 | $ | 12.81 | $ | 12.21 | $ | 13.79 | ||||||||||||
Net investment income(b) |
0.17 | 0.33 | 0.19 | 0.30 | 0.12 | |||||||||||||||||
Net realized and unrealized gain (loss) |
(1.75 | ) | 3.40 | (0.94 | ) | 0.52 | (1.70 | ) | ||||||||||||||
Total from investment operations |
(1.58 | ) | 3.73 | (0.75 | ) | 0.82 | (1.58 | ) | ||||||||||||||
Distributions to shareholders from net investment income |
(0.46 | ) | (0.26 | ) | (0.32 | ) | (0.22 | ) | | |||||||||||||
Distributions to shareholders from net realized gains |
(0.45 | ) | | | | | ||||||||||||||||
Total distributions |
(0.91 | ) | (0.26 | ) | (0.32 | ) | (0.22 | ) | | |||||||||||||
Net asset value, end of period |
$ | 12.72 | $ | 15.21 | $ | 11.74 | $ | 12.81 | $ | 12.21 | ||||||||||||
Total Return(c) | (10.87 | )% | 32.00 | % | (6.06 | )% | 7.03 | % | (11.46 | )% | ||||||||||||
Net assets, end of period (in 000s) |
$ | 416,469 | $ | 470,881 | $ | 357,875 | $ | 372,536 | $ | 245,618 | ||||||||||||
Ratio of net expenses to average net assets |
0.79 | %(d) | 0.79 | % | 0.78 | % | 0.78 | % | 0.78 | %(d) | ||||||||||||
Ratio of total expenses to average net assets |
0.84 | %(d) | 0.83 | % | 0.84 | % | 0.84 | % | 0.87 | %(d) | ||||||||||||
Ratio of net investment income to average net assets |
2.37 | %(d) | 2.24 | % | 1.62 | % | 2.43 | % | 1.65 | %(d) | ||||||||||||
Portfolio turnover rate(e) |
70 | % | 164 | % | 160 | % | 136 | % | 124 | % |
(a) | Commenced operations on April 16, 2018. |
(b) | Calculated based on the average shares outstanding methodology. |
(c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
50 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 51 |
GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
Goldman Sachs International Small Cap Insights Fund | ||||||||||||||||||||||||||
Class C Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data |
| |||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 13.81 | $ | 10.56 | $ | 11.34 | $ | 10.73 | $ | 12.95 | $ | 10.35 | ||||||||||||||
Net investment income(a) |
0.09 | 0.16 | | (b) | 0.09 | 0.08 | 0.07 | |||||||||||||||||||
Net realized and unrealized gain (loss) |
(1.87 | ) | 3.17 | (0.51 | ) | 0.54 | (1.35 | ) | 2.70 | |||||||||||||||||
Total from investment operations |
(1.78 | ) | 3.33 | (0.51 | ) | 0.63 | (1.27 | ) | 2.77 | |||||||||||||||||
Distributions to shareholders from net investment income |
(0.29 | ) | (0.08 | ) | (0.27 | ) | (0.02 | ) | (0.12 | ) | (0.17 | ) | ||||||||||||||
Distributions to shareholders from net realized gains |
| | | | (0.83 | ) | | |||||||||||||||||||
Total distributions |
(0.29 | ) | (0.08 | ) | (0.27 | ) | (0.02 | ) | (0.95 | ) | (0.17 | ) | ||||||||||||||
Net asset value, end of period |
$ | 11.74 | $ | 13.81 | $ | 10.56 | $ | 11.34 | $ | 10.73 | $ | 12.95 | ||||||||||||||
Total Return(c) | (13.06 | )% | 31.67 | % | (4.71 | )% | 5.94 | % | (10.59 | )% | 27.20 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 20,783 | $ | 28,406 | $ | 29,190 | $ | 51,728 | $ | 68,767 | $ | 65,194 | ||||||||||||||
Ratio of net expenses to average net assets |
1.99 | %(d) | 1.99 | % | 2.00 | % | 2.01 | % | 2.01 | % | 2.04 | % | ||||||||||||||
Ratio of total expenses to average net assets |
2.03 | %(d) | 2.05 | % | 2.06 | % | 2.08 | % | 2.06 | % | 2.09 | % | ||||||||||||||
Ratio of net investment income (loss) to average net assets |
1.34 | %(d) | 1.20 | % | (0.01 | )% | 0.82 | % | 0.61 | % | 0.60 | % | ||||||||||||||
Portfolio turnover rate(e) |
75 | % | 185 | % | 149 | % | 131 | % | 110 | % | 129 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Amount is less than $0.005 per share. |
(c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
52 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
Goldman Sachs International Small Cap Insights Fund | ||||||||||||||||||||||||||
Institutional Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data |
| |||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 14.33 | $ | 10.97 | $ | 11.78 | $ | 11.19 | $ | 13.42 | $ | 10.73 | ||||||||||||||
Net investment income(a) |
0.16 | 0.33 | 0.12 | 0.22 | 0.21 | 0.21 | ||||||||||||||||||||
Net realized and unrealized gain (loss) |
(1.92 | ) | 3.27 | (0.52 | ) | 0.54 | (1.38 | ) | 2.77 | |||||||||||||||||
Total from investment operations |
(1.76 | ) | 3.60 | (0.40 | ) | 0.76 | (1.17 | ) | 2.98 | |||||||||||||||||
Distributions to shareholders from net investment income |
(0.47 | ) | (0.24 | ) | (0.41 | ) | (0.17 | ) | (0.23 | ) | (0.29 | ) | ||||||||||||||
Distributions to shareholders from net realized gains |
| | | | (0.83 | ) | | |||||||||||||||||||
Total distributions |
(0.47 | ) | (0.24 | ) | (0.41 | ) | (0.17 | ) | (1.06 | ) | (0.29 | ) | ||||||||||||||
Net asset value, end of period |
$ | 12.10 | $ | 14.33 | $ | 10.97 | $ | 11.78 | $ | 11.19 | $ | 13.42 | ||||||||||||||
Total Return(b) | (12.57 | )% | 33.11 | % | (3.61 | )% | 7.10 | % | (9.53 | )% | 28.59 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 2,288,541 | $ | 2,579,024 | $ | 1,608,195 | $ | 2,134,382 | $ | 2,250,288 | $ | 1,796,887 | ||||||||||||||
Ratio of net expenses to average net assets |
0.87 | %(c) | 0.87 | % | 0.87 | % | 0.87 | % | 0.87 | % | 0.90 | % | ||||||||||||||
Ratio of total expenses to average net assets |
0.91 | %(c) | 0.92 | % | 0.93 | % | 0.95 | % | 0.92 | % | 0.94 | % | ||||||||||||||
Ratio of net investment income to average net assets |
2.46 | %(c) | 2.39 | % | 1.13 | % | 1.96 | % | 1.67 | % | 1.77 | % | ||||||||||||||
Portfolio turnover rate(d) |
75 | % | 185 | % | 149 | % | 131 | % | 110 | % | 129 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 53 |
GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
Goldman Sachs International Small Cap Insights Fund | ||||||||||||||||||||||||||
Investor Shares(a) | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data |
| |||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 14.26 | $ | 10.92 | $ | 11.72 | $ | 11.12 | $ | 13.36 | $ | 10.68 | ||||||||||||||
Net investment income(b) |
0.15 | 0.30 | 0.10 | 0.19 | 0.21 | 0.21 | ||||||||||||||||||||
Net realized and unrealized gain (loss) |
(1.91 | ) | 3.26 | (0.51 | ) | 0.56 | (1.40 | ) | 2.75 | |||||||||||||||||
Total from investment operations |
(1.76 | ) | 3.56 | (0.41 | ) | 0.75 | (1.19 | ) | 2.96 | |||||||||||||||||
Distributions to shareholders from net investment income |
(0.45 | ) | (0.22 | ) | (0.39 | ) | (0.15 | ) | (0.22 | ) | (0.28 | ) | ||||||||||||||
Distributions to shareholders from net realized gains |
| | | | (0.83 | ) | | |||||||||||||||||||
Total distributions |
(0.45 | ) | (0.22 | ) | (0.39 | ) | (0.15 | ) | (1.05 | ) | (0.28 | ) | ||||||||||||||
Net asset value, end of period |
$ | 12.05 | $ | 14.26 | $ | 10.92 | $ | 11.72 | $ | 11.12 | $ | 13.36 | ||||||||||||||
Total Return(c) | (12.61 | )% | 32.88 | % | (3.72 | )% | 7.01 | % | (9.72 | )% | 28.48 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 114,277 | $ | 141,731 | $ | 131,558 | $ | 274,079 | $ | 532,484 | $ | 344,700 | ||||||||||||||
Ratio of net expenses to average net assets |
0.99 | %(d) | 0.99 | % | 1.00 | % | 1.01 | % | 1.01 | % | 1.04 | % | ||||||||||||||
Ratio of total expenses to average net assets |
1.03 | %(d) | 1.05 | % | 1.06 | % | 1.08 | % | 1.06 | % | 1.09 | % | ||||||||||||||
Ratio of net investment income to average net assets |
2.34 | %(d) | 2.21 | % | 0.95 | % | 1.74 | % | 1.68 | % | 1.76 | % | ||||||||||||||
Portfolio turnover rate(e) |
75 | % | 185 | % | 149 | % | 131 | % | 110 | % | 129 | % |
