UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-05349
Goldman Sachs Trust
(Exact name of registrant as specified in charter)
71 South Wacker Drive, Chicago, Illinois 60606
(Address of principal executive offices) (Zip code)
Copies to:
Robert Griffith, Esq. | Stephen H. Bier, Esq. | |
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, 2024
ITEM 1. | REPORTS TO STOCKHOLDERS. |
The Semi-Annual Report to Shareholders is filed herewith. |
Goldman Sachs Funds Semi-Annual Report April 30, 2024 Dividend Focus Funds Goldman Sachs Income Builder Fund Goldman Sachs Rising Dividend Growth Fund
Goldman Sachs Dividend Focus Funds
∎ | GOLDMAN SACHS INCOME BUILDER FUND |
∎ | GOLDMAN SACHS RISING DIVIDEND GROWTH FUND |
1 | ||||
5 | ||||
11 | ||||
34 | ||||
37 | ||||
37 | ||||
43 | ||||
50 | ||||
68 |
Effective January 24, 2023, open-end mutual funds and exchange-traded funds are required to provide shareholders with streamlined annual and semi-annual shareholder reports (Tailored Shareholder Reports). Funds will be required to prepare a separate Tailored Shareholder Report for each share class of a fund that highlights key information to investors. Other information, including financial statements, will no longer appear in a funds shareholder report, but will be available online, delivered free of charge upon request, and filed with the Securities and Exchange Commission on a semi-annual basis on Form N-CSR. The new requirements have a compliance date of July 24, 2024.
NOT FDIC-INSURED | May Lose Value | No Bank Guarantee |
Dividend Focus Funds
The following are highlights both of key factors affecting the U.S. equity, U.S. fixed income and energy MLP markets as well as of any key changes made to the Goldman Sachs Dividend Focus Funds (the Funds) during the six months ended April 30, 2024 (the Reporting Period). A streamlined annual shareholder report covering the 12 months ended October 31, 2024 will be provided to the Funds shareholders, per new SEC requirements with a compliance date of July 24, 2024.
Market and Economic Review
U.S. Equities
∎ | Overall, U.S. equities rallied during the Reporting Period. The Standard & Poors 500 Index (the S&P 500 Index) ended the Reporting Period with a return of 20.98%. The Russell 3000® Index generated a return of 21.09%. |
∎ | Despite ongoing geopolitical tensions and persistent volatility, the market posted solid returns during the Reporting Period amid a backdrop of shifting expectations around the Federal Reserves (Fed) policy path forward and generally broadening market leadership. |
∎ | As the Reporting Period began in November 2023, the S&P 500 Index rose 9.13%, marking its best month of performance since July 2022 and breaking a streak of three consecutive monthly declines. |
∎ | The month saw a broadening of market leadership following mega-cap dominance for most of 2023, as all sectors except energy were positive amid a pullback in crude oil prices, which fell to their lowest levels since July 2023. |
∎ | Novembers gains were chiefly driven by reinforcements to the peak federal funds rate, soft landing and disinflation traction themes and a rally in U.S. Treasuries, which had one of their best monthly performances on record. (A soft landing, in economics, is a cyclical downturn that avoids recession. It typically describes attempts by central banks to raise interest rates just enough to stop an economy from overheating and experiencing high inflation, without causing a significant increase in unemployment, or a hard landing.) |
∎ | Further, November saw the most significant easing in financial conditions of any month in more than four decades. |
∎ | In December 2023, the S&P 500 Index increased 4.54%, marking its second consecutive monthly gain and ending the calendar year recording its ninth consecutive weekly gain. |
∎ | The breadth of market gains continued to expand beyond the Magnificent Seven. (The Magnificent Seven is the group of high-performing and influential companies that drove U.S. equity performance for much of 2023.) |
∎ | Decembers market rally was driven by a dovish pivot in the Federal Reserves (Fed) monetary policy campaign, a decline in U.S. Treasury yields across the yield curve (or spectrum of maturities), and economic data supporting the soft landing narrative. (Dovish tends to suggest lower interest rates; opposite of hawkish.) |
∎ | The Fed held interest rates unchanged, as growth of the U.S. economy slowed, the unemployment rate remained low despite abating job gains, and inflationary pressures continued to trend downwards. |
∎ | Near the end of the month, there was a major shift in the Feds policy path expectations, with the Summary of Economic Projections median dot plot signaling 75 basis points of rate cuts in 2024. (A basis point is 1/100th of a percentage point. The Feds dot plot shows the interest rate projections of the members of the Federal Open Market Committee.) |
∎ | U.S. economic data provided further evidence of disinflation momentum, with Novembers annualized Consumer Price Index (CPI) dropping to its lowest level since March 2021. |
∎ | Market seasonality proved to be another tailwind to equities, as November and December historically represent the strongest two-month period for U.S. stocks. |
1 |
MARKET REVIEW
∎ | The S&P 500 Index gained 10.56% in the first quarter of 2024, closing the quarter at a new all-time high and demonstrating an improvement in market breadth as the quarter progressed. |
∎ | As strength broadened beyond technology, excitement around artificial intelligence (AI) capabilities served as a key tailwind to market performance. |
∎ | U.S. equities began the quarter with a more cautionary tone, driven by concerns regarding overvalued conditions and the Feds ability to match aggressive interest rate cut expectations. U.S. Treasury yields across the curve steepened, a headwind to equity valuations as traders repriced expectations throughout the quarter regarding the path of monetary policy. |
∎ | Despite this defensive start, stocks reversed course as economic releases and robust labor market data continued to underpin the prevailing soft landing narrative. Market participants initially had aggressive expectations of interest rate cuts as early as March 2024, though expectations were moderated as inflation data spiked with the January and February CPI reports rising more than widely anticipatedshifting consensus timing expectations back to June 2024 for the first interest rate cut. |
∎ | On the earnings front, corporate earnings were better than consensus expected with stable 2024 outlooks and optimism from the reopening of corporate buybacks as well as both sales and earnings exceeding market forecasts based on improved profit margins across most sectors. |
∎ | In April 2024, the S&P 500 Index fell 4.08%, notching its first monthly decline of 2024 as markets significantly repriced interest rate cut expectations for 2024, partially driven by decelerating U.S. economic growth in the first calendar quarter, a still strong labor market and persistent above-target inflation data. |
∎ | The broader equity market had initially forecasted three interest rate cuts in 2024, though consensus expectations were moderated throughout the month as Fed Chair Powell cited that multiple inflation readings raised uncertainty regarding the Feds ability to cut rates in 2024. |
∎ | Further, a slate of Fed officials stressed the risks of easing monetary policy prematurely and indicated the Fed would need to be patient given strength in then-recent economic data. They expressed the possibility of a no rate cut scenarioleaving the market pricing in just 25 basis points of rate cuts by the end of 2024. |
∎ | S&P 500 constituents reported first quarter 2024 corporate earnings that were broadly better than consensus expected, with the number of reported companies exceeding analyst estimates trending above its historical 10-year average. |
∎ | For the Reporting Period overall, all capitalization segments within the U.S. equity market posted double-digit absolute gains, led by mid-cap stocks, as measured by the Russell Midcap® Index, followed by large-cap stocks, as measured by the Russell 1000® Index, and then small-cap stocks, as measured by the Russell 2000® Index. From a style perspective, growth stocks moderately outperformed value stocks across the capitalization spectrum. (All as measured by the FTSE Russell indices.) |
∎ | All 11 sectors of the S&P 500 Index generated double-digit positive total returns during the Reporting Period. The best performing sectors within the S&P 500 Index during the Reporting Period were communication services, financials, information technology and industrials. The weakest performing sectors were real estate, energy, health care and consumer staples. |
U.S. Fixed Income
∎ | The U.S. fixed income market recorded a positive return for the Reporting Period. |
∎ | The Bloomberg U.S. Aggregate Bond Index, representing U.S. bonds of investment grade quality or better, returned 4.97%. |
∎ | U.S. high yield corporate bonds, as represented by the ICE BofAML BB to B US High Yield Constrained Index, returned 8.57%. |
2 |
MARKET REVIEW
∎ | As the Reporting Period began in November 2023, the U.S. saw the greatest easing of financial conditions in any month during the previous 40 years. Factors behind the easing included ongoing disinflation, soft landing optimism and expectations of a dovish Fed pivot. (A soft landing, in economics, is a cyclical downturn that avoids recession. It typically describes attempts by central banks to raise interest rates just enough to stop an economy from overheating and experiencing high inflation, without causing a significant increase in unemployment, or a hard landing. Dovish suggests lower interest rates; opposite of hawkish.) |
∎ | Government bond yields plunged, with the 10-year U.S. Treasury yield falling approximately 67 basis points. (A basis point is 1/100th of a percentage point.) |
∎ | Spread, or non-government bond, sectors broadly advanced, with high yield corporate bonds delivering especially strong gains. |
∎ | In December, the Fed signaled it might have reached the peak of its current monetary policy tightening cycle, and its median dot plot projection showed 75 basis points of rate cuts in 2024. (The dot plot shows interest rate projections of the members of the Federal Open Market Committee.) |
∎ | Bond yields fell during the month, with the 10-year U.S. Treasury yield dropping below 4% for the first time since August 2023. |
∎ | Market projections for Fed rate cuts bolstered spread sector performance, fueling additional gains by high yield corporate bonds. |
∎ | During the first quarter of 2024, bond yields were, by turns, pushed up by hawkish Fed commentary and soft landing optimism and pushed down by progress on disinflation and changing investor expectations about potential Fed rate cuts. |
∎ | High yield corporate bonds generated positive returns, supported by a mix of better than consensus expected corporate earnings and favorable supply/demand dynamics, including a surge of new issuance and positive investment flows into high yield corporate bond mutual funds. |
∎ | In April 2024, strong U.S. economic data and resilient labor markets coincided with upside inflation surprises. The combination appeared to raise the bar for Fed monetary policy easing, increasing the prospect of a prolonged period of elevated interest rates. |
∎ | Bond yields rose significantly, with the two-year U.S. Treasury yield climbing above 5% for the first time since November 2023. |
∎ | As interest rates rose in April, high yield corporate bonds weakened, though they held up better than most other spread sectors. |
∎ | During the Reporting Period overall, yields fell along the U.S. Treasury yield curve, with the yields on the longest maturities dropping the most. |
∎ | The U.S. Treasury yield curve was inverted between two-year and 10-year maturities throughout the Reporting Period. (When the yield curve is inverted, two-year yields are higher than 10-year yields. Historically, an inverted U.S. Treasury yield curve often precedes an economic recession.) |
3 |
MARKET REVIEW
Energy MLPs
∎ | Energy equities generally outperformed energy commodities during the Reporting Period. The S&P energy sector, as represented by the S&P 500® Energy Select Sector Index (IXE)1, returned 11.75% and the broad midstream2 sector, as represented by the Alerian US Midstream Energy Index (AMUS)3, returned 18.87% during the Reporting Period. To compare, the S&P 500 Index, a measure of the broad U.S. equities market, finished the Reporting Period up 20.98%. The Bloomberg Commodity Index4 returned -0.18% for the Reporting Period, as West Texas Intermediate crude oil prices drifted solidly higher but natural gas prices were down significantly. |
∎ | Despite ongoing macroeconomic uncertainty for much of 2023, energy-related equities remained resilient to begin the Reporting Period in the last two months of the calendar year amid a pullback in crude oil prices, driven by heightened geopolitical tensions with the outbreak of war in the Middle East. |
∎ | As the Reporting Period progressed, strong midstream performance was underpinned by a supportive commodity price backdrop and a better appreciation from investors around the sectors value proposition. |
∎ | Midstream energy fundamentals were some of the most attractive they have been, with energy companies generating record amounts of free cash flow. This, in turn, gave energy companies the ability to de-lever significantly, creating less volatility in equity prices. |
∎ | Management teams have been intently focused on maximizing shareholder value, i.e., they have been more disciplined on capital expenditures, stable and growing dividends, and share buyback programs. Such management focus helped drive equity price performance. |
∎ | During the Reporting Period, there was a growing divergence in midstream equity performance, with Master Limited Partnerships (MLPs) outperforming C-Corps. As a reminder, the midstream opportunity set includes companies structured as MLPs and C-Corps, with C-Corps currently representing the majority of the midstream market capitalization. We believe MLP outperformance was largely attributed to two factors. |
∎ | First, MLP valuation mean reversion for MLP multiples. (Mean reversion is a financial theory positing that asset prices and historical returns eventually revert to their long-term mean or average level. Multiples is a generic term for a class of different indicators that can be used to value a security. A multiple is simply a ratio that is calculated by dividing the market or estimated value of an asset by a specific item on the financial statements.) |
∎ | Second, continued consolidation in the MLP market segment, with C-Corps buying MLPs for a premium, which has benefited MLPs performance and created a technical tailwind for many of the smaller MLPs. Notably, MLP-only indices have reallocated consolidation proceeds to a smaller MLP universe. |
∎ | Overall, we believed at the end of the Reporting Period that the midstream sector presented a compelling investment opportunity amid a strong commodity price backdrop, healthy fundamentals and discounted valuations. |
Fund Changes and Highlights
No material changes were made to the Funds during the Reporting Period.
1 | All components of the S&P 500® Index are assigned to one of the eleven Select Sector Indices, which seek to track major economic segments and are highly liquid benchmarks. The S&P 500® Energy Select Sector Index (IXE) comprises those companies included in the S&P 500® Index that are classified as members of the GICS® energy sector. |
2 | 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. |
3 | Source: Alerian. The Alerian US Midstream Energy Index is a broad-based composite of U.S. 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 basis (AMUS) and on a total-return basis (AMUSX). It is not possible to invest directly in an unmanaged index. |
4 | The Bloomberg Commodity Index is made up of 23 exchange-traded futures on physical commodities, representing 21 commodities which are weighted to account for economic significance and market liquidity. |
4 |
Goldman Sachs Income Builder Fund
as of April 30, 2024
PERFORMANCE REVIEW |
November 1, 2023April 30, 2024 |
Fund Total Return (based on NAV)1 |
Russell 1000® Value Index2 |
ICE BofAML BB to B U.S. High Yield Constrained Index3 |
|||||||||
Class A |
12.15% | 18.42% | 8.57% | |||||||||
Class C |
11.70 | 18.42 | 8.57 | |||||||||
Institutional |
12.30 | 18.42 | 8.57 | |||||||||
Investor |
12.30 | 18.42 | 8.57 | |||||||||
Class R6 |
12.31 | 18.42 | 8.57 | |||||||||
Class P |
12.35 | 18.42 | 8.57 |
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. |
TOP TEN EQUITY HOLDINGS AS OF 4/30/24 |
Holding |
% of Net Assets | Line of Business | ||
JPMorgan Chase & Co. |
1.2% | Banks | ||
Exxon Mobil Corp. |
0.8 | Oil, Gas & Consumable Fuels | ||
Progressive Corp. |
0.8 | Insurance | ||
Blackstone, Inc. |
0.8 | Capital Markets | ||
Shell PLC |
0.8 | Oil, Gas & Consumable Fuels | ||
Rio Tinto PLC |
0.7 | Metals & Mining | ||
Dell Technologies, Inc. |
0.7 | Technology Hardware, Storage & Peripherals | ||
Allstate Corp. |
0.6 | Insurance | ||
Johnson & Johnson |
0.7 | Pharmaceuticals | ||
ConocoPhillips |
0.6 | Oil, Gas & Consumable Fuels |
| The top 10 holdings may not be representative of the Funds future investments. |
5 |
FUND BASICS
FUNDS EQUITY SECTOR ALLOCATIONS VS. BENCHMARK |
As of April 30, 2024 |
| 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 the total value of the Funds equity investments. 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. Underlying sector allocations of exchange traded funds and other investment companies held by the Fund are not reflected in the graph above. |
6 |
FUND BASICS
FUNDS FIXED INCOME COMPOSITION* |
As of April 30, 2024 |
* | The percentage shown for each investment category reflects the value of investments in that category as a percentage of the Funds Fixed Income investments. 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 the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Funds investment strategies, holdings, and performance. |
7 |
FUND BASICS
Goldman Sachs Rising Dividend Growth Fund
as of April 30, 2024
PERFORMANCE REVIEW |
November 1, 2023April 30, 2024 |
Fund Total Return (based on NAV)1 |
S&P 500 Index2 | ||
Class A |
18.09% | 20.98% | ||
Class C |
17.69 | 20.98 | ||
Institutional |
18.31 | 20.98 | ||
Investor |
18.22 | 20.98 | ||
Class R6 |
18.33 | 20.98 | ||
Class R |
17.98 | 20.98 | ||
Class P |
18.31 | 20.98 |
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 is the Standard & Poors 500 Composite Index of 500 stocks, an unmanaged index of common stock prices. The index figure does 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 4/30/24± |
Holding |
% of Net Assets | Line of Business | ||
Comcast Corp. |
2.3% | Media | ||
Energy Transfer LP |
1.9 | Oil, Gas & Consumable Fuels | ||
MPLX LP |
1.8 | Oil, Gas & Consumable Fuels | ||
Enterprise Products Partners LP |
1.6 | Oil, Gas & Consumable Fuels | ||
Texas Instruments, Inc. |
1.6 | Semiconductors & Semiconductor Equipment | ||
Intuit, Inc. |
1.5 | Software | ||
Microsoft Corp. |
1.5 | Software | ||
Oracle Corp. |
1.5 | Software | ||
Accenture PLC |
1.5 | IT Services | ||
Applied Materials, Inc. |
1.4 | Semiconductors & Semiconductor Equipment |
± | The top 10 holdings may not be representative of the Funds future investments. The top 10 holdings exclude investments in money market funds. |
8 |
FUND BASICS
FUND VS. BENCHMARK SECTOR ALLOCATION |
As of April 30, 2024 |
| 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. Underlying sector allocations of exchange traded funds and other investment companies held by the Fund are not reflected in the graph above. Figures in the graph may not sum to 100% due to rounding and/or the exclusion of other assets and liabilities. |
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. |
9 |
FUND BASICS
Index Definitions
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.
ICE BofAML BB to B US High Yield Bond 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.
S&P 500® Index is a U.S. stock market index based on the market capitalizations of 500 large companies having common stock listed on the New York Stock Exchange or NASDAQ. The S&P 500® Index components and their weightings are determined by S&P Dow Jones Indices.
S&P 500® Index Energy Select Sector Index (IXE) comprises those companies included in the S&P 500® Index that are classified as members of the GICS® energy sector.
Alerian US Midstream Energy Index is a broad-based composite of U.S. 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 basis (AMUS) and on a total-return basis (AMUSX). It is not possible to invest directly in an unmanaged index.
Russell 1000® Index measures the performance of the large-cap segment of the U.S. equity universe. The Russell 1000® Index is a subset of the Russell 3000® Index and includes approximately 1000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000® Index represents approximately 92% of the U.S. market. The Russell 1000® Index is constructed to provide a comprehensive and unbiased barometer for the large-cap segment and is completely reconstituted annually to ensure new and growing equities are reflected.
Russell 3000® Index is a market capitalization weighted equity index maintained by the FTSE Russell that provides exposure to the entire U.S. stock market. The index tracks the performance of the 3,000 largest U.S.-traded stocks which represent about 98% of all U.S incorporated equity securities. It is not possible to invest directly in an index.
Bloomberg U.S. Aggregate Bond Index represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment-grade corporate bonds and mortgage-backed and asset-backed securities. The Index figure does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.
10 |
GOLDMAN SACHS INCOME BUILDER FUND
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
Corporate Obligations 49.1% |
| |||||||||||||||
Advertising(a)(b) 0.1% |
| |||||||||||||||
Clear Channel Outdoor Holdings, Inc. |
| |||||||||||||||
$ | 3,210,000 | 7.875 | % | 04/01/30 | $ | 3,143,553 | ||||||||||
|
||||||||||||||||
Aerospace & Defense(a) 0.8% |
| |||||||||||||||
Boeing Co. |
| |||||||||||||||
1,875,000 | 3.450 | 11/01/28 | 1,673,662 | |||||||||||||
3,432,000 | 5.150 | 05/01/30 | 3,253,982 | |||||||||||||
1,652,000 | 5.805 | 05/01/50 | 1,463,259 | |||||||||||||
Spirit AeroSystems, Inc. (b) |
| |||||||||||||||
1,170,000 | 9.375 | 11/30/29 | 1,266,584 | |||||||||||||
2,850,000 | 9.750 | 11/15/30 | 3,153,183 | |||||||||||||
TransDigm, Inc. |
| |||||||||||||||
3,300,000 | 5.500 | 11/15/27 | 3,205,686 | |||||||||||||
2,050,000 | 6.750 | (b) | 08/15/28 | 2,058,487 | ||||||||||||
315,000 | 4.625 | 01/15/29 | 288,616 | |||||||||||||
2,246,000 | 4.875 | 05/01/29 | 2,068,521 | |||||||||||||
100,000 | 7.125 | (b) | 12/01/31 | 101,986 | ||||||||||||
Triumph Group, Inc. (b) |
| |||||||||||||||
679,000 | 9.000 | 03/15/28 | 702,975 | |||||||||||||
|
|
|||||||||||||||
19,236,941 | ||||||||||||||||
|
||||||||||||||||
Agriculture 0.3% |
| |||||||||||||||
BAT Capital Corp. (a) |
| |||||||||||||||
7,000,000 | 4.390 | 08/15/37 | 5,744,900 | |||||||||||||
MHP SE (b) |
| |||||||||||||||
550,000 | 7.750 | 05/10/24 | 536,910 | |||||||||||||
|
|
|||||||||||||||
6,281,810 | ||||||||||||||||
|
||||||||||||||||
Airlines 0.7% |
| |||||||||||||||
Allegiant Travel Co. (a)(b) |
| |||||||||||||||
1,035,000 | 7.250 | 08/15/27 | 1,001,331 | |||||||||||||
American Airlines, Inc./AAdvantage Loyalty IP Ltd. (b) |
| |||||||||||||||
1,717,000 | 5.750 | 04/20/29 | 1,658,261 | |||||||||||||
Delta Air Lines, Inc. (a) |
| |||||||||||||||
3,600,000 | 7.375 | 01/15/26 | 3,678,912 | |||||||||||||
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. (a)(b) |
| |||||||||||||||
2,155,000 | 5.750 | 01/20/26 | 2,023,847 | |||||||||||||
United Airlines, Inc. (a)(b) |
| |||||||||||||||
2,080,000 | 4.625 | 04/15/29 | 1,918,134 | |||||||||||||
VistaJet Malta Finance PLC/Vista Management Holding, Inc. (a)(b) |
| |||||||||||||||
4,145,000 | 7.875 | 05/01/27 | 3,690,211 | |||||||||||||
1,295,000 | 9.500 | 06/01/28 | 1,157,847 | |||||||||||||
|
|
|||||||||||||||
15,128,543 | ||||||||||||||||
|
||||||||||||||||
Auto Parts & Equipment(a) 0.0% |
| |||||||||||||||
Tupy Overseas SA |
| |||||||||||||||
200,000 | 4.500 | 02/16/31 | 170,875 | |||||||||||||
|
||||||||||||||||
Automotive(a) 1.6% |
| |||||||||||||||
Adient Global Holdings Ltd. (b) |
| |||||||||||||||
2,000,000 | 7.000 | 04/15/28 | 2,026,160 | |||||||||||||
Clarios Global LP/Clarios U.S. Finance Co. (b) |
| |||||||||||||||
1,850,000 | 8.500 | 05/15/27 | 1,852,350 | |||||||||||||
|
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
Corporate Obligations (continued) |
| |||||||||||||||
Automotive(a) (continued) |
| |||||||||||||||
Dana, Inc. |
| |||||||||||||||