(a) | Effective August 15, 2017, Class IR changed its name to Investor Shares. |
(b) | Calculated based on the average shares outstanding methodology. |
(c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
54 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
Goldman Sachs International Small Cap Insights Fund | ||||||||||||||||||||||||||
Class R6 Shares | ||||||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Share Data |
| |||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 14.36 | $ | 10.99 | $ | 11.80 | $ | 11.21 | $ | 13.45 | $ | 10.75 | ||||||||||||||
Net investment income(a) |
0.16 | 0.31 | 0.13 | 0.22 | 0.22 | 0.20 | ||||||||||||||||||||
Net realized and unrealized gain (loss) |
(1.92 | ) | 3.29 | (0.52 | ) | 0.54 | (1.40 | ) | 2.79 | |||||||||||||||||
Total from investment operations |
(1.76 | ) | 3.60 | (0.39 | ) | 0.76 | (1.18 | ) | 2.99 | |||||||||||||||||
Distributions to shareholders from net investment income |
(0.47 | ) | (0.23 | ) | (0.42 | ) | (0.17 | ) | (0.23 | ) | (0.29 | ) | ||||||||||||||
Distributions to shareholders from net realized gains |
| | | | (0.83 | ) | | |||||||||||||||||||
Total distributions |
(0.47 | ) | (0.23 | ) | (0.42 | ) | (0.17 | ) | (1.06 | ) | (0.29 | ) | ||||||||||||||
Net asset value, end of period |
$ | 12.13 | $ | 14.36 | $ | 10.99 | $ | 11.80 | $ | 11.21 | $ | 13.45 | ||||||||||||||
Total Return(b) | (12.53 | )% | 33.12 | % | (3.60 | )% | 7.11 | % | (9.57 | )% | 28.67 | % | ||||||||||||||
Net assets, end of period (in 000s) |
$ | 642,909 | $ | 878,443 | $ | 963,821 | $ | 1,192,142 | $ | 1,076,035 | $ | 116,788 | ||||||||||||||
Ratio of net expenses to average net assets |
0.86 | %(c) | 0.86 | % | 0.86 | % | 0.86 | % | 0.85 | % | 0.88 | % | ||||||||||||||
Ratio of total expenses to average net assets |
0.90 | %(c) | 0.91 | % | 0.92 | % | 0.94 | % | 0.92 | % | 0.92 | % | ||||||||||||||
Ratio of net investment income to average net assets |
2.47 | %(c) | 2.26 | % | 1.19 | % | 2.01 | % | 1.72 | % | 1.58 | % | ||||||||||||||
Portfolio turnover rate(d) |
75 | % | 185 | % | 149 | % | 131 | % | 110 | % | 129 | % |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 55 |
GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
Goldman Sachs International Small Cap Insights Fund | ||||||||||||||||||||||
Class P Shares | ||||||||||||||||||||||
Six Months Ended April 30, 2022 (Unaudited) |
Year Ended October 31, | Period Ended October 31, 2018(a) |
||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||
Net asset value, beginning of period |
$ | 14.36 | $ | 10.99 | $ | 11.80 | $ | 11.21 | $ | 13.08 | ||||||||||||
Net investment income(b) |
0.16 | 0.33 | 0.12 | 0.22 | 0.08 | |||||||||||||||||
Net realized and unrealized gain (loss) |
(1.92 | ) | 3.28 | (0.51 | ) | 0.54 | (1.95 | ) | ||||||||||||||
Total from investment operations |
(1.76 | ) | 3.61 | (0.39 | ) | 0.76 | (1.87 | ) | ||||||||||||||
Distributions to shareholders from net investment income |
(0.47 | ) | (0.24 | ) | (0.42 | ) | (0.17 | ) | | |||||||||||||
Net asset value, end of period |
$ | 12.13 | $ | 14.36 | $ | 10.99 | $ | 11.80 | $ | 11.21 | ||||||||||||
Total Return(c) | (12.53 | )% | 33.15 | % | (3.60 | )% | 7.11 | % | (14.30 | )% | ||||||||||||
Net assets, end of period (in 000s) |
$ | 50,588 | $ | 59,410 | $ | 43,631 | $ | 80,926 | $ | 90,943 | ||||||||||||
Ratio of net expenses to average net assets |
0.86 | %(d) | 0.86 | % | 0.86 | % | 0.86 | % | 0.85 | %(d) | ||||||||||||
Ratio of total expenses to average net assets |
0.90 | %(d) | 0.92 | % | 0.92 | % | 0.94 | % | 0.93 | %(d) | ||||||||||||
Ratio of net investment income to average net assets |
2.47 | %(d) | 2.41 | % | 1.08 | % | 1.96 | % | 1.20 | %(d) | ||||||||||||
Portfolio turnover rate(e) |
75 | % | 185 | % | 149 | % | 131 | % | 110 | % |
(a) | Commenced operations on April 16, 2018. |
(b) | Calculated based on the average shares outstanding methodology. |
(c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Funds portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Funds portfolio turnover rate may be higher. |
56 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
April 30, 2022 (Unaudited)
1. ORGANIZATION |
Goldman Sachs Trust (the Trust) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the Act), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the Funds or individually a Fund), along with their corresponding share classes and respective diversification status under the Act:
Fund | Share Classes Offered | Diversified/ Non-Diversified | ||
Emerging Markets Equity Insights |
A, C, Institutional, Investor, R6, R and P |
Non-Diversified | ||
International Equity Insights |
A, C, Institutional, Service, Investor, R6, R and P |
Diversified | ||
International Small Cap Insights |
A, C, Institutional, Investor, R6 and P |
Diversified |
Class A Shares are sold with a front-end sales charge of up to 5.50%. Class C Shares are sold with a contingent deferred sales charge (CDSC) of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Investor, Class R6, Class R and Class P Shares are not subject to a sales charge.
Goldman Sachs Asset Management, L.P. (GSAM), an affiliate of Goldman Sachs & Co. LLC (Goldman Sachs), serves as investment adviser to the Funds pursuant to a management agreement (the Agreement) with the Trust.
2. SIGNIFICANT ACCOUNTING POLICIES |
The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.
A. Investment Valuation The Funds valuation policy is to value investments at fair value.
B. Investment Income and Investments Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (NAV) calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These reclaims, if any, are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered, if any, are reflected as other income in the Statements of Operations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments.
For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract.
C. Class Allocations and Expenses Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service and Shareholder Administration fees.
D. Federal Taxes and Distributions to Shareholders It is each Funds policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the Code), applicable to regulated investment companies and to distribute each
57
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
Notes to Financial Statements (continued)
April 30, 2022 (Unaudited)
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid at least annually.
Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.
The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Funds distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.
E. Foreign Currency Translation The accounting records and reporting currency of a Fund are maintained in United States (U.S.) dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS |
U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:
Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2 Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;
Level 3 Prices or valuations that require significant unobservable inputs (including GSAMs 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.
58
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
A. Level 1 and Level 2 Fair Value Investments The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:
Equity Securities Equity securities traded on a U.S. securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.
Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under Fair Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.
Money Market Funds Investments in the Goldman Sachs Financial Square Government Fund (Underlying Money Market Fund) are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying Money Market Funds accounting policies and investment holdings, please see the Underlying Money Market Funds shareholder report.
Derivative Contracts A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on certain derivatives contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.
Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter (OTC) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.
i. Forward Contracts A forward contract is a contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract settlement can occur on a cash or delivery basis. Forward contracts are marked-to-market daily using independent vendor prices, and the change in value, if any, is recorded as an unrealized gain or loss. Cash and certain investments may be used to collateralize forward contracts.
59
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
Notes to Financial Statements (continued)
April 30, 2022 (Unaudited)
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
A forward foreign currency exchange contract is a forward contract in which a Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked to market daily by using the outright forward rates or interpolating based upon maturity dates, where available. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.
ii. Futures Contracts Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.
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 Funds 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 Funds NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.
C. Fair Value Hierarchy The following is a summary of the Funds investments and derivatives classified in the fair value hierarchy as of April 30, 2022:
EMERGING MARKETS EQUITY INSIGHTS FUND |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) |
||||||||||||
Africa |
$ | 9,091,106 | $ | 24,666,166 | $ | | ||||||
Asia |
212,419,239 | 1,244,836,844 | | (b) | ||||||||
Europe |
11,806,844 | 11,520,060 | | |||||||||
North America |
44,301,809 | 2,187,605 | | |||||||||
South America |
127,470,607 | 22,570,553 | | |||||||||
Investment Company |
6,474,097 | | | |||||||||
Securities Lending Reinvestment Vehicle |
6,574,425 | | | |||||||||
Total | $ | 418,138,127 | $ | 1,305,781,228 | $ | | ||||||
Derivative Type | ||||||||||||
Liabilities(c) | ||||||||||||
Forward Foreign Currency Contracts |
$ | | $ | (2,370) | $ | | ||||||
Futures Contracts |
(722,157) | | | |||||||||
Total | $ | (722,157) | $ | (2,370) | $ | |
(a) | Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table. The Fund utilizes fair value model prices provided by an independent third-party fair value service for certain international equity securities resulting in a Level 2 classification. |
(b) | Amount represents valuations of Russian investments that GSAM has determined include significant unobservable inputs as of April 30, 2022. To the extent that the same positions were held as of the Funds prior fiscal year end, October 31, 2021, they were classified as either Level 1 or Level 2. |
(c) | Amount shown represents unrealized gain (loss) at period end. |
60
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
INTERNATIONAL EQUITY INSIGHTS FUND |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) |
||||||||||||
Africa |
$ | | $ | 20,946,897 | $ | | ||||||
Asia |
| 522,320,722 | | |||||||||
Europe |
10,008,638 | 1,171,809,439 | | |||||||||
North America |
26,613,229 | 40,568,302 | | |||||||||
Oceania |
14,257,569 | 196,032,829 | | |||||||||
South America |
| 3,949,637 | | |||||||||
Securities Lending Reinvestment Vehicle |
85,554,548 | | | |||||||||
Total | $ | 136,433,984 | $ | 1,955,627,826 | $ | | ||||||
Derivative Type | ||||||||||||
Assets(b) | ||||||||||||
Futures Contracts |
$ | 476,661 | $ | | $ | | ||||||
INTERNATIONAL SMALL CAP INSIGHTS FUND |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) |
||||||||||||
Asia |
$ | 5,926,035 | $ | 1,114,073,209 | $ | | ||||||
Europe |
70,458,660 | 1,672,695,208 | | |||||||||
North America |
2,598,872 | | | |||||||||
Oceania |
| 288,244,822 | | |||||||||
Securities Lending Reinvestment Vehicle |
83,972,023 | | | |||||||||
Total | $ | 162,955,590 | $ | 3,075,013,239 | $ | | ||||||
Derivative Type | ||||||||||||
Assets(b) | ||||||||||||
Futures Contracts |
$ | 432,526 | $ | | $ | |
(a) | Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table. The Fund utilizes fair value model prices provided by an independent third-party fair value service for certain international equity securities resulting in a Level 2 classification. |
(b) | Amount shown represents unrealized gain (loss) at period end. |
For further information regarding security characteristics, see the Schedules of Investments.
61
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
Notes to Financial Statements (continued)
April 30, 2022 (Unaudited)
4. INVESTMENTS IN DERIVATIVES |
The following table sets forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of April 30, 2022. These instruments were used as part of the Funds investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds net exposure:
Emerging Markets Equity Insights |
| |||||||||||
Risk | Statements of Assets and Liabilities |
Assets(a) | Statements of Assets and Liabilities |
Liabilities(a) | ||||||||
Currency |
| $ | | Unrealized loss on forward foreign currency exchange contracts | $ | (2,370) | ||||||
Equity |
| | Variation margin on futures contracts | (722,157) | ||||||||
Total | $ | | $ | (724,527) | ||||||||
International Equity Insights | ||||||||||||
Risk | Statements of Assets and Liabilities |
Assets(a) | Statements of Assets and Liabilities |
Liabilities(a) | ||||||||
Equity | Variation margin on futures contracts | $ | 476,661 | | | |||||||
International Small Cap Insights | ||||||||||||
Risk | Statements of Assets and Liabilities |
Assets(a) | Statements of Assets and Liabilities |
Liabilities(a) | ||||||||
Equity | Variation margin on futures contracts | $ | 432,526 | | |
(a) | Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedules of Investments. Only the variation margin as of April 30, 2022 is reported within the Statements of Assets and Liabilities. |
The following tables set forth, by certain risk types, the Funds gains (losses) related to these derivatives and their indicative volumes for the six months ended April 30, 2022. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in Net realized gain (loss) or Net change in unrealized gain (loss) on the Statements of Operations:
Fund | Risk | Statements of Operations | Net Realized Gain (Loss) |
Net Change in Unrealized Gain (Loss) |
||||||||
Emerging Markets Equity Insights |
Currency | Net realized gain (loss) from forward foreign currency contracts/Net change in unrealized gain (loss) on forward foreign currency contracts | $ | (276,256 | ) | $ | (2,370 | ) | ||||
Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | (4,182,455 | ) | (1,089,912 | ) | |||||||
Total |
$ | (4,458,711 | ) | $ | (1,092,282 | ) |
62
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
4. INVESTMENTS IN DERIVATIVES (continued) |
Fund | Risk | Statements of Operations | Net Realized Gain (Loss) |
Net Change in Unrealized Gain (Loss) |
||||||||
International Equity Insights |
Currency | Net realized gain (loss) from forward foreign currency contracts/Net change in unrealized gain (loss) on forward foreign currency contracts | $ | (13,777 | ) | $ | | |||||
Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | (121,083 | ) | 482,407 | ||||||||
Total |
$ | (134,860 | ) | $ | 482,407 |
Fund | Risk | Statements of Operations | Net Realized Gain (Loss) |
Net Change in Unrealized Gain (Loss) |
||||||||
International Small Cap Insights |
Currency | Net realized gain (loss) from forward foreign currency contracts/Net change in unrealized gain (loss) on forward foreign currency contracts | $ | 86,621 | $ | | ||||||
Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | (2,447,909 | ) | (864,235 | ) | |||||||
Total |
$ | (2,361,288 | ) | $ | (864,235 | ) |
For the six months ended April 30, 2022, the relevant values for each derivative type was as follows:
Average Number of Contracts or Notional Amounts(1) |
||||||||||
Fund | Futures Contracts |
Forward Contracts |
||||||||
Emerging Markets Equity Insights |
534 | $ | 893,123 | |||||||
International Equity Insights |
450 | | ||||||||
International Small Cap Insights |
501 | 9,662,008 |
(a) | Amounts disclosed represent average number of contracts for futures or notional amounts for forward contracts, based on absolute values, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the six months ended April 30, 2022. |
5. AGREEMENTS AND AFFILIATED TRANSACTIONS |
A. Management Agreement Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.
As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Funds average daily net assets.