$ | 2,075,000 | 4.250 | % | 09/01/30 | $ | 1,798,403 | ||||||||||
Dealer Tire LLC/DT Issuer LLC (b) |
| |||||||||||||||
5,637,000 | 8.000 | 02/01/28 | 5,542,975 | |||||||||||||
Ford Motor Co. |
| |||||||||||||||
3,726,000 | 3.250 | 02/12/32 | 3,003,156 | |||||||||||||
Ford Motor Credit Co. LLC |
| |||||||||||||||
400,000 | 4.687 | 06/09/25 | 393,884 | |||||||||||||
4,260,000 | 3.375 | 11/13/25 | 4,090,622 | |||||||||||||
3,111,000 | 4.950 | 05/28/27 | 3,005,039 | |||||||||||||
1,640,000 | 3.815 | 11/02/27 | 1,519,476 | |||||||||||||
General Motors Co. |
| |||||||||||||||
3,000,000 | 6.600 | 04/01/36 | 3,080,460 | |||||||||||||
General Motors Financial Co., Inc. |
| |||||||||||||||
1,975,000 | 5.650 | 01/17/29 | 1,957,284 | |||||||||||||
4,100,000 | 3.100 | 01/12/32 | 3,377,990 | |||||||||||||
Hyundai Capital America (b) |
| |||||||||||||||
4,050,000 | 5.700 | 06/26/30 | 4,021,812 | |||||||||||||
Phinia, Inc. (b) |
| |||||||||||||||
1,345,000 | 6.750 | 04/15/29 | 1,349,909 | |||||||||||||
|
|
|||||||||||||||
37,019,520 | ||||||||||||||||
|
||||||||||||||||
Banks 5.9% |
| |||||||||||||||
Absa Group Ltd. (a)(c) (5 yr. CMT + 5.411%) |
| |||||||||||||||
960,000 | 6.375 | 05/27/26 | 926,700 | |||||||||||||
Access Bank PLC (b) |
| |||||||||||||||
900,000 | 6.125 | 09/21/26 | 832,781 | |||||||||||||
Alfa Bank AO Via Alfa Bond Issuance PLC (d)(a) (5 yr. CMT + 4.546%) |
| |||||||||||||||
360,000 | 5.950 | 04/15/30 | | |||||||||||||
Banca Transilvania SA (a)(c) (1 yr. EURIBOR ICE Swap + 5.580%) |
| |||||||||||||||
EUR | 650,000 | 8.875 | 04/27/27 | 731,833 | ||||||||||||
Banco Continental SAECA (a) |
| |||||||||||||||
$ | 1,210,000 | 2.750 | 12/10/25 | 1,138,156 | ||||||||||||
Banco Davivienda SA (a)(c) |
| |||||||||||||||
(10 yr. CMT + 5.097%) |
| |||||||||||||||
420,000 | 6.650 | (b) | 04/22/31 | 293,672 | ||||||||||||
(10 yr. CMT + 5.097%) |
| |||||||||||||||
200,000 | 6.650 | 04/22/31 | 139,844 | |||||||||||||
Banco de Bogota SA |
| |||||||||||||||
740,000 | 6.250 | 05/12/26 | 728,206 | |||||||||||||
Banco de Credito del Peru SA (a)(b) |
| |||||||||||||||
650,000 | 5.850 | 01/11/29 | 642,525 | |||||||||||||
Banco del Estado de Chile (a)(b)(c) (5 yr. CMT + 3.228%) |
| |||||||||||||||
600,000 | 7.950 | 05/02/29 | 604,800 | |||||||||||||
Banco do Brasil SA (a)(c) (10 yr. CMT + 4.398%) |
| |||||||||||||||
670,000 | 8.748 | 10/15/24 | 675,695 | |||||||||||||
Banco Industrial SA (a)(b)(c) (5 yr. CMT + 4.442%) |
| |||||||||||||||
930,000 | 4.875 | 01/29/31 | 892,335 | |||||||||||||
Banco Internacional del Peru SAA Interbank (a)(c) (5 yr. CMT + 3.711%) |
| |||||||||||||||
790,000 | 4.000 | 07/08/30 | 757,906 | |||||||||||||
|
The accompanying notes are an integral part of these financial statements. | 11 |
GOLDMAN SACHS INCOME BUILDER FUND
Schedule of Investments (continued)
April 30, 2024 (Unaudited)
|
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
Corporate Obligations (continued) |
| |||||||||||||||
Banks (continued) |
| |||||||||||||||
Banco Mercantil del Norte SA (a)(c) |
| |||||||||||||||
(5 yr. CMT + 4.643%) |
| |||||||||||||||
$ | 340,000 | 5.875 | %(b) | 01/24/27 | $ | 317,900 | ||||||||||
(5 yr. CMT + 4.643%) |
| |||||||||||||||
460,000 | 5.875 | 01/24/27 | 430,100 | |||||||||||||
(5 yr. CMT + 4.967%) |
| |||||||||||||||
690,000 | 6.750 | 09/27/24 | 684,480 | |||||||||||||
Banco Santander SA |
| |||||||||||||||
2,000,000 | 3.490 | 05/28/30 | 1,759,520 | |||||||||||||
(1 yr. CMT + 1.600%) |
| |||||||||||||||
3,600,000 | 3.225 | (a)(c) | 11/22/32 | 2,910,528 | ||||||||||||
Bank Hapoalim BM (a)(c) (5 yr. CMT + 2.155%) |
| |||||||||||||||
540,000 | 3.255 | 01/21/32 | 481,781 | |||||||||||||
Bank Leumi Le-Israel BM (a)(c) (5 yr. CMT + 1.631%) |
| |||||||||||||||
520,000 | 3.275 | 01/29/31 | 480,350 | |||||||||||||
Bank of America Corp. (a)(c) |
| |||||||||||||||
(3 mo. USD Term SOFR + 4.160%) |
| |||||||||||||||
4,000,000 | 6.100 | 03/17/25 | 3,991,560 | |||||||||||||
(Secured Overnight Financing Rate + 1.630%) |
| |||||||||||||||
1,760,000 | 5.202 | 04/25/29 | 1,733,406 | |||||||||||||
Bank of New York Mellon Corp. (a)(c) (5 yr. CMT + 4.358%) |
| |||||||||||||||
2,000,000 | 4.700 | 09/20/25 | 1,955,580 | |||||||||||||
Barclays PLC (a)(c) |
| |||||||||||||||
(1 yr. CMT + 3.000%) |
| |||||||||||||||
4,810,000 | 5.746 | 08/09/33 | 4,695,570 | |||||||||||||
(5 yr. CMT + 5.431%) |
| |||||||||||||||
4,800,000 | 8.000 | 03/15/29 | 4,722,240 | |||||||||||||
BNP Paribas SA (b) |
| |||||||||||||||
2,700,000 | 4.375 | 05/12/26 | 2,615,544 | |||||||||||||
(5 yr. CMT + 4.354%) |
| |||||||||||||||
3,000,000 | 8.500 | (a)(c) | 08/14/28 | 3,099,750 | ||||||||||||
BPCE SA (b) |
| |||||||||||||||
4,150,000 | 4.625 | 09/12/28 | 3,994,209 | |||||||||||||
(Secured Overnight Financing Rate + 1.730%) |
| |||||||||||||||
2,100,000 | 3.116 | (a)(c) | 10/19/32 | 1,686,825 | ||||||||||||
Citigroup, Inc. (a)(c) |
| |||||||||||||||
(3 mo. USD Term SOFR + 3.728%) |
| |||||||||||||||
1,250,000 | 9.035 | 05/15/24 | 1,251,238 | |||||||||||||
(3 mo. USD Term SOFR + 4.779%) |
| |||||||||||||||
1,890,000 | 6.250 | 08/15/26 | 1,881,438 | |||||||||||||
(5 yr. CMT + 3.209%) |
| |||||||||||||||
3,000,000 | 7.375 | 05/15/28 | 3,067,890 | |||||||||||||
(5 yr. CMT + 3.211%) |
| |||||||||||||||
2,147,000 | 7.625 | 11/15/28 | 2,218,388 | |||||||||||||
(5 yr. CMT + 3.597%) |
| |||||||||||||||
1,000,000 | 4.000 | 12/10/25 | 954,700 | |||||||||||||
(Secured Overnight Financing Rate + 1.351%) |
| |||||||||||||||
3,325,000 | 3.057 | 01/25/33 | 2,753,699 | |||||||||||||
(Secured Overnight Financing Rate + 3.914%) |
| |||||||||||||||
900,000 | 4.412 | 03/31/31 | 839,277 | |||||||||||||
Comerica, Inc. (a)(c) (5 yr. CMT + 5.291%) |
| |||||||||||||||
1,000,000 | 5.625 | 07/01/25 | 961,450 | |||||||||||||
Credit Bank of Moscow Via CBOM Finance PLC (d) |
| |||||||||||||||
260,000 | 4.700 | (b) | 01/29/25 | | ||||||||||||
|
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
Corporate Obligations (continued) |
| |||||||||||||||
Banks (continued) |
| |||||||||||||||
(5 yr. USD Swap + 5.416%) |
| |||||||||||||||
$ | 280,000 | 7.500 | %(a) | 10/05/27 | $ | | ||||||||||
Deutsche Bank AG (a)(c) (5 yr. CMT + 4.524%) |
| |||||||||||||||
800,000 | 6.000 | 10/30/25 | 741,448 | |||||||||||||
Fifth Third Bancorp (a)(c) (5 yr. CMT + 4.215%) |
| |||||||||||||||
1,000,000 | 4.500 | 09/30/25 | 953,850 | |||||||||||||
First Bank of Nigeria Ltd. Via FBN Finance Co. BV (b) |
| |||||||||||||||
200,000 | 8.625 | 10/27/25 | 196,875 | |||||||||||||
Freedom Mortgage Corp. (a)(b) |
| |||||||||||||||
1,122,000 | 7.625 | 05/01/26 | 1,117,355 | |||||||||||||
2,610,000 | 6.625 | 01/15/27 | 2,511,942 | |||||||||||||
Grupo Aval Ltd. (a) |
| |||||||||||||||
1,410,000 | 4.375 | 02/04/30 | 1,170,300 | |||||||||||||
Huntington Bancshares, Inc. (a)(c) (7 yr. CMT + 4.045%) |
| |||||||||||||||
1,000,000 | 4.450 | 10/15/27 | 896,690 | |||||||||||||
ING Groep NV (a)(c) (5 yr. USD Swap + 4.446%) |
| |||||||||||||||
3,000,000 | 6.500 | 04/16/25 | 2,947,050 | |||||||||||||
Intesa Sanpaolo SpA (b) |
| |||||||||||||||
8,000,000 | 5.017 | 06/26/24 | 7,979,520 | |||||||||||||
Ipoteka-Bank ATIB |
| |||||||||||||||
710,000 | 5.500 | 11/19/25 | 683,153 | |||||||||||||
Itau Unibanco Holding SA (a)(c) (5 yr. CMT + 3.981%) |
| |||||||||||||||
500,000 | 7.721 | 06/12/24 | 497,188 | |||||||||||||
JPMorgan Chase & Co. (a)(c) |
| |||||||||||||||
(3 mo. USD Term SOFR + 2.515%) |
| |||||||||||||||
2,666,000 | 2.956 | 05/13/31 | 2,279,697 | |||||||||||||
(5 yr. CMT + 2.737%) |
| |||||||||||||||
2,742,000 | 6.875 | 06/01/29 | 2,810,523 | |||||||||||||
Macquarie Group Ltd. (a)(b)(c) (3 mo. USD LIBOR + 1.372%) |
| |||||||||||||||
3,650,000 | 3.763 | 11/28/28 | 3,402,603 | |||||||||||||
Morgan Stanley (a)(c) |
| |||||||||||||||
2,500,000 | 5.875 | 09/15/26 | 2,365,275 | |||||||||||||
(Secured Overnight Financing Rate + 1.290%) |
| |||||||||||||||
1,950,000 | 2.943 | 01/21/33 | 1,608,204 | |||||||||||||
NBK Tier 1 Financing 2 Ltd. (a)(c) (6 yr. CMT + 2.832%) |
| |||||||||||||||
790,000 | 4.500 | 08/27/25 | 759,881 | |||||||||||||
OTP Bank Nyrt (a)(c) (3 mo. EUR Euribor + 4.265%) |
| |||||||||||||||
EUR | 780,000 | 5.500 | 07/13/25 | 831,110 | ||||||||||||
PNC Financial Services Group, Inc. (a)(c) |
| |||||||||||||||
(5 yr. CMT + 3.000%) |
| |||||||||||||||
$ | 2,000,000 | 6.000 | 05/15/27 | 1,928,540 | ||||||||||||
(5 yr. CMT + 3.238%) |
| |||||||||||||||
3,000,000 | 6.200 | 09/15/27 | 2,941,770 | |||||||||||||
(7 yr. CMT + 2.808%) |
| |||||||||||||||
2,000,000 | 6.250 | 03/15/30 | 1,884,820 | |||||||||||||
Regions Financial Corp. (a)(c) (5 yr. CMT + 5.430%) |
| |||||||||||||||
1,000,000 | 5.750 | 06/15/25 | 979,550 | |||||||||||||
Royal Bank of Canada (a)(c) (5 yr. CMT + 2.887%) |
| |||||||||||||||
3,315,000 | 7.500 | 05/02/84 | 3,316,392 | |||||||||||||
Standard Chartered PLC (a)(b)(c) (5 yr. CMT + 3.805%) |
| |||||||||||||||
4,255,000 | 4.750 | 01/14/31 | 3,408,638 | |||||||||||||
Toronto-Dominion Bank (a)(c) (5 yr. CMT + 4.075%) |
| |||||||||||||||
2,000,000 | 8.125 | 10/31/82 | 2,058,560 | |||||||||||||
|
12 | 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) |
| |||||||||||||||
Truist Financial Corp. (a)(c) |
| |||||||||||||||
(10 yr. CMT + 4.349%) |
| |||||||||||||||
$ | 2,237,000 | 5.100 | % | 03/01/30 | $ | 2,028,601 | ||||||||||
(5 yr. CMT + 4.605%) |
| |||||||||||||||
1,000,000 | 4.950 | 09/01/25 | 972,760 | |||||||||||||
(Secured Overnight Financing Rate + 2.050%) |
| |||||||||||||||
1,360,000 | 6.047 | 06/08/27 | 1,366,786 | |||||||||||||
Turkiye Garanti Bankasi AS (a)(b)(c) (5 yr. CMT + 4.090%) |
| |||||||||||||||
510,000 | 8.375 | 02/28/34 | 506,653 | |||||||||||||
U.S. Bancorp (a)(c) (5 yr. CMT + 2.541%) |
| |||||||||||||||
1,000,000 | 3.700 | 01/15/27 | 858,500 | |||||||||||||
UBS Group AG (a) |
| |||||||||||||||
1,726,000 | 4.282 | (b) | 01/09/28 | 1,638,354 | ||||||||||||
(5 yr. CMT + 3.098%) |
| |||||||||||||||
4,801,000 | 3.875 | (b)(c) | 06/02/26 | 4,334,919 | ||||||||||||
(5 yr. CMT + 4.745%) |
| |||||||||||||||
5,590,000 | 9.250 | (b)(c) | 11/13/28 | 5,969,952 | ||||||||||||
(5 yr. USD Swap + 4.590%) |
| |||||||||||||||
4,000,000 | 6.875 | (c) | 08/07/25 | 3,935,040 | ||||||||||||
UniCredit SpA (a)(b)(c) (5 yr. CMT + 4.750%) |
| |||||||||||||||
1,525,000 | 5.459 | 06/30/35 | 1,401,795 | |||||||||||||
United Bank for Africa PLC |
| |||||||||||||||
200,000 | 6.750 | 11/19/26 | 190,563 | |||||||||||||
Uzbek Industrial & Construction Bank ATB |
| |||||||||||||||
850,000 | 5.750 | 12/02/24 | 835,125 | |||||||||||||
Wells Fargo & Co. (a)(c) |
| |||||||||||||||
(5 yr. CMT + 3.453%) |
| |||||||||||||||
1,000,000 | 3.900 | 03/15/26 | 947,350 | |||||||||||||
(5 yr. CMT + 3.606%) |
| |||||||||||||||
1,000,000 | 7.625 | 09/15/28 | 1,044,230 | |||||||||||||
Yapi ve Kredi Bankasi AS (b) |
| |||||||||||||||
510,000 | 9.250 | 10/16/28 | 540,600 | |||||||||||||
(5 yr. CMT + 5.278%) |
| |||||||||||||||
450,000 | 9.250 | (a)(c) | 01/17/34 | 460,828 | ||||||||||||
(5 yr. CMT + 5.499%) |
| |||||||||||||||
470,000 | 9.743 | (a)(c) | 04/04/29 | 468,238 | ||||||||||||
|
|
|||||||||||||||
135,623,104 | ||||||||||||||||
|
||||||||||||||||
Beverages(a) 0.9% |
| |||||||||||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS |
| |||||||||||||||
420,000 | 3.375 | (b) | 06/29/28 | 364,219 | ||||||||||||
950,000 | 3.375 | 06/29/28 | 823,828 | |||||||||||||
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. |
| |||||||||||||||
8,050,000 | 4.700 | 02/01/36 | 7,494,791 | |||||||||||||
Becle SAB de CV |
| |||||||||||||||
610,000 | 2.500 | 10/14/31 | 471,034 | |||||||||||||
Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL (b) |
| |||||||||||||||
680,000 | 5.250 | 04/27/29 | 632,597 | |||||||||||||
Constellation Brands, Inc. |
| |||||||||||||||
2,275,000 | 2.875 | 05/01/30 | 1,962,916 | |||||||||||||
3,975,000 | 2.250 | 08/01/31 | 3,180,954 | |||||||||||||
Keurig Dr Pepper, Inc. |
| |||||||||||||||
1,055,000 | 3.200 | 05/01/30 | 933,453 | |||||||||||||
|
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
Corporate Obligations (continued) |
| |||||||||||||||
Beverages(a) (continued) |
| |||||||||||||||
$ | 5,375,000 | 4.050 | % | 04/15/32 | $ | 4,883,779 | ||||||||||
308,000 | 3.800 | 05/01/50 | 224,680 | |||||||||||||
|
|
|||||||||||||||
20,972,251 | ||||||||||||||||
|
||||||||||||||||
Building Materials(a) 0.6% |
| |||||||||||||||
Builders FirstSource, Inc. (b) |
| |||||||||||||||
1,800,000 | 5.000 | 03/01/30 | 1,682,676 | |||||||||||||
Cemex SAB de CV (c) |
| |||||||||||||||
(5 yr. CMT + 4.534%) |
| |||||||||||||||
800,000 | 5.125 | (b) | 06/08/26 | 767,640 | ||||||||||||
(5 yr. CMT + 4.534%) |
| |||||||||||||||
460,000 | 5.125 | 06/08/26 | 441,393 | |||||||||||||
(5 yr. CMT + 5.157%) |
| |||||||||||||||
590,000 | 9.125 | (b) | 03/14/28 | 631,716 | ||||||||||||
CP Atlas Buyer, Inc. (b) |
| |||||||||||||||
2,160,000 | 7.000 | 12/01/28 | 1,946,419 | |||||||||||||
GCC SAB de CV (b) |
| |||||||||||||||
860,000 | 3.614 | 04/20/32 | 721,876 | |||||||||||||
Masonite International Corp. (b) |
| |||||||||||||||
2,075,000 | 5.375 | 02/01/28 | 2,076,639 | |||||||||||||
Sisecam U.K. PLC (b) |
| |||||||||||||||
400,000 | 8.625 | 05/02/32 | 405,500 | |||||||||||||
Standard Industries, Inc. (b) |
| |||||||||||||||
1,880,000 | 4.375 | 07/15/30 | 1,665,774 | |||||||||||||
4,054,000 | 3.375 | 01/15/31 | 3,338,104 | |||||||||||||
|
|
|||||||||||||||
13,677,737 | ||||||||||||||||
|
||||||||||||||||
Chemicals(a) 1.1% |
| |||||||||||||||
Ashland, Inc. (b) |
| |||||||||||||||
3,225,000 | 3.375 | 09/01/31 | 2,679,136 | |||||||||||||
ASP Unifrax Holdings, Inc. (b) |
| |||||||||||||||
775,000 | 5.250 | 09/30/28 | 491,892 | |||||||||||||
Avient Corp. (b) |
| |||||||||||||||
1,725,000 | 7.125 | 08/01/30 | 1,747,063 | |||||||||||||
Axalta Coating Systems LLC (b) |
| |||||||||||||||
3,100,000 | 3.375 | 02/15/29 | 2,727,814 | |||||||||||||
Braskem Netherlands Finance BV (c) (5 yr. CMT + 8.220%) |
| |||||||||||||||
480,000 | 8.500 | 01/23/81 | 469,950 | |||||||||||||
Chemours Co. (b) |
| |||||||||||||||
4,560,000 | 4.625 | 11/15/29 | 3,909,562 | |||||||||||||
Huntsman International LLC |
| |||||||||||||||
2,104,000 | 4.500 | 05/01/29 | 1,962,822 | |||||||||||||
Ingevity Corp. (b) |
| |||||||||||||||
1,305,000 | 3.875 | 11/01/28 | 1,162,638 | |||||||||||||
Minerals Technologies, Inc. (b) |
| |||||||||||||||
1,695,000 | 5.000 | 07/01/28 | 1,614,742 | |||||||||||||
OCP SA |
| |||||||||||||||
960,000 | 5.125 | 06/23/51 | 694,800 | |||||||||||||
Olympus Water U.S. Holding Corp. (b) |
| |||||||||||||||
2,500,000 | 9.750 | 11/15/28 | 2,655,025 | |||||||||||||
Sasol Financing USA LLC |
| |||||||||||||||
280,000 | 4.375 | 09/18/26 | 263,900 | |||||||||||||
890,000 | 5.500 | 03/18/31 | 740,091 | |||||||||||||
SNF Group SACA (b) |
| |||||||||||||||
740,000 | 3.125 | 03/15/27 | 681,399 | |||||||||||||
|
The accompanying notes are an integral part of these financial statements. | 13 |
GOLDMAN SACHS INCOME BUILDER FUND
Schedule of Investments (continued)
April 30, 2024 (Unaudited)
|
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
Corporate Obligations (continued) |
| |||||||||||||||
Chemicals(a) (continued) |
| |||||||||||||||
$ | 925,000 | 3.375 | % | 03/15/30 | $ | 795,657 | ||||||||||
Valvoline, Inc. (b) |
| |||||||||||||||
885,000 | 3.625 | 06/15/31 | 746,338 | |||||||||||||
WR Grace Holdings LLC (b) |
| |||||||||||||||
1,855,000 | 5.625 | 08/15/29 | 1,663,471 | |||||||||||||
|
|
|||||||||||||||
25,006,300 | ||||||||||||||||
|
||||||||||||||||
Commercial Services(a) 1.7% |
| |||||||||||||||
ADT Security Corp. (b) |
| |||||||||||||||
4,387,000 | 4.125 | 08/01/29 | 3,963,654 | |||||||||||||
Allied Universal Holdco LLC/Allied Universal Finance Corp. (b) |
| |||||||||||||||
1,050,000 | 6.625 | 07/15/26 | 1,047,932 | |||||||||||||
APi Group DE, Inc. (b) |
| |||||||||||||||
5,193,000 | 4.125 | 07/15/29 | 4,575,812 | |||||||||||||
575,000 | 4.750 | 10/15/29 | 523,020 | |||||||||||||
APX Group, Inc. (b) |
| |||||||||||||||
4,286,000 | 5.750 | 07/15/29 | 3,980,923 | |||||||||||||
Bidvest Group U.K. PLC (b) |
| |||||||||||||||
1,260,000 | 3.625 | 09/23/26 | 1,163,137 | |||||||||||||
Garda World Security Corp. (b) |
| |||||||||||||||
900,000 | 7.750 | 02/15/28 | 909,936 | |||||||||||||
HealthEquity, Inc. (b) |
| |||||||||||||||
1,058,000 | 4.500 | 10/01/29 | 965,404 | |||||||||||||
Limak Iskenderun Uluslararasi Liman Isletmeciligi AS (b) |
| |||||||||||||||
890,953 | 9.500 | 07/10/36 | 822,183 | |||||||||||||
Mavis Tire Express Services Topco Corp. (b) |
| |||||||||||||||
2,621,000 | 6.500 | 05/15/29 | 2,429,248 | |||||||||||||
Mersin Uluslararasi Liman Isletmeciligi AS (b) |
| |||||||||||||||
1,660,000 | 8.250 | 11/15/28 | 1,706,015 | |||||||||||||
NESCO Holdings II, Inc. (b) |
| |||||||||||||||
3,083,000 | 5.500 | 04/15/29 | 2,876,347 | |||||||||||||
Techem Verwaltungsgesellschaft 674 GmbH |
| |||||||||||||||
EUR | 668,191 | 6.000 | 07/30/26 | 713,093 | ||||||||||||
Verisure Holding AB (b) |
| |||||||||||||||
725,000 | 3.250 | 02/15/27 | 742,857 | |||||||||||||
2,133,000 | 5.500 | 05/15/30 | 2,280,800 | |||||||||||||
Verisure Midholding AB |
| |||||||||||||||
800,000 | 5.250 | (b) | 02/15/29 | 822,223 | ||||||||||||
1,450,000 | 5.250 | 02/15/29 | 1,490,278 | |||||||||||||
VT Topco, Inc. (b) |
| |||||||||||||||
$ | 5,282,000 | 8.500 | 08/15/30 | 5,468,032 | ||||||||||||
Wand NewCo 3, Inc. (b) |
| |||||||||||||||
2,944,000 | 7.625 | 01/30/32 | 2,999,229 | |||||||||||||
|
|
|||||||||||||||
39,480,123 | ||||||||||||||||
|
||||||||||||||||
Computers(a) 0.7% |
| |||||||||||||||
Booz Allen Hamilton, Inc. (b) |
| |||||||||||||||
2,513,000 | 3.875 | 09/01/28 | 2,328,294 | |||||||||||||
Dell International LLC/EMC Corp. |
| |||||||||||||||
2,475,000 | 5.300 | 10/01/29 | 2,448,963 | |||||||||||||
2,699,000 | 8.100 | 07/15/36 | 3,145,523 | |||||||||||||
Hewlett Packard Enterprise Co. |
| |||||||||||||||
2,730,000 | 6.200 | 10/15/35 | 2,807,095 | |||||||||||||
KBR, Inc. (b) |
| |||||||||||||||
1,161,000 | 4.750 | 09/30/28 | 1,083,259 | |||||||||||||
|
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
Corporate Obligations (continued) |
| |||||||||||||||
Computers(a) (continued) |
| |||||||||||||||
McAfee Corp. (b) |
| |||||||||||||||
$ | 3,435,000 | 7.375 | % | 02/15/30 | $ | 3,185,585 | ||||||||||
Virtusa Corp. (b) |
| |||||||||||||||
2,371,000 | 7.125 | 12/15/28 | 2,130,960 | |||||||||||||
|
|
|||||||||||||||
17,129,679 | ||||||||||||||||
|
||||||||||||||||
Distribution & Wholesale(a)(b) 0.2% |
| |||||||||||||||
American Builders & Contractors Supply Co., Inc. |
| |||||||||||||||
2,760,000 | 3.875 | 11/15/29 | 2,419,195 | |||||||||||||
BCPE Empire Holdings, Inc. |
| |||||||||||||||
2,436,000 | 7.625 | 05/01/27 | 2,375,100 | |||||||||||||
|
|
|||||||||||||||
4,794,295 | ||||||||||||||||
|
||||||||||||||||
Diversified Financial Services 2.6% |
| |||||||||||||||
AerCap Holdings NV (a)(c) (5 yr. CMT + 4.535%) |
| |||||||||||||||
1,825,000 | 5.875 | 10/10/79 | 1,806,987 | |||||||||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (a) |
| |||||||||||||||
3,625,000 | 3.000 | 10/29/28 | 3,233,464 | |||||||||||||
AG TTMT Escrow Issuer LLC (a)(b) |
| |||||||||||||||
1,025,000 | 8.625 | 09/30/27 | 1,055,760 | |||||||||||||
Air Lease Corp. (a) |
| |||||||||||||||
2,750,000 | 3.750 | 06/01/26 | 2,639,147 | |||||||||||||
Ally Financial, Inc. |
| |||||||||||||||
4,000,000 | 8.000 | 11/01/31 | 4,332,880 | |||||||||||||
(7 yr. CMT + 3.481%) |
| |||||||||||||||
3,415,000 | 4.700 | (a)(c) | 05/15/28 | 2,642,698 | ||||||||||||
American Express Co. (a)(c) (5 yr. CMT + 2.854%) |
| |||||||||||||||
1,000,000 | 3.550 | 09/15/26 | 912,670 | |||||||||||||
Aviation Capital Group LLC (a)(b) |
| |||||||||||||||
800,000 | 1.950 | 01/30/26 | 745,488 | |||||||||||||
Avolon Holdings Funding Ltd. (a)(b) |
| |||||||||||||||
1,300,000 | 3.250 | 02/15/27 | 1,197,794 | |||||||||||||
1,927,000 | 2.528 | 11/18/27 | 1,699,672 | |||||||||||||
Castlelake Aviation Finance DAC (a)(b) |
| |||||||||||||||
2,420,000 | 5.000 | 04/15/27 | 2,328,403 | |||||||||||||
Charles Schwab Corp. (a)(c) |
| |||||||||||||||
(5 yr. CMT + 3.168%) |
| |||||||||||||||
2,875,000 | 4.000 | 06/01/26 | 2,649,859 | |||||||||||||
(5 yr. CMT + 4.971%) |
| |||||||||||||||
2,250,000 | 5.375 | 06/01/25 | 2,223,765 | |||||||||||||
Discover Financial Services (a)(c) (5 yr. CMT + 5.783%) |
| |||||||||||||||
1,000,000 | 6.125 | 06/23/25 | 999,360 | |||||||||||||
Global Aircraft Leasing Co. Ltd. (a)(b)(e) (PIK 7.250%, Cash 6.500%) |
| |||||||||||||||
2,017,883 | 6.500 | 09/15/24 | 1,907,121 | |||||||||||||
Intercorp Financial Services, Inc. (a) |
| |||||||||||||||
340,000 | 4.125 | 10/19/27 | 311,100 | |||||||||||||
Jefferies Finance LLC/JFIN Co.-Issuer Corp. (a)(b) |
| |||||||||||||||
3,829,000 | 5.000 | 08/15/28 | 3,445,258 | |||||||||||||
Macquarie Airfinance Holdings Ltd. (a)(b) |
| |||||||||||||||
355,000 | 6.400 | 03/26/29 | 354,240 | |||||||||||||
1,950,000 | 8.125 | 03/30/29 | 2,042,430 | |||||||||||||
Midcap Financial Issuer Trust (a)(b) |
| |||||||||||||||
2,567,000 | 6.500 | 05/01/28 | 2,323,751 | |||||||||||||
810,000 | 5.625 | 01/15/30 | 680,910 | |||||||||||||
|
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) |
| |||||||||||||||
Diversified Financial Services (continued) |
| |||||||||||||||
Nationstar Mortgage Holdings, Inc. (a)(b) |
| |||||||||||||||
$ | 2,651,000 | 5.500 | % | 08/15/28 | $ | 2,493,345 | ||||||||||
Navient Corp. (a) |
| |||||||||||||||
2,388,000 | 5.500 | 03/15/29 | 2,140,269 | |||||||||||||
1,715,000 | 9.375 | 07/25/30 | 1,766,707 | |||||||||||||
OneMain Finance Corp. |
| |||||||||||||||
1,602,000 | 7.125 | 03/15/26 | 1,616,867 | |||||||||||||
1,643,000 | 4.000 | (a) | 09/15/30 | 1,383,094 | ||||||||||||
Oxford Finance LLC/Oxford Finance Co.-Issuer II, Inc. (a)(b) |
| |||||||||||||||
1,365,000 | 6.375 | 02/01/27 | 1,278,800 | |||||||||||||
Raymond James Financial, Inc. (a) |
| |||||||||||||||
900,000 | 4.650 | 04/01/30 | 867,375 | |||||||||||||
Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc. (a)(b) |
| |||||||||||||||
2,305,000 | 2.875 | 10/15/26 | 2,117,742 | |||||||||||||
2,390,000 | 4.000 | 10/15/33 | 1,951,005 | |||||||||||||
StoneX Group, Inc. (a)(b) |
| |||||||||||||||
1,785,000 | 7.875 | 03/01/31 | 1,805,206 | |||||||||||||
United Wholesale Mortgage LLC (a)(b) |
| |||||||||||||||
3,195,000 | 5.500 | 04/15/29 | 2,970,264 | |||||||||||||
Universe Trek Ltd. (f)(g) |
| |||||||||||||||
400,000 | 0.000 | 06/15/26 | 420,200 | |||||||||||||
|
|
|||||||||||||||
60,343,631 | ||||||||||||||||
|
||||||||||||||||
Electrical 1.0% |
| |||||||||||||||
Adani Electricity Mumbai Ltd. |
| |||||||||||||||
410,000 | 3.949 | 02/12/30 | 338,763 | |||||||||||||
AES Panama Generation Holdings SRL (a) |
| |||||||||||||||
1,414,216 | 4.375 | 05/31/30 | 1,185,806 | |||||||||||||
Calpine Corp. (a)(b) |
| |||||||||||||||
4,215,000 | 3.750 | 03/01/31 | 3,650,864 | |||||||||||||
Cikarang Listrindo Tbk. PT (a) |
| |||||||||||||||
200,000 | 4.950 | 09/14/26 | 191,500 | |||||||||||||
Energuate Trust (a)(b) |
| |||||||||||||||
470,000 | 5.875 | 05/03/27 | 445,031 | |||||||||||||
EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA (a) |
| |||||||||||||||
200,000 | 5.375 | 12/30/30 | 162,398 | |||||||||||||
Eskom Holdings SOC Ltd. |
| |||||||||||||||
430,000 | 7.125 | 02/11/25 | 427,313 | |||||||||||||
220,000 | 6.350 | (h) | 08/10/28 | 207,900 | ||||||||||||
458,000 | 8.450 | 08/10/28 | 450,558 | |||||||||||||
Inkia Energy Ltd. (a) |
| |||||||||||||||
400,000 | 5.875 | 11/09/27 | 388,368 | |||||||||||||
Lamar Funding Ltd. |
| |||||||||||||||
470,000 | 3.958 | 05/07/25 | 458,175 | |||||||||||||
LLPL Capital Pte. Ltd. |
| |||||||||||||||
356,132 | 6.875 | 02/04/39 | 343,445 | |||||||||||||
Minejesa Capital BV |
| |||||||||||||||
241,748 | 4.625 | 08/10/30 | 225,154 | |||||||||||||
Mong Duong Finance Holdings BV (a) |
| |||||||||||||||
488,814 | 5.125 | 05/07/29 | 466,206 | |||||||||||||
National Central Cooling Co. PJSC |
| |||||||||||||||
820,000 | 2.500 | 10/21/27 | 733,131 | |||||||||||||
NextEra Energy Operating Partners LP (a)(b) |
| |||||||||||||||
2,025,000 | 7.250 | 01/15/29 | 2,053,087 | |||||||||||||
|
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
Corporate Obligations (continued) |
| |||||||||||||||
Electrical (continued) |
| |||||||||||||||
NRG Energy, Inc. (a) |
| |||||||||||||||
$ | 2,800,000 | 3.750 | %(b) | 06/15/24 | $ | 2,788,604 | ||||||||||
115,000 | 5.750 | 01/15/28 | 113,083 | |||||||||||||
448,000 | 3.375 | (b) | 02/15/29 | 393,375 | ||||||||||||
Pacific Gas & Electric Co. (a) |
| |||||||||||||||
1,470,000 | 3.500 | 08/01/50 | 944,255 | |||||||||||||
Pike Corp. (a)(b) |
| |||||||||||||||
2,420,000 | 5.500 | 09/01/28 | 2,295,467 | |||||||||||||
820,000 | 8.625 | 01/31/31 | 862,074 | |||||||||||||
Sempra (a)(c) (5 yr. CMT + 4.550%) |
| |||||||||||||||
3,335,000 | 4.875 | 10/15/25 | 3,255,760 | |||||||||||||
|
|
|||||||||||||||
22,380,317 | ||||||||||||||||
|
||||||||||||||||
Electrical Components & Equipment(a)(b) 0.1% |
| |||||||||||||||
WESCO Distribution, Inc. |
| |||||||||||||||
1,000,000 | 6.375 | 03/15/29 | 994,340 | |||||||||||||