63
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
Notes to Financial Statements (continued)
April 30, 2022 (Unaudited)
5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
For the six months ended April 30, 2022, contractual and effective net management fees with GSAM were at the following rates:
Contractual Management Rate | Effective Net Management Rate^ |
|||||||||||||||||||||||||||||
Fund | First $1 billion |
Next $1 billion |
Next $3 billion |
Next $3 billion |
Over $8 billion |
Effective Rate |
||||||||||||||||||||||||
Emerging Markets Equity Insights |
1.00 | % | 1.00 | % | 0.90 | % | 0.86 | % | 0.84 | % | 1.00 | % | 1.00 | % | ||||||||||||||||
International Equity Insights |
0.81 | 0.73 | 0.69 | 0.68 | 0.67 | 0.76 | 0.76 | |||||||||||||||||||||||
International Small Cap Insights |
0.85 | 0.85 | 0.77 | 0.73 | 0.72 | 0.81 | 0.81 |
^ | Effective Net Management Rate includes the impact of management fee waivers of affiliated underlying funds, if any. |
The Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund. For the six months ended April 30, 2022, GSAM waived $4,012 and $189 of the Emerging Markets Equity Insights and International Equity Insights Funds management fees, respectively.
B. Distribution and/or Service (12b-1) Plans The Trust, on behalf of Class A and Class R Shares of each applicable Fund, has adopted Distribution and Service Plans subject to Rule 12b-1 under the Act. Under the Distribution and Service Plans, Goldman Sachs, which serves as distributor (the Distributor), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A or Class R Shares of the Funds, as applicable, as set forth below.
The Trust, on behalf of Class C Shares of each applicable Fund, has adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Funds, as set forth below.
The Trust, on behalf of Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Funds, as set forth below.
Distribution and/or Service Plan Rates | ||||||||||||||||
Class A* | Class C | Service Shares | Class R* | |||||||||||||
Distribution and/or Service Plan |
0.25 | % | 0.75 | % | 0.25 | % | 0.50 | % |
* | With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and Service Plans to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on service fees imposed by the Financial Industry Regulatory Authority. |
64
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
C. Distribution Agreement Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares front-end sales charge and Class C Shares CDSC. For the six months ended April 30, 2022, Goldman Sachs retained the following amounts:
Front End Sales Charge |
Contingent Deferred Sales Charge |
|||||||||
Fund | Class A | Class C | ||||||||
Emerging Markets Equity Insights |
$ | 18,109 | $ | | ||||||
International Equity Insights |
1,985 | | ||||||||
International Small Cap Insights |
829 | |
D. Service and Shareholder Administration Plans The Trust, on behalf of each applicable Fund, has adopted Service Plans to allow Class C Shares and Shareholder Administration Plans to allow Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance or shareholder administration services to their customers who are beneficial owners of such shares. The Service and Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C and Service Shares of the Funds, respectively.
E. Transfer Agency Agreement Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.16% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional and Service Shares.
F. Other Expense Agreements and Affiliated Transactions GSAM has agreed to reduce or limit certain Other Expenses of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds are 0.054%, 0.004% and 0.014%, respectively. These Other Expense limitations will remain in place through at least February 28, 2023, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds expenses and are received irrespective of the application of the Other Expense limitations described above.
For the six months ended April 30, 2022, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:
Fund | Management Fee Waiver |
Other Expense |
Total Expense |
|||||||||||
Emerging Markets Equity Insights |
$ | 4,012 | $ | 616,276 | $ | 620,288 | ||||||||
International Equity Insights |
189 | 600,792 | 600,981 | |||||||||||
International Small Cap Insights |
| 844,278 | 844,278 |
G. Line of Credit Facility As of April 30, 2022, the Funds participated in a $1,250,000,000 committed, unsecured revolving line of credit facility (the facility) together with other funds of the Trust and certain registered investment companies having
65
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
Notes to Financial Statements (continued)
April 30, 2022 (Unaudited)
5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended April 30, 2022, the Funds did not have any borrowings under the facility. Prior to April 22, 2022 the facility was $1,000,000,000.
H. Other Transactions with Affiliates For the six months ended April 30, 2022, Goldman Sachs earned $0 in brokerage commissions from portfolio transactions from the Funds.
The following table provides information about the Funds investments in the Goldman Sachs Financial Square Government Fund as of and for the six months ended April 30, 2022:
Fund | Beginning Value as of October 31, 2021 |
Purchased at Cost |
Proceeds from Sales |
Ending Value as of April 30, 2022 |
Shares as of April 30, 2022 |
Dividend Income |
||||||||||||||||
Emerging Markets Equity Insights |
$1,812,123 | $ | 330,129,599 | $ | (325,467,625 | ) | $ | 6,474,097 | 6,474,097 | $ | 3,591 | |||||||||||
International Equity Insights |
| 20,317,873 | (20,317,873 | ) | | | 202 | |||||||||||||||
International Small Cap Insights |
| 35,549,161 | (35,549,161 | ) | | | 252 |
6. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended April 30, 2022, were as follows:
Fund | Purchase | Sales and Maturities | ||||||||
Emerging Markets Equity Insights |
$ | 1,503,529,363 | $ | 1,453,955,921 | ||||||
International Equity Insights |
1,623,116,416 | 1,818,754,257 | ||||||||
International Small Cap Insights |
2,637,348,891 | 2,679,570,819 |
7. SECURITIES LENDING |
Pursuant to exemptive relief granted by the Securities and Exchange Commission (SEC) and the terms and conditions contained therein, the 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. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (Government Money Market Fund), an affiliated series of the Goldman Sachs Trust.
66
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
7. SECURITIES LENDING (continued) |
The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (Government Money Market Fund), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.
In the event of a default by a borrower with respect to any loan, GSAL will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL is unable to purchase replacement securities, GSAL will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdictions bankruptcy or insolvency laws. The Funds loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of April 30, 2022, are disclosed as Payable upon return of securities loaned on the Statements of Assets and Liabilities, where applicable.
Each of the Funds and GSAL received compensation relating to the lending of the Funds securities. The amounts earned, if any, by the Funds for the six months ended April 30, 2022, are reported under Investment Income on the Statements of Operations.
The table below details securities lending activity with affiliates of Goldman Sachs:
For the six months ended April 30, 2022 | Amounts Payable to Goldman Sachs Upon Return of Securities Loaned as of April 30, 2022 |
|||||||||||||
Fund | Earnings of GSAL Relating to Securities Loaned |
Amounts Received by the Funds from Lending to Goldman Sachs |
||||||||||||
Emerging Markets Equity Insights |
$ | 2,661 | $ | 1,427 | $ | 2,221,375 | ||||||||
International Equity Insights |
17,664 | | | |||||||||||
International Small Cap Insights |
27,596 | 2,381 | |
The following table provides information about the Funds investments in the Government Money Market Fund for the six months ended April 30, 2022.
Fund | Beginning October 31, 2021 |
Purchases at Cost |
Proceeds from Sales |
Ending value as of April 30, 2022 |
||||||||||||||
Emerging Markets Equity Insights |
$ | 16,271,799 | $ | 51,234,885 | $ | (60,932,259 | ) | $ | 6,574,425 | |||||||||
International Equity Insights |
30,644,800 | 166,200,050 | (111,290,302 | ) | 85,554,548 | |||||||||||||
International Small Cap Insights |
4,960,133 | 230,579,854 | (151,567,964 | ) | 83,972,023 |
67
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
Notes to Financial Statements (continued)
April 30, 2022 (Unaudited)
8. TAX INFORMATION |
As of the Funds most recent fiscal year ended, October 31, 2021, the Funds capital loss carryforwards and certain timing differences on a tax basis were as follows:
Emerging Markets Equity Insights |
International Equity Insights |
International Small Cap Insights |
||||||||||
Capital loss carryforwards: |
||||||||||||
Perpetual Long-Term |
$ | | $ | | $ | | ||||||
Perpetual Short-Term |
| | (43,199,247 | ) | ||||||||
Total Capital Loss Carryfowards |
$ | | $ | | $ | (43,199,247 | ) | |||||
Timing differences (Foreign Tax Reclaims Accrued but not Received) |
$ | | $ | 1,580,427 | $ | 45,542 |
As of April 30, 2022, the Funds aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
Emerging Markets Equity Insights |
International Equity Insights |
International Small Cap Insights |
||||||||||
Tax Cost |
$ | 1,785,349,559 | $ | 2,140,457,736 | $ | 3,333,661,697 | ||||||
Gross unrealized gain |
139,478,616 | 151,126,590 | 262,057,305 | |||||||||
Gross unrealized loss |
(200,908,820 | ) | (199,522,516 | ) | (357,750,172 | ) | ||||||
Net unrealized gain (loss) |
$ | (61,430,204 | ) | $ | (48,395,926 | ) | $ | (95,692,867 | ) |
The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains (losses) on regulated futures, net mark to market gains (losses) on foreign currency contracts and differences in the tax treatment of passive foreign investment company investments.