760,000 | 6.625 | 03/15/32 | 756,238 | |||||||||||||
|
|
|||||||||||||||
1,750,578 | ||||||||||||||||
|
||||||||||||||||
Electronics(a)(b) 0.3% |
| |||||||||||||||
Imola Merger Corp. |
| |||||||||||||||
6,867,000 | 4.750 | 05/15/29 | 6,322,447 | |||||||||||||
TTM Technologies, Inc. |
| |||||||||||||||
799,000 | 4.000 | 03/01/29 | 715,217 | |||||||||||||
|
|
|||||||||||||||
7,037,664 | ||||||||||||||||
|
||||||||||||||||
Energy-Alternate Sources(a) 0.0% |
| |||||||||||||||
Greenko Wind Projects Mauritius Ltd. |
| |||||||||||||||
380,000 | 5.500 | 04/06/25 | 372,875 | |||||||||||||
|
||||||||||||||||
Engineering & Construction(a) 0.7% |
| |||||||||||||||
Aeropuerto Internacional de Tocumen SA |
| |||||||||||||||
1,040,000 | 5.125 | 08/11/61 | 733,850 | |||||||||||||
Aeropuertos Dominicanos Siglo XXI SA |
| |||||||||||||||
1,630,000 | 6.750 | 03/30/29 | 1,636,520 | |||||||||||||
Arcosa, Inc. (b) |
| |||||||||||||||
1,221,000 | 4.375 | 04/15/29 | 1,115,335 | |||||||||||||
ATP Tower Holdings LLC/Andean Tower Partners Colombia SAS/Andean Telecom Partners |
| |||||||||||||||
950,000 | 4.050 | (b) | 04/27/26 | 884,687 | ||||||||||||
200,000 | 4.050 | 04/27/26 | 186,250 | |||||||||||||
Dycom Industries, Inc. (b) |
| |||||||||||||||
2,764,000 | 4.500 | 04/15/29 | 2,542,742 | |||||||||||||
Global Infrastructure Solutions, Inc. (b) |
| |||||||||||||||
4,435,000 | 5.625 | 06/01/29 | 3,988,972 | |||||||||||||
1,390,000 | 7.500 | 04/15/32 | 1,325,921 | |||||||||||||
IHS Holding Ltd. (b) |
| |||||||||||||||
750,000 | 5.625 | 11/29/26 | 691,172 | |||||||||||||
200,000 | 6.250 | 11/29/28 | 172,250 | |||||||||||||
International Airport Finance SA |
| |||||||||||||||
647,611 | 12.000 | 03/15/33 | 686,468 | |||||||||||||
Mexico City Airport Trust |
| |||||||||||||||
490,000 | 3.875 | 04/30/28 | 456,159 | |||||||||||||
320,000 | 5.500 | 10/31/46 | 262,500 | |||||||||||||
|
The accompanying notes are an integral part of these financial statements. | 15 |
GOLDMAN SACHS INCOME BUILDER FUND
Schedule of Investments (continued)
April 30, 2024 (Unaudited)
|
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
Corporate Obligations (continued) |
| |||||||||||||||
Engineering & Construction(a) (continued) |
| |||||||||||||||
$ | 930,000 | 5.500 | % | 07/31/47 | $ | 761,728 | ||||||||||
|
|
|||||||||||||||
15,444,554 | ||||||||||||||||
|
||||||||||||||||
Entertainment(a) 1.3% |
| |||||||||||||||
Boyne USA, Inc. (b) |
| |||||||||||||||
2,706,000 | 4.750 | 05/15/29 | 2,463,326 | |||||||||||||
Cinemark USA, Inc. (b) |
| |||||||||||||||
3,842,000 | 5.250 | 07/15/28 | 3,570,140 | |||||||||||||
Cirsa Finance International SARL (b) |
| |||||||||||||||
EUR | 511,000 | 6.500 | 03/15/29 | 555,990 | ||||||||||||
Light & Wonder International, Inc. (b) |
| |||||||||||||||
$ | 500,000 | 7.000 | 05/15/28 | 501,955 | ||||||||||||
Lions Gate Capital Holdings LLC (b) |
| |||||||||||||||
2,540,000 | 5.500 | 04/15/29 | 1,932,178 | |||||||||||||
Melco Resorts Finance Ltd. (b) |
| |||||||||||||||
1,360,000 | 7.625 | 04/17/32 | 1,332,800 | |||||||||||||
Merlin Entertainments Group U.S. Holdings, Inc. (b) |
| |||||||||||||||
1,405,000 | 7.375 | 02/15/31 | 1,411,140 | |||||||||||||
Motion Bondco DAC (b) |
| |||||||||||||||
3,250,000 | 6.625 | 11/15/27 | 3,133,487 | |||||||||||||
Penn Entertainment, Inc. (b) |
| |||||||||||||||
3,067,000 | 4.125 | 07/01/29 | 2,567,355 | |||||||||||||
Resorts World Las Vegas LLC/RWLV Capital, Inc. (b) |
| |||||||||||||||
300,000 | 8.450 | 07/27/30 | 314,427 | |||||||||||||
SeaWorld Parks & Entertainment, Inc. (b) |
| |||||||||||||||
4,880,000 | 5.250 | 08/15/29 | 4,497,750 | |||||||||||||
Six Flags Entertainment Corp. (b) |
| |||||||||||||||
1,854,000 | 5.500 | 04/15/27 | 1,789,963 | |||||||||||||
Warnermedia Holdings, Inc. |
| |||||||||||||||
2,300,000 | 4.054 | 03/15/29 | 2,097,439 | |||||||||||||
4,775,000 | 4.279 | 03/15/32 | 4,116,193 | |||||||||||||
|
|
|||||||||||||||
30,284,143 | ||||||||||||||||
|
||||||||||||||||
Environmental(a) 0.6% |
| |||||||||||||||
Covanta Holding Corp. |
| |||||||||||||||
670,000 | 5.000 | 09/01/30 | 581,734 | |||||||||||||
GFL Environmental, Inc. (b) |
| |||||||||||||||
6,980,000 | 4.000 | 08/01/28 | 6,335,816 | |||||||||||||
Madison IAQ LLC (b) |
| |||||||||||||||
4,294,000 | 4.125 | 06/30/28 | 3,982,599 | |||||||||||||
485,000 | 5.875 | 06/30/29 | 450,347 | |||||||||||||
Republic Services, Inc. |
| |||||||||||||||
2,065,000 | 2.375 | 03/15/33 | 1,623,544 | |||||||||||||
|
|
|||||||||||||||
12,974,040 | ||||||||||||||||
|
||||||||||||||||
Food & Drug Retailing 1.1% |
| |||||||||||||||
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC (a)(b) |
| |||||||||||||||
2,595,000 | 4.625 | 01/15/27 | 2,479,211 | |||||||||||||
1,995,000 | 5.875 | 02/15/28 | 1,953,903 | |||||||||||||
502,000 | 4.875 | 02/15/30 | 468,000 | |||||||||||||
Bellis Acquisition Co. PLC (a)(b) |
| |||||||||||||||
GBP | 475,000 | 3.250 | 02/16/26 | 583,915 | ||||||||||||
BRF GmbH |
| |||||||||||||||
$ | 317,000 | 4.350 | 09/29/26 | 300,357 | ||||||||||||
|
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
Corporate Obligations (continued) |
| |||||||||||||||
Food & Drug Retailing (continued) |
| |||||||||||||||
H-Food Holdings LLC/Hearthside Finance Co., Inc. (a)(b) |
| |||||||||||||||
$ | 2,820,000 | 8.500 | % | 06/01/26 | $ | 201,743 | ||||||||||
Kraft Heinz Foods Co. (a) |
| |||||||||||||||
2,303,000 | 5.000 | 07/15/35 | 2,192,986 | |||||||||||||
2,592,000 | 4.375 | 06/01/46 | 2,078,240 | |||||||||||||
Performance Food Group, Inc. (a)(b) |
| |||||||||||||||
1,150,000 | 5.500 | 10/15/27 | 1,113,407 | |||||||||||||
Post Holdings, Inc. (a)(b) |
| |||||||||||||||
5,984,000 | 4.625 | 04/15/30 | 5,400,739 | |||||||||||||
Sysco Corp. (a) |
| |||||||||||||||
5,975,000 | 5.950 | 04/01/30 | 6,102,387 | |||||||||||||
U.S. Foods, Inc. (a)(b) |
| |||||||||||||||
2,690,000 | 4.750 | 02/15/29 | 2,510,927 | |||||||||||||
1,020,000 | 4.625 | 06/01/30 | 928,771 | |||||||||||||
|
|
|||||||||||||||
26,314,586 | ||||||||||||||||
|
||||||||||||||||
Forest Products & Paper(a)(b) 0.0% |
| |||||||||||||||
Inversiones CMPC SA |
| |||||||||||||||
200,000 | 6.125 | 06/23/33 | 198,362 | |||||||||||||
310,000 | 6.125 | 02/26/34 | 305,350 | |||||||||||||
|
|
|||||||||||||||
503,712 | ||||||||||||||||
|
||||||||||||||||
Gaming(a) 0.1% |
| |||||||||||||||
Melco Resorts Finance Ltd. |
| |||||||||||||||
630,000 | 5.625 | 07/17/27 | 594,562 | |||||||||||||
MGM Resorts International |
| |||||||||||||||
1,832,000 | 4.750 | 10/15/28 | 1,705,794 | |||||||||||||
|
|
|||||||||||||||
2,300,356 | ||||||||||||||||
|
||||||||||||||||
Hand/Machine Tools(a)(b) 0.1% |
| |||||||||||||||
Regal Rexnord Corp. |
| |||||||||||||||
2,020,000 | 6.300 | 02/15/30 | 2,030,787 | |||||||||||||
|
||||||||||||||||
Healthcare Providers & Services(a) 1.2% |
| |||||||||||||||
CAB SELAS (b) |
| |||||||||||||||
EUR | 1,175,000 | 3.375 | 02/01/28 | 1,097,780 | ||||||||||||
Catalent Pharma Solutions, Inc. (b) |
| |||||||||||||||
$ | 1,005,000 | 3.125 | 02/15/29 | 959,976 | ||||||||||||
603,000 | 3.500 | 04/01/30 | 573,881 | |||||||||||||
Chrome Holdco SAS (b) |
| |||||||||||||||
EUR | 2,100,000 | 5.000 | 05/31/29 | 1,432,054 | ||||||||||||
DaVita, Inc. (b) |
| |||||||||||||||
$ | 7,070,000 | 3.750 | 02/15/31 | 5,821,933 | ||||||||||||
Encompass Health Corp. |
| |||||||||||||||
1,200,000 | 4.500 | 02/01/28 | 1,125,300 | |||||||||||||
LifePoint Health, Inc. (b) |
| |||||||||||||||
4,595,000 | 5.375 | 01/15/29 | 3,673,565 | |||||||||||||
Medline Borrower LP (b) |
| |||||||||||||||
3,270,000 | 3.875 | 04/01/29 | 2,927,467 | |||||||||||||
2,285,000 | 5.250 | 10/01/29 | 2,127,723 | |||||||||||||
Molina Healthcare, Inc. (b) |
| |||||||||||||||
1,893,000 | 3.875 | 05/15/32 | 1,583,930 | |||||||||||||
Select Medical Corp. (b) |
| |||||||||||||||
1,700,000 | 6.250 | 08/15/26 | 1,700,272 | |||||||||||||
Tenet Healthcare Corp. |
| |||||||||||||||
2,000,000 | 6.250 | 02/01/27 | 1,993,920 | |||||||||||||
|
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) |
| |||||||||||||||
Healthcare Providers & Services(a) (continued) |
| |||||||||||||||
$ | 3,289,000 | 6.125 | % | 06/15/30 | $ | 3,240,323 | ||||||||||
|
|
|||||||||||||||
28,258,124 | ||||||||||||||||
|
||||||||||||||||
Home Builders 0.7% |
| |||||||||||||||
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC (a)(b) |
| |||||||||||||||
1,642,000 | 4.875 | 02/15/30 | 1,421,233 | |||||||||||||
Century Communities, Inc. (a)(b) |
| |||||||||||||||
4,550,000 | 3.875 | 08/15/29 | 3,982,660 | |||||||||||||
Installed Building Products, Inc. (a)(b) |
| |||||||||||||||
800,000 | 5.750 | 02/01/28 | 775,960 | |||||||||||||
KB Home (a) |
| |||||||||||||||
1,805,000 | 7.250 | 07/15/30 | 1,849,241 | |||||||||||||
LGI Homes, Inc. (a)(b) |
| |||||||||||||||
3,698,000 | 4.000 | 07/15/29 | 3,162,123 | |||||||||||||
PulteGroup, Inc. |
| |||||||||||||||
3,000,000 | 7.875 | 06/15/32 | 3,384,330 | |||||||||||||
Taylor Morrison Communities, Inc. (a)(b) |
| |||||||||||||||
1,301,000 | 5.125 | 08/01/30 | 1,211,439 | |||||||||||||
|
|
|||||||||||||||
15,786,986 | ||||||||||||||||
|
||||||||||||||||
Home Furnishings(a)(b) 0.1% |
| |||||||||||||||
Tempur Sealy International, Inc. |
| |||||||||||||||
1,515,000 | 3.875 | 10/15/31 | 1,252,254 | |||||||||||||
|
||||||||||||||||
Household Products(a) 0.0% |
| |||||||||||||||
Central Garden & Pet Co. |
| |||||||||||||||
1,380,000 | 4.125 | 10/15/30 | 1,206,244 | |||||||||||||
|
||||||||||||||||
Housewares(a) 0.2% |
| |||||||||||||||
Newell Brands, Inc. |
| |||||||||||||||
1,380,000 | 7.000 | 04/01/46 | 1,120,560 | |||||||||||||
Scotts Miracle-Gro Co. |
| |||||||||||||||
3,702,000 | 4.000 | 04/01/31 | 3,122,156 | |||||||||||||
|
|
|||||||||||||||
4,242,716 | ||||||||||||||||
|
||||||||||||||||
Insurance 1.3% |
| |||||||||||||||
Acrisure LLC/Acrisure Finance, Inc. (a)(b) |
| |||||||||||||||
1,550,000 | 10.125 | 08/01/26 | 1,601,693 | |||||||||||||
935,000 | 8.250 | 02/01/29 | 928,455 | |||||||||||||
2,230,000 | 4.250 | 02/15/29 | 2,000,488 | |||||||||||||
2,490,000 | 6.000 | 08/01/29 | 2,256,961 | |||||||||||||
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer (a)(b) |
| |||||||||||||||
1,666,000 | 6.750 | 10/15/27 | 1,635,346 | |||||||||||||
5,500,000 | 6.750 | 04/15/28 | 5,495,985 | |||||||||||||
American International Group, Inc. (a) |
| |||||||||||||||
2,250,000 | 3.400 | 06/30/30 | 2,005,222 | |||||||||||||
BroadStreet Partners, Inc. (a)(b) |
| |||||||||||||||
4,594,000 | 5.875 | 04/15/29 | 4,188,120 | |||||||||||||
Fidelity & Guaranty Life Holdings, Inc. (a)(b) |
| |||||||||||||||
2,850,000 | 5.500 | 05/01/25 | 2,824,492 | |||||||||||||
HUB International Ltd. (a)(b) |
| |||||||||||||||
1,530,000 | 7.375 | 01/31/32 | 1,520,988 | |||||||||||||
Markel Group, Inc. (a)(c) (5 yr. CMT + 5.662%) |
| |||||||||||||||
1,500,000 | 6.000 | 06/01/25 | 1,482,765 | |||||||||||||
|
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
Corporate Obligations (continued) |
| |||||||||||||||
Insurance (continued) |
| |||||||||||||||
Prudential Financial, Inc. (a)(c) (5 yr. CMT + 3.234%) |
| |||||||||||||||
$ | 1,500,000 | 6.000 | % | 09/01/52 | $ | 1,453,845 | ||||||||||
Sagicor Financial Co. Ltd. (a)(b) |
| |||||||||||||||
790,000 | 5.300 | 05/13/28 | 756,425 | |||||||||||||
Transatlantic Holdings, Inc. |
| |||||||||||||||
75,000 | 8.000 | 11/30/39 | 92,477 | |||||||||||||
USI, Inc. (a)(b) |
| |||||||||||||||
1,170,000 | 7.500 | 01/15/32 | 1,163,624 | |||||||||||||
|
|
|||||||||||||||
29,406,886 | ||||||||||||||||
|
||||||||||||||||
Internet(a) 1.3% |
| |||||||||||||||
ANGI Group LLC (b) |
| |||||||||||||||
2,604,000 | 3.875 | 08/15/28 | 2,208,947 | |||||||||||||
Booking Holdings, Inc. |
| |||||||||||||||
2,850,000 | 4.625 | 04/13/30 | 2,747,628 | |||||||||||||
Expedia Group, Inc. |
| |||||||||||||||
1,382,000 | 4.625 | 08/01/27 | 1,341,231 | |||||||||||||
3,425,000 | 3.250 | 02/15/30 | 3,021,569 | |||||||||||||
Getty Images, Inc. (b) |
| |||||||||||||||
3,720,000 | 9.750 | 03/01/27 | 3,723,460 | |||||||||||||
Go Daddy Operating Co. LLC/GD Finance Co., Inc. (b) |
| |||||||||||||||
1,305,000 | 5.250 | 12/01/27 | 1,260,408 | |||||||||||||
GrubHub Holdings, Inc. (b) |
| |||||||||||||||
3,400,000 | 5.500 | 07/01/27 | 3,037,900 | |||||||||||||
ION Trading Technologies SARL (b) |
| |||||||||||||||
1,868,000 | 5.750 | 05/15/28 | 1,706,063 | |||||||||||||
Match Group Holdings II LLC (b) |
| |||||||||||||||
1,205,000 | 5.625 | 02/15/29 | 1,150,028 | |||||||||||||
918,000 | 3.625 | 10/01/31 | 757,938 | |||||||||||||
Meituan |
| |||||||||||||||
480,000 | 3.050 | 10/28/30 | 404,850 | |||||||||||||
Newfold Digital Holdings Group, Inc. (b) |
| |||||||||||||||
2,402,000 | 6.000 | 02/15/29 | 1,801,284 | |||||||||||||
Prosus NV |
| |||||||||||||||
600,000 | 3.257 | 01/19/27 | 552,375 | |||||||||||||
Uber Technologies, Inc. (b) |
| |||||||||||||||
1,800,000 | 6.250 | 01/15/28 | 1,796,814 | |||||||||||||
4,090,000 | 4.500 | 08/15/29 | 3,821,941 | |||||||||||||
United Group BV (b) |
| |||||||||||||||
EUR | 1,225,000 | 4.625 | 08/15/28 | 1,246,661 | ||||||||||||
|
|
|||||||||||||||
30,579,097 | ||||||||||||||||
|
||||||||||||||||
Investment Companies(a) 0.3% |
| |||||||||||||||
Icahn Enterprises LP/Icahn Enterprises Finance Corp. |
| |||||||||||||||
$ | 2,577,000 | 4.750 | 09/15/24 | 2,561,693 | ||||||||||||
5,743,000 | 4.375 | 02/01/29 | 4,826,704 | |||||||||||||
|
|
|||||||||||||||
7,388,397 | ||||||||||||||||
|
||||||||||||||||
Iron/Steel(a) 0.2% |
| |||||||||||||||
CAP SA (b) |
| |||||||||||||||
200,000 | 3.900 | 04/27/31 | 158,375 | |||||||||||||
Cleveland-Cliffs, Inc. |
| |||||||||||||||
2,250,000 | 5.875 | 06/01/27 | 2,224,575 | |||||||||||||
1,620,000 | 4.875 | (b) | 03/01/31 | 1,422,198 | ||||||||||||
|
The accompanying notes are an integral part of these financial statements. | 17 |
GOLDMAN SACHS INCOME BUILDER FUND
Schedule of Investments (continued)
April 30, 2024 (Unaudited)
|
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
Corporate Obligations (continued) |
| |||||||||||||||
Iron/Steel(a) (continued) |
| |||||||||||||||
Metinvest BV |
| |||||||||||||||
$ | 200,000 | 8.500 | % | 04/23/26 | $ | 155,000 | ||||||||||
Samarco Mineracao SA (e) (PIK 9.049%, Cash 9.000%) |
| |||||||||||||||
205,982 | 9.500 | 06/30/31 | 187,856 | |||||||||||||
|
|
|||||||||||||||
4,148,004 | ||||||||||||||||
|
||||||||||||||||
Leisure Time(a)(b) 0.3% |
| |||||||||||||||
Acushnet Co. |
| |||||||||||||||
325,000 | 7.375 | 10/15/28 | 333,625 | |||||||||||||
Carnival Corp. |
| |||||||||||||||
750,000 | 7.000 | 08/15/29 | 769,635 | |||||||||||||
MajorDrive Holdings IV LLC |
| |||||||||||||||
3,925,000 | 6.375 | 06/01/29 | 3,679,256 | |||||||||||||
Royal Caribbean Cruises Ltd. |
| |||||||||||||||
920,000 | 6.250 | 03/15/32 | 906,421 | |||||||||||||
TUI Cruises GmbH |
| |||||||||||||||
EUR | 1,100,000 | 6.500 | 05/15/26 | 1,187,550 | ||||||||||||
|
|
|||||||||||||||
6,876,487 | ||||||||||||||||
|
||||||||||||||||
Lodging(a) 0.4% |
| |||||||||||||||
Champion Path Holdings Ltd. |
| |||||||||||||||
$ | 200,000 | 4.850 | 01/27/28 | 179,312 | ||||||||||||
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, Inc. (b) |
| |||||||||||||||
3,795,000 | 5.000 | 06/01/29 | 3,440,737 | |||||||||||||
Marriott International, Inc. |
| |||||||||||||||
1,700,000 | 4.900 | 04/15/29 | 1,654,899 | |||||||||||||
Marriott Ownership Resorts, Inc. (b) |
| |||||||||||||||
3,374,000 | 4.500 | 06/15/29 | 3,032,349 | |||||||||||||
Sands China Ltd. |
| |||||||||||||||
470,000 | 5.400 | 08/08/28 | 455,021 | |||||||||||||
Travel & Leisure Co. (b) |
| |||||||||||||||
598,000 | 6.625 | 07/31/26 | 598,658 | |||||||||||||
|
|
|||||||||||||||
9,360,976 | ||||||||||||||||
|
||||||||||||||||
Machinery - Construction & Mining(a)(b) 0.2% |
| |||||||||||||||
BWX Technologies, Inc. |
| |||||||||||||||
1,023,000 | 4.125 | 06/30/28 | 934,408 | |||||||||||||
Vertiv Group Corp. |
| |||||||||||||||
2,956,000 | 4.125 | 11/15/28 | 2,737,138 | |||||||||||||
|
|
|||||||||||||||
3,671,546 | ||||||||||||||||
|
||||||||||||||||
Machinery-Diversified(a)(b) 0.4% |
| |||||||||||||||
Chart Industries, Inc. |
| |||||||||||||||
1,735,000 | 7.500 | 01/01/30 | 1,775,668 | |||||||||||||
Husky Injection Molding Systems Ltd./Titan Co.-Borrower LLC |
| |||||||||||||||
3,060,000 | 9.000 | 02/15/29 | 3,151,341 | |||||||||||||
TK Elevator Holdco GmbH |
| |||||||||||||||
4,509,000 | 7.625 | 07/15/28 | 4,418,279 | |||||||||||||
|
|
|||||||||||||||
9,345,288 | ||||||||||||||||
|
||||||||||||||||
Media(a) 2.8% |
| |||||||||||||||
Altice Financing SA (b) |
| |||||||||||||||
1,848,000 | 5.000 | 01/15/28 | 1,470,842 | |||||||||||||
EUR | 2,975,000 | 4.250 | 08/15/29 | 2,492,917 | ||||||||||||
|
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
Corporate Obligations (continued) |
| |||||||||||||||
Media(a) (continued) |
| |||||||||||||||
AMC Networks, Inc. (b) |
| |||||||||||||||
$ | 1,020,000 | 10.250 | % | 01/15/29 | $ | 1,020,020 | ||||||||||
CCO Holdings LLC/CCO Holdings Capital Corp. (b) |
| |||||||||||||||
4,980,000 | 4.750 | 03/01/30 | 4,141,467 | |||||||||||||
6,135,000 | 4.250 | 02/01/31 | 4,815,852 | |||||||||||||
4,800,000 | 4.750 | 02/01/32 | 3,769,344 | |||||||||||||
Charter Communications Operating LLC/Charter Communications Operating Capital |
| |||||||||||||||
12,000,000 | 6.384 | 10/23/35 | 11,330,040 | |||||||||||||
Cumulus Media New Holdings, Inc. (b) |
| |||||||||||||||
2,421,000 | 6.750 | 07/01/26 | 1,414,881 | |||||||||||||
Diamond Sports Group LLC/Diamond Sports Finance Co. (b)(i) |
| |||||||||||||||
3,345,000 | 6.625 | 08/15/27 | 85,231 | |||||||||||||
Directv Financing LLC/Directv Financing Co.-Obligor, Inc. (b) |
| |||||||||||||||
5,980,000 | 5.875 | 08/15/27 | 5,570,370 | |||||||||||||
DISH DBS Corp. (b) |
| |||||||||||||||
1,720,000 | 5.250 | 12/01/26 | 1,354,173 | |||||||||||||
iHeartCommunications, Inc. |
| |||||||||||||||
4,605,000 | 8.375 | 05/01/27 | 2,443,965 | |||||||||||||
550,000 | 4.750 | (b) | 01/15/28 | 392,579 | ||||||||||||
LCPR Senior Secured Financing DAC (b) |
| |||||||||||||||
3,156,000 | 5.125 | 07/15/29 | 2,633,335 | |||||||||||||
News Corp. (b) |
| |||||||||||||||
2,470,000 | 3.875 | 05/15/29 | 2,218,332 | |||||||||||||
Nexstar Media, Inc. (b) |
| |||||||||||||||
1,500,000 | 5.625 | 07/15/27 | 1,410,360 | |||||||||||||
Sinclair Television Group, Inc. (b) |
| |||||||||||||||
1,210,000 | 5.125 | 02/15/27 | 1,088,129 | |||||||||||||
Sirius XM Radio, Inc. (b) |
| |||||||||||||||
820,000 | 3.125 | 09/01/26 | 764,814 | |||||||||||||
5,020,000 | 4.000 | 07/15/28 | 4,472,318 | |||||||||||||
2,260,000 | 3.875 | 09/01/31 | 1,816,814 | |||||||||||||
TEGNA, Inc. |
| |||||||||||||||
2,300,000 | 4.625 | 03/15/28 | 2,083,593 | |||||||||||||
Telecomunicaciones Digitales SA |
| |||||||||||||||
650,000 | 4.500 | 01/30/30 | 572,650 | |||||||||||||
Townsquare Media, Inc. (b) |
| |||||||||||||||
2,038,000 | 6.875 | 02/01/26 | 1,978,103 | |||||||||||||
Urban One, Inc. (b) |
| |||||||||||||||
1,930,000 | 7.375 | 02/01/28 | 1,565,828 | |||||||||||||
Ziggo Bond Co. BV (b) |
| |||||||||||||||
EUR | 675,000 | 3.375 | 02/28/30 | 606,277 | ||||||||||||
$ | 500,000 | 5.125 | 02/28/30 | 415,325 | ||||||||||||
Ziggo BV (b) |
| |||||||||||||||
1,628,000 | 4.875 | 01/15/30 | 1,426,519 | |||||||||||||
|
|
|||||||||||||||
63,354,078 | ||||||||||||||||
|
||||||||||||||||
Mining 0.6% |
| |||||||||||||||
Constellium SE (a)(b) |
| |||||||||||||||
2,585,000 | 3.750 | 04/15/29 | 2,293,670 | |||||||||||||
Endeavour Mining PLC (a) |
| |||||||||||||||
200,000 | 5.000 | (b) | 10/14/26 | 187,750 | ||||||||||||
400,000 | 5.000 | 10/14/26 | 375,500 | |||||||||||||
First Quantum Minerals Ltd. (a)(b) |
| |||||||||||||||
550,000 | 6.875 | 10/15/27 | 528,000 | |||||||||||||
|
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) |
| |||||||||||||||
Mining (continued) |
| |||||||||||||||
Freeport-McMoRan, Inc. (a) |
| |||||||||||||||
$ | 2,000,000 | 5.400 | % | 11/14/34 | $ | 1,925,880 | ||||||||||
Glencore Finance Canada Ltd. (b) |
| |||||||||||||||
3,000,000 | 5.550 | 10/25/42 | 2,751,420 | |||||||||||||
Glencore Funding LLC (a)(b) |
| |||||||||||||||
2,975,000 | 2.850 | 04/27/31 | 2,467,376 | |||||||||||||
Novelis Corp. (a)(b) |
| |||||||||||||||
2,400,000 | 4.750 | 01/30/30 | 2,186,688 | |||||||||||||
|
|
|||||||||||||||
12,716,284 | ||||||||||||||||
|
||||||||||||||||
Miscellaneous Manufacturing(a) 0.1% |
| |||||||||||||||
Hillenbrand, Inc. |
| |||||||||||||||
1,135,000 | 6.250 | 02/15/29 | 1,126,363 | |||||||||||||
1,349,000 | 3.750 | 03/01/31 | 1,147,985 | |||||||||||||
|
|
|||||||||||||||
2,274,348 | ||||||||||||||||
|
||||||||||||||||
Multi-National 0.1% |
| |||||||||||||||
African Export-Import Bank (a) |
| |||||||||||||||
670,000 | 3.994 | 09/21/29 | 594,310 | |||||||||||||
Eastern & Southern African Trade & Development Bank |
| |||||||||||||||
750,000 | 4.875 | 05/23/24 | 746,250 | |||||||||||||
520,000 | 4.125 | 06/30/28 | 455,177 | |||||||||||||
|
|
|||||||||||||||
1,795,737 | ||||||||||||||||
|
||||||||||||||||
Office & Business Equipment(a) 0.1% |
| |||||||||||||||
CDW LLC/CDW Finance Corp. |
| |||||||||||||||
1,440,000 | 4.125 | 05/01/25 | 1,414,397 | |||||||||||||
Xerox Holdings Corp. (b) |
| |||||||||||||||
353,000 | 5.000 | 08/15/25 | 343,183 | |||||||||||||
|
|
|||||||||||||||
1,757,580 | ||||||||||||||||
|
||||||||||||||||
Oil Field Services 2.9% |
| |||||||||||||||
California Resources Corp. (a)(b) |
| |||||||||||||||
2,135,000 | 7.125 | 02/01/26 | 2,149,283 | |||||||||||||
Chesapeake Energy Corp. |
| |||||||||||||||
2,000,000 | 5.500 | 09/15/26 | 45,000 | |||||||||||||
Civitas Resources, Inc. (a)(b) |
| |||||||||||||||
1,345,000 | 5.000 | 10/15/26 | 1,302,014 | |||||||||||||
1,320,000 | 8.375 | 07/01/28 | 1,377,367 | |||||||||||||
CNX Resources Corp. (a)(b) |
| |||||||||||||||
1,025,000 | 7.250 | 03/01/32 | 1,028,956 | |||||||||||||
Continental Resources, Inc. (a)(b) |
| |||||||||||||||
1,306,000 | 5.750 | 01/15/31 | 1,277,673 | |||||||||||||
DNO ASA (a) |
| |||||||||||||||
1,430,000 | 7.875 | 09/09/26 | 1,408,550 | |||||||||||||
Ecopetrol SA (a) |
| |||||||||||||||
220,000 | 8.625 | 01/19/29 | 228,938 | |||||||||||||
120,000 | 6.875 | 04/29/30 | 114,636 | |||||||||||||
470,000 | 4.625 | 11/02/31 | 378,289 | |||||||||||||
560,000 | 8.875 | 01/13/33 | 572,054 | |||||||||||||
650,000 | 5.875 | 11/02/51 | 440,440 | |||||||||||||
EQT Corp. (a) |
| |||||||||||||||
460,000 | 3.900 | 10/01/27 | 433,766 | |||||||||||||
1,915,000 | 3.625 | (b) | 05/15/31 | 1,654,139 | ||||||||||||
|
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
Corporate Obligations (continued) |
| |||||||||||||||
Oil Field Services (continued) |
| |||||||||||||||
Genel Energy Finance 4 PLC (a) |
| |||||||||||||||
$ | 200,000 | 9.250 | % | 10/14/25 | $ | 195,000 | ||||||||||
Geopark Ltd. (a)(b) |
| |||||||||||||||
400,000 | 5.500 | 01/17/27 | 359,625 | |||||||||||||
Guara Norte SARL |
| |||||||||||||||
813,950 | 5.198 | 06/15/34 | 732,087 | |||||||||||||
Hunt Oil Co. of Peru LLC Sucursal Del Peru (a)(b) |
| |||||||||||||||
1,110,000 | 8.550 | 09/18/33 | 1,179,375 | |||||||||||||
KazMunayGas National Co. JSC (a) |
| |||||||||||||||
970,000 | 3.500 | 04/14/33 | 775,697 | |||||||||||||
Kodiak Gas Services LLC (a)(b) |
| |||||||||||||||
3,825,000 | 7.250 | 02/15/29 | 3,867,457 | |||||||||||||
Kosmos Energy Ltd. (a) |
| |||||||||||||||
1,709,000 | 7.125 | 04/04/26 | 1,660,400 | |||||||||||||
Lukoil Securities BV |
| |||||||||||||||
250,000 | 3.875 | 05/06/30 | 180,000 | |||||||||||||
Matador Resources Co. (a)(b) |
| |||||||||||||||
2,795,000 | 6.875 | 04/15/28 | 2,817,304 | |||||||||||||
1,395,000 | 6.500 | 04/15/32 | 1,382,571 | |||||||||||||
MEG Energy Corp. (a)(b) |
| |||||||||||||||
1,250,000 | 5.875 | 02/01/29 | 1,208,937 | |||||||||||||
Nabors Industries, Inc. (a)(b) |
| |||||||||||||||
4,120,000 | 7.375 | 05/15/27 | 4,082,838 | |||||||||||||
Noble Finance II LLC (a)(b) |
| |||||||||||||||
1,560,000 | 8.000 | 04/15/30 | 1,610,076 | |||||||||||||
Occidental Petroleum Corp. (a) |
| |||||||||||||||
2,550,000 | 6.625 | 09/01/30 | 2,643,457 | |||||||||||||
Permian Resources Operating LLC (a)(b) |
| |||||||||||||||
1,083,000 | 5.875 | 07/01/29 | 1,054,712 | |||||||||||||
1,020,000 | 7.000 | 01/15/32 | 1,041,185 | |||||||||||||
Petroleos Mexicanos |
| |||||||||||||||
96,000 | 6.490 | (a) | 01/23/27 | 90,132 | ||||||||||||
428,000 | 6.500 | 03/13/27 | 401,485 | |||||||||||||
SEPLAT Energy PLC (a) |
| |||||||||||||||
630,000 | 7.750 | (b) | 04/01/26 | 609,525 | ||||||||||||
820,000 | 7.750 | 04/01/26 | 793,350 | |||||||||||||
ShaMaran Petroleum Corp. (a) |
| |||||||||||||||
804,750 | 12.000 | 07/30/25 | 756,063 | |||||||||||||
Sitio Royalties Operating Partnership LP/Sitio Finance Corp. (a)(b) |
| |||||||||||||||
4,082,000 | 7.875 | 11/01/28 | 4,205,276 | |||||||||||||
Southwestern Energy Co. (a) |
| |||||||||||||||
1,445,000 | 4.750 | 02/01/32 | 1,301,222 | |||||||||||||
Sunoco LP (a)(b) |
| |||||||||||||||
1,335,000 | 7.000 | 05/01/29 | 1,355,639 | |||||||||||||
1,020,000 | 7.250 | 05/01/32 | 1,035,943 | |||||||||||||
Sunoco LP/Sunoco Finance Corp. (a) |
| |||||||||||||||
6,970,000 | 4.500 | 05/15/29 | 6,366,816 | |||||||||||||
TechnipFMC PLC (a)(b) |
| |||||||||||||||
3,635,000 | 6.500 | 02/01/26 | 3,606,502 | |||||||||||||
Tengizchevroil Finance Co. International Ltd. (a) |
| |||||||||||||||
830,000 | 2.625 | 08/15/25 | 788,241 | |||||||||||||
200,000 | 3.250 | 08/15/30 | 159,625 | |||||||||||||
Transocean Poseidon Ltd. (a)(b) |
| |||||||||||||||
702,675 | 6.875 | 02/01/27 | 700,497 | |||||||||||||
|
The accompanying notes are an integral part of these financial statements. | 19 |
GOLDMAN SACHS INCOME BUILDER FUND
Schedule of Investments (continued)
April 30, 2024 (Unaudited)
|
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
Corporate Obligations (continued) |
| |||||||||||||||
Oil Field Services (continued) |
| |||||||||||||||
Transocean Titan Financing Ltd. (a)(b) |
| |||||||||||||||
$ |
815,000 | 8.375 | % | 02/01/28 | $ | 836,655 | ||||||||||
Transocean, Inc. (a)(b) |
| |||||||||||||||
1,305,000 | 8.250 | 05/15/29 | 1,296,935 | |||||||||||||
324,000 | 8.750 | 02/15/30 | 337,981 | |||||||||||||
1,315,000 | 8.500 | 05/15/31 | 1,308,057 | |||||||||||||
Tullow Oil PLC (a) |
| |||||||||||||||
240,000 | 7.000 | 03/01/25 | 232,050 | |||||||||||||
241,000 | 10.250 | 05/15/26 | 232,490 | |||||||||||||
USA Compression Partners LP/USA Compression Finance |
| |||||||||||||||
2,305,000 | 7.125 | 03/15/29 | 2,288,819 | |||||||||||||
YPF SA (a)(b) |
| |||||||||||||||
180,000 | 9.500 | 01/17/31 | 181,445 | |||||||||||||
|
|
|||||||||||||||
66,086,574 | ||||||||||||||||
|
||||||||||||||||
Packaging 0.8% |
| |||||||||||||||
ARD Finance SA (a)(e) |
| |||||||||||||||
(PIK 5.750%, Cash 5.000%) |
| |||||||||||||||
EUR |
2,648,270 | 5.000 | 06/30/27 | 631,042 | ||||||||||||
(PIK 7.250%, Cash 6.500%) |
| |||||||||||||||
$ |
2,030,000 | 6.500 | (b) | 06/30/27 | 556,646 | |||||||||||
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC (a) |
| |||||||||||||||
523,000 | 6.000 | (b) | 06/15/27 | 507,472 | ||||||||||||
EUR |
2,531,000 | 3.000 | 09/01/29 | 2,169,565 | ||||||||||||
$ |
1,463,000 | 4.000 | (b) | 09/01/29 | 1,207,092 | |||||||||||
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (a)(b) |
| |||||||||||||||
3,295,000 | 5.250 | 08/15/27 | 1,679,824 | |||||||||||||
Ball Corp. (a) |
| |||||||||||||||
3,895,000 | 6.000 | 06/15/29 | 3,874,668 | |||||||||||||
Berry Global, Inc. (a)(b) |
| |||||||||||||||
458,000 | 4.500 | 02/15/26 | 446,042 | |||||||||||||
2,000,000 | 5.625 | 07/15/27 | 1,951,580 | |||||||||||||
LABL, Inc. (a)(b) |
| |||||||||||||||
1,750,000 | 6.750 | 07/15/26 | 1,727,285 | |||||||||||||
Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC (a)(b) |
| |||||||||||||||
1,410,000 | 4.000 | 10/15/27 | 1,310,144 | |||||||||||||
SAN Miguel Industrias Pet SA/NG PET R&P Latin America SA (a)(b) |
| |||||||||||||||
290,000 | 3.500 | 08/02/28 | 246,772 | |||||||||||||
Sealed Air Corp. (b) |
| |||||||||||||||
1,843,000 | 6.875 | 07/15/33 | 1,855,882 | |||||||||||||
Trivium Packaging Finance BV (a)(b) |
| |||||||||||||||
1,075,000 | 5.500 | 08/15/26 | 1,055,962 | |||||||||||||
|
|
|||||||||||||||
19,219,976 | ||||||||||||||||
|
||||||||||||||||
Pharmaceuticals(a) 1.1% |
| |||||||||||||||
AbbVie, Inc. |
| |||||||||||||||
405,000 | 3.200 | 11/21/29 | 365,383 | |||||||||||||
AdaptHealth LLC (b) |
| |||||||||||||||
1,445,000 | 6.125 | 08/01/28 | 1,354,167 | |||||||||||||
670,000 | 4.625 | 08/01/29 | 564,710 | |||||||||||||
1,020,000 | 5.125 | 03/01/30 | 868,510 | |||||||||||||
|
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
Corporate Obligations (continued) |
| |||||||||||||||
Pharmaceuticals(a) (continued) |
| |||||||||||||||
Bausch Health Cos., Inc. (b) |
| |||||||||||||||
$ |
2,680,000 | 6.125 | % | 02/01/27 | $ | 1,965,432 | ||||||||||
Becton Dickinson & Co. |
| |||||||||||||||
3,200,000 | 2.823 | 05/20/30 | 2,754,752 | |||||||||||||
Cigna Group |
| |||||||||||||||
7,375,000 | 2.400 | 03/15/30 | 6,218,157 | |||||||||||||
CVS Health Corp. |
| |||||||||||||||
6,765,000 | 3.750 | 04/01/30 | 6,140,455 | |||||||||||||
Organon & Co./Organon Foreign Debt Co.-Issuer BV (b) |
| |||||||||||||||
700,000 | 4.125 | 04/30/28 | 637,763 | |||||||||||||
1,950,000 | 5.125 | 04/30/31 | 1,686,574 | |||||||||||||
Prestige Brands, Inc. (b) |
| |||||||||||||||
1,855,000 | 3.750 | 04/01/31 | 1,578,438 | |||||||||||||
Teva Pharmaceutical Finance Netherlands II BV |
| |||||||||||||||
EUR |
210,000 | 3.750 | 05/09/27 | 218,200 | ||||||||||||
310,000 | 7.375 | 09/15/29 | 365,371 | |||||||||||||
|
|
|||||||||||||||
24,717,912 | ||||||||||||||||
|
||||||||||||||||
Pipelines 4.4% |
| |||||||||||||||
Acu Petroleo Luxembourg SARL (a) |
| |||||||||||||||
$ |
484,850 | 7.500 | 07/13/35 | 463,789 | ||||||||||||
Antero Midstream Partners LP/Antero Midstream Finance Corp. (a)(b) |
| |||||||||||||||
2,035,000 | 6.625 | 02/01/32 | 2,026,799 | |||||||||||||
Buckeye Partners LP (a) |
| |||||||||||||||
1,500,000 | 4.350 | 10/15/24 | 1,480,545 | |||||||||||||
4,636,000 | 3.950 | 12/01/26 | 4,364,655 | |||||||||||||
929,000 | 4.125 | 12/01/27 | 864,583 | |||||||||||||
1,217,000 | 4.500 | (b) | 03/01/28 | 1,135,364 | ||||||||||||
Cheniere Energy Partners LP (a) |
| |||||||||||||||
1,800,000 | 4.500 | 10/01/29 | 1,682,208 | |||||||||||||
CNX Midstream Partners LP (a)(b) |
| |||||||||||||||
1,210,000 | 4.750 | 04/15/30 | 1,069,253 | |||||||||||||
CQP Holdco LP/BIP-V Chinook Holdco LLC (a)(b) |
| |||||||||||||||
4,130,000 | 5.500 | 06/15/31 | 3,799,063 | |||||||||||||
DCP Midstream Operating LP (b) |
| |||||||||||||||
4,000,000 | 6.750 | 09/15/37 | 4,179,600 | |||||||||||||
DT Midstream, Inc. (a)(b) |
| |||||||||||||||
4,130,000 | 4.375 | 06/15/31 | 3,671,529 | |||||||||||||
Energy Transfer LP |
| |||||||||||||||
2,985,000 | 6.625 | 10/15/36 | 3,043,834 | |||||||||||||
EnLink Midstream Partners LP (a)(c) (3 mo. USD Term SOFR + 4.372%) |
| |||||||||||||||
2,598,000 | 9.701 | 05/31/24 | 2,559,212 | |||||||||||||
Enterprise Products Operating LLC (a)(c) (3 mo. USD Term SOFR +3.039%) |
| |||||||||||||||
1,000,000 | 8.380 | 06/01/67 | 982,570 | |||||||||||||
EQM Midstream Partners LP (a)(b) |
| |||||||||||||||
2,305,000 | 7.500 | 06/01/27 | 2,346,836 | |||||||||||||
Galaxy Pipeline Assets Bidco Ltd. |
| |||||||||||||||
920,000 | 3.250 | 09/30/40 | 667,575 | |||||||||||||
Genesis Energy LP/Genesis Energy Finance Corp. (a) |
| |||||||||||||||
2,010,000 | 7.750 | 02/01/28 | 2,009,176 | |||||||||||||
Global Partners LP/GLP Finance Corp. (a) |
| |||||||||||||||
3,922,000 | 6.875 | 01/15/29 | 3,837,559 | |||||||||||||
|
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) |
| |||||||||||||||
Pipelines (continued) |
| |||||||||||||||
GNL Quintero SA |
| |||||||||||||||
$ |
174,744 | 4.634 | % | 07/31/29 | $ | 168,208 | ||||||||||
Howard Midstream Energy Partners LLC (a)(b) |
| |||||||||||||||
3,105,000 | 6.750 | 01/15/27 | 3,067,181 | |||||||||||||
1,615,000 | 8.875 | 07/15/28 | 1,690,291 | |||||||||||||
ITT Holdings LLC (a)(b) |
| |||||||||||||||
3,380,000 | 6.500 | 08/01/29 | 3,056,297 | |||||||||||||
Kinder Morgan Energy Partners LP |
| |||||||||||||||
7,000,000 | 7.300 | 08/15/33 | 7,648,060 | |||||||||||||
Kinetik Holdings LP (a)(b) |
| |||||||||||||||
3,490,000 | 5.875 | 06/15/30 | 3,375,493 | |||||||||||||
MPLX LP (a) |
| |||||||||||||||
5,925,000 | 2.650 | 08/15/30 | 4,997,204 | |||||||||||||
NuStar Logistics LP (a) |
| |||||||||||||||
2,569,000 | 6.375 | 10/01/30 | 2,544,004 | |||||||||||||
Oleoducto Central SA (a) |
| |||||||||||||||
490,000 | 4.000 | 07/14/27 | 453,403 | |||||||||||||
Prairie Acquiror LP (a)(b) |
| |||||||||||||||
3,475,000 | 9.000 | 08/01/29 | 3,551,624 | |||||||||||||
Sabine Pass Liquefaction LLC (a) |
| |||||||||||||||
2,275,000 | 4.200 | 03/15/28 | 2,167,734 | |||||||||||||
Summit Midstream Holdings LLC/Summit Midstream Finance |
| |||||||||||||||
3,803,000 | 12.000 | 10/15/26 | 3,847,761 | |||||||||||||
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. (a)(b) |
| |||||||||||||||
1,870,000 | 7.375 | 02/15/29 | 1,873,871 | |||||||||||||
525,000 | 6.000 | 12/31/30 | 493,999 | |||||||||||||
4,485,000 | 6.000 | 09/01/31 | 4,175,625 | |||||||||||||
Targa Resources Partners LP/Targa Resources Partners Finance Corp. (a) |
| |||||||||||||||
1,910,000 | 4.875 | 02/01/31 | 1,789,823 | |||||||||||||
Venture Global Calcasieu Pass LLC (a)(b) |
| |||||||||||||||
3,243,000 | 4.125 | 08/15/31 | 2,839,344 | |||||||||||||
Venture Global LNG, Inc. (a)(b) |
| |||||||||||||||
4,010,000 | 8.125 | 06/01/28 | 4,102,150 | |||||||||||||
2,480,000 | 9.500 | 02/01/29 | 2,666,397 | |||||||||||||
Williams Cos., Inc. |
| |||||||||||||||
7,000,000 | 7.500 | 01/15/31 | 7,642,110 | |||||||||||||
|
|
|||||||||||||||
102,334,729 | ||||||||||||||||
|
||||||||||||||||
Real Estate(a) 0.1% |
| |||||||||||||||
Howard Hughes Corp. (b) |
| |||||||||||||||
734,000 | 4.125 | 02/01/29 | 651,425 | |||||||||||||
Modernland Overseas Pte. Ltd. (e) (PIK 3.000%, Cash 2.000%) |
| |||||||||||||||
620,000 | 5.000 | 04/30/27 | 201,500 | |||||||||||||
Realogy Group LLC/Realogy Co.-Issuer Corp. (b) |
| |||||||||||||||
2,080,000 | 5.750 | 01/15/29 | 1,451,382 | |||||||||||||
Redsun Properties Group Ltd. (i) |
| |||||||||||||||
230,000 | 7.300 | 01/13/25 | 1,150 | |||||||||||||
Shimao Group Holdings Ltd. (i) |
| |||||||||||||||
560,000 | 3.450 | 01/11/31 | 14,000 | |||||||||||||
Sunac China Holdings Ltd. (b) |
| |||||||||||||||
81,993 | 0.000 | (f) | 09/30/28 | 18,162 | ||||||||||||
|
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
Corporate Obligations (continued) |
| |||||||||||||||
Real Estate(a) (continued) |
| |||||||||||||||
(PIK 6.000%, Cash 5.000%) |
| |||||||||||||||
$ |
207,553 | 7.000 | %(e) | 09/30/29 | $ | 11,934 | ||||||||||
(PIK 6.250%, Cash 5.250%) |
| |||||||||||||||
68,933 | 6.250 | (e) | 09/30/27 | 6,204 | ||||||||||||
(PIK 6.500%, Cash 5.500%) |
| |||||||||||||||
138,034 | 6.500 | (e) | 09/30/27 | 11,112 | ||||||||||||
(PIK 6.750%, Cash 5.750%) |
| |||||||||||||||
207,302 | 6.750 | (e) | 09/30/28 | 14,615 | ||||||||||||
(PIK 7.250%, Cash 6.250%) |
| |||||||||||||||
97,630 | 7.250 | (e) | 09/30/30 | 5,030 | ||||||||||||
(PIK 7.800%, Cash 1.000%) |
| |||||||||||||||
119,829 | 1.000 | (e) | 09/30/32 | 5,991 | ||||||||||||
Yuzhou Group Holdings Co. Ltd. (i) |
| |||||||||||||||
200,000 | 6.000 | 10/25/23 | 10,000 | |||||||||||||
280,000 | 7.375 | 01/13/26 | 14,000 | |||||||||||||
(-1X 5 yr. CMT + 8.527%) |
| |||||||||||||||
380,000 | 5.375 | 09/29/24 | 3,800 | |||||||||||||
|
|
|||||||||||||||
2,420,305 | ||||||||||||||||
|
||||||||||||||||
Real Estate Investment Trust(a) 1.0% |
| |||||||||||||||
American Tower Corp. |
| |||||||||||||||
2,125,000 | 3.950 | 03/15/29 | 1,971,150 | |||||||||||||
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC (b) |
| |||||||||||||||
600,000 | 5.750 | 05/15/26 | 580,680 | |||||||||||||
CIBANCO SA Institucion de Banca Multiple Trust CIB/3332 (b) |
| |||||||||||||||
1,630,000 | 4.375 | 07/22/31 | 1,322,606 | |||||||||||||
Crown Castle, Inc. |
| |||||||||||||||
300,000 | 4.150 | 07/01/50 | 225,135 | |||||||||||||
Iron Mountain Information Management Services, Inc. (b) |
| |||||||||||||||
4,008,000 | 5.000 | 07/15/32 | 3,551,128 | |||||||||||||
MPT Operating Partnership LP/MPT Finance Corp. |
| |||||||||||||||
3,000,000 | 5.000 | 10/15/27 | 2,459,250 | |||||||||||||
2,680,000 | 3.500 | 03/15/31 | 1,796,967 | |||||||||||||
SBA Communications Corp. |
| |||||||||||||||
2,637,000 | 3.875 | 02/15/27 | 2,477,224 | |||||||||||||
Starwood Property Trust, Inc. |
| |||||||||||||||
2,700,000 | 4.750 | 03/15/25 | 2,668,302 | |||||||||||||
Trust Fibra Uno |
| |||||||||||||||
510,000 | 4.869 | 01/15/30 | 443,526 | |||||||||||||
VICI Properties LP |
| |||||||||||||||
2,480,000 | 4.750 | 02/15/28 | 2,383,429 | |||||||||||||
VICI Properties LP/VICI Note Co., Inc. (b) |
| |||||||||||||||
1,526,000 | 3.500 | 02/15/25 | 1,499,142 | |||||||||||||
1,306,000 | 4.625 | 06/15/25 | 1,286,162 | |||||||||||||
|
|
|||||||||||||||
22,664,701 | ||||||||||||||||
|
||||||||||||||||
Retailing(a) 1.6% |
| |||||||||||||||
Arko Corp. (b) |
| |||||||||||||||
1,770,000 | 5.125 | 11/15/29 | 1,425,452 | |||||||||||||
Asbury Automotive Group, Inc. (b) |
| |||||||||||||||
1,462,000 | 4.625 | 11/15/29 | 1,324,572 | |||||||||||||
809,000 | 5.000 | 02/15/32 | 719,047 | |||||||||||||
AutoNation, Inc. |
| |||||||||||||||
961,000 | 4.750 | 06/01/30 | 901,168 | |||||||||||||
|
The accompanying notes are an integral part of these financial statements. | 21 |
GOLDMAN SACHS INCOME BUILDER FUND
Schedule of Investments (continued)
April 30, 2024 (Unaudited) |
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
Corporate Obligations (continued) |
| |||||||||||||||
Retailing(a) (continued) |
| |||||||||||||||
Beacon Roofing Supply, Inc. (b) |
| |||||||||||||||
$ |
2,560,000 | 4.125 | % | 05/15/29 | $ | 2,288,512 | ||||||||||
Foundation Building Materials, Inc. (b) |
| |||||||||||||||
2,540,000 | 6.000 | 03/01/29 | 2,240,509 | |||||||||||||
GYP Holdings III Corp. (b) |
| |||||||||||||||
1,852,000 | 4.625 | 05/01/29 | 1,710,489 | |||||||||||||
InRetail Consumer |
| |||||||||||||||
400,000 | 3.250 | 03/22/28 | 356,500 | |||||||||||||
LCM Investments Holdings II LLC (b) |
| |||||||||||||||
3,020,000 | 4.875 | 05/01/29 | 2,758,377 | |||||||||||||
1,205,000 | 8.250 | 08/01/31 | 1,252,935 | |||||||||||||
Lowes Cos., Inc. |
| |||||||||||||||
2,062,000 | 3.750 | 04/01/32 | 1,837,242 | |||||||||||||
4,400,000 | 5.000 | 04/15/33 | 4,250,488 | |||||||||||||
Penske Automotive Group, Inc. |
| |||||||||||||||
2,179,000 | 3.750 | 06/15/29 | 1,913,750 | |||||||||||||
Specialty Building Products Holdings LLC/SBP Finance Corp. (b) |
| |||||||||||||||
3,446,000 | 6.375 | 09/30/26 | 3,415,469 | |||||||||||||
SRS Distribution, Inc. (b) |
| |||||||||||||||
1,912,000 | 4.625 | 07/01/28 | 1,905,270 | |||||||||||||
3,525,000 | 6.125 | 07/01/29 | 3,582,986 | |||||||||||||
Suburban Propane Partners LP/Suburban Energy Finance Corp. (b) |
| |||||||||||||||
2,245,000 | 5.000 | 06/01/31 | 1,990,686 | |||||||||||||
Vivo Energy Investments BV |
| |||||||||||||||
290,000 | 5.125 | 09/24/27 | 275,319 | |||||||||||||
Yum! Brands, Inc. (b) |
| |||||||||||||||
3,064,000 | 4.750 | 01/15/30 | 2,870,723 | |||||||||||||
|
|
|||||||||||||||
37,019,494 | ||||||||||||||||
|
||||||||||||||||
Semiconductors(a) 0.6% |
| |||||||||||||||
Amkor Technology, Inc. (b) |
| |||||||||||||||
1,398,000 | 6.625 | 09/15/27 | 1,394,952 | |||||||||||||
Broadcom, Inc. |
| |||||||||||||||
3,723,000 | 4.150 | 11/15/30 | 3,437,669 | |||||||||||||
2,069,000 | 3.469 | (b) | 04/15/34 | 1,714,001 | ||||||||||||
1,856,000 | 3.137 | (b) | 11/15/35 | 1,441,834 | ||||||||||||
3,319,000 | 3.187 | (b) | 11/15/36 | 2,545,773 | ||||||||||||
NXP BV/NXP Funding LLC/NXP USA, Inc. |
| |||||||||||||||
975,000 | 4.400 | 06/01/27 | 944,366 | |||||||||||||
982,000 | 3.400 | 05/01/30 | 871,662 | |||||||||||||
Qorvo, Inc. |
| |||||||||||||||
750,000 | 4.375 | 10/15/29 | 692,580 | |||||||||||||
|
|
|||||||||||||||
13,042,837 | ||||||||||||||||
|
||||||||||||||||
Software(a) 1.5% |
| |||||||||||||||
AthenaHealth Group, Inc. (b) |
| |||||||||||||||
4,765,000 | 6.500 | 02/15/30 | 4,292,503 | |||||||||||||
Castle U.S. Holding Corp. (b) |
| |||||||||||||||
4,104,000 | 9.500 | 02/15/28 | 1,974,229 | |||||||||||||
Clarivate Science Holdings Corp. (b) |
| |||||||||||||||
3,509,000 | 3.875 | 07/01/28 | 3,195,962 | |||||||||||||
2,401,000 | 4.875 | 07/01/29 | 2,187,215 | |||||||||||||
Elastic NV (b) |
| |||||||||||||||
1,835,000 | 4.125 | 07/15/29 | 1,632,911 | |||||||||||||
|
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
Corporate Obligations (continued) |
| |||||||||||||||
Software(a) (continued) |
| |||||||||||||||
Open Text Corp. (b) |
| |||||||||||||||
$ |
6,945,000 | 3.875 | % | 12/01/29 | $ | 6,086,181 | ||||||||||
Oracle Corp. |
| |||||||||||||||
2,000,000 | 4.650 | 05/06/30 | 1,917,500 | |||||||||||||
2,015,000 | 4.900 | 02/06/33 | 1,908,265 | |||||||||||||
1,405,000 | 3.600 | 04/01/50 | 950,581 | |||||||||||||
Playtika Holding Corp. (b) |
| |||||||||||||||
3,198,000 | 4.250 | 03/15/29 | 2,750,824 | |||||||||||||
ROBLOX Corp. (b) |
| |||||||||||||||
1,975,000 | 3.875 | 05/01/30 | 1,707,190 | |||||||||||||
SS&C Technologies, Inc. (b) |
| |||||||||||||||
850,000 | 5.500 | 09/30/27 | 827,084 | |||||||||||||
TeamSystem SpA (b) |
| |||||||||||||||
EUR |
3,100,000 | 3.500 | 02/15/28 | 3,149,324 | ||||||||||||
ZoomInfo Technologies LLC/ZoomInfo Finance Corp. (b) |
| |||||||||||||||
$ |
1,450,000 | 3.875 | 02/01/29 | 1,281,278 | ||||||||||||
|
|
|||||||||||||||
33,861,047 | ||||||||||||||||
|
||||||||||||||||
Sovereign(a)(c) 0.2% |
| |||||||||||||||
CoBank ACB (3 mo. USD LIBOR + 4.660%) |
| |||||||||||||||
5,350,000 | 6.250 | 10/01/26 | 5,264,882 | |||||||||||||
|
||||||||||||||||
Telecommunication Services 1.4% |
| |||||||||||||||
Altice France SA (a)(b) |
| |||||||||||||||
4,695,000 | 5.500 | 10/15/29 | 3,074,192 | |||||||||||||
AT&T, Inc. (a) |
| |||||||||||||||
2,900,000 | 2.750 | 06/01/31 | 2,426,720 | |||||||||||||
3,475,000 | 2.250 | 02/01/32 | 2,743,373 | |||||||||||||
Axian Telecom (a) |
| |||||||||||||||
250,000 | 7.375 | (b) | 02/16/27 | 242,656 | ||||||||||||
200,000 | 7.375 | 02/16/27 | 194,125 | |||||||||||||
CAS Capital No. 1 Ltd. (a)(c) (5 yr. CMT + 3.642%) |
| |||||||||||||||
204,000 | 4.000 | 07/12/26 | 185,003 | |||||||||||||
CT Trust (a) |
| |||||||||||||||
1,480,000 | 5.125 | 02/03/32 | 1,283,678 | |||||||||||||
Hughes Satellite Systems Corp. |
| |||||||||||||||
1,845,000 | 6.625 | 08/01/26 | 1,061,115 | |||||||||||||
Level 3 Financing, Inc. (a)(b) |
| |||||||||||||||
1,506,000 | 10.500 | 05/15/30 | 1,504,690 | |||||||||||||
Lorca Telecom Bondco SA (a)(b) |
| |||||||||||||||
EUR |
1,525,000 | 4.000 | 09/18/27 | 1,587,396 | ||||||||||||
MTN Mauritius Investments Ltd. |
| |||||||||||||||
$ |
420,000 | 6.500 | 10/13/26 | 416,850 | ||||||||||||
Nokia of America Corp. |
| |||||||||||||||
3,000,000 | 6.450 | 03/15/29 | 2,968,290 | |||||||||||||
SoftBank Group Corp. (a) |
| |||||||||||||||
260,000 | 5.125 | 09/19/27 | 246,316 | |||||||||||||
Sprint Capital Corp. |
| |||||||||||||||
1,150,000 | 8.750 | 03/15/32 | 1,357,874 | |||||||||||||
Telecom Italia Capital SA |
| |||||||||||||||
1,800,000 | 7.200 | 07/18/36 | 1,643,022 | |||||||||||||
1,000,000 | 7.721 | 06/04/38 | 931,580 | |||||||||||||
Telefonica Celular del Paraguay SA (a) |
| |||||||||||||||
750,000 | 5.875 | 04/15/27 | 734,018 | |||||||||||||
|
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) |
| |||||||||||||||
Telecommunication Services (continued) |
| |||||||||||||||
T-Mobile USA, Inc. (a) |
| |||||||||||||||
$ |
7,351,000 | 3.875 | % | 04/15/30 | $ | 6,727,047 | ||||||||||
1,896,000 | 4.500 | 04/15/50 | 1,540,367 | |||||||||||||
Verizon Communications, Inc. (a) |
| |||||||||||||||
2,800,000 | 3.150 | 03/22/30 | 2,470,300 | |||||||||||||
|
|
|||||||||||||||
33,338,612 | ||||||||||||||||
|
||||||||||||||||
Toys/Games/Hobbies(a)(b) 0.1% |
| |||||||||||||||
Mattel, Inc. |
| |||||||||||||||
2,185,000 | 3.375 | 04/01/26 | 2,080,907 | |||||||||||||
|
||||||||||||||||
Transportation 0.5% |
| |||||||||||||||
Cargo Aircraft Management, Inc. (a)(b) |
| |||||||||||||||
785,000 | 4.750 | 02/01/28 | 709,491 | |||||||||||||
CSX Corp. (a) |
| |||||||||||||||
3,575,000 | 4.100 | 11/15/32 | 3,278,275 | |||||||||||||
MV24 Capital BV |
| |||||||||||||||
274,163 | 6.748 | (b) | 06/01/34 | 251,640 | ||||||||||||
620,897 | 6.748 | 06/01/34 | 569,891 | |||||||||||||
Rand Parent LLC (a)(b) |
| |||||||||||||||
2,910,000 | 8.500 | 02/15/30 | 2,876,942 | |||||||||||||
RXO, Inc. (a)(b) |
| |||||||||||||||
1,745,000 | 7.500 | 11/15/27 | 1,772,187 | |||||||||||||
Transnet SOC Ltd. (b) |
| |||||||||||||||
860,000 | 8.250 | 02/06/28 | 846,025 | |||||||||||||
XPO, Inc. (a)(b) |
| |||||||||||||||
1,370,000 | 7.125 | 02/01/32 | 1,378,425 | |||||||||||||
|
|
|||||||||||||||
11,682,876 | ||||||||||||||||
|
||||||||||||||||
Trucking & Leasing(a)(b) 0.1% |
| |||||||||||||||
Fortress Transportation & Infrastructure Investors LLC |
| |||||||||||||||
2,220,000 | 5.500 | 05/01/28 | 2,132,288 | |||||||||||||
|
||||||||||||||||
TOTAL CORPORATE OBLIGATIONS (Cost $1,220,817,665) |
$ | 1,128,690,146 | ||||||||||||||
|
Shares | Description | Value | ||||||||||
Common Stocks 37.3% |
| |||||||||||
Aerospace & Defense 0.9% |
| |||||||||||
70,224 | General Electric Co. | $ | 11,363,648 | |||||||||
25,750 | L3Harris Technologies, Inc. | 5,511,787 | ||||||||||
7,970 | Northrop Grumman Corp. | 3,865,689 | ||||||||||
|
|
|||||||||||
20,741,124 | ||||||||||||
|
||||||||||||
Air Freight & Logistics 0.3% |
| |||||||||||
52,091 | United Parcel Service, Inc. Class B | 7,682,381 | ||||||||||
|
||||||||||||
Banks 3.5% |
| |||||||||||
822,850 | Banco Bilbao Vizcaya Argentaria SA | 8,812,724 | ||||||||||
374,564 | Bank of America Corp. | 13,862,614 | ||||||||||
229,726 | BNP Paribas SA | 8,270,136 | ||||||||||
152,953 | Citigroup, Inc. | 9,380,607 | ||||||||||
|
Shares |
Description | Value | ||||||||
Common Stocks (continued) | ||||||||||
Banks (continued) | ||||||||||
146,830 | JPMorgan Chase & Co. | $ | 28,153,184 | |||||||
300,638 | Truist Financial Corp. | 11,288,957 | ||||||||
|
|
|||||||||
79,768,222 | ||||||||||
|
|
|||||||||
Beverages 0.8% | ||||||||||
140,202 | Coca-Cola Co. | 8,660,277 | ||||||||
128,642 | Coca-Cola Europacific Partners PLC | 9,264,797 | ||||||||
|
|
|||||||||
17,925,074 | ||||||||||
|
|
|||||||||
Biotechnology 0.5% | ||||||||||
37,729 | Amgen, Inc. | 10,335,482 | ||||||||
|
|
|||||||||
Capital Markets 1.5% | ||||||||||
153,148 | Blackstone, Inc. | 17,858,588 | ||||||||
119,539 | KKR & Co., Inc. | 11,125,495 | ||||||||
47,855 | Singapore Exchange Ltd. | 4,885,517 | ||||||||
|
|
|||||||||
33,869,600 | ||||||||||
|
|
|||||||||
Chemicals 0.6% | ||||||||||
31,026 | Linde PLC | 13,681,225 | ||||||||
|
|
|||||||||
Commerical Services & Supplies 0.4% | ||||||||||
52,663 | Republic Services, Inc. | 10,095,497 | ||||||||
|
|
|||||||||
Communications Equipment 0.5% | ||||||||||
226,487 | Cisco Systems, Inc. | 10,640,359 | ||||||||
35,685 | Intelsat SA(i) | 1,269,066 | ||||||||
|
|
|||||||||
11,909,425 | ||||||||||
|
|
|||||||||
Construction & Engineering 0.3% | ||||||||||
229,164 | Vinci SA | 6,712,214 | ||||||||
|
|
|||||||||
Consumer Finance 0.4% | ||||||||||
43,527 | American Express Co. | 10,186,624 | ||||||||
|
|
|||||||||
Consumer Staples Distribution & Retail 0.8% | ||||||||||
254,570 | Koninklijke Ahold Delhaize NV | 7,754,202 | ||||||||
189,650 | Walmart, Inc. | 11,255,728 | ||||||||
|
|
|||||||||
19,009,930 | ||||||||||
|
|
|||||||||
Diversified Telecommunication Services 0.5% | ||||||||||
653,532 | AT&T, Inc. | 11,038,156 | ||||||||
|
|
|||||||||
Electric Utilities 1.1% | ||||||||||
157,811 | Iberdrola SA | 7,745,364 | ||||||||
137,470 | NextEra Energy, Inc. | 9,206,366 | ||||||||
167,755 | Xcel Energy, Inc. | 9,013,476 | ||||||||
|
|
|||||||||
25,965,206 | ||||||||||
|
|
|||||||||
Electrical Equipment 1.0% | ||||||||||
41,486 | Eaton Corp. PLC | 13,203,334 | ||||||||
186,437 | Schneider Electric SE | 8,520,171 | ||||||||
|
|
|||||||||
21,723,505 | ||||||||||
|
|
|||||||||
Energy Equipment & Services 0.1% | ||||||||||
63,962 | Noble Corp. PLC | 2,838,634 | ||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 23 |
GOLDMAN SACHS INCOME BUILDER FUND
Schedule of Investments (continued)
April 30, 2024 (Unaudited)
|
Shares |
Description | Value | ||||||||
Common Stocks (continued) | ||||||||||
Financial Services 0.4% | ||||||||||
33,379 | Visa, Inc. Class A | $ | 8,965,933 | |||||||
|
|
|||||||||
Food Products 0.9% | ||||||||||
73,934 | General Mills, Inc. | 5,209,390 | ||||||||
165,836 | Kraft Heinz Co. | 6,402,928 | ||||||||
85,666 | Nestle SA | 8,617,999 | ||||||||
|
|
|||||||||
20,230,317 | ||||||||||
|
|
|||||||||
Ground Transportation 0.3% | ||||||||||
25,559 | Norfolk Southern Corp. | 5,886,749 | ||||||||
|
|
|||||||||
Health Care Equipment & Supplies 0.9% | ||||||||||
63,529 | Abbott Laboratories | 6,732,168 | ||||||||
51,740 | Hoya Corp. | 6,007,014 | ||||||||
56,651 | Zimmer Biomet Holdings, Inc. | 6,813,982 | ||||||||
|
|
|||||||||
19,553,164 | ||||||||||
|
|
|||||||||
Health Care Providers & Services 0.4% | ||||||||||
118,889 | CVS Health Corp. | 8,049,974 | ||||||||
|
|
|||||||||
Health Care REITs 0.2% | ||||||||||
289,826 | Healthpeak Properties, Inc. | 5,393,662 | ||||||||
|
|
|||||||||
Hotels, Restaurants & Leisure 0.4% | ||||||||||
32,385 | McDonalds Corp. | 8,842,400 | ||||||||
|
|
|||||||||
Household Products 0.4% | ||||||||||
62,582 | Procter & Gamble Co. | 10,213,382 | ||||||||
|
|
|||||||||
Industrial Conglomerates 0.5% | ||||||||||
59,621 | Honeywell International, Inc. | 11,490,755 | ||||||||
|
|
|||||||||
Insurance 2.1% | ||||||||||
88,219 | Allstate Corp. | 15,002,523 | ||||||||
43,195 | Marsh & McLennan Cos., Inc. | 8,614,379 | ||||||||
85,945 | Progressive Corp. | 17,898,046 | ||||||||
160,485 | Zurich Insurance Group AG | 7,761,857 | ||||||||
|
|
|||||||||
49,276,805 | ||||||||||
|
|
|||||||||
Interactive Media & Services 0.3% | ||||||||||
17,639 | Meta Platforms, Inc. Class A | 7,587,769 | ||||||||