GSAM has reviewed the Funds tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.
9. OTHER RISKS |
The Funds risks include, but are not limited to, the following:
Derivatives Risk The Funds use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Funds. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.
Foreign and Emerging Countries Risk Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property,
68
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
9. OTHER RISKS (continued) |
trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. 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, or economically tied to, emerging markets, these risks may be more pronounced.
The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Funds liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.
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 Funds 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 Funds 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.
Investments in Other Investment Companies Risk As a shareholder of another investment company, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund.
Large Shareholder Transactions Risk A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Funds 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 Funds current expenses being allocated over a smaller asset base, leading to an increase in the Funds expense ratio. Similarly, large Fund share purchases may adversely affect a Funds 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 Funds NAV and dilute remaining investors interests. These risks may be more pronounced in connection
69
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
Notes to Financial Statements (continued)
April 30, 2022 (Unaudited)
9. OTHER RISKS (continued) |
with the Funds investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Funds liquidity.
Market and Credit Risks In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.
Non-Diversification Risk The Emerging Markets Equity Insights Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in fewer issuers than diversified mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.
10. INDEMNIFICATIONS |
Under the Trusts organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.
11. SUBSEQUENT EVENTS |
Subsequent events after the Statements of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.
70
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
12. SUMMARY OF SHARE TRANSACTIONS |
Emerging Markets Equity Insights Fund | ||||||||||||||||
|
|
|||||||||||||||
For the Six Months Ended April 30, 2022 (Unaudited) |
For the Fiscal Year Ended October 31, 2021 |
|||||||||||||||
|
|
|||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|||||||||||||||
Class A Shares | ||||||||||||||||
Shares sold |
557,079 | $ | 5,388,957 | 1,324,816 | $ | 16,294,291 | ||||||||||
Reinvestment of distributions |
818,417 | 8,011,778 | 36,210 | 415,329 | ||||||||||||
Shares redeemed |
(1,416,185 | ) | (14,316,710 | ) | (2,216,318 | ) | (27,128,058 | ) | ||||||||
(40,689 | ) | (915,975 | ) | (855,292 | ) | (10,418,438 | ) | |||||||||
Class C Shares | ||||||||||||||||
Shares sold |
23,617 | 219,662 | 45,497 | 564,663 | ||||||||||||
Reinvestment of distributions |
98,001 | 943,653 | | | ||||||||||||
Shares redeemed |
(117,054 | ) | (1,148,751 | ) | (132,966 | ) | (1,594,414 | ) | ||||||||
4,564 | 14,564 | (87,469 | ) | (1,029,751 | ) | |||||||||||
Institutional Shares | ||||||||||||||||
Shares sold |
28,011,814 | 265,508,686 | 21,839,140 | 268,136,552 | ||||||||||||
Reinvestment of distributions |
17,222,127 | 168,236,880 | 1,005,185 | 11,479,207 | ||||||||||||
Shares redeemed |
(16,083,007 | ) | (160,054,379 | ) | (29,843,944 | ) | (372,402,951 | ) | ||||||||
29,150,934 | 273,691,187 | (6,999,619 | ) | (92,787,192 | ) | |||||||||||
Investor Shares | ||||||||||||||||
Shares sold |
1,243,617 | 12,148,492 | 2,323,143 | 28,596,840 | ||||||||||||
Reinvestment of distributions |
1,822,918 | 17,774,994 | 90,785 | 1,036,768 | ||||||||||||
Shares redeemed |
(2,948,324 | ) | (28,726,912 | ) | (2,454,743 | ) | (30,210,098 | ) | ||||||||
118,211 | 1,196,574 | (40,815 | ) | (576,490 | ) | |||||||||||
Class R6 Shares | ||||||||||||||||
Shares sold |
9,613,739 | 91,925,760 | 9,885,269 | 121,090,710 | ||||||||||||
Reinvestment of distributions |
9,632,514 | 93,996,204 | 481,437 | 5,493,200 | ||||||||||||
Shares redeemed |
(6,063,561 | ) | (61,551,162 | ) | (7,503,302 | ) | (91,186,499 | ) | ||||||||
13,182,692 | 124,370,802 | 2,863,404 | 35,397,411 | |||||||||||||
Class R Shares | ||||||||||||||||
Shares sold |
295,871 | 2,891,440 | 487,856 | 5,941,268 | ||||||||||||
Reinvestment of distributions |
460,887 | 4,417,480 | 19,003 | 214,543 | ||||||||||||
Shares redeemed |
(293,301 | ) | (2,754,520 | ) | (1,327,242 | ) | (16,785,106 | ) | ||||||||
463,457 | 4,554,400 | (820,383 | ) | (10,629,295 | ) | |||||||||||
Class P | ||||||||||||||||
Shares sold |
2,042,901 | 18,544,236 | 1,255,341 | 15,541,080 | ||||||||||||
Reinvestment of distributions |
2,567,811 | 25,054,959 | 128,389 | 1,464,922 | ||||||||||||
Shares redeemed |
(3,122,235 | ) | (29,155,146 | ) | (544,878 | ) | (6,487,793 | ) | ||||||||
1,488,477 | 14,444,049 | 838,852 | 10,518,209 | |||||||||||||
NET INCREASE/DECREASE |
44,367,646 | $ | 417,355,601 | (5,101,322 | ) | $ | (69,525,546 | ) |
71
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
Notes to Financial Statements (continued)
April 30, 2022 (Unaudited)
12. SUMMARY OF SHARE TRANSACTIONS (continued) |
International Equity Insights Fund | ||||||||||||||||
|
|
|||||||||||||||
For the Six Months Ended April 30, 2022 (Unaudited) |
For the Fiscal Year Ended October 31, 2021 |
|||||||||||||||
|
|
|||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|||||||||||||||
Class A Shares | ||||||||||||||||
Shares sold |
637,843 | $ | 8,693,740 | 1,417,226 | $ | 19,755,218 | ||||||||||
Reinvestment of distributions |
381,838 | 5,244,473 | 250,858 | 3,336,409 | ||||||||||||
Shares redeemed |
(1,379,338 | ) | (18,892,213 | ) | (12,528,302 | ) | (167,727,703 | ) | ||||||||
(359,657 | ) | (4,954,000 | ) | (10,860,218 | ) | (144,636,076 | ) | |||||||||
Class C Shares | ||||||||||||||||
Shares sold |
24,858 | 331,308 | 91,531 | 1,260,249 | ||||||||||||
Reinvestment of distributions |
46,326 | 623,465 | 7,365 | 96,259 | ||||||||||||
Shares redeemed |
(113,294 | ) | (1,487,993 | ) | (311,058 | ) | (4,246,853 | ) | ||||||||
(42,110 | ) | (533,220 | ) | (212,162 | ) | (2,890,345 | ) | |||||||||
Institutional Shares | ||||||||||||||||
Shares sold |
10,445,981 | 147,074,535 | 31,304,317 | 450,174,099 | ||||||||||||
Reinvestment of distributions |
3,501,048 | 49,669,529 | 695,950 | 9,520,592 | ||||||||||||
Shares redeemed |
(22,754,607 | ) | (321,716,721 | ) | (20,341,719 | ) | (297,907,746 | ) | ||||||||
(8,807,578 | ) | (124,972,657 | ) | 11,658,548 | 161,786,945 | |||||||||||
Service Shares | ||||||||||||||||
Shares sold |
14,944 | 205,280 | 70,409 | 1,006,325 | ||||||||||||
Reinvestment of distributions |
10,537 | 146,553 | 4,118 | 55,391 | ||||||||||||
Shares redeemed |
(38,104 | ) | (523,606 | ) | (197,347 | ) | (2,896,166 | ) | ||||||||
(12,623 | ) | (171,773 | ) | (122,820 | ) | (1,834,450 | ) | |||||||||
Investor Shares | ||||||||||||||||
Shares sold |
774,046 | 10,191,192 | 1,465,638 | 19,663,724 | ||||||||||||
Reinvestment of distributions |
441,728 | 5,961,017 | 133,647 | 1,748,099 | ||||||||||||
Shares redeemed |
(1,231,327 | ) | (16,205,092 | ) | (22,805,003 | ) | (290,920,623 | ) | ||||||||
(15,553 | ) | (52,883 | ) | (21,205,718 | ) | (269,508,800 | ) | |||||||||
Class R6 Shares | ||||||||||||||||
Shares sold |