|
|
|||||||||
IT Services 0.3% | ||||||||||
18,843 | Accenture PLC Class A | 5,670,047 | ||||||||
|
|
|||||||||
Life Sciences Tools & Services 0.3% | ||||||||||
30,995 | Danaher Corp. | 7,643,987 | ||||||||
|
|
|||||||||
Machinery 0.6% | ||||||||||
23,640 | Caterpillar, Inc. | 7,909,235 | ||||||||
25,026 | Illinois Tool Works, Inc. | 6,109,097 | ||||||||
|
|
|||||||||
14,018,332 | ||||||||||
|
|
|||||||||
Media 0.8% | ||||||||||
194,738 | Bright Pattern Holdco(d)(i) | 195 | ||||||||
129,385 | Comcast Corp. Class A | 4,930,862 | ||||||||
635,140 | iHeartMedia, Inc. Class A(i) | 1,333,794 | ||||||||
112,488 | New York Times Co. Class A | 4,840,359 | ||||||||
82,604 | Omnicom Group, Inc. | 7,668,955 | ||||||||
|
|
|||||||||
18,774,165 | ||||||||||
|
|
Shares |
Description | Value | ||||||||
Common Stocks (continued) | ||||||||||
Metals & Mining 1.2% | ||||||||||
241,660 | Freeport-McMoRan, Inc. | $ | 12,068,500 | |||||||
236,448 | Rio Tinto PLC | 16,038,268 | ||||||||
|
|
|||||||||
28,106,768 | ||||||||||
|
|
|||||||||
Multi-Utilities 1.9% | ||||||||||
123,825 | Ameren Corp. | 9,146,953 | ||||||||
172,187 | CMS Energy Corp. | 10,436,254 | ||||||||
167,585 | Dominion Energy, Inc. | 8,543,483 | ||||||||
146,275 | National Grid PLC(j) | 9,749,229 | ||||||||
92,681 | Sempra | 6,638,740 | ||||||||
|
|
|||||||||
44,514,659 | ||||||||||
|
|
|||||||||
Oil, Gas & Consumable Fuels 3.0% | ||||||||||
179,606 | BP PLC ADR | 6,963,325 | ||||||||
2,490 | Chesapeake Energy Corp. | 223,801 | ||||||||
114,910 | ConocoPhillips | 14,434,994 | ||||||||
62,305 | EOG Resources, Inc. | 8,232,360 | ||||||||
159,663 | Exxon Mobil Corp. | 18,883,343 | ||||||||
245,569 | Shell PLC | 17,597,474 | ||||||||
86,915 | Summit Midstream Partners LP(i) | 2,484,031 | ||||||||
|
|
|||||||||
68,819,328 | ||||||||||
|
|
|||||||||
Personal Products 0.6% | ||||||||||
305,854 | Kenvue, Inc. | 5,756,172 | ||||||||
160,156 | Unilever PLC | 8,304,089 | ||||||||
|
|
|||||||||
14,060,261 | ||||||||||
|
|
|||||||||
Pharmaceuticals 2.6% | ||||||||||
182,747 | AstraZeneca PLC | 13,866,843 | ||||||||
281,856 | Bristol-Myers Squibb Co. | 12,384,753 | ||||||||
14,502 | Eli Lilly & Co. | 11,327,512 | ||||||||
103,163 | Johnson & Johnson | 14,916,338 | ||||||||
215,915 | Roche Holding AG | 6,438,585 | ||||||||
|
|
|||||||||
58,934,031 | ||||||||||
|
|
|||||||||
Real Estate Management & Development(b) 0.0% | ||||||||||
122,732 | Sunac Services Holdings Ltd. | 30,501 | ||||||||
|
|
|||||||||
Residential REITs 0.3% | ||||||||||
36,417 | AvalonBay Communities, Inc. | 6,903,571 | ||||||||
|
|
|||||||||
Retail REITs 0.2% | ||||||||||
83,276 | Regency Centers Corp. | 4,931,605 | ||||||||
|
|
|||||||||
Semiconductors & Semiconductor Equipment 2.0% | ||||||||||
6,521 | ASML Holding NV | 5,689,377 | ||||||||
7,762 | KLA Corp. | 5,350,269 | ||||||||
125,825 | Marvell Technology, Inc. | 8,293,126 | ||||||||
62,041 | Taiwan Semiconductor Manufacturing Co. Ltd. | 8,520,711 | ||||||||
32,920 | Texas Instruments, Inc. | 5,807,746 | ||||||||
119,228 | Tokyo Electron Ltd. | 13,159,194 | ||||||||
|
|
|||||||||
46,820,423 | ||||||||||
|
|
24 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INCOME BUILDER FUND
Shares |
Description | Value | ||||||||
Common Stocks (continued) | ||||||||||
Software 0.8% | ||||||||||
194,739 | Aspect Software, Inc. Class B(d)(i) | $ | 195 | |||||||
23,523 | Microsoft Corp. | 9,158,210 | ||||||||
88,055 | Oracle Corp. | 10,016,256 | ||||||||
|
|
|||||||||
19,174,661 | ||||||||||
|
|
|||||||||
Specialized REITs 0.7% | ||||||||||
35,928 | American Tower Corp. | 6,163,808 | ||||||||
66,199 | Digital Realty Trust, Inc. | 9,187,097 | ||||||||
|
|
|||||||||
15,350,905 | ||||||||||
|
|
|||||||||
Specialty Retail 0.4% | ||||||||||
38,676 | Lowes Cos., Inc. | 8,817,741 | ||||||||
|
|
|||||||||
Technology Hardware, Storage & Peripherals 0.7% | ||||||||||
128,611 | Dell Technologies, Inc. Class C | 16,030,075 | ||||||||
|
|
|||||||||
Textiles, Apparel & Luxury Goods 0.3% | ||||||||||
66,313 | NIKE, Inc. Class B | 6,118,037 | ||||||||
|
|
|||||||||
Trading Companies & Distributors 0.4% | ||||||||||
132,429 | Fastenal Co. | 8,997,226 | ||||||||
|
|
|||||||||
Water Utilities 0.2% | ||||||||||
42,782 | American Water Works Co., Inc. | 5,233,094 | ||||||||
|
|
|||||||||
|
TOTAL COMMON STOCKS (Cost $660,368,123) |
$ | 857,922,626 | |||||||
|
|
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
Bank Loans(k) 5.3% |
| |||||||||||||||
Aerospace & Defense(c) 0.2% |
| |||||||||||||||
ADS Tactical, Inc. (1 mo. USD Term SOFR + 5.750%) |
| |||||||||||||||
$ |
3,406,805 | 11.180 | % | 03/19/26 | $ | 3,415,322 | ||||||||||
|
||||||||||||||||
Auto Parts & Equipment 0.4% |
| |||||||||||||||
First Brands Group LLC (3 mo. USD Term SOFR + 8.500%)(d) |
| |||||||||||||||
2,900,000 | 14.141 | (c) | 03/30/28 | 2,740,500 | ||||||||||||
First Brands Group LLC (3 mo. USD Term SOFR + 5.000%) |
| |||||||||||||||
3,950,117 | 10.591 | % | 03/30/27 | $ | 3,768,911 | |||||||||||
Garrett LX I SARL (3 mo. USD Term SOFR + 3.250%) |
| |||||||||||||||
2,730,000 | 8.841 | (c) | 04/30/28 | 2,730,000 | ||||||||||||
|
|
|||||||||||||||
9,239,411 | ||||||||||||||||
|
||||||||||||||||
Building Materials(c) 0.3% |
| |||||||||||||||
Chamberlain Group, Inc. (1 mo. USD Term SOFR + 3.250%) |
| |||||||||||||||
4,325,437 | 8.666 | 11/03/28 | 4,318,084 | |||||||||||||
Icebox Holdco III, Inc. |
| |||||||||||||||
(3 mo. USD Term SOFR + 3.500%) |
| |||||||||||||||
2,182,393 | 9.321 | 12/22/28 | 2,176,544 | |||||||||||||
(3 mo. USD Term SOFR + 6.750%) |
| |||||||||||||||
625,000 | 12.321 | 12/21/29 | 603,125 | |||||||||||||
|
|
|||||||||||||||
7,097,753 | ||||||||||||||||
|
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
Bank Loans(k) (continued) |
| |||||||||||||||
Chemicals(c) 0.2% |
| |||||||||||||||
Nouryon Finance BV (1 mo. USD Term SOFR + 4.000%)(3 mo. USD Term SOFR + 4.000%) |
| |||||||||||||||
$ |
4,586,722 | 9.306 | | |||||||||||||
9.433 | 04/03/28 | $ | 4,595,345 | |||||||||||||
|
||||||||||||||||
Commercial Services(c) 0.5% |
| |||||||||||||||
Albion Financing 3 SARL (3 mo. USD Term SOFR + 5.500%) |
| |||||||||||||||
2,970,000 | 10.824 | 08/17/26 | 2,983,603 | |||||||||||||
Anticimex International AB |
| |||||||||||||||
(3 mo. USD Term SOFR + 3.150%) |
| |||||||||||||||
1,958,155 | 8.461 | 11/16/28 | 1,960,192 | |||||||||||||
(3 mo. USD Term SOFR + 3.650%) |
| |||||||||||||||
2,920,977 | 8.950 | 11/16/28 | 2,922,817 | |||||||||||||
TruGreen LP (3 mo. USD Term SOFR + 8.500%) |
| |||||||||||||||
1,750,000 | 14.091 | 11/02/28 | 1,356,250 | |||||||||||||
Verscend Holding Corp. (1 mo. USD LIBOR + 4.000%)(1 mo. USD Term SOFR + 4.000%) |
| |||||||||||||||
1,327,343 | 0.000 | 08/27/25 | 1,327,674 | |||||||||||||
|
|
|||||||||||||||
10,550,536 | ||||||||||||||||
|
||||||||||||||||
Computers(c) 0.2% |
| |||||||||||||||
Peraton Corp. (3 mo. USD Term SOFR + 7.750%) |
| |||||||||||||||
1,739,326 | 13.176 | 02/01/29 | 1,746,944 | |||||||||||||
Virtusa Corp. (1 mo. USD Term SOFR + 3.750%) |
| |||||||||||||||
1,879,018 | 9.180 | 02/11/28 | 1,883,716 | |||||||||||||
|
|
|||||||||||||||
3,630,660 | ||||||||||||||||
|
||||||||||||||||
Diversified Financial Services(c) 0.0% |
| |||||||||||||||
Fiserv Investment Solutions, Inc. (3 mo. USD Term SOFR + 4.000%) |
| |||||||||||||||
625,625 | 9.319 | 02/18/27 | 595,908 | |||||||||||||
|
||||||||||||||||
Engineering & Construction 0.2% |
| |||||||||||||||
967,623 | 0.000 | 07/02/29 | 967,478 | |||||||||||||
(1 mo. USD Term SOFR + 3.000%)(3 mo. USD Term SOFR + 3.000%) |
| |||||||||||||||
1,185,000 | 8.3168.343 | 07/02/29 | 1,185,747 | |||||||||||||
Energize HoldCo LLC (1 mo. USD Term SOFR + 3.750%) |
| |||||||||||||||
3,402,106 | 9.180 | (c) | 12/08/28 | 3,387,238 | ||||||||||||
|
|
|||||||||||||||
5,540,463 | ||||||||||||||||
|
||||||||||||||||
Entertainment(c) 0.1% |
| |||||||||||||||
Cinemark USA, Inc. (1 mo. USD Term SOFR + 3.750%)(3 mo. USD Term SOFR + 3.750%) |
| |||||||||||||||
2,920,500 | 9.0529.066 | 05/24/30 | 2,929,875 | |||||||||||||
|
||||||||||||||||
Food & Drug Retailing(c) 0.0% |
| |||||||||||||||
B&G Foods, Inc. (1 mo. USD Term SOFR + 2.500%) |
| |||||||||||||||
467,843 | 7.818 | 10/10/26 | 467,034 | |||||||||||||
|
||||||||||||||||
Health Care Products(c) 0.2% |
| |||||||||||||||
Insulet Corp. (1 mo. USD Term SOFR + 3.000%) |
| |||||||||||||||
4,546,009 | 8.316 | 05/04/28 | 4,557,374 | |||||||||||||
|
||||||||||||||||
Health Care Services(c) 0.1% |
| |||||||||||||||
LifePoint Health, Inc. (3 mo.USD Term SOFR + 4.750%) |
| |||||||||||||||
2,793,900 | 10.056 | 11/16/28 | 2,802,477 | |||||||||||||
|
The accompanying notes are an integral part of these financial statements. | 25 |
GOLDMAN SACHS INCOME BUILDER FUND
Schedule of Investments (continued)
April 30, 2024 (Unaudited)
|
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
Bank Loans(k) (continued) |
| |||||||||||||||
Insurance(c) 0.1% |
| |||||||||||||||
Asurion LLC (1 mo. USD Term SOFR + 3.250%) |
| |||||||||||||||
$ |
3,217,070 | 8.680 | % | 12/23/26 | $ | 3,141,115 | ||||||||||
|
||||||||||||||||
Internet(c) 0.2% |
| |||||||||||||||
Getty Images, Inc. (3 mo. USD Term SOFR + 4.500%) |
| |||||||||||||||
2,542,729 | 9.909 | 02/19/26 | 2,543,797 | |||||||||||||
Syndigo LLC (1 mo. USD Term SOFR + 4.500%) |
| |||||||||||||||
2,012,750 | 9.930 | 12/15/27 | 2,002,686 | |||||||||||||
|
|
|||||||||||||||
4,546,483 | ||||||||||||||||
|
||||||||||||||||
Leisure Time(c) 0.1% |
| |||||||||||||||
Arcis Golf LLC (1 mo. USD Term SOFR + 3.750%) |
| |||||||||||||||
1,989,638 | 9.180 | 11/24/28 | 1,992,125 | |||||||||||||
|
||||||||||||||||
Machinery - Construction & Mining(c) 0.0% |
| |||||||||||||||
Clark Equipment Co. (3 mo. USD Term SOFR + 2.500%) |
| |||||||||||||||
301,824 | 7.902 | 04/20/29 | 302,515 | |||||||||||||
|
||||||||||||||||
Machinery-Diversified(c) 0.3% |
| |||||||||||||||
Engineered Machinery Holdings, Inc. |
| |||||||||||||||
(3 mo. EUR EURIBOR + 3.750%) |
| |||||||||||||||
EUR |
853,125 | 7.652 | 05/21/28 | 909,600 | ||||||||||||
(3 mo.USD Term SOFR + 3.750%) |
| |||||||||||||||
$ |
1,829,024 | 9.321 | 05/19/28 | 1,828,255 | ||||||||||||
TK Elevator U.S. Newco, Inc. (3 mo. USD Term SOFR + 3.500%) |
| |||||||||||||||
4,606,818 | 8.791 | 04/30/30 | 4,624,186 | |||||||||||||
|
|
|||||||||||||||
7,362,041 | ||||||||||||||||
|
||||||||||||||||
Media(c) 0.4% |
| |||||||||||||||
Audacy Capital Corp. (3 mo. USD Term SOFR + 6.114%) |
| |||||||||||||||
152,767 | 11.430 | 08/19/24 | 152,130 | |||||||||||||
CSC Holdings LLC |
| |||||||||||||||
(1 mo. USD LIBOR + 2.500%) |
| |||||||||||||||
3,640,295 | 7.936 | 04/15/27 | 3,060,141 | |||||||||||||
(1 mo. USD Term SOFR + 4.500%) |
| |||||||||||||||
1,638,181 | 9.855 | 01/18/28 | 1,578,208 | |||||||||||||
Cumulus Media New Holdings, Inc. (1 mo. USD Term SOFR + 3.750%) |
| |||||||||||||||
602,528 | 9.183 | 03/31/26 | 365,536 | |||||||||||||
Diamond Sports Group LLC (1 mo. USD Term SOFR + 5.000%) |
| |||||||||||||||
185,522 | 5.000 | 12/02/24 | 294,362 | |||||||||||||
DirecTV Financing LLC (1 mo. USD Term SOFR + 5.000%) |
| |||||||||||||||
967,530 | 10.430 | 08/02/27 | 972,193 | |||||||||||||
Entercom Media Corp. |
| |||||||||||||||
4,070,000 | 0.000 | 11/18/24 | 2,144,890 | |||||||||||||
|
|
|||||||||||||||
8,567,460 | ||||||||||||||||
|
||||||||||||||||
Metal Fabricate & Hardware(c) 0.1% |
| |||||||||||||||
Grinding Media, Inc. (3 mo. USD Term SOFR + 4.000%) |
| |||||||||||||||
2,608,125 | 9.555 | 10/12/28 | 2,598,345 | |||||||||||||
|
||||||||||||||||
Packaging 0.3% |
| |||||||||||||||
LABL, Inc. (1 mo. USD Term SOFR + 5.000%) |
| |||||||||||||||
1,857,250 | 10.416 | (c) | 10/29/28 | 1,815,926 | ||||||||||||
LC Ahab U.S. Bidco LLC |
| |||||||||||||||
950,000 | 0.000 | (l) | 04/11/31 | 947,625 | ||||||||||||
|
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
Bank Loans(k) (continued) |
| |||||||||||||||
Packaging (continued) |
| |||||||||||||||
Pretium Packaging LLC (3 mo. USD Term SOFR + 5.000%) |
| |||||||||||||||
$ |
3,000,244 | 10.327 | %(c) | 10/02/28 | $ | 3,034,537 | ||||||||||
Reynolds Group Holdings, Inc. (1 mo. USD Term SOFR + 3.250%) |
| |||||||||||||||
593,885 | 8.695 | (c) | 02/05/26 | 596,706 | ||||||||||||
|
|
|||||||||||||||
6,394,794 | ||||||||||||||||
|
||||||||||||||||
Pharmaceuticals(c) 0.3% |
| |||||||||||||||
Gainwell Acquisition Corp. (3 mo. USD Term SOFR + 4.000%) |
| |||||||||||||||
6,192,000 | 9.409 | 10/01/27 | 5,895,961 | |||||||||||||
|
||||||||||||||||
Pipelines(c) 0.3% |
| |||||||||||||||
CQP Holdco LP (3 mo. USD Term SOFR + 3.000%) |
| |||||||||||||||
2,962,553 | 8.302 | 12/31/30 | 2,970,256 | |||||||||||||
EPIC Y-Grade Services LP (3 mo. USD Term SOFR + 5.750%) |
| |||||||||||||||
4,150,000 | 11.052 | 06/29/29 | 4,097,378 | |||||||||||||
|
|
|||||||||||||||
7,067,634 | ||||||||||||||||
|
||||||||||||||||
Software(c) 0.7% |
| |||||||||||||||
AppLovin Corp. (1 mo. USD Term SOFR + 2.500%) |
| |||||||||||||||
824,175 | 7.816 | 08/16/30 | 823,491 | |||||||||||||
Athenahealth Group, Inc. (1 mo. USD Term SOFR + 3.250%) |
| |||||||||||||||
2,364,891 | 0.000 | 02/15/29 | 2,358,978 | |||||||||||||
DCert Buyer, Inc. |
| |||||||||||||||
(1 mo. USD Term SOFR + 4.000%) |
| |||||||||||||||
4,516,317 | 9.316 | 10/16/26 | 4,502,271 | |||||||||||||
(1 mo. USD Term SOFR + 7.000%) |
| |||||||||||||||
2,700,000 | 12.316 | 02/19/29 | 2,421,576 | |||||||||||||
Dun & Bradstreet Corp. |
| |||||||||||||||
3,326,851 | 8.068 | 01/18/29 | 3,331,942 | |||||||||||||
iSolved, Inc. (3 mo. USD Term SOFR + 3.500%) |
| |||||||||||||||
1,223,125 | 8.819 | 10/14/30 | 1,225,057 | |||||||||||||
Loyalty Ventures, Inc. (3 mo. U.S. (Fed) Prime Rate + 5.500%) |
| |||||||||||||||
2,311,532 | 14.000 | 11/03/27 | 20,226 | |||||||||||||
UKG, Inc. (3 mo. USD Term SOFR + 3.500%) |
| |||||||||||||||
1,219,847 | 8.814 | 02/10/31 | 1,225,129 | |||||||||||||
|
|
|||||||||||||||
15,908,670 | ||||||||||||||||
|
||||||||||||||||
Telecommunications(c) 0.1% |
| |||||||||||||||
Level 3 Financing, Inc. (1 mo. USD Term SOFR + 1.750%) |
| |||||||||||||||
1,568,485 | 7.191 | 03/01/27 | 1,539,076 | |||||||||||||
|
||||||||||||||||
TOTAL BANK LOANS (Cost $125,636,260) |
$ | 120,738,377 | ||||||||||||||
|
||||||||||||||||
Sovereign Debt Obligations 0.5% |
| |||||||||||||||
United States Dollar 0.5% |
| |||||||||||||||
Angola Government International Bonds |
| |||||||||||||||
$ |
570,000 | 9.125 | % | 11/26/49 | $ | 476,306 | ||||||||||
Bahrain Government International Bonds |
| |||||||||||||||
540,000 | 5.625 | 05/18/34 | 474,019 | |||||||||||||
Benin Government International Bonds |
| |||||||||||||||
EUR |
350,000 | 4.875 | 01/19/32 | 316,091 | ||||||||||||
Ecuador Government International Bonds |
| |||||||||||||||
$ |
57,283 | 0.000 | (b)(f) | 07/31/30 | 31,105 | |||||||||||
|
26 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INCOME BUILDER FUND
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
Sovereign Debt Obligations (continued) |
| |||||||||||||||
United States Dollar (continued) |
| |||||||||||||||
$ |
550,000 | 3.500 | %(m) | 07/31/35 | $ | 299,750 | ||||||||||
Egypt Government International Bonds |
| |||||||||||||||
880,000 | 8.875 | 05/29/50 | 691,592 | |||||||||||||
El Salvador Government International Bonds (a) |
| |||||||||||||||
720,000 | 7.125 | 01/20/50 | 460,800 | |||||||||||||
Guatemala Government Bonds (a) |
| |||||||||||||||
766,000 | 6.125 | 06/01/50 | 670,250 | |||||||||||||
Hungary Government International Bonds |
| |||||||||||||||
730,000 | 3.125 | 09/21/51 | 432,269 | |||||||||||||
Ivory Coast Government International Bonds (b) |
| |||||||||||||||
450,000 | 6.375 | 03/03/28 | 436,736 | |||||||||||||
Mexico Government International Bonds (a) |
| |||||||||||||||
200,000 | 5.400 | 02/09/28 | 197,688 | |||||||||||||
National Bank of Uzbekistan |
| |||||||||||||||
200,000 | 4.850 | 10/21/25 | 191,200 | |||||||||||||
Nigeria Government International Bonds |
| |||||||||||||||
400,000 | 7.625 | 11/28/47 | 297,750 | |||||||||||||
320,000 | 8.250 | 09/28/51 | 250,900 | |||||||||||||
Oman Government International Bonds |
| |||||||||||||||
280,000 | 5.625 | 01/17/28 | 275,464 | |||||||||||||
200,000 | 6.250 | (b) | 01/25/31 | 202,188 | ||||||||||||
980,000 | 6.500 | 03/08/47 | 950,404 | |||||||||||||
Pakistan Government International Bonds |
| |||||||||||||||
540,000 | 8.875 | 04/08/51 | 412,425 | |||||||||||||
Panama Government International Bonds |
| |||||||||||||||
930,000 | 4.300 | 04/29/53 | 572,531 | |||||||||||||
Paraguay Government International Bonds (a) |
| |||||||||||||||
820,000 | 5.400 | 03/30/50 | 682,906 | |||||||||||||
Republic of South Africa Government International Bonds |
| |||||||||||||||
710,000 | 5.000 | 10/12/46 | 462,387 | |||||||||||||
Romania Government International Bonds |
| |||||||||||||||
1,030,000 | 4.000 | 02/14/51 | 690,100 | |||||||||||||
Turkiye Government International Bonds |
| |||||||||||||||
300,000 | 9.875 | 01/15/28 | 329,438 | |||||||||||||
260,000 | 6.125 | 10/24/28 | 252,473 | |||||||||||||
Ukraine Government International Bonds |
| |||||||||||||||
220,000 | 7.750 | 09/01/25 | 68,750 | |||||||||||||
|
||||||||||||||||
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $10,154,756) |
$ | 10,125,522 | ||||||||||||||
|
||||||||||||||||
Shares | Dividend Rate |
Value | ||||||||||||||
Preferred Stocks 0.4% |
| |||||||||||||||
Capital Markets(a)(c) 0.2% |
| |||||||||||||||
Morgan Stanley |
| |||||||||||||||
183,597 | 6.375% | $ | 4,575,237 | |||||||||||||
|
||||||||||||||||
Diversified Telecommunication Services(a) 0.0% |
| |||||||||||||||
Qwest Corp. |
| |||||||||||||||
43,276 | 6.500 | 420,643 | ||||||||||||||
|
Shares | Dividend Rate |
Value | ||||||||||||||
Preferred Stocks (continued) |
| |||||||||||||||
Insurance(c)(i) 0.2% |
| |||||||||||||||
Delphi Financial Group, Inc. (3 mo. USD Term SOFR + 3.452%) |
| |||||||||||||||
143,849 |
|
8.759% | $ | 3,416,414 | ||||||||||||
|
||||||||||||||||
TOTAL PREFERRED STOCKS (Cost $8,780,988) |
$ | 8,412,294 | ||||||||||||||
|
||||||||||||||||
Units | Expiration Date |
Value | ||||||||||||||
Warrants(i) 0.0% |
| |||||||||||||||
Noble Corp. PLC |
| |||||||||||||||
5,288 |
|
02/04/28 | $ | 112,264 | ||||||||||||
(Cost $13,220) | ||||||||||||||||
|
||||||||||||||||
Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
Mortgage-Backed Obligations(a)(c) 0.0% |
| |||||||||||||||
Collateralized Mortgage Obligations 0.0% |
| |||||||||||||||
Sequential Floating Rate 0.0% |
| |||||||||||||||
Merrill Lynch Alternative Note Asset Trust Series 2007-OAR3, Class A1 (1 mo. USD Term SOFR + 0.304%) |
| |||||||||||||||
$ | 113,140 | 5.621 | % | 07/25/47 | $ | 97,757 | ||||||||||
|
||||||||||||||||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | 97,757 | |||||||||||||||
|
||||||||||||||||
TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $43,842) |
$ | 97,757 | ||||||||||||||
|
||||||||||||||||
Shares | Description | Value | ||||||||||||||
Exchange Traded Funds 1.3% |
| |||||||||||||||
71,378 | |
Energy Select Sector SPDR Fund |
$ | 6,675,271 | ||||||||||||
811,862 | |
Invesco Optimum Yield Diversified Commodity Strategy No. K-1 ETF |
11,447,254 | |||||||||||||
29,382 | Invesco QQQ Trust | 12,475,303 | ||||||||||||||
|
||||||||||||||||
TOTAL EXCHANGE TRADED FUNDS (Cost $29,251,276) |
$ | 30,597,828 | ||||||||||||||
|
||||||||||||||||
Shares | Dividend Rate |
Value | ||||||||||||||
Investment Companies(n) 3.1% |
| |||||||||||||||
Goldman Sachs Financial Square Government Fund Class R6 |
| |||||||||||||||
17,862,489 | 5.223% | $ | 17,862,489 | |||||||||||||
Goldman Sachs Financial Square Government Fund Institutional Shares |
| |||||||||||||||
21,322,954 | 5.223 | 21,322,954 | ||||||||||||||
|
The accompanying notes are an integral part of these financial statements. | 27 |
GOLDMAN SACHS INCOME BUILDER FUND
Schedule of Investments (continued)
April 30, 2024 (Unaudited) |
Shares | Dividend Rate |
Value | ||||||||||||||
Investment Companies(n) (continued) |
| |||||||||||||||
Goldman Sachs MLP Energy Infrastructure Fund Class R6 |
| |||||||||||||||
917,877 | 3.263% | $ | 32,841,622 | |||||||||||||
|
||||||||||||||||
TOTAL INVESTMENT COMPANIES (Cost $54,866,506) |
$ | 72,027,065 | ||||||||||||||
|
||||||||||||||||
Securities Lending Reinvestment Vehicle(n) 0.4% |
| |||||||||||||||
Goldman Sachs Financial Square Government Fund Institutional Shares |
| |||||||||||||||
9,486,428 | 5.223% | $ | 9,486,428 | |||||||||||||
(Cost $9,486,428) | ||||||||||||||||
|
||||||||||||||||
TOTAL INVESTMENTS 97.4% (Cost $2,119,419,064) | $ | 2,238,210,307 | ||||||||||||||
|
||||||||||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES 2.6% |
60,873,696 | |||||||||||||||
|
||||||||||||||||
NET ASSETS 100.0% | $ | 2,299,084,003 | ||||||||||||||
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
(a) | Security with Call features with resetting interest rates. Maturity dates disclosed are the final maturity dates. | |
(b) | Exempt from registration under Rule 144A of the Securities Act of 1933. | |
(c) | 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, 2024. |
(d) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3. | |
(e) | Pay-in-kind securities. | |
(f) | Issued with a zero coupon. Income is recognized through the accretion of discount. | |
(g) | 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, 2024. | |
(h) | Guaranteed by a foreign government until maturity. | |
(i) | Security is currently in default and/or non-income producing. | |
(j) | All or a portion of security is on loan. | |
(k) | 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, 2024. 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 Secured Overnight Financing Rate (SOFR), 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. | |
(l) | 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. | |
(m) | Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on April 30, 2024. | |
(n) | Represents an Affiliated Issuer. |
ADDITIONAL INVESTMENT INFORMATION |
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS At April 30, 2024, 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 | 26,519,741 | EUR | 24,534,339 | 05/08/24 | $328,447 | ||||||||||||
|
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS
Counterparty | Currency Purchased |
Currency Sold |
Settlement Date |
Unrealized Loss |
||||||||||||||
|
||||||||||||||||||
MS & Co. Int. PLC |
EUR | 1,231,314 | USD | 1,323,285 | 05/08/24 | $(8,813) | ||||||||||||
|
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, 2024, the Fund had the following futures contracts:
Description | Number of Contracts |
Expiration Date |
Notional Amount |
Unrealized Appreciation/ (Depreciation) |
||||||||||||
|
||||||||||||||||
Long position contracts: |
||||||||||||||||
10 Year U.S. Treasury Notes |
598 | 06/18/24 | $ | 1,074,375 | $(1,643,503 | ) | ||||||||||
2 Year U.S. Treasury Notes |
103 | 06/28/24 | 1,215,938 | (192,158 | ) | |||||||||||
20 Year U.S. Treasury Bonds |
474 | 06/18/24 | 3,300,563 | (1,824,943 | ) | |||||||||||
E-Mini Nasdaq 100 Index |
33 | 06/21/24 | 11,597,025 | (20,849 | ) | |||||||||||
S&P 500 E-Mini Index |
181 | 06/21/24 | 45,856,350 | (1,433,277 | ) | |||||||||||
TOPIX Index |
58 | 06/13/24 | 10,102,146 | 79,126 | ||||||||||||
Ultra 10-Year U.S. Treasury Note |
15 | 06/18/24 | 1,653,281 | (53,666 | ) | |||||||||||
Ultra Long U.S. Treasury Bonds |
511 | 06/18/24 | 3,347,750 | (3,876,688 | ) | |||||||||||
Xai Emini Index |
137 | 06/21/24 | 16,878,400 | (410,712 | ) | |||||||||||
|
||||||||||||||||
Total |
$(9,376,670 | ) | ||||||||||||||
|
||||||||||||||||
Short position contracts: |
||||||||||||||||
10 Year German Euro-Bund |
(31) | 06/06/24 | (4,303,465 | ) | 77,368 | |||||||||||
10 Year U.S. Treasury Notes |
(575) | 06/18/24 | (61,776,563 | ) | 1,674,235 | |||||||||||
5 Year German Euro-Bobl |
(49) | 06/06/24 | (6,088,454 | ) | 76,486 | |||||||||||
5 Year U.S. Treasury Notes |
(693) | 06/28/24 | (733,195 | ) | 1,404,594 | |||||||||||
Ultra 10-Year U.S. Treasury Note |
(250) | 06/18/24 | (27,554,688 | ) | 910,880 | |||||||||||
|
||||||||||||||||
Total |
$ 4,143,563 | |||||||||||||||
|
||||||||||||||||
TOTAL FUTURES CONTRACTS | $(5,233,107 | ) | ||||||||||||||
|
SWAP CONTRACTS At April 30, 2024, 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)(a) |
Market Value |
Upfront |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||||
|
||||||||||||||||||||||||||
4.500%(b) | 12M SOFR(c) | 06/20/25 | $ | 3,447 | $ 23,344 | $ 10,027 | $ 13,317 | |||||||||||||||||||
4.000(c) | 12M SOFR(c) | 06/20/26 | 6,404 | 106,658 | 45,854 | 60,804 | ||||||||||||||||||||
3.000(c) | 6M EURO(d) | 06/19/27 | EUR | 190 | 725 | (829 | ) | 1,554 | ||||||||||||||||||
12M SOFR(c) | 4.000%(c) | 06/20/27 | $ | 15,519 | (287,424 | ) | (63,785 | ) | (223,639 | ) | ||||||||||||||||
3.000(c) | 6M EURO(d) | 06/19/29 | EUR | 460 | (1,546 | ) | (6,743 | ) | 5,197 | |||||||||||||||||
12M SOFR(c) | 3.750(c) | 06/20/29 | $ | 134,903 | (4,072,326 | ) | (1,268,412 | ) | (2,803,914 | ) | ||||||||||||||||
3.000(c) | 6M EURO(d) | 06/19/31 | EUR | 230 | (2,109 | ) | (5,330 | ) | 3,221 | |||||||||||||||||