5,971,495 | 85,929,912 | 5,715,945 | 82,452,861 | ||||||||||||
Reinvestment of distributions |
2,426,596 | 34,310,169 | 720,183 | 9,844,905 | ||||||||||||
Shares redeemed |
(6,292,643 | ) | (88,014,574 | ) | (9,697,850 | ) | (141,144,260 | ) | ||||||||
2,105,448 | 32,225,507 | (3,261,722 | ) | (48,846,494 | ) | |||||||||||
Class R Shares | ||||||||||||||||
Shares sold |
45,457 | 600,728 | 97,389 | 1,337,005 | ||||||||||||
Reinvestment of distributions |
33,666 | 448,702 | 10,204 | 131,937 | ||||||||||||
Shares redeemed |
(98,699 | ) | (1,270,609 | ) | (307,654 | ) | (4,266,758 | ) | ||||||||
(19,576 | ) | (221,179 | ) | (200,061 | ) | (2,797,816 | ) | |||||||||
Class P Shares | ||||||||||||||||
Shares sold |
2,789,703 | 37,648,839 | 2,597,903 | 38,201,859 | ||||||||||||
Reinvestment of distributions |
2,013,329 | 28,448,250 | 568,110 | 7,760,380 | ||||||||||||
Shares redeemed |
(3,024,899 | ) | (41,939,010 | ) | (2,683,872 | ) | (38,775,485 | ) | ||||||||
1,778,133 | 24,158,079 | 482,141 | 7,186,754 | |||||||||||||
NET DECREASE |
(5,373,516 | ) | $ | (74,522,126 | ) | (23,722,012 | ) | $ | (301,540,282 | ) |
72
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
12. SUMMARY OF SHARE TRANSACTIONS (continued) |
International Small Cap Insights Fund | ||||||||||||||||
|
|
|||||||||||||||
For the Six Months Ended April 30, 2022 (Unaudited) |
For the Fiscal Year Ended October 31, 2021 |
|||||||||||||||
|
|
|||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|||||||||||||||
Class A Shares | ||||||||||||||||
Shares sold |
643,233 | $ | 8,513,596 | 2,448,685 | $ | 33,474,118 | ||||||||||
Reinvestment of distributions |
202,215 | 2,679,347 | 150,353 | 1,874,899 | ||||||||||||
Shares redeemed |
(3,715,507 | ) | (51,253,863 | ) | (3,058,568 | ) | (41,366,848 | ) | ||||||||
(2,870,059 | ) | (40,060,920 | ) | (459,530 | ) | (6,017,831 | ) | |||||||||
Class C Shares | ||||||||||||||||
Shares sold |
15,326 | 194,244 | 89,719 | 1,208,876 | ||||||||||||
Reinvestment of distributions |
43,827 | 563,181 | 17,735 | 214,601 | ||||||||||||
Shares redeemed |
(345,821 | ) | (4,386,978 | ) | (813,730 | ) | (10,661,059 | ) | ||||||||
(286,668 | ) | (3,629,553 | ) | (706,276 | ) | (9,237,582 | ) | |||||||||
Institutional Shares | ||||||||||||||||
Shares sold |
33,852,643 | 448,613,853 | 58,587,612 | 824,933,074 | ||||||||||||
Reinvestment of distributions |
6,276,089 | 82,844,371 | 2,655,507 | 33,034,503 | ||||||||||||
Shares redeemed |
(30,936,787 | ) | (402,373,298 | ) | (27,868,028 | ) | (372,394,193 | ) | ||||||||
9,191,945 | 129,084,926 | 33,375,091 | 485,573,384 | |||||||||||||
Investor Shares | ||||||||||||||||
Shares sold |
1,261,869 | 16,975,014 | 2,036,645 | 28,143,329 | ||||||||||||
Reinvestment of distributions |
338,843 | 4,455,780 | 203,421 | 2,520,385 | ||||||||||||
Shares redeemed |
(2,053,549 | ) | (26,391,946 | ) | (4,353,122 | ) | (58,408,160 | ) | ||||||||
(452,837 | ) | (4,961,152 | ) | (2,113,056 | ) | (27,744,446 | ) | |||||||||
Class R6 Shares | ||||||||||||||||
Shares sold |
5,307,926 | 71,146,256 | 26,986,066 | 386,482,826 | ||||||||||||
Reinvestment of distributions |
2,136,338 | 28,263,748 | 802,927 | 10,004,474 | ||||||||||||
Shares redeemed |
(15,586,434 | ) | (199,781,668 | ) | (54,296,259 | ) | (668,104,389 | ) | ||||||||
(8,142,170 | ) | (100,371,664 | ) | (26,507,266 | ) | (271,617,089 | ) | |||||||||
Class P Shares | ||||||||||||||||
Shares sold |
3,914 | 53,161 | 461,075 | 6,292,433 | ||||||||||||
Reinvestment of distributions |
146,295 | 1,934,023 | 72,049 | 897,729 | ||||||||||||
Shares redeemed |
(114,897 | ) | (1,510,916 | ) | (364,802 | ) | (4,725,392 | ) | ||||||||
35,312 | 476,268 | 168,322 | 2,464,770 | |||||||||||||
NET INCREASE/DECREASE |
(2,524,477 | ) | $ | (19,462,095 | ) | 3,757,285 | $ | 173,421,206 |
73
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
Liquidity Risk Management Program (Unaudited)
Each Fund has adopted and implemented a liquidity risk management program (the Program) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage each Funds liquidity risk, i.e., the risk that a Fund is unable to satisfy redemption requests without significantly diluting remaining investors interests in the Fund. The Board of Trustees of the Trust has designated GSAM, each Funds investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.
The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Funds liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Funds investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of illiquid investments (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in highly liquid investments (as defined under Rule 22e-4), the determination of a minimum percentage of the Funds assets that will generally be invested in highly liquid investments (a Highly Liquid Investment Minimum); and (5) periodic reporting to the Board of Trustees.
At a meeting of the Board of Trustees on February 8-9, 2022, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the period from January 1, 2021 through December 31, 2021 (the Reporting Period). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; and (3) the impact of local holidays in non-U.S. jurisdictions. The report concluded that the Program continues to be reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.
There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Funds prospectus for more information regarding the Funds exposure to liquidity risk and other risks to which it may be subject.
74
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
Impact of Russian Invasion of Ukraine (Unaudited)
The Russian invasion of Ukraine has negatively affected the global economy and has resulted in significant disruptions in financial markets and increased macroeconomic uncertainty. In addition, governments around the world have responded to Russias invasion by imposing economic sanctions and export controls on certain industry sectors, companies and individuals in or associated with Russia. Russia has imposed its own restrictions against investors and countries outside Russia and has proposed additional measures aimed at non-Russian-owned businesses. Businesses in the U.S. and globally have experienced shortages in materials and increased costs for transportation, energy and raw materials due, in part, to the negative effects of the war on the global economy. The escalation or continuation of the war between Russia and Ukraine or other hostilities presents heightened risks relating to cyber-attacks, the frequency and volume of failures to settle securities transactions, supply chain disruptions, inflation, as well as the potential for increased volatility in commodity, currency and other financial markets. The extent and duration of the war, sanctions and resulting market disruptions, as well as the potential adverse consequences for the Funds operations are difficult to predict.
75
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
Fund Expenses Six Month Period Ended April 30, 2022 (Unaudited)
As a shareholder of Class A, Class C, Institutional, Service, Investor, Class R6, Class R or Class P Shares of a Fund you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares) and contingent deferred sales charges on redemptions (with respect to Class C Shares); and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (with respect to Class A, Class C, Service and Class R Shares); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Service, Investor, Class R6, Class R and Class P Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2021 through April 30, 2022, which represents a period of 181 days of a 365 day year.