3.750(c) | 12M SOFR(c) | 06/20/31 | $ | 23,911 | 840,954 | 182,140 | 658,814 | |||||||||||||||||||
12M SOFR(c) | 3.750(c) | 06/20/34 | 149,486 | (6,424,221 | ) | (23,527 | ) | (6,400,694 | ) | |||||||||||||||||
12M SOFR(c) | 3.750(c) | 06/20/44 | 261 | (16,384 | ) | (3,637 | ) | (12,747 | ) | |||||||||||||||||
12M SOFR(c) | 3.500(c) | 06/20/54 | 9,789 | (853,158 | ) | (286,476 | ) | (566,682 | ) | |||||||||||||||||
|
||||||||||||||||||||||||||
TOTAL | $(10,685,487 | ) | $(1,420,718 | ) | $(9,264,769 | ) | ||||||||||||||||||||
|
(a) | Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to April 30, 2024. |
(b) | Payments made at maturity. |
(c) | Payments made annually. |
(d) | 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, 2024 (Unaudited)
|
ADDITIONAL INVESTMENT INFORMATION (continued) |
WRITTEN OPTIONS CONTRACTS At April 30, 2024, the Fund had the following written options:
OVER-THE-COUNTER OPTIONS ON EQUITIES
Description | Counterparty | Exercise Price |
Expiration Date |
Number of Contracts |
Notional Amount |
Market Value |
Premiums Paid (Received) by Fund |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||||||
|
||||||||||||||||||||||||||||||
Written option contracts |
|
|||||||||||||||||||||||||||||
Calls |
||||||||||||||||||||||||||||||
STOX Index |
UBS AG (London) | $5,074.201 | 05/15/2024 | (3,669 | ) | $ (1,861,724,347 | ) | $ (18,049 | ) | $(110,762 | ) | $ 92,713 | ||||||||||||||||||
SPX Index |
UBS AG (London) | 5,218.740 | 05/15/2024 | (7,515 | ) | (3,921,883,110 | ) | (42,299 | ) | (237,748 | ) | 195,449 | ||||||||||||||||||
STOX Index |
UBS AG (London) | 5,014.723 | 05/31/2024 | (3,710 | ) | (1,860,462,233 | ) | (106,932 | ) | (87,681 | ) | (19,251 | ) | |||||||||||||||||
SPX Index |
Citibank NA | 5,176.689 | 05/31/2024 | (7,538 | ) | (3,902,188,168 | ) | (195,489 | ) | (195,489 | ) | | ||||||||||||||||||
|
||||||||||||||||||||||||||||||
Total written option contracts | (22,432 | ) | $(11,546,257,858 | ) | $(362,769 | ) | $(631,680 | ) | $268,911 | |||||||||||||||||||||
|
||||||||||||||||||||||||||||||
TOTAL | (22,432 | ) | $(11,546,257,858 | ) | $(362,769 | ) | $(631,680 | ) | $268,911 | |||||||||||||||||||||
|
| ||
Currency Abbreviations: | ||
EUR | Euro | |
GBP | British Pound | |
USD | U.S. Dollar | |
|
| ||
Investment Abbreviations: | ||
ADR | American Depositary Receipt | |
CMT | Constant Maturity Treasury Indexes | |
ETF | Exchange Traded Fund | |
EURIBOR | Euro Interbank Offered Rate | |
ICE | Inter-Continental Exchange | |
LIBOR | London Interbank Offered Rate | |
LLC | Limited Liability Company | |
LP | Limited Partnership | |
MLP | Master Limited Partnership | |
MTN | Medium Term Note | |
PIK | Payment in kind | |
PLC | Public Limited Company | |
REIT | Real Estate Investment Trust | |
SOFR | Secured Overnight Financing Rate | |
SPDR | Standard and Poors Depository Receipt | |
|
| ||
Abbreviations: | ||
EURO | Euro Offered Rate | |
MS & Co. Int. PLC | Morgan Stanley & Co. International PLC | |
SOFR | Secured Overnight Financing Rate | |
|
30 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS RISING DIVIDEND GROWTH FUND
Schedule of Investments
April 30, 2024 (Unaudited)
|
Shares |
Description | Value | ||||||
Common Stocks 97.2% |
| |||||||
Banks 1.3% |
| |||||||
44,485 | Comerica, Inc. | $ | 2,231,813 | |||||
2,495 | First Citizens BancShares, Inc. Class A | 4,208,466 | ||||||
|
|
|||||||
6,440,279 | ||||||||
|
||||||||
Biotechnology 2.4% |
| |||||||
35,240 | AbbVie, Inc. | 5,731,433 | ||||||
20,621 | Amgen, Inc. | 5,648,917 | ||||||
|
|
|||||||
11,380,350 | ||||||||
|
||||||||
Broadline Retail 0.5% |
| |||||||
5,420 | Dillards, Inc. Class A | 2,373,906 | ||||||
|
||||||||
Building Products 2.5% |
| |||||||
36,630 | A O Smith Corp. | 3,034,429 | ||||||
7,590 | Lennox International, Inc. | 3,517,358 | ||||||
46,200 | Masco Corp. | 3,162,390 | ||||||
20,650 | UFP Industries, Inc. | 2,327,255 | ||||||
|
|
|||||||
12,041,432 | ||||||||
|
||||||||
Capital Markets 4.6% |
| |||||||
72,590 | Charles Schwab Corp. | 5,368,030 | ||||||
12,162 | Evercore, Inc. Class A | 2,207,403 | ||||||
7,925 | FactSet Research Systems, Inc. | 3,303,853 | ||||||
12,195 | MarketAxess Holdings, Inc. | 2,440,098 | ||||||
12,690 | Moodys Corp. | 4,699,488 | ||||||
34,696 | T Rowe Price Group, Inc. | 3,801,641 | ||||||
|
|
|||||||
21,820,513 | ||||||||
|
||||||||
Chemicals 0.8% |
| |||||||
12,384 | Sherwin-Williams Co. | 3,710,370 | ||||||
|
||||||||
Commerical Services & Supplies 0.8% |
| |||||||
88,557 | Rollins, Inc. | 3,946,100 | ||||||
|
||||||||
Communications Equipment 1.3% |
| |||||||
17,898 | Motorola Solutions, Inc. | 6,070,107 | ||||||
|
||||||||
Consumer Finance 0.9% |
| |||||||
34,100 | Discover Financial Services | 4,321,493 | ||||||
|
||||||||
Consumer Staples Distribution & Retail 2.0% |
| |||||||
7,559 | Costco Wholesale Corp. | 5,464,401 | ||||||
77,452 | Kroger Co. | 4,289,292 | ||||||
|
|
|||||||
9,753,693 | ||||||||
|
||||||||
Distributors 0.6% |
| |||||||
8,495 | Pool Corp. | 3,079,692 | ||||||
|
||||||||
Diversified Telecommunication Services 0.6% |
| |||||||
46,710 | Cogent Communications Holdings, Inc. | 2,997,848 | ||||||
|
||||||||
Electric Utilities 0.9% |
| |||||||
67,357 | NextEra Energy, Inc. | 4,510,898 | ||||||
|
||||||||
Electronic Equipment, Instruments & Components 4.9% |
| |||||||
55,966 | Amphenol Corp. Class A | 6,759,014 | ||||||
15,190 | Badger Meter, Inc. | 2,778,555 | ||||||
23,320 | CDW Corp. | 5,640,175 | ||||||
172,566 | Corning, Inc. | 5,760,253 | ||||||
|
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Electronic Equipment, Instruments & Components (continued) |
| |||||||
11,805 | Littelfuse, Inc. | $ | 2,722,705 | |||||
|
|
|||||||
23,660,702 | ||||||||
|
||||||||
Energy Equipment & Services 0.5% |
| |||||||
36,088 | Archrock, Inc. | 692,529 | ||||||
31,152 | Atlas Energy Solutions, Inc. | 691,886 | ||||||
26,255 | Kodiak Gas Services, Inc. | 713,611 | ||||||
14,341 | USA Compression Partners LP | 347,482 | ||||||
|
|
|||||||
2,445,508 | ||||||||
|
||||||||
Financial Services 2.3% |
| |||||||
12,228 | Mastercard, Inc. Class A | 5,517,273 | ||||||
20,885 | Visa, Inc. Class A | 5,609,920 | ||||||
|
|
|||||||
11,127,193 | ||||||||
|
||||||||
Food Products 2.0% |
| |||||||
23,020 | Hershey Co. | 4,464,038 | ||||||
73,110 | Mondelez International, Inc. Class A | 5,259,534 | ||||||
|
|
|||||||
9,723,572 | ||||||||
|
||||||||
Gas Utilities 0.2% |
| |||||||
35,999 | Suburban Propane Partners LP | 703,060 | ||||||
|
||||||||
Ground Transportation 0.5% |
| |||||||
12,605 | Landstar System, Inc. | 2,198,438 | ||||||
|
||||||||
Health Care Providers & Services 3.4% |
| |||||||
1 | CVS Health Corp. | 68 | ||||||
10,547 | Elevance Health, Inc. | 5,574,933 | ||||||
14,146 | Humana, Inc. | 4,273,365 | ||||||
12,984 | UnitedHealth Group, Inc. | 6,280,361 | ||||||
|
|
|||||||
16,128,727 | ||||||||
|
||||||||
Hotels, Restaurants & Leisure 2.1% |
| |||||||
7,115 | Dominos Pizza, Inc. | 3,765,756 | ||||||
19,275 | Papa Johns International, Inc. | 1,189,075 | ||||||
57,534 | Starbucks Corp. | 5,091,183 | ||||||
|
|
|||||||
10,046,014 | ||||||||
|
||||||||
Independent Power and Renewable Electricity Producers 0.6% |
| |||||||
154,305 | AES Corp. | 2,762,060 | ||||||
|
||||||||
Insurance 2.2% |
| |||||||
22,680 | American Financial Group, Inc. | 2,897,370 | ||||||
25,220 | Marsh & McLennan Cos., Inc. | 5,029,624 | ||||||
11,430 | Primerica, Inc. | 2,421,560 | ||||||
|
|
|||||||
10,348,554 | ||||||||
|
||||||||
IT Services 2.2% |
| |||||||
23,195 | Accenture PLC Class A | 6,979,607 | ||||||
42,895 | Amdocs Ltd. | 3,602,751 | ||||||
|
|
|||||||
10,582,358 | ||||||||
|
||||||||
Life Sciences Tools & Services 2.4% |
| |||||||
23,399 | Danaher Corp. | 5,770,662 | ||||||
10,135 | Thermo Fisher Scientific, Inc. | 5,763,977 | ||||||
|
|
|||||||
11,534,639 | ||||||||
|
The accompanying notes are an integral part of these financial statements. | 31 |
GOLDMAN SACHS RISING DIVIDEND GROWTH FUND
Schedule of Investments (continued)
April 30, 2024 (Unaudited)
|
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Machinery 1.7% |
| |||||||
36,578 | Graco, Inc. | $ | 2,933,556 | |||||
40,820 | Mueller Industries, Inc. | 2,278,572 | ||||||
31,550 | Toro Co. | 2,763,464 | ||||||
|
|
|||||||
7,975,592 | ||||||||
|
||||||||
Media 5.5% |
| |||||||
286,034 | Comcast Corp. Class A | 10,900,756 | ||||||
208,458 | Interpublic Group of Cos., Inc. | 6,345,461 | ||||||
114,820 | New York Times Co. Class A | 4,940,705 | ||||||
25,780 | Nexstar Media Group, Inc. | 4,126,347 | ||||||
|
|
|||||||
26,313,269 | ||||||||
|
||||||||
Metals & Mining 1.1% |
| |||||||
8,990 | Reliance, Inc. | 2,559,633 | ||||||
21,844 | Steel Dynamics, Inc. | 2,842,341 | ||||||
|
|
|||||||
5,401,974 | ||||||||
|
||||||||
Multi-Utilities 0.5% |
| |||||||
92,205 | NiSource, Inc. | 2,568,831 | ||||||
|
||||||||
Oil, Gas & Consumable Fuels 14.1% |
| |||||||
28,678 | Cheniere Energy Partners LP | 1,389,449 | ||||||
16,758 | Cheniere Energy, Inc. | 2,644,748 | ||||||
13,749 | Delek Logistics Partners LP | 542,948 | ||||||
31,490 | DT Midstream, Inc. | 1,958,678 | ||||||
10,101 | Enbridge, Inc. | 358,990 | ||||||
566,885 | Energy Transfer LP | 8,917,101 | ||||||
256,576 | EnLink Midstream LLC* | 3,520,223 | ||||||
278,739 | Enterprise Products Partners LP | 7,826,991 | ||||||
6,072 | Exxon Mobil Corp. | 718,135 | ||||||
74,615 | Genesis Energy LP | 882,695 | ||||||
15,281 | Global Partners LP Class E | 716,526 | ||||||
108,895 | Hess Midstream LP Class A | 3,713,320 | ||||||
4,416 | Kinetik Holdings, Inc. | 169,309 | ||||||
207,236 | MPLX LP | 8,662,465 | ||||||
284,180 | NuStar Energy LP | 6,413,943 | ||||||
17,974 | ONEOK, Inc. | 1,422,103 | ||||||
388,386 | Plains All American Pipeline LP | 6,691,891 | ||||||
31,618 | Sunoco LP | 1,780,093 | ||||||
18,534 | Targa Resources Corp. | 2,113,988 | ||||||
159,871 | Western Midstream Partners LP | 5,451,601 | ||||||
41,501 | Williams Cos., Inc. | 1,591,978 | ||||||
|
|
|||||||
67,487,175 | ||||||||
|
||||||||
Personal Products 1.3% |
| |||||||
31,754 | Estee Lauder Cos., Inc. Class A | 4,658,629 | ||||||
12,850 | Inter Parfums, Inc. | 1,495,483 | ||||||
|
|
|||||||
6,154,112 | ||||||||
|
||||||||
Pharmaceuticals 2.8% |
| |||||||
7,825 | Eli Lilly & Co. | 6,112,107 | ||||||
56,875 | Perrigo Co. PLC | 1,857,538 | ||||||
32,840 | Zoetis, Inc. | 5,229,442 | ||||||
|
|
|||||||
13,199,087 | ||||||||
|
||||||||
Professional Services 0.5% |
| |||||||
35,185 | Robert Half, Inc. | 2,432,691 | ||||||
|
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Residential REITs 0.5% |
| |||||||
36,845 | Equity LifeStyle Properties, Inc. | $ | 2,221,385 | |||||
|
||||||||
Semiconductors & Semiconductor Equipment 9.4% |
| |||||||
34,910 | Applied Materials, Inc. | 6,934,871 | ||||||
9,692 | KLA Corp. | 6,680,599 | ||||||
7,225 | Lam Research Corp. | 6,462,112 | ||||||
8,615 | Monolithic Power Systems, Inc. | 5,766,278 | ||||||
30,782 | Power Integrations, Inc. | 2,053,775 | ||||||
43,540 | Skyworks Solutions, Inc. | 4,640,929 | ||||||
42,050 | Teradyne, Inc. | 4,891,256 | ||||||
42,819 | Texas Instruments, Inc. | 7,554,128 | ||||||
|
|
|||||||
44,983,948 | ||||||||
|
||||||||
Software 6.1% |
| |||||||
17,575 | InterDigital, Inc. | 1,735,180 | ||||||
11,778 | Intuit, Inc. | 7,368,553 | ||||||
18,401 | Microsoft Corp. | 7,164,061 | ||||||
61,811 | Oracle Corp. | 7,031,001 | ||||||
11,524 | Roper Technologies, Inc. | 5,894,065 | ||||||
|
|
|||||||
29,192,860 | ||||||||
|
||||||||
Specialized REITs 1.4% |
| |||||||
20,859 | American Tower Corp. | 3,578,570 | ||||||
22,700 | Extra Space Storage, Inc. | 3,048,156 | ||||||
|
|
|||||||
6,626,726 | ||||||||
|
||||||||
Specialty Retail 4.6% |
| |||||||
44,684 | Best Buy Co., Inc. | 3,290,530 | ||||||
16,331 | Home Depot, Inc. | 5,458,147 | ||||||
22,417 | Lowes Cos., Inc. | 5,110,852 | ||||||
16,465 | Tractor Supply Co. | 4,496,262 | ||||||
12,407 | Williams-Sonoma, Inc. | 3,558,079 | ||||||
|
|
|||||||
21,913,870 | ||||||||
|
||||||||
Technology Hardware, Storage & Peripherals 2.2% |
| |||||||
194,146 | HP, Inc. | 5,453,561 | ||||||
49,660 | NetApp, Inc. | 5,075,749 | ||||||
|
|
|||||||
10,529,310 | ||||||||
|
||||||||
Textiles, Apparel & Luxury Goods 1.3% |
| |||||||
55,835 | NIKE, Inc. Class B | 5,151,337 | ||||||
11,220 | Oxford Industries, Inc. | 1,209,292 | ||||||
|
|
|||||||
6,360,629 | ||||||||
|
||||||||
Trading Companies & Distributors 1.7% |
| |||||||
63,398 | Fastenal Co. | 4,307,260 | ||||||
8,342 | Watsco, Inc. | 3,734,880 | ||||||
|
|
|||||||
8,042,140 | ||||||||
|
||||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost $330,420,660) | $ | 465,111,105 | ||||||
|
32 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS RISING DIVIDEND GROWTH FUND
Shares | Dividend Rate |
Value | ||||||
Investment Companies(a) 2.0% |
| |||||||
Goldman Sachs Financial Square Government Fund Class R6 |
| |||||||
9,318,523 | 5.223% | $ | 9,318,523 | |||||
Goldman Sachs Financial Square Government Fund Institutional Shares |
| |||||||
260,559 | 5.223 | 260,559 | ||||||
|
||||||||
TOTAL INVESTMENT COMPANIES (Cost $9,579,082) |
$ | 9,579,082 | ||||||
|
||||||||
TOTAL INVESTMENTS 99.2% (Cost $ 339,999,742) |
$ | 474,690,187 | ||||||
|
||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES 0.8% |
3,600,756 | |||||||
|
||||||||
NET ASSETS 100.0% | $ | 478,290,943 | ||||||
|
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. |
ADDITIONAL INVESTMENT INFORMATION |
FUTURES CONTRACTS At April 30, 2024, 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 |
56 | 06/21/24 | $ | 9,880,650 | $(470,077) | |||||||
|
| ||
Investment Abbreviations: | ||
LLC | Limited Liability Company | |
LP | Limited Partnership | |
PLC | Public Limited Company | |
|
The accompanying notes are an integral part of these financial statements. | 33 |
GOLDMAN SACHS DIVIDEND FOCUS FUNDS
Income Builder Fund |
Rising Dividend Growth Fund |
|||||||||||||
Assets: | ||||||||||||||
Investments in unaffiliated issuers, at value (cost $2,055,066,130 and $330,420,660, respectively)(a) |
$2,156,696,814 | $465,111,105 | ||||||||||||
Investments in affiliated issuers, at value (cost $54,866,506 and $9,579,082, respectively) |
72,027,065 | 9,579,082 | ||||||||||||
Investments in affiliated securities lending reinvestment vehicle, at value which equals cost |
9,486,428 | | ||||||||||||
Cash |
36,008,873 | 534,459 | ||||||||||||
Foreign currencies, at value (cost $347,589 and $0, respectively) |
334,135 | | ||||||||||||
Unrealized gain on forward foreign currency exchange contracts |
328,447 | | ||||||||||||
Receivables: |
||||||||||||||
Interest and dividends |
20,267,457 | 895,764 | ||||||||||||
Collateral on certain derivative contracts(b) |
19,797,487 | 726,880 | ||||||||||||
Fund shares sold |
2,981,696 | 137,141 | ||||||||||||
Investments sold |
1,714,823 | 2,680,812 | ||||||||||||
Foreign tax reclaims |
1,355,937 | 62,144 | ||||||||||||
Reimbursement from investment adviser |
80,964 | 40,755 | ||||||||||||
Securities lending income |
25,892 | | ||||||||||||
Investments sold on an extended-settlement basis |
| 35,321 | ||||||||||||
Other assets |
109,080 | 77,468 | ||||||||||||
| ||||||||||||||
Total assets |
2,321,215,098 | 479,880,931 | ||||||||||||
| ||||||||||||||
Liabilities: | ||||||||||||||
Variation margin on swaps contracts |
1,159,380 | | ||||||||||||
Variation margin on futures contracts |
941,945 | 224,056 | ||||||||||||
Written option contracts, at value (premium received $631,680 and $0, respectively) |
362,769 | | ||||||||||||
Unrealized loss on forward foreign currency exchange contracts |
8,813 | | ||||||||||||
Payables: |
||||||||||||||
Payable upon return of securities loaned |
9,486,428 | | ||||||||||||
Investments purchased on an extended-settlement basis |
3,276,339 | | ||||||||||||
Fund shares redeemed |
2,967,961 | 669,969 | ||||||||||||
Investments purchased |
2,234,709 | 42,522 | ||||||||||||
Management fees |
805,317 | 256,841 | ||||||||||||
Distribution and Service fees and Transfer Agency fees |
424,979 | 119,497 | ||||||||||||
Accrued expenses |
462,455 | 277,103 | ||||||||||||
| ||||||||||||||
Total liabilities |
22,131,095 | 1,589,988 | ||||||||||||
| ||||||||||||||
Net Assets: | ||||||||||||||
Paid-in capital |
2,226,099,415 | 331,456,016 | ||||||||||||
Total distributable earnings |
72,984,588 | 146,834,927 | ||||||||||||
| ||||||||||||||
NET ASSETS |
$2,299,084,003 | $478,290,943 | ||||||||||||
Net Assets: |
||||||||||||||
Class A |
$ 613,019,926 | $254,215,408 | ||||||||||||
Class C |
171,490,158 | 22,494,323 | ||||||||||||
Institutional |
1,012,837,385 | 113,155,983 | ||||||||||||
Investor |
433,737,962 | 67,555,749 | ||||||||||||
Class R6 |
42,185,571 | 6,053,567 | ||||||||||||
Class R |
| 1,338,960 | ||||||||||||
Class P |
25,813,001 | 13,476,953 | ||||||||||||
Total Net Assets |
$2,299,084,003 | $478,290,943 | ||||||||||||
Shares Outstanding $0.001 par value (unlimited number of shares authorized): |
||||||||||||||
Class A |
25,326,262 | 21,853,473 | ||||||||||||
Class C |
7,236,670 | 1,877,896 | ||||||||||||
Institutional |
40,675,262 | 8,954,332 | ||||||||||||
Investor |
17,484,861 | 5,359,628 | ||||||||||||
Class R6 |
1,694,727 | 479,401 | ||||||||||||
Class R |
| 115,966 | ||||||||||||
Class P |
1,036,744 | 1,066,281 | ||||||||||||
Net asset value, offering and redemption price per share:(c) |
||||||||||||||
Class A |
$24.20 | $11.63 | ||||||||||||
Class C |
23.70 | 11.98 | ||||||||||||
Institutional |
24.90 | 12.64 | ||||||||||||
Investor |
24.81 | 12.60 | ||||||||||||
Class R6 |
24.89 | 12.63 | ||||||||||||
Class R |
| 11.55 | ||||||||||||
Class P |
24.90 | 12.64 |
(a) | Includes loaned securities having a market value of $9,295,315 and $0, respectively. |
(b) | Segregated for initial margin and/or collateral as follows: |
Fund | Futures | Swaps | Forwards | |||||||||||||||||||
Income Builder Fund |
$ | 8,755,308 | $ | 10,902,179 | $140,000 | |||||||||||||||||
Rising Dividend Growth Fund |
726,880 | | |
(c) | Maximum public offering price per share for Class A Shares of the Income Builder and the Rising Dividend Growth Funds is $25.61 and $12.31, 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, 2024 (Unaudited) |
Income Builder Fund |
Rising Dividend Growth Fund |
|||||||||||
Investment Income: | ||||||||||||
Interest (net of foreign withholding taxes of $300 and $0, respectively) |
$ 40,761,436 | $ 18,290 | ||||||||||
Dividends unaffiliated issuers (net of tax withholding of $332,057 and $2,962, respectively) |
11,877,011 | 4,150,451 | ||||||||||
Dividends affiliated issuers |
2,116,730 | 272,420 | ||||||||||
Securities lending income, net of rebates received or paid to borrowers |
78,179 | | ||||||||||
| ||||||||||||
Total investment income |
54,833,356 | 4,441,161 | ||||||||||
| ||||||||||||
Expenses: | ||||||||||||
Management fees |
5,739,184 | 1,788,066 | ||||||||||
Distribution and Service (12b-1) fees(a) |
1,423,544 | 406,879 | ||||||||||
Transfer Agency fees(a) |
926,873 | 284,746 | ||||||||||
Service fees Class C |
226,695 | 29,750 | ||||||||||
Printing and mailing costs |
167,593 | 50,645 | ||||||||||
Custody, accounting and administrative services |
153,786 | 62,747 | ||||||||||
Registration fees |
75,252 | 60,683 | ||||||||||
Professional fees |
67,773 | 75,757 | ||||||||||
Trustee fees |
12,117 | 10,917 | ||||||||||
Other |
17,966 | 12,001 | ||||||||||
| ||||||||||||
Total expenses |
8,810,783 | 2,782,191 | ||||||||||
| ||||||||||||
Less expense reductions |
(1,419,222 | ) | (582,170 | ) | ||||||||
| ||||||||||||
Net expenses |
7,391,561 | 2,200,021 | ||||||||||
| ||||||||||||
NET INVESTMENT INCOME |
47,441,795 | 2,241,140 | ||||||||||
| ||||||||||||
Realized and unrealized gain (loss): | ||||||||||||
Net realized gain (loss) from: |
||||||||||||
Investments unaffiliated issuers |
11,493,292 | 25,836,811 | ||||||||||
Futures contracts |
7,967,956 | 1,590,600 | ||||||||||
Written options |
(8,820,491 | ) | | |||||||||
Swap contracts |
(38,339 | ) | | |||||||||
Forward foreign currency exchange contracts |
104,014 | | ||||||||||
Foreign currency transactions |
(141,987 | ) | 64 | |||||||||
Net change in unrealized gain (loss) on: |
||||||||||||
Investments affiliated issuers |
3,756,780 | | ||||||||||
Investments unaffiliated issuers |
190,033,563 | 47,995,329 | ||||||||||
Futures contracts |
3,982,313 | 494,742 | ||||||||||
Written options |
119,361 | | ||||||||||
Swap contracts |
(2,676,105 | ) | | |||||||||
Forward foreign currency exchange contracts |
50,921 | | ||||||||||
Foreign currency translation |
24,412 | | ||||||||||
| ||||||||||||
Net realized and unrealized gain |
205,855,690 | 75,917,546 | ||||||||||
| ||||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
$253,297,485 | $78,158,686 | ||||||||||
|
(a) | Class specific Distribution and/or Service (12b-1) 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 |
Investor |
Class R6 |
Class R |
Class P |
||||||||||||||||||||||||||||||||||
Income Builder Fund |
$743,459 | $680,085 | $ | $356,860 | $108,814 | $196,146 | $254,296 | $6,396 | $ | $4,361 | ||||||||||||||||||||||||||||||||||
Rising Dividend Growth Fund |
314,164 | 89,250 | 3,465 | 188,498 | 17,850 | 22,407 | 52,139 | 921 | 1,040 | 1,891 |
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, 2024 (Unaudited) |
For the Fiscal Year Ended October 31, 2023 |
For the Six Months Ended April 30, 2024 (Unaudited) |
For the Fiscal Year Ended October 31, 2023 |
|||||||||||||||||
From operations: | ||||||||||||||||||||
Net investment income |
$ 47,441,795 | $ 99,456,743 | $ 2,241,140 | $ 4,570,385 | ||||||||||||||||
Net realized gain (loss) |
10,564,445 | (7,652,021 | ) | 27,427,475 | 46,855,231 | |||||||||||||||
Net change in unrealized gain (loss) |
195,291,245 | (31,990,092 | ) | 48,490,071 | (32,548,494 | ) | ||||||||||||||
| ||||||||||||||||||||
Net increase in net assets resulting from operations |
253,297,485 | 59,814,630 | 78,158,686 | 18,877,122 | ||||||||||||||||
| ||||||||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||
From distributable earnings: |
||||||||||||||||||||
Class A Shares |
(12,262,826 | ) | (25,025,157 | ) | (16,131,925 | ) | (37,009,107 | ) | ||||||||||||
Class C Shares |
(3,070,740 | ) | (8,386,590 | ) | (1,494,847 | ) | (5,482,663 | ) | ||||||||||||
Institutional Shares |
(21,283,066 | ) | (48,071,340 | ) | (6,753,571 | ) | (15,912,617 | ) | ||||||||||||
Investor Shares |
(9,013,756 | ) | (19,418,894 | ) | (4,271,246 | ) | (9,773,523 | ) | ||||||||||||
Class R6 Shares |
(918,645 | ) | (1,887,663 | ) | (385,069 | ) | (525,668 | ) | ||||||||||||
Class R Shares |
| | (86,557 | ) | (204,263 | ) | ||||||||||||||
Class P Shares |
(620,590 | ) | (1,674,317 | ) | (782,802 | ) | (2,194,943 | ) | ||||||||||||
Return of capital: |
||||||||||||||||||||
Class A Shares |
| (68,487 | ) | | | |||||||||||||||
Class C Shares |
| (22,952 | ) | | | |||||||||||||||
Institutional Shares |
| (131,557 | ) | | | |||||||||||||||
Investor Shares |
| (53,144 | ) | | | |||||||||||||||
Class R6 Shares |
| (5,166 | ) | | | |||||||||||||||
Class P Shares |
| (4,582 | ) | | | |||||||||||||||
| ||||||||||||||||||||
Total distributions to shareholders |
(47,169,623 | ) | (104,749,849 | ) | (29,906,017 | ) | (71,102,784 | ) | ||||||||||||
| ||||||||||||||||||||
From share transactions: | ||||||||||||||||||||
Proceeds from sales of shares |
265,890,766 | 587,855,935 | 26,516,265 | 75,086,284 | ||||||||||||||||
Reinvestment of distributions |
42,731,113 | 93,973,415 | 28,407,268 | 67,611,063 | ||||||||||||||||
Cost of shares redeemed |
(325,063,232 | ) | (792,159,058 | ) | (67,565,051 | ) | (121,791,713 | ) | ||||||||||||
| ||||||||||||||||||||
Net increase (decrease) in net assets resulting from share transactions |
(16,441,353 | ) | (110,329,708 | ) | (12,641,518 | ) | 20,905,634 | |||||||||||||
| ||||||||||||||||||||
TOTAL INCREASE (DECREASE) |
189,686,509 | (155,264,927 | ) | 35,611,151 | (31,320,028 | ) | ||||||||||||||
| ||||||||||||||||||||
Net assets: | ||||||||||||||||||||
Beginning of period |
2,109,397,494 | 2,264,662,421 | 442,679,792 | 473,999,820 | ||||||||||||||||
| ||||||||||||||||||||
End of period |
$2,299,084,003 | $2,109,397,494 | $478,290,943 | $ 442,679,792 | ||||||||||||||||
|
36 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DIVIDEND FOCUS FUNDS
(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. |
The accompanying notes are an integral part of these financial statements. | 37 |
GOLDMAN SACHS DIVIDEND FOCUS FUNDS
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period |
Income Builder Fund | |||||||||||||||||||||||||||||||||||||
Class C Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 21.58 | $ | 22.09 | $ | 26.47 | $ | 22.98 | $ | 23.26 | $ | 21.31 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.39 | 0.78 | 0.64 | 0.60 | 0.55 | 0.64 | |||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
2.13 | (0.42 | ) | (3.41 | ) | 3.51 | (0.21 | ) | 1.98 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
2.52 | 0.36 | (2.77 | ) | 4.11 | 0.34 | 2.62 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.40 | ) | (0.87 | ) | (0.68 | ) | (0.62 | ) | (0.60 | ) | (0.67 | ) | |||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| | (0.93 | ) | | | | ||||||||||||||||||||||||||||||
Distributions to shareholders from return of capital |
| | (b) | | | (0.02 | ) | | |||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total distributions |
(0.40 | ) | (0.87 | ) | (1.61 | ) | (0.62 | ) | (0.62 | ) | (0.67 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 23.70 | $ | 21.58 | $ | 22.09 | $ | 26.47 | $ | 22.98 | $ | 23.26 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total return(c) |
11.70 | % | 1.52 | % | (10.99 | )% | 18.01 | % | 1.57 | % | 12.44 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 171,490 | $ | 182,505 | $ | 243,523 | $ | 368,881 | $ | 380,590 | $ | 463,483 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
1.55 | %(d) | 1.55 | % | 1.54 | % | 1.54 | % | 1.67 | % | 1.70 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
1.67 | %(d) | 1.68 | % | 1.67 | % | 1.67 | % | 1.73 | % | 1.75 | % | |||||||||||||||||||||||||
Ratio of net investment income to average net assets |
3.32 | %(d) | 3.43 | % | 2.64 | % | 2.32 | % | 2.41 | % | 2.88 | % | |||||||||||||||||||||||||
Portfolio turnover rate(e) |
12 | % | 29 | % | 25 | % | 47 | % | 46 | % | 47 | % | |||||||||||||||||||||||||
|
(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. |
38 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DIVIDEND FOCUS FUNDS
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period |
Income Builder Fund | |||||||||||||||||||||||||||||||||||||
Institutional Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 22.65 | $ | 23.14 | $ | 27.64 | $ | 23.96 | $ | 24.21 | $ | 22.15 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.54 | 1.07 | 0.94 | 0.91 | 0.84 | 0.93 | |||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
2.24 | (0.44 | ) | (3.57 | ) | 3.67 | (0.21 | ) | 2.06 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
2.78 | 0.63 | (2.63 | ) | 4.58 | 0.63 | 2.99 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.53 | ) | (1.12 | ) | (0.94 | ) | (0.90 | ) | (0.85 | ) | (0.93 | ) | |||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| | (0.93 | ) | | | | ||||||||||||||||||||||||||||||
Distributions to shareholders from return of capital |
| | (b) | | | (0.03 | ) | | |||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total distributions |
(0.53 | ) | (1.12 | ) | (1.87 | ) | (0.90 | ) | (0.88 | ) | (0.93 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 24.90 | $ | 22.65 | $ | 23.14 | $ | 27.64 | $ | 23.96 | $ | 24.21 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total return(c) |
12.30 | % | 2.61 | % | (10.02 | )% | 19.29 | % | 2.68 | % | 13.76 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 1,012,837 | $ | 921,860 | $ | 993,214 | $ | 1,061,582 | $ | 669,848 | $ | 609,414 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
0.47 | %(d) | 0.47 | % | 0.46 | % | 0.46 | % | 0.56 | % | 0.57 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
0.59 | %(d) | 0.60 | % | 0.59 | % | 0.59 | % | 0.62 | % | 0.61 | % | |||||||||||||||||||||||||
Ratio of net investment income to average net assets |
4.39 | %(d) | 4.51 | % | 3.75 | % | 3.40 | % | 3.52 | % | 4.03 | % | |||||||||||||||||||||||||
Portfolio turnover rate(e) |
12 | % | 29 | % | 25 | % | 47 | % | 46 | % | 47 | % | |||||||||||||||||||||||||
|
(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. |
The accompanying notes are an integral part of these financial statements. | 39 |
GOLDMAN SACHS DIVIDEND FOCUS FUNDS
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period |
Income Builder Fund | |||||||||||||||||||||||||||||||||||||
Investor Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 22.57 | $ | 23.06 | $ | 27.55 | $ | 23.89 | $ | 24.14 | $ | 22.09 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.53 | 1.05 | 0.91 | 0.89 | 0.81 | 0.89 | |||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
2.23 | (0.44 | ) | (3.55 | ) | 3.65 | (0.21 | ) | 2.05 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
2.76 | 0.61 | (2.64 | ) | 4.54 | 0.60 | 2.94 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.52 | ) | (1.10 | ) | (0.92 | ) | (0.88 | ) | (0.82 | ) | (0.89 | ) | |||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| | (0.93 | ) | | | | ||||||||||||||||||||||||||||||
Distributions to shareholders from return of capital |
| | (b) | | | (0.03 | ) | | |||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total distributions |
(0.52 | ) | (1.10 | ) | (1.85 | ) | (0.88 | ) | (0.85 | ) | (0.89 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 24.81 | $ | 22.57 | $ | 23.06 | $ | 27.55 | $ | 23.89 | $ | 24.14 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total return(c) |
12.30 | % | 2.49 | % | (10.09 | )% | 19.22 | % | 2.53 | % | 13.59 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 433,738 | $ | 392,480 | $ | 421,142 | $ | 355,534 | $ | 256,919 | $ | 263,228 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
0.55 | %(d) | 0.55 | % | 0.54 | % | 0.54 | % | 0.67 | % | 0.70 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
0.67 | %(d) | 0.68 | % | 0.67 | % | 0.67 | % | 0.73 | % | 0.75 | % | |||||||||||||||||||||||||
Ratio of net investment income to average net assets |
4.31 | %(d) | 4.43 | % | 3.68 | % | 3.32 | % | 3.40 | % | 3.87 | % | |||||||||||||||||||||||||
Portfolio turnover rate(e) |
12 | % | 29 | % | 25 | % | 47 | % | 46 | % | 47 | % | |||||||||||||||||||||||||
|
(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. |
40 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DIVIDEND FOCUS FUNDS
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period |
Income Builder Fund | |||||||||||||||||||||||||||||||||||||
Class R6 Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 22.65 | $ | 23.13 | $ | 27.64 | $ | 23.95 | $ | 24.21 | $ | 22.15 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.54 | 1.07 | 0.94 | 0.92 | 0.83 | 0.93 | |||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
2.23 | (0.43 | ) | (3.58 | ) | 3.67 | (0.21 | ) | 2.06 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
2.77 | 0.64 | (2.64 | ) | 4.59 | 0.62 | 2.99 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.53 | ) | (1.12 | ) | (0.94 | ) | (0.90 | ) | (0.85 | ) | (0.93 | ) | |||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| | (0.93 | ) | | | | ||||||||||||||||||||||||||||||
Distributions to shareholders from return of capital |
| | (b) | | | (0.03 | ) | | |||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total distributions |
(0.53 | ) | (1.12 | ) | (1.87 | ) | (0.90 | ) | (0.88 | ) | (0.93 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 24.89 | $ | 22.65 | $ | 23.13 | $ | 27.64 | $ | 23.95 | $ | 24.21 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total return(c) |
12.31 | % | 2.62 | % | (10.05 | )% | 19.35 | % | 2.70 | % | 13.72 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 42,186 | $ | 40,051 | $ | 39,187 | $ | 25,215 | $ | 65,293 | $ | 10,486 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
0.46 | %(d) | 0.46 | % | 0.45 | % | 0.46 | % | 0.54 | % | 0.56 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
0.58 | %(d) | 0.59 | % | 0.58 | % | 0.58 | % | 0.61 | % | 0.61 | % | |||||||||||||||||||||||||
Ratio of net investment income to average net assets |
4.40 | %(d) | 4.52 | % | 3.76 | % | 3.44 | % | 3.51 | % | 3.96 | % | |||||||||||||||||||||||||
Portfolio turnover rate(e) |
12 | % | 29 | % | 25 | % | 47 | % | 46 | % | 47 | % | |||||||||||||||||||||||||
|
(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. |
The accompanying notes are an integral part of these financial statements. | 41 |
GOLDMAN SACHS DIVIDEND FOCUS FUNDS
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period |
Income Builder Fund | |||||||||||||||||||||||||||||||||||||
Class P Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 22.65 | $ | 23.14 | $ | 27.64 | $ | 23.96 | $ | 24.21 | $ | 22.15 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.54 | 1.08 | 0.94 | 0.91 | 0.84 | 0.94 | |||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
2.24 | (0.45 | ) | (3.57 | ) | 3.68 | (0.21 | ) | 2.05 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
2.78 | 0.63 | (2.63 | ) | 4.59 | 0.63 | 2.99 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.53 | ) | (1.12 | ) | (0.94 | ) | (0.91 | ) | (0.85 | ) | (0.93 | ) | |||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| | (0.93 | ) | | | | ||||||||||||||||||||||||||||||
Distributions to shareholders from return of capital |
| | (b) | | | (0.03 | ) | | |||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total distributions |
(0.53 | ) | (1.12 | ) | (1.87 | ) | (0.91 | ) | (0.88 | ) | (0.93 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 24.90 | $ | 22.65 | $ | 23.14 | $ | 27.64 | $ | 23.96 | $ | 24.21 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total return(c) |
12.35 | % | 2.62 | % | (10.05 | )% | 19.31 | % | 2.70 | % | 13.77 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 25,813 | $ | 31,006 | $ | 43,595 | $ | 52,764 | $ | 16,404 | $ | 13,919 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
0.46 | %(d) | 0.46 | % | 0.45 | % | 0.45 | % | 0.55 | % | 0.56 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
0.58 | %(d) | 0.59 | % | 0.58 | % | 0.58 | % | 0.61 | % | 0.61 | % | |||||||||||||||||||||||||
Ratio of net investment income to average net assets |
4.40 | %(d) | 4.52 | % | 3.75 | % | 3.38 | % | 3.51 | % | 4.04 | % | |||||||||||||||||||||||||
Portfolio turnover rate(e) |
12 | % | 29 | % | 25 | % | 47 | % | 46 | % | 47 | % | |||||||||||||||||||||||||
|
(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. |
42 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DIVIDEND FOCUS FUNDS
Financial Highlights
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 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 DIVIDEND FOCUS FUNDS
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period |
Rising Dividend Growth Fund | |||||||||||||||||||||||||||||||||||||
Class C Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 10.81 | $ | 12.14 | $ | 14.13 | $ | 9.99 | $ | 11.36 | $ | 19.71 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment income (loss)(a) |
0.01 | 0.02 | (0.02 | ) | (0.03 | ) | | (b) | 0.01 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
1.87 | 0.37 | (0.72 | ) | 4.52 | (0.23 | ) | 0.80 | |||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
1.88 | 0.39 | (0.74 | ) | 4.49 | (0.23 | ) | 0.81 | |||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.03 | ) | (0.38 | ) | (0.08 | ) | (0.31 | ) | (0.16 | ) | (0.12 | ) | |||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
(0.68 | ) | (1.34 | ) | (1.17 | ) | (0.04 | ) | (0.98 | ) | (9.04 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total distributions |
(0.71 | ) | (1.72 | ) | (1.25 | ) | (0.35 | ) | (1.14 | ) | (9.16 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 11.98 | $ | 10.81 | $ | 12.14 | $ | 14.13 | $ | 9.99 | $ | 11.36 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total return(c) |
17.69 | % | 2.90 | % | (5.65 | )% | 45.74 | % | (2.50 | )% | 9.55 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 22,494 | $ | 23,425 | $ | 41,110 | $ | 75,965 | $ | 108,840 | $ | 194,302 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
1.76 | %(d) | 1.77 | % | 1.78 | % | 1.78 | % | 1.84 | % | 1.90 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
2.01 | %(d) | 2.03 | % | 2.02 | % | 2.03 | % | 2.03 | % | 2.02 | % | |||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets |
0.11 | %(d) | 0.16 | % | (0.15 | )% | (0.23 | )% | 0.03 | % | 0.12 | % | |||||||||||||||||||||||||
Portfolio turnover rate(e) |
30 | % | 45 | % | 50 | % | 38 | % | 43 | % | 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 DIVIDEND FOCUS FUNDS
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period |
Rising Dividend Growth Fund | |||||||||||||||||||||||||||||||||||||
Institutional Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 11.37 | $ | 12.69 | $ | 14.72 | $ | 10.38 | $ | 11.76 | $ | 20.08 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.07 | 0.15 | 0.11 | 0.10 | 0.12 | 0.15 | |||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
1.98 | 0.38 | (0.74 | ) | 4.70 | (0.24 | ) | 0.83 | |||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
2.05 | 0.53 | (0.63 | ) | 4.80 | (0.12 | ) | 0.98 | |||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.10 | ) | (0.51 | ) | (0.23 | ) | (0.42 | ) | (0.28 | ) | (0.26 | ) | |||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
(0.68 | ) | (1.34 | ) | (1.17 | ) | (0.04 | ) | (0.98 | ) | (9.04 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total distributions |
(0.78 | ) | (1.85 | ) | (1.40 | ) | (0.46 | ) | (1.26 | ) | (9.30 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 12.64 | $ | 11.37 | $ | 12.69 | $ | 14.72 | $ | 10.38 | $ | 11.76 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total return(b) |
18.31 | % | 4.02 | % | (4.62 | )% | 47.16 | % | (1.47 | )% | 10.85 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 113,156 | $ | 105,744 | $ | 108,367 | $ | 130,706 | $ | 97,358 | $ | 191,509 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
0.69 | %(c) | 0.70 | % | 0.72 | % | 0.72 | % | 0.78 | % | 0.80 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
0.90 | %(c) | 0.92 | % | 0.90 | % | 0.90 | % | 0.90 | % | 0.88 | % | |||||||||||||||||||||||||
Ratio of net investment income to average net assets |
1.17 | %(c) | 1.21 | % | 0.87 | % | 0.75 | % | 1.10 | % | 1.25 | % | |||||||||||||||||||||||||
Portfolio turnover rate(d) |
30 | % | 45 | % | 50 | % | 38 | % | 43 | % | 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 DIVIDEND FOCUS FUNDS
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period |
Rising Dividend Growth Fund | |||||||||||||||||||||||||||||||||||||
Investor Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 11.34 | $ | 12.66 | $ | 14.69 | $ | 10.36 | $ | 11.75 | $ | 20.07 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.07 | 0.14 | 0.11 | 0.09 | 0.11 | 0.14 | |||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
1.96 | 0.38 | (0.75 | ) | 4.69 | (0.25 | ) | 0.83 | |||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
2.03 | 0.52 | (0.64 | ) | 4.78 | (0.14 | ) | 0.97 | |||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.09 | ) | (0.50 | ) | (0.22 | ) | (0.41 | ) | (0.27 | ) | (0.25 | ) | |||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
(0.68 | ) | (1.34 | ) | (1.17 | ) | (0.04 | ) | (0.98 | ) | (9.04 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total distributions |
(0.77 | ) | (1.84 | ) | (1.39 | ) | (0.45 | ) | (1.25 | ) | (9.29 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 12.60 | $ | 11.34 | $ | 12.66 | $ | 14.69 | $ | 10.36 | $ | 11.75 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total return(b) |
18.22 | % | 3.95 | % | (4.70 | )% | 47.09 | % | (1.55 | )% | 10.73 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 67,556 | $ | 65,745 | $ | 64,950 | $ | 71,231 | $ | 64,328 | $ | 105,498 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
0.76 | %(c) | 0.77 | % | 0.78 | % | 0.78 | % | 0.84 | % | 0.90 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
1.01 | %(c) | 1.03 | % | 1.02 | % | 1.02 | % | 1.03 | % | 1.02 | % | |||||||||||||||||||||||||
Ratio of net investment income to average net assets |
1.10 | %(c) | 1.15 | % | 0.81 | % | 0.71 | % | 1.04 | % | 1.13 | % | |||||||||||||||||||||||||
Portfolio turnover rate(d) |
30 | % | 45 | % | 50 | % | 38 | % | 43 | % | 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 DIVIDEND FOCUS FUNDS
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period |
Rising Dividend Growth Fund | |||||||||||||||||||||||||||||||||||||
Class R6 Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 11.36 | $ | 12.68 | $ | 14.71 | $ | 10.37 | $ | 11.76 | $ | 20.08 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.07 | 0.14 | 0.11 | 0.10 | 0.12 | 0.14 | |||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
1.98 | 0.39 | (0.74 | ) | 4.70 | (0.25 | ) | 0.85 | |||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
2.05 | 0.53 | (0.63 | ) | 4.80 | (0.13 | ) | 0.99 | |||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.10 | ) | (0.51 | ) | (0.23 | ) | (0.42 | ) | (0.28 | ) | (0.27 | ) | |||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
(0.68 | ) | (1.34 | ) | (1.17 | ) | (0.04 | ) | (0.98 | ) | (9.04 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total distributions |
(0.78 | ) | (1.85 | ) | (1.40 | ) | (0.46 | ) | (1.26 | ) | (9.31 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 12.63 | $ | 11.36 | $ | 12.68 | $ | 14.71 | $ | 10.37 | $ | 11.76 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total return(b) |
18.33 | % | 4.03 | % | (4.62 | )% | 47.22 | % | (1.47 | )% | 10.78 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 6,054 | $ | 5,831 | $ | 2,738 | $ | 3,063 | $ | 1,868 | $ | 2,240 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
0.68 | %(c) | 0.69 | % | 0.71 | % | 0.71 | % | 0.76 | % | 0.80 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
0.89 | %(c) | 0.91 | % | 0.89 | % | 0.89 | % | 0.90 | % | 0.89 | % | |||||||||||||||||||||||||
Ratio of net investment income to average net assets |
1.18 | %(c) | 1.19 | % | 0.87 | % | 0.75 | % | 1.11 | % | 1.19 | % | |||||||||||||||||||||||||
Portfolio turnover rate(d) |
30 | % | 45 | % | 50 | % | 38 | % | 43 | % | 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. | 47 |
GOLDMAN SACHS DIVIDEND FOCUS FUNDS
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period |
Rising Dividend Growth Fund | |||||||||||||||||||||||||||||||||||||
Class R Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 10.45 | $ | 11.81 | $ | 13.79 | $ | 9.76 | $ | 11.13 | $ | 19.51 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.03 | 0.07 | 0.04 | 0.02 | 0.06 | 0.07 | |||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
1.82 | 0.36 | (0.69 | ) | 4.42 | (0.24 | ) | 0.78 | |||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
1.85 | 0.43 | (0.65 | ) | 4.44 | (0.18 | ) | 0.85 | |||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.07 | ) | (0.45 | ) | (0.16 | ) | (0.37 | ) | (0.21 | ) | (0.19 | ) | |||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
(0.68 | ) | (1.34 | ) | (1.17 | ) | (0.04 | ) | (0.98 | ) | (9.04 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total distributions |
(0.75 | ) | (1.79 | ) | (1.33 | ) | (0.41 | ) | (1.19 | ) | (9.23 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 11.55 | $ | 10.45 | $ | 11.81 | $ | 13.79 | $ | 9.76 | $ | 11.13 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total return(b) |
17.98 | % | 3.41 | % | (5.10 | )% | 46.38 | % | (2.01 | )% | 10.08 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 1,339 | $ | 1,198 | $ | 1,346 | $ | 1,357 | $ | 1,131 | $ | 2,575 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
1.26 | %(c) | 1.27 | % | 1.28 | % | 1.28 | % | 1.35 | % | 1.40 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
1.51 | %(c) | 1.53 | % | 1.52 | % | 1.52 | % | 1.53 | % | 1.52 | % | |||||||||||||||||||||||||
Ratio of net investment income to average net assets |
0.59 | %(c) | 0.63 | % | 0.31 | % | 0.19 | % | 0.57 | % | 0.61 | % | |||||||||||||||||||||||||
Portfolio turnover rate(d) |
30 | % | 45 | % | 50 | % | 38 | % | 43 | % | 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 DIVIDEND FOCUS FUNDS
Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period |
Rising Dividend Growth Fund | |||||||||||||||||||||||||||||||||||||
Class P Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 11.37 | $ | 12.69 | $ | 14.72 | $ | 10.38 | $ | 11.76 | $ | 20.08 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.07 | 0.15 | 0.11 | 0.09 | 0.12 | 0.15 | |||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
1.98 | 0.38 | (0.74 | ) | 4.71 | (0.24 | ) | 0.84 | |||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
2.05 | 0.53 | (0.63 | ) | 4.80 | (0.12 | ) | 0.99 | |||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.10 | ) | (0.51 | ) | (0.23 | ) | (0.42 | ) | (0.28 | ) | (0.27 | ) | |||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
(0.68 | ) | (1.34 | ) | (1.17 | ) | (0.04 | ) | (0.98 | ) | (9.04 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total distributions |
(0.78 | ) | (1.85 | ) | (1.40 | ) | (0.46 | ) | (1.26 | ) | (9.31 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 12.64 | $ | 11.37 | $ | 12.69 | $ | 14.72 | $ | 10.38 | $ | 11.76 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total return(b) |
18.31 | % | 4.02 | % | (4.62 | )% | 47.17 | % | (1.46 | )% | 10.86 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 13,477 | $ | 12,316 | $ | 15,404 | $ | 14,747 | $ | 7,791 | $ | 21,171 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
0.68 | %(c) | 0.69 | % | 0.71 | % | 0.71 | % | 0.77 | % | 0.79 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
0.89 | %(c) | 0.91 | % | 0.90 | % | 0.89 | % | 0.89 | % | 0.87 | % | |||||||||||||||||||||||||
Ratio of net investment income to average net assets |
1.19 | %(c) | 1.22 | % | 0.87 | % | 0.70 | % | 1.10 | % | 1.24 | % | |||||||||||||||||||||||||
Portfolio turnover rate(d) |
30 | % | 45 | % | 50 | % | 38 | % | 43 | % | 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. | 49 |
GOLDMAN SACHS DIVIDEND FOCUS FUNDS
1. ORGANIZATION |
Goldman Sachs Trust (the Trust) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the Act), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the Funds or individually a Fund), along with their corresponding share classes and respective diversification status under the Act:
Fund | Share Classes Offered | Diversified/ Non-diversified | ||
Goldman Sachs Income Builder Fund | A, C, Institutional, Investor, R6 and P |
Diversified | ||
Goldman Sachs Rising Dividend Growth Fund | 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, 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.
50 |
GOLDMAN SACHS DIVIDEND FOCUS FUNDS
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 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 Fund |
Monthly |
Annually | ||||
Rising Dividend Growth Fund |
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;
51 |
GOLDMAN SACHS DIVIDEND FOCUS FUNDS
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited) |
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
Level 2 Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;
Level 3 Prices or valuations that require significant unobservable inputs (including 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. With respect to the Funds investments that do not have readily available market quotations, the Trustees have designated GSAM as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the Valuation Designee). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.
A. Level 1 and Level 2 Fair Value Investments The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:
Equity Securities Equity securities traded on a United States (U.S.) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e., where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.
Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under the Valuation Procedures and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.
Underlying Funds (including Money Market Funds) Underlying funds (Underlying Funds) include exchange-traded funds (ETFs) and other investment companies. Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds shares will correspondingly fluctuate in value. 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. 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.
52 |
GOLDMAN SACHS DIVIDEND FOCUS FUNDS
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
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 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 the Fund to the borrower. The Fund is obligated to fund these commitments at the borrowers discretion. The 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 either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules 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
53 |
GOLDMAN SACHS DIVIDEND FOCUS FUNDS
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited) |
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.
i. Forward Contracts A forward contract is a contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract settlement can occur on a cash or delivery basis. Forward contracts are marked-to-market daily using independent vendor prices, and the change in value, if any, is recorded as an unrealized gain or loss. Cash and certain investments may be used to collateralize forward contracts.
A forward foreign currency exchange contract is a forward contract in which a Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked to market daily by using the outright forward rates or interpolating based upon maturity dates, where available. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.
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.