Actual Expenses The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled Expenses Paid to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds actual net expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Emerging Markets Equity Insights Fund | International Equity Insights Fund | International Small Cap Insights Fund | ||||||||||||||||||||||||||||||||||
Share Class | Beginning Account Value 11/1/21 |
Ending Account Value 4/30/22 |
Expenses Paid for the 6 months ended 4/30/2022* |
Beginning Account Value 11/1/21 |
Ending Account Value 4/30/22 |
Expenses Paid for the 6 months ended 4/30/2022* |
Beginning Account Value 11/1/21 |
Ending Account Value 4/30/22 |
Expenses Paid for the 6 months ended 4/30/2022* |
|||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||
Actual |
$ | 1,000.00 | $ | 890.61 | $ | 6.84 | $ | 1,000.00 | $ | 889.67 | $ | 5.48 | $ | 1,000.00 | $ | 872.46 | $ | 5.76 | ||||||||||||||||||
Hypothetical 5% return |
1,000.00 | 1,017.55 | + | 7.30 | 1,000.00 | 1,018.99 | + | 5.86 | 1,000.00 | 1,018.65 | + | 6.21 | ||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||
Actual |
1,000.00 | 887.01 | 10.34 | 1,000.00 | 886.34 | 8.98 | 1,000.00 | 869.38 | 9.22 | |||||||||||||||||||||||||||
Hypothetical 5% return |
1,000.00 | 1,013.84 | + | 11.04 | 1,000.00 | 1,015.27 | + | 9.59 | 1,000.00 | 1,014.93 | + | 9.94 | ||||||||||||||||||||||||
Institutional | ||||||||||||||||||||||||||||||||||||
Actual |
1,000.00 | 892.63 | 5.12 | 1,000.00 | 891.33 | 3.75 | 1,000.00 | 874.32 | 4.04 | |||||||||||||||||||||||||||
Hypothetical 5% return |
1,000.00 | 1,019.39 | + | 5.46 | 1,000.00 | 1,020.83 | + | 4.01 | 1,000.00 | 1,020.48 | + | 4.36 | ||||||||||||||||||||||||
Service | ||||||||||||||||||||||||||||||||||||
Actual |
N/A | N/A | N/A | 1,000.00 | 888.88 | 6.09 | N/A | N/A | N/A | |||||||||||||||||||||||||||
Hypothetical 5% return |
N/A | N/A | N/A | 1,000.00 | 1,018.35 | + | 6.51 | N/A | N/A | N/A | ||||||||||||||||||||||||||
Investor | ||||||||||||||||||||||||||||||||||||
Actual |
1,000.00 | 892.21 | 5.68 | 1,000.00 | 890.49 | 4.31 | 1,000.00 | 873.90 | 4.60 | |||||||||||||||||||||||||||
Hypothetical 5% return |
1,000.00 | 1,018.79 | + | 6.06 | 1,000.00 | 1,020.23 | + | 4.61 | 1,000.00 | 1,019.89 | + | 4.96 | ||||||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||||||||||
Actual |
1,000.00 | 892.66 | 5.07 | 1,000.00 | 891.34 | 3.70 | 1,000.00 | 874.69 | 4.00 | |||||||||||||||||||||||||||
Hypothetical 5% return |
1,000.00 | 1,019.44 | + | 5.41 | 1,000.00 | 1,020.88 | + | 3.96 | 1,000.00 | 1,020.53 | + | 4.31 | ||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||||||
Actual |
1,000.00 | 889.64 | 8.01 | 1,000.00 | 888.51 | 6.65 | N/A | N/A | N/A | |||||||||||||||||||||||||||
Hypothetical 5% return |
1,000.00 | 1,016.31 | + | 8.55 | 1,000.00 | 1,017.75 | + | 7.10 | N/A | N/A | N/A | |||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||||||
Actual |
1,000.00 | 892.65 | 5.07 | 1,000.00 | 891.27 | 3.70 | 1,000.00 | 874.66 | 4.00 | |||||||||||||||||||||||||||
Hypothetical 5% return |
1,000.00 | 1,019.44 | + | 5.41 | 1,000.00 | 1,020.88 | + | 3.96 | 1,000.00 | 1,020.53 | + | 4.31 |
+ | Hypothetical expenses are based on each Funds actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses. |
* | Expenses are calculated using each Funds annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended April 30, 2022. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows: |
Fund | Class A Shares |
Class C Shares |
Institutional Shares |
Service Shares |
Investor Shares |
Class R6 Shares |
Class R Shares |
Class P Shares |
||||||||||||||||||||||||
Emerging Markets Equity Insights Fund |
1.46 | % | 2.21 | % | 1.09 | % | N/A | 1.21 | % | 1.08 | % | 1.71 | % | 1.08 | % | |||||||||||||||||
International Equity Insights Fund |
1.17 | 1.92 | 0.80 | 1.30 | % | 0.92 | 0.79 | 1.42 | 0.79 | |||||||||||||||||||||||
International Small Cap Insights Fund |
1.24 | 1.99 | 0.87 | N/A | 0.99 | 0.86 | N/A | 0.86 |
76
FUNDS PROFILE
Goldman Sachs Funds
Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.
Today, the Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.13 trillion in assets under supervision as of March 31, 2022, Goldman Sachs Asset Management has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. Goldman Sachs Asset Management leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.
Money Market
Financial Square FundsSM
∎ | Financial Square Treasury Solutions Fund1 |
∎ | Financial Square Government Fund1 |
∎ | Financial Square Money Market Fund2 |
∎ | Financial Square Prime Obligations Fund2 |
∎ | Financial Square Treasury Instruments Fund1 |
∎ | Financial Square Treasury Obligations Fund1 |
∎ | Financial Square Federal Instruments Fund1 |
Investor FundsSM
∎ | Investor Money Market Fund3 |
∎ | Investor Tax-Exempt Money Market Fund3 |
Fixed Income
Short Duration and Government
∎ | Enhanced Income Fund |
∎ | Short-Term Conservative Income Fund |
∎ | Short Duration Government Fund |
∎ | Short Duration Bond Fund4 |
∎ | Government Income Fund |
∎ | Inflation Protected Securities Fund |
Multi-Sector
∎ | Bond Fund |
∎ | Core Fixed Income Fund |
∎ | Global Core Fixed Income Fund |
∎ | Strategic Income Fund |
∎ | Income Fund |
Municipal and Tax-Free
∎ | High Yield Municipal Fund |
∎ | Dynamic Municipal Income Fund |
∎ | Short Duration Tax-Free Fund |
∎ | Municipal Income Completion Fund |
Single Sector
∎ | Investment Grade Credit Fund |
∎ | U.S. Mortgages Fund |
∎ | High Yield Fund |
∎ | High Yield Floating Rate Fund |
∎ | Emerging Markets Debt Fund |
∎ | Local Emerging Markets Debt Fund |
Fixed Income Alternatives
∎ | Long Short Credit Strategies Fund |
Fundamental Equity
∎ | Equity Income Fund |
∎ | Small Cap Growth Fund |
∎ | Small Cap Value Fund |
∎ | Small/Mid Cap Value Fund |
∎ | Mid Cap Value Fund |
∎ | Large Cap Value Fund |
∎ | Focused Value Fund |
∎ | Large Cap Core Fund5 |
∎ | Strategic Growth Fund |
∎ | Small/Mid Cap Growth Fund |
∎ | Flexible Cap Fund |
∎ | Concentrated Growth Fund |
∎ | Technology Opportunities Fund |
∎ | Mid Cap Growth Fund6 |
∎ | Rising Dividend Growth Fund |
∎ | U.S. Equity ESG Fund |
∎ | Income Builder Fund |
Tax-Advantaged Equity
∎ | U.S. Tax-Managed Equity Fund |
∎ | International Tax-Managed Equity Fund |
∎ | U.S. Equity Dividend and Premium Fund |
∎ | International Equity Dividend and Premium Fund |
Equity Insights
∎ | Small Cap Equity Insights Fund |
∎ | U.S. Equity Insights Fund |
∎ | Small Cap Growth Insights Fund |
∎ | Large Cap Growth Insights Fund |
∎ | Large Cap Value Insights Fund |
∎ | Small Cap Value Insights Fund |
∎ | International Small Cap Insights Fund |
∎ | International Equity Insights Fund |
∎ | Emerging Markets Equity Insights Fund |
Fundamental Equity International
∎ | International Equity Income Fund |
∎ | International Equity ESG Fund |
∎ | China Equity Fund |
∎ | Emerging Markets Equity Fund |
∎ | ESG Emerging Markets Equity Fund |
Alternative
∎ | Clean Energy Income Fund |
∎ | Defensive Equity Fund |
∎ | Real Estate Securities Fund |
∎ | Commodity Strategy Fund |
∎ | Global Real Estate Securities Fund |
∎ | Absolute Return Tracker Fund |
∎ | Managed Futures Strategy Fund |
∎ | MLP Energy Infrastructure Fund |
∎ | Energy Infrastructure Fund |
∎ | Multi-Manager Alternatives Fund |
∎ | Global Infrastructure Fund |
Total Portfolio Solutions
∎ | Global Managed Beta Fund |
∎ | Multi-Manager Non-Core Fixed Income Fund |
∎ | Multi-Manager Global Equity Fund |
∎ | Multi-Manager International Equity Fund |
∎ | Tactical Tilt Overlay Fund |
∎ | Balanced Strategy Portfolio |
∎ | Multi-Manager U.S. Small Cap Equity Fund |
∎ | Multi-Manager Real Assets Strategy Fund |
∎ | Growth and Income Strategy Portfolio |
∎ | Growth Strategy Portfolio |
∎ | Dynamic Global Equity Fund |
∎ | Satellite Strategies Portfolio |
∎ | Enhanced Dividend Global Equity Portfolio |
∎ | Tax-Advantaged Global Equity Portfolio |
∎ | Strategic Factor Allocation Fund |
∎ | Strategic Volatility Premium Fund |
∎ | Target Date Retirement Portfolio |
∎ | Target Date 2025 Portfolio |
∎ | Target Date 2030 Portfolio |
∎ | Target Date 2035 Portfolio |
∎ | Target Date 2040 Portfolio |
∎ | Target Date 2045 Portfolio |
∎ | Target Date 2050 Portfolio |
∎ | Target Date 2055 Portfolio |
∎ | Target Date 2060 Portfolio |
∎ | GQG Partners International Opportunities Fund |
1 | You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Funds sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. |
2 | You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Funds liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Funds sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. |
3 | You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Funds liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Funds sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. |
4 | Effective after the close of business on July 29, 2021, the Goldman Sachs Short Duration Income Fund was renamed the Goldman Sachs Short Duration Bond Fund. |
5 | Effective after the close of business on April 13, 2022, the Goldman Sachs Capital Growth Fund was renamed the Goldman Sachs Large Cap Core Fund. |
6 | Effective after the close of business on April 13, 2022, the Goldman Sachs Growth Opportunities Fund was renamed the Goldman Sachs Mid Cap Growth. |
Financial Square FundsSM and Investor FundsSM are registered service marks of Goldman Sachs & Co. LLC. |
* | This list covers open-end funds only. Please visit our website at www.GSAMFUNDS.com to learn about our closed-end funds and exchange-traded funds. |
TRUSTEES Jessica Palmer, Chair Dwight L. Bush Kathryn A. Cassidy John G. Chou Diana M. Daniels Joaquin Delgado Eileen H. Dowling James A. McNamara Roy W. Templin Gregory G. Weaver Paul C. Wirth |
OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary | |
GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent |
GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser |
Visit our Website at www.GSAMFUNDS.com to obtain the most recent month-end returns.
Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282
The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund managements predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (ii) on the Securities and Exchange Commission web site at http://www.sec.gov.
Economic and market forecasts presented herein reflect a series of assumptions and judgments as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poors, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
The Funds will file their portfolio holdings for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SECs web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).
Fund holdings and allocations shown are unaudited, and may not be representative of current or future investments. Fund holdings and allocations may not include the Funds entire investment portfolio, which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.
The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk. Diversification does not protect an investor from market risk and does not ensure a profit.
This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider a Funds objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling (retail 1-800-526-7384) (institutional 1-800-621-2550).
© 2022 Goldman Sachs. All rights reserved. 281696-OTU-1621366 INTINSSAR-22
ITEM 2. | CODE OF ETHICS. |
(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrants principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the Code of Ethics).
(b) Not applicable.
(c) During the period covered by this report, no amendments were made to the provisions of the Code of Ethics.
(d) During the period covered by this report, the registrant did not grant any waivers, including an implicit waiver, from any provision of the Code of Ethics.
(e) Not applicable.
(f) A copy of the Code of Ethics is available as provided in Item 13(a)(1) of this report.
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
The registrants board of trustees has determined that the registrant has at least one audit committee financial expert (as defined in Item 3 of Form N-CSR) serving on its audit committee. Gregory G. Weaver is the audit committee financial expert and is independent (as each term is defined in Item 3 of Form N-CSR).
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
The information required by this Item is only required in an annual report on this Form N-CSR.
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable. |
ITEM 6. | SCHEDULE OF INVESTMENTS. |
Schedule of Investments is included as part of the Report to Shareholders filed under Item 1. |
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable. |
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable. |
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable. |
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrants board of trustees. |
ITEM 11. | CONTROLS AND PROCEDURES. |
(a) | The registrants principal executive and principal financial officers, or persons performing similar functions have concluded that the registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the 1940 Act)) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended. |
(b) | There were no changes in the registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrants internal control over financial reporting. |
ITEM 12. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
ITEM 13. | EXHIBITS. |
(a)(1) | Goldman Sachs Trusts Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 13(a)(1) of the registrants Form N-CSR filed on August 31, 2021. | |||
(a)(2) | Exhibit 99.CERT | Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith. | ||
(a)(3) | Not applicable to open-end investment companies. | |||
(a)(4) | There was no change in the registrants independent public accountant for the period covered by this report. | |||
(b) | Exhibit 99.906CERT | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Goldman Sachs Trust | ||
By: | /s/ James A. McNamara | |
| ||
James A. McNamara | ||
President/Chief Executive Officer | ||
Goldman Sachs Trust | ||
Date: | June 30, 2022 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ James A. McNamara | |
| ||
James A. McNamara | ||
President/Chief Executive Officer | ||
Goldman Sachs Trust | ||
Date: | June 30, 2022 | |
By: | /s/ Joseph F. DiMaria | |
| ||
Joseph F. DiMaria | ||
Principal Financial Officer | ||
Goldman Sachs Trust | ||
Date: | June 30, 2022 |
CERTIFICATIONS
(Section 302)
I, James A. McNamara, certify that:
1. | I have reviewed this report on Form N-CSR of the Goldman Sachs Trust; |
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
Dated: June 30, 2022
/s/ James A. McNamara |
|
James A. McNamara |
President/Chief Executive Officer |
CERTIFICATIONS
(Section 302)
I, Joseph F. DiMaria, certify that:
1. | I have reviewed this report on Form N-CSR of the Goldman Sachs Trust; |
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
Dated: June 30, 2022
/s/ Joseph F. DiMaria |
|
Joseph F. DiMaria |
Principal Financial Officer |
EX-99.906CERT
Certification Under Section 906
of the Sarbanes-Oxley Act of 2002
James A. McNamara, President/Chief Executive Officer, and Joseph F. DiMaria, Principal Financial Officer of the Goldman Sachs Trust (the Registrant), each certify to the best of his or her knowledge that:
1. | The Registrants periodic report on Form N-CSR for the period ended April 30, 2022 (the Form N-CSR) fully complies with the requirements of section 15(d) of the Securities Exchange Act of 1934, as amended; and |
2. | The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. |
President/Chief Executive Officer | Principal Financial Officer | |||
Goldman Sachs Trust | Goldman Sachs Trust | |||
/s/ James A. McNamara | /s/ Joseph F. DiMaria | |||
|
| |||
James A. McNamara | Joseph F. DiMaria | |||
June 30, 2022 | June 30, 2022 |
This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.
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