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 the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either
54 |
GOLDMAN SACHS DIVIDEND FOCUS FUNDS
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
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, 2024:
INCOME BUILDER FUND | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
|
||||||||||||
Assets |
||||||||||||
Fixed Income |
||||||||||||
Corporate Obligations |
$ | | $ | 1,128,690,146 | $ | | ||||||
Bank Loans |
| 117,997,877 | 2,740,500 | |||||||||
Sovereign Debt Obligations |
| 10,125,522 | | |||||||||
Mortgage-Backed Obligations |
| 97,757 | | |||||||||
Common Stock and/or Other Equity Investments(a) |
||||||||||||
Asia |
32,572,436 | 30,501 | | |||||||||
Europe |
173,063,786 | 1,269,066 | | |||||||||
North America |
633,388,973 | | 390 | |||||||||
South America |
17,597,474 | | | |||||||||
Securities Lending Reinvestment Vehicle |
9,486,428 | | | |||||||||
Preferred Stocks |
| 8,412,294 | | |||||||||
Warrants |
| 112,264 | | |||||||||
Exchange Traded Funds |
30,597,828 | | | |||||||||
Investment Companies |
72,027,065 | | | |||||||||
|
||||||||||||
Total |
$ | 968,733,990 | $ | 1,266,735,427 | $ | 2,740,890 | ||||||
|
||||||||||||
Derivative Type |
||||||||||||
|
||||||||||||
Assets(b) |
||||||||||||
Forward Foreign Currency Exchange Contracts |
$ | | $ | 328,447 | $ | | ||||||
Futures Contracts |
4,222,689 | | | |||||||||
Interest Rate Swap Contracts |
| 742,907 | | |||||||||
|
||||||||||||
Total |
$ | 4,222,689 | $ | 1,071,354 | $ | | ||||||
|
||||||||||||
Liabilities |
||||||||||||
Forward Foreign Currency Exchange Contracts(b) |
$ | | $ | (8,813 | ) | $ | | |||||
Futures Contracts(b) |
(9,455,796 | ) | | | ||||||||
Interest Rate Swap Contracts(b) |
| (10,007,676 | ) | | ||||||||
Written Option Contracts |
| (362,769 | ) | | ||||||||
|
||||||||||||
Total |
$ | (9,455,796 | ) | $ | (10,379,258 | ) | $ | | ||||
|
55 |
GOLDMAN SACHS DIVIDEND FOCUS FUNDS
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited) |
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
RISING DIVIDEND GROWTH FUND | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
|
||||||||||||
Assets |
||||||||||||
Common Stock and/or Other Equity Investments(a) |
||||||||||||
Europe |
$ | 8,837,145 | $ | | $ | | ||||||
North America |
456,273,960 | | | |||||||||
Investment Companies |
9,579,082 | | | |||||||||
|
||||||||||||
Total |
$ | 474,690,187 | $ | | $ | | ||||||
|
||||||||||||
Derivative Type |
||||||||||||
|
||||||||||||
Liabilities(b) |
||||||||||||
Futures Contracts |
$ | (470,077 | ) | $ | | $ | | |||||
|
(a) | Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of net asset value. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Fund utilizes fair value model prices provided by an independent fair value service for international equities, resulting in a Level 2 classification. |
(b) | Amount shown represents unrealized gain (loss) at period end. |
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, 2024. 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 table below excludes 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 Fund | ||||||||||||
Risk | Statements of Assets and Liabilities | Assets | Statements of Assets and Liabilities | Liabilities | ||||||||
Currency | Receivable for unrealized gain on forward foreign currency exchange contracts |
$ | 328,447 | Payable for unrealized loss on forward foreign currency exchange contracts | $ |
(8,813 |
) | |||||
Equity | Variation margin on futures contracts | |
79,126 |
(a) |
Variation margin on futures contracts; Written option contracts, at value |
|
(2,227,607 |
)(a) | ||||
Interest rate | Variation margin on swap contracts; Variation margin on futures contracts |
|
4,886,470 |
(a) |
Variation margin on swap contracts; Variation margin on futures contracts |
|
(17,598,634 |
)(a) | ||||
Total |
$ | 5,294,043 | $ | (19,835,054 | ) | |||||||
Rising Dividend Growth Fund | ||||||||||||
Risk | Statements of Assets and Liabilities | Assets | Statements of Assets and Liabilities | Liabilities | ||||||||
Equity | | $ | | Variation margin on futures contracts | $ | (470,077 | ) |
(a) | Includes unrealized gain (loss) on futures contracts and centrally cleared swaps 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. |
56 |
GOLDMAN SACHS DIVIDEND FOCUS FUNDS
4. INVESTMENTS IN DERIVATIVES (continued) |
The following table sets forth, by certain risk types, the Funds gains (losses) related to these derivatives and their indicative volumes for the six months ended April 30, 2024. 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 Fund | ||||||||||||
Risk | Statements of Operations | Net Realized Gain (Loss) | Net Change in Unrealized Gain (Loss) | |||||||||
Currency | Net realized gain from forward foreign currency exchange contracts/Net unrealized gain on forward foreign currency exchange contracts | $ 104,014 | $ 50,921 | |||||||||
Equity | Net realized gain from futures, swap contracts, purchased and written options/Net unrealized gain on futures, swap contracts and written options | (268,451 | ) | 1,338,065 | ||||||||
Interest rate | Net realized gain (loss) from futures contracts and swap contracts/Net change in unrealized gain on futures contracts and swap contracts | (622,423 | ) | 87,504 | ||||||||
Total |
$ (786,860 | ) | $1,476,490 | |||||||||
Rising Dividend Growth Fund | ||||||||||||
Risk | Statements 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 | $1,590,600 | $494,742 |
For the six months ended April 30, 2024, the relevant values for each derivative type were as follows:
Average Number of Contracts, Notional Amounts, or Shares/Units(a) | ||||||||||||||||
|
|
|||||||||||||||
Fund | Futures Contracts |
Forward Contracts |
Swap Agreements |
Written Options |
||||||||||||
|
||||||||||||||||
Income Builder Fund |
3,518 | $26,627,254 | $325,221,712 | 23,615 | ||||||||||||
|
||||||||||||||||
Rising Dividend Growth Fund |
57 | | | | ||||||||||||
|
(a) | Amounts disclosed represent average number of contracts for futures contracts, notional amounts for forward contracts, swap agreements, purchased options and written options, based on absolute values, which is indicative of volume for this derivative type, for the months that the Fund held such derivatives during the six months ended April 30, 2024. |
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.
57 |
GOLDMAN SACHS DIVIDEND FOCUS FUNDS
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited) |
5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
For the six months ended April 30, 2024, contractual and effective net management fees with GSAM were at the following rates:
Contractual Management Rate | Effective Net |
|||||||||||||||||||||||||
Fund |
First |
Next $1 billion |
Next $3 billion |
Next $3 billion |
Over $8 billion |
Effective Rate | ||||||||||||||||||||
|
||||||||||||||||||||||||||
Income Builder Fund |
0.54% | 0.49% | 0.46% | 0.45% | 0.44% | 0.51% | 0.42*% | |||||||||||||||||||
|
||||||||||||||||||||||||||
Rising Dividend Growth Fund |
0.75 | 0.68 | 0.64 | 0.63 | 0.62 | 0.75 | 0.65** | |||||||||||||||||||
|
^ | Effective Net Management Rate includes the impact of management fee waivers of affiliated 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, 2025, 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 0.65% 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, 2025, and prior to such date, GSAM may not terminate the arrangement without the approval of the Board of Trustees. |
Both the Funds invest in Institutional Shares and Class R6 Shares of the Goldman Sachs Financial Square Government Fund and Income Builder Fund invests in Class R6 Shares of the Goldman Sachs MLP Energy Infrastructure Fund, which are affiliated Underlying Funds. GSAM has agreed to waive a portion of its management fee payable by each applicable Fund in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Funds in which each Fund invests. For the six months ended April 30, 2024, the management fee waived by GSAM for each Fund was as follows:
Fund | Management Fee Waived |
|||
|
||||
Income Builder Fund |
$176,729 | |||
|
||||
Rising Dividend Growth Fund |
8,389 | |||
|
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 each applicable Fund, 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 | ||||||||||||
Fund | Class A* | Class C | Class R* | |||||||||
|
||||||||||||
Income Builder Fund |
0.25% | 0.75% | % | |||||||||
|
||||||||||||
Rising Dividend Growth Fund |
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 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. |
58 |
GOLDMAN SACHS DIVIDEND FOCUS 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. During the six months ended April 30, 2024, Goldman Sachs retained the following amounts:
Front End Sales Charge
|
||||
Fund | Class A | |||
Income Builder Fund | $38,364 | |||
Rising Dividend Growth Fund | 3,874 |
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; 0.15% 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 0.04% 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, 2025, 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 0.004%, respectively. These Other Expense limitations will remain in place through at least February 28, 2025, 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, 2024, 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 Fund | $949,471 | $ 3,548 | $466,203 | $1,419,222 | ||||
Rising Dividend Growth Fund | 246,798 | 69,207 | 266,165 | 582,170 |
59 |
GOLDMAN SACHS DIVIDEND FOCUS FUNDS
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited) |
5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
G. Line of Credit Facility As of April 30, 2024, the Funds participated in a $1,150,000,000 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, 2024, the Funds did not have any borrowings under the facility. Prior to April 16, 2024, the facility was $1,110,000,000.
H. Other Transactions with Affiliates For the six months ended April 30, 2024, Goldman Sachs earned $21,896 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, 2024:
Fund | Underlying Fund | Beginning Value as of October 31, 2023 |
Purchases at Cost |
Proceeds from Sales |
Change In Unrealized Gain (Loss) |
Ending Value as of April 30, 2024 |
Shares as of April 30, 2024 |
Dividend Income |
||||||||||||||||||||||
|
||||||||||||||||||||||||||||||
Income Builder Fund |
Goldman Sachs Financial Square Government Fund Class R6 Shares | $ | 17,500,773 | $ | 171,790,067 | $ | (167,967,887 | ) | $ | | $ | 17,862,489 | 17,862,489 | $ | 392,531 | |||||||||||||||
|
||||||||||||||||||||||||||||||
Goldman Sachs Financial Square Government Fund Institutional Shares | 8,740,276 | 129,927,166 | (120,804,953 | ) | | 21,322,954 | 21,322,954 | 679,941 | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||||
Goldman Sachs MLP Energy Infrastructure Fund Class R6 Shares | 28,040,584 | 1,044,258 | | 3,756,780 | 32,841,622 | 917,877 | 1,044,258 | |||||||||||||||||||||||
|
||||||||||||||||||||||||||||||
Rising Dividend Growth Fund |
Goldman Sachs Financial Square Government Fund Class R6 | 13,320,035 | 58,777,626 | (62,779,138 | ) | | 9,318,523 | 9,318,523 | 262,323 | |||||||||||||||||||||
|
||||||||||||||||||||||||||||||
Goldman Sachs Financial Square Government Fund Institutional Shares | 278,047 | 4,496,926 | (4,514,414 | ) | | 260,559 | 260,559 | 10,097 | ||||||||||||||||||||||
|
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, 2024, were as follows:
Fund | |
Purchases (Excluding U.S. Government and Agency Obligations) |
|
|
Sales and Maturities of (Excluding U.S. Government and Agency Obligations) |
| ||||||
Income Builder Fund | $256,819,818 | $299,922,196 | ||||||||||
Rising Dividend Growth Fund | 139,563,648 | 172,618,205 |
60 |
GOLDMAN SACHS DIVIDEND FOCUS FUNDS
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, 2024, are disclosed as Payable upon return of securities loaned on the Statements of Assets and Liabilities, where applicable.
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, 2024, 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, 2024:
Fund | Beginning Value as of October 31, 2023 | Purchases at cost | Proceeds from Sales | Ending Value as of April 30, 2024 | Shares as of April 30, 2024 | |||||
Income Builder Fund | $104,950 | $66,663,954 | $(57,282,476) | $9,486,428 | 9,486,428 |
61 |
GOLDMAN SACHS DIVIDEND FOCUS FUNDS
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited) |
8. TAX INFORMATION |
As of the Funds most recent fiscal year end, October 31, 2023, the Funds capital loss carryforwards and certain timing differences on a tax basis were as follows:
|
Income Builder Fund |
|
|
Rising Dividend Growth Fund |
| |||
Capital loss carryforwards: |
||||||||
Perpetual Short-Term |
$(44,915,341) | $ | ||||||
Timing differences (Open MBS Amortization - Pre-Election/Dividends Payable/Defaulted Bonds/Straddle Loss Deferral) |
(133,361) | |
As of April 30, 2024, the Funds aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
|
Income Builder Fund |
|
|
Rising Dividend Growth Fund |
| |||
Tax Cost | $2,117,200,151 | $353,648,718 | ||||||
Gross unrealized gain |
249,321,979 | 145,995,024 | ||||||
Gross unrealized loss | (128,311,823 | ) | (24,953,555 | ) | ||||
Net unrealized gain | $ 121,010,156 | $121,041,469 |
The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains (losses) on regulated futures contracts, net mark to market gains (losses) on foreign currency contracts, swap transactions, material modification of debt securities, and market discount accretion and premium amortization and differences in the tax treatment of partnership 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 and other similar instruments (collectively referred to in this paragraph as derivatives) may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Funds. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, fulfill its contractual obligations, liquidity risk, which includes the risk that the Funds will not be able to exit the derivative when it is advantageous to do so, and risks arising from margin requirements, which include the risk that the Funds will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.
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,
62 |
GOLDMAN SACHS DIVIDEND FOCUS FUNDS
9. OTHER RISKS (continued) |
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 The Underlying MLP Fund concentrates its investments in the energy sector, and will therefore be susceptible to adverse economic, business, social, political, environmental, regulatory or other developments affecting that sector. The energy sector has historically experienced substantial price volatility. MLPs , energy infrastructure funds, and other companies operating in the energy sector are subject to specific risks, including, among others: fluctuations in commodity prices and/or interest rates; increased governmental or environmental regulation; reduced availability of natural gas or other commodities for transporting, processing, storing or delivering; declines in domestic or foreign production; slowdowns in new construction; extreme weather or other natural disasters; and threats of attack by terrorists on energy assets. Energy companies can be significantly affected by the supply of, and demand for, particular energy products (such as oil and natural gas), which may result in overproduction or underproduction. 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.
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 the 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 the 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 the 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 the Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.
Interest Rate Risk When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds. A sudden or unpredictable increase in interest rates may cause volatility in the market and may decrease the liquidity of a Funds investments, which would make it harder for the Fund to sell its investments at an advantageous time.
Investment Style Risk Different investment styles (e.g., growth, value or quantitative) tend to shift in and out of favor depending upon market and economic conditions and investor sentiment. The Funds may outperform or underperform other funds that invest in similar asset classes but employ different investment styles.
63 |
GOLDMAN SACHS DIVIDEND FOCUS FUNDS
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited) |
9. OTHER RISKS (Continued) |
Large Shareholder Transactions Risk A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a 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.
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), 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, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which a Fund has unsettled or open transactions defaults.
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.
64 |
GOLDMAN SACHS DIVIDEND FOCUS FUNDS
9. OTHER RISKS (continued) |
Other Investments Risk By investing in pooled investment vehicles (including investment companies and ETFs), partnerships and REITs indirectly through the Fund, investors will incur a proportionate share of the expenses of the other pooled investment vehicles, partnerships and REITs held by the Fund (including operating costs and investment management fees) in addition to the fees and expenses regularly borne by the Fund. In addition, the Fund will be affected by the investment policies, practices and performance of such investments in direct proportion to the amount of assets the Fund invests therein.
REIT Risk Risks associated with investments in the real estate industry (such as REITs) include, among others: possible declines in the value of real estate; risks related to general and local economic conditions; possible lack of availability of mortgage financing, variations in rental income, neighborhood values or the appeal of property to tenants; interest rates; overbuilding; extended vacancies of properties; increases in competition, property taxes and operating expenses; and changes in zoning laws. REITs whose underlying properties are concentrated in a particular industry or geographic region are subject to risks affecting such industries and regions. The securities of REITs involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements because of interest rate changes, economic conditions and other factors. Securities of such issuers may lack sufficient market liquidity to enable the Fund to effect sales at an advantageous time or without a substantial drop in price.
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.
65 |
GOLDMAN SACHS DIVIDEND FOCUS FUNDS
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited) |
12. SUMMARY OF SHARE TRANSACTIONS |
Share activity is as follows:
Income Builder Fund | ||||||||||||||||||||
For the Six Months Ended April 30, 2024 (Unaudited) |
For the Fiscal Year Ended October 31, 2023 |
|||||||||||||||||||
|
|
|||||||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||||||
|
|
|||||||||||||||||||
Class A Shares |
||||||||||||||||||||
Shares sold |
3,009,894 | $ | 72,502,091 | 6,284,421 | $ | 145,538,546 | ||||||||||||||
Reinvestment of distributions |
456,822 | 11,057,412 | 976,063 | 22,453,866 | ||||||||||||||||
Shares redeemed |
(2,713,260 | ) | (65,030,005 | ) | (5,937,056 | ) | (137,177,274 | ) | ||||||||||||
|
||||||||||||||||||||
753,456 | 18,529,498 | 1,323,428 | 30,815,138 | |||||||||||||||||
|
||||||||||||||||||||
Class C Shares |
||||||||||||||||||||
Shares sold |
361,534 | 8,512,358 | 1,268,520 | 28,776,292 | ||||||||||||||||
Reinvestment of distributions |
124,986 | 2,960,048 | 359,858 | 8,117,740 | ||||||||||||||||
Shares redeemed |
(1,705,669 | ) | (40,238,688 | ) | (4,195,252 | ) | (95,041,927 | ) | ||||||||||||
|
||||||||||||||||||||
(1,219,149 | ) | (28,766,282 | ) | (2,566,874 | ) | (58,147,895 | ) | |||||||||||||
|
||||||||||||||||||||
Institutional Shares |
||||||||||||||||||||
Shares sold |
4,856,530 | 119,996,051 | 10,150,095 | 241,981,773 | ||||||||||||||||
Reinvestment of distributions |
730,789 | 18,190,207 | 1,709,722 | 40,427,482 | ||||||||||||||||
Shares redeemed |
(5,603,442 | ) | (136,985,346 | ) | (14,089,963 | ) | (333,770,466 | ) | ||||||||||||
|
||||||||||||||||||||
(16,123 | ) | 1,200,912 | (2,230,146 | ) | (51,361,211 | ) | ||||||||||||||
|
||||||||||||||||||||
Investor Shares |
||||||||||||||||||||
Shares sold |
2,352,327 | 57,886,911 | 6,601,610 | 156,843,691 | ||||||||||||||||
Reinvestment of distributions |
363,460 | 9,012,735 | 826,651 | 19,470,873 | ||||||||||||||||
Shares redeemed |
(2,619,180 | ) | (64,282,206 | ) | (8,303,137 | ) | (197,593,917 | ) | ||||||||||||
|
||||||||||||||||||||
96,607 | 2,617,440 | (874,876 | ) | (21,279,353 | ) | |||||||||||||||
|
||||||||||||||||||||
Class R6 Shares |
||||||||||||||||||||
Shares sold |
215,632 | 5,335,733 | 516,748 | 12,291,469 | ||||||||||||||||
Reinvestment of distributions |
35,782 | 890,121 | 77,227 | 1,824,555 | ||||||||||||||||
Shares redeemed |
(325,152 | ) | (8,025,754 | ) | (519,488 | ) | (12,372,105 | ) | ||||||||||||
|
||||||||||||||||||||
(73,738 | ) | (1,799,900 | ) | 74,487 | 1,743,919 | |||||||||||||||
|
||||||||||||||||||||
Class P Shares |
||||||||||||||||||||
Shares sold |
65,888 | 1,657,622 | 103,382 | 2,424,164 | ||||||||||||||||
Reinvestment of distributions |
24,974 | 620,590 | 71,002 | 1,678,899 | ||||||||||||||||
Shares redeemed |
(422,882 | ) | (10,501,233 | ) | (689,731 | ) | (16,203,369 | ) | ||||||||||||
|
||||||||||||||||||||
(332,020 | ) | (8,223,021 | ) | (515,347 | ) | (12,100,306 | ) | |||||||||||||
|
||||||||||||||||||||
NET DECREASE |
(790,967 | ) | $ | (16,441,353 | ) | (4,789,328 | ) | $ | (110,329,708 | ) | ||||||||||
|
66 |
GOLDMAN SACHS DIVIDEND FOCUS FUNDS
12. SUMMARY OF SHARE TRANSACTIONS (continued) |
Rising Dividend Growth Fund | ||||||||||||||||
For the Six Months Ended April 30, 2024 (Unaudited) |
For the Fiscal Year Ended October 31, 2023 |
|||||||||||||||
|
|
|||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|||||||||||||||
Class A Shares |
||||||||||||||||
Shares sold |
912,885 | $ | 10,407,473 | 2,574,820 | $ | 28,406,557 | ||||||||||
Reinvestment of distributions |
1,326,183 | 14,865,249 | 3,079,478 | 34,077,928 | ||||||||||||
Shares redeemed |
(2,091,199 | ) | (23,927,401 | ) | (4,167,386 | ) | (46,472,959 | ) | ||||||||
|
||||||||||||||||
147,869 | 1,345,321 | 1,486,912 | 16,011,526 | |||||||||||||
|
||||||||||||||||
Class C Shares |
||||||||||||||||
Shares sold |
87,384 | 1,029,990 | 321,089 | 3,653,376 | ||||||||||||
Reinvestment of distributions |
129,795 | 1,491,854 | 481,266 | 5,465,976 | ||||||||||||
Shares redeemed |
(505,380 | ) | (5,957,412 | ) | (2,022,802 | ) | (22,756,374 | ) | ||||||||
|
||||||||||||||||
(288,201 | ) | (3,435,568 | ) | (1,220,447 | ) | (13,637,022 | ) | |||||||||
|
||||||||||||||||
Institutional Shares |
||||||||||||||||
Shares sold |
603,464 | 7,471,673 | 1,918,677 | 22,797,525 | ||||||||||||
Reinvestment of distributions |
535,681 | 6,527,918 | 1,289,881 | 15,376,979 | ||||||||||||
Shares redeemed |
(1,483,690 | ) | (18,413,529 | ) | (2,450,303 | ) | (29,543,264 | ) | ||||||||
|
||||||||||||||||
(344,545 | ) | (4,413,938 | ) | 758,255 | 8,631,240 | |||||||||||
|
||||||||||||||||
Investor Shares |
||||||||||||||||
Shares sold |
441,755 | 5,452,095 | 1,163,836 | 13,855,691 | ||||||||||||
Reinvestment of distributions |
351,438 | 4,270,069 | 821,538 | 9,770,714 | ||||||||||||
Shares redeemed |
(1,229,026 | ) | (15,269,935 | ) | (1,319,182 | ) | (15,734,805 | ) | ||||||||
|
||||||||||||||||
(435,833 | ) | (5,547,771 | ) | 666,192 | 7,891,600 | |||||||||||
|
||||||||||||||||
Class R6 Shares |
||||||||||||||||
Shares sold |
40,788 | 509,527 | 471,388 | 5,609,148 | ||||||||||||
Reinvestment of distributions |
31,632 | 385,069 | 44,152 | 525,668 | ||||||||||||
Shares redeemed |
(106,133 | ) | (1,311,020 | ) | (218,326 | ) | (2,547,304 | ) | ||||||||
|
||||||||||||||||
(33,713 | ) | (416,424 | ) | 297,214 | 3,587,512 | |||||||||||
|
||||||||||||||||
Class R Shares |
||||||||||||||||
Shares sold |
8,296 | 94,272 | 24,490 | 274,210 | ||||||||||||
Reinvestment of distributions |
7,579 | 84,307 | 18,087 | 198,856 | ||||||||||||
Shares redeemed |
(14,504 | ) | (165,378 | ) | (41,950 | ) | (444,360 | ) | ||||||||
|
||||||||||||||||
1,371 | 13,201 | 627 | 28,706 | |||||||||||||
|
||||||||||||||||
Class P Shares |
||||||||||||||||
Shares sold |
123,395 | 1,551,235 | 39,760 | 489,777 | ||||||||||||
Reinvestment of distributions |
64,252 | 782,802 | 184,084 | 2,194,942 | ||||||||||||
Shares redeemed |
(204,187 | ) | (2,520,376 | ) | (354,885 | ) | (4,292,647 | ) | ||||||||
|
||||||||||||||||
(16,540 | ) | (186,339 | ) | (131,041 | ) | (1,607,928 | ) | |||||||||
|
||||||||||||||||
NET INCREASE (DECREASE) |
(969,592 | ) | $ | (12,641,518 | ) | 1,857,712 | $ | 20,905,634 | ||||||||
|
67 |
GOLDMAN SACHS DIVIDEND FOCUS FUNDS
Fund Expenses Six Month Period Ended April 30, 2024 (Unaudited) |
As a shareholder of Class A, Class C, Institutional, Investor, Class R6, Class R or Class P Shares of a Fund, you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares), contingent deferred sales charges on redemptions (with respect to Class C Shares), and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (with respect to Class A, Class C 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, 2023 through April 30, 2024, which represents a period of 182 days of a 366-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.
Income Builder Fund | Rising Dividend Growth Fund | |||||||||||||||||||||||
Share Class | Beginning Account Value 11/1/23 |
Ending Account Value 4/30/24 |
Expenses Paid for the 6 months ended 4/30/24* |
Beginning Account Value 11/1/23 |
Ending Account Value 4/30/24 |
Expenses Paid for the 6 months ended 4/30/24* |
||||||||||||||||||
Class A | ||||||||||||||||||||||||
Actual |
$1,000.00 | $1,121.50 | $4.20 | $1,000.00 | $1,180.90 | $5.47 | ||||||||||||||||||
Hypothetical 5% return |
1,000.00 | 1,020.90 | + | 4.00 | 1,000.00 | 1,019.80 | + | 5.07 | ||||||||||||||||
Class C | ||||||||||||||||||||||||
Actual |
1,000.00 | 1,117.00 | 8.14 | 1,000.00 | 1,176.90 | 9.52 | ||||||||||||||||||
Hypothetical 5% return |
1,000.00 | 1,017.20 | + | 7.76 | 1,000.00 | 1,016.10 | + | 8.82 | ||||||||||||||||
Institutional | ||||||||||||||||||||||||
Actual |
1,000.00 | 1,123.00 | 2.46 | 1,000.00 | 1,183.10 | 3.74 | ||||||||||||||||||
Hypothetical 5% return |
1,000.00 | 1,022.50 | + | 2.34 | 1,000.00 | 1,021.40 | + | 3.46 | ||||||||||||||||
Investor | ||||||||||||||||||||||||
Actual |
1,000.00 | 1,123.00 | 2.88 | 1,000.00 | 1,182.20 | 4.12 | ||||||||||||||||||
Hypothetical 5% return |
1,000.00 | 1,022.10 | + | 2.75 | 1,000.00 | 1,021.10 | + | 3.82 | ||||||||||||||||
Class R6 | ||||||||||||||||||||||||
Actual |
1,000.00 | 1,123.10 | 2.41 | 1,000.00 | 1,183.30 | 3.69 | ||||||||||||||||||
Hypothetical 5% return |
1,000.00 | 1,022.60 | + | 2.30 | 1,000.00 | 1,021.50 | + | 3.41 | ||||||||||||||||
Class R | ||||||||||||||||||||||||
Actual |
| | | 1,000.00 | 1,179.80 | 6.82 | ||||||||||||||||||
Hypothetical 5% return |
| | | 1,000.00 | 1,018.60 | + | 6.32 | |||||||||||||||||
Class P | ||||||||||||||||||||||||
Actual |
1,000.00 | 1,123.50 | 2.41 | 1,000.00 | 1,183.10 | 3.69 | ||||||||||||||||||
Hypothetical 5% return |
1,000.00 | 1,022.60 | + | 2.30 | 1,000.00 | 1,021.50 | + | 3.41 |
* | 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, 2024. 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 | Investor | Class R6 | Class R | Class P | ||||||||||||||||||||||||||||||
Income Builder Fund |
0.80 | % | 1.55 | % | 0.47 | % | 0.55 | % | 0.46 | % | | % | 0.46 | % | |||||||||||||||||||||||
Rising Dividend Growth Fund |
1.01 | 1.76 | 0.69 | 0.76 | 0.68 | 1.26 | 0.68 |
+ | Hypothetical expenses are based on each Funds actual annualized net expense ratios (excluding proxy fee which is not annualized) and an assumed rate of return of 5% per year before expenses. |
68 |
GOLDMAN SACHS DIVIDEND FOCUS 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 13-14, 2024, 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, 2023 through December 31, 2023 (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
Voting Results of Special Meeting of Shareholders (Unaudited)
A Special Meeting of Shareholders (the Meeting) of the Goldman Sachs Trust (the Trust) was held on November 16, 2023 to consider and elect nominees to the Trusts Board of Trustees. At the Meeting, Cheryl K. Beebe, Lawrence Hughes, John F. Killian, Steven D. Krichmar, Michael Latham and Lawrence W. Stranghoener were elected to the Trusts Board of Trustees. In addition, at the Meeting, John G. Chou, Eileen H. Dowling and Paul C. Wirth, each of whom was previously appointed to the Trusts Board of Trustees rather than elected by shareholders, were elected. In electing the nominees, the Trusts shareholders voted as follows:
Proposal | ||||||
Election of Trustees | For | Withheld | ||||
| ||||||
Cheryl K. Beebe |
169,452,067,796 | 5,900,273,020 | ||||
| ||||||
John G. Chou |
173,279,757,273 | 2,072,583,543 | ||||
| ||||||
Eileen H. Dowling |
173,287,456,218 | 2,064,884,598 | ||||
| ||||||
Lawrence Hughes |
173,486,691,901 | 1,865,648,915 | ||||
| ||||||
John F. Killian |
173,511,167,174 | 1,841,173,642 | ||||
| ||||||
Steven D. Krichmar |
173,484,256,228 | 1,868,084,588 | ||||
| ||||||
Michael Latham |
173,498,020,286 | 1,854,320,530 | ||||
| ||||||
Lawrence W. Stranghoener |
173,455,949,165 | 1,896,391,651 | ||||
| ||||||
Paul C. Wirth |
173,324,070,424 | 2,028,270,391 | ||||
|
70 |
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 $2.56 trillion in assets under supervision as of March 31, 2024, Goldman Sachs Asset Management has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. Goldman Sachs Asset Management leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.
Money Market
Financial Square FundsSM
∎ | Financial Square Treasury Solutions Fund1 |
∎ | Financial Square Government Fund1 |
∎ | Financial Square Money Market Fund2 |
∎ | Financial Square Prime Obligations Fund2 |
∎ | Financial Square Treasury Instruments Fund1 |
∎ | Financial Square Treasury Obligations Fund1 |
∎ | Financial Square Federal Instruments Fund1 |
Investor FundsSM
∎ | Investor Money Market Fund3 |
∎ | Investor Tax-Exempt Money Market Fund3 |
Fixed Income
Short Duration and Government
∎ | Enhanced Income Fund |
∎ | Short-Term Conservative Income Fund |
∎ | Short Duration Government Fund |
∎ | Short Duration Bond Fund |
∎ | Government Income Fund |
∎ | Inflation Protected Securities Fund |
∎ | U.S. Mortgages Fund |
Multi-Sector
∎ | Bond Fund |
∎ | Core Fixed Income Fund |
∎ | Global Core Fixed Income Fund |
∎ | Dynamic Bond Fund6 |
∎ | 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 |
∎ | High Yield Fund |
∎ | High Yield Floating Rate Fund |
∎ | Emerging Markets Debt Fund |
∎ | Emerging Markets Credit Fund |
Fixed Income Alternatives
∎ | Short Duration High Yield Fund4 |
Fundamental Equity
∎ | Equity Income Fund |
∎ | Small Cap Growth Fund |
∎ | Small Cap Value Fund |
∎ | Small/Mid Cap Value Fund |
∎ | Mid Cap Value Fund |
∎ | Large Cap Value Fund |
∎ | Focused Value Fund |
∎ | Large Cap Core Fund |
∎ | Strategic Growth Fund |
∎ | Small/Mid Cap Growth Fund |
∎ | Enhanced Core Equity Fund5 |
∎ | Technology Opportunities Fund |
∎ | Mid Cap Growth Fund |
∎ | Rising Dividend Growth Fund |
∎ | U.S. Equity ESG Fund |
∎ | Income Builder Fund |
Tax-Advantaged Equity
∎ | U.S. Tax-Managed Equity Fund |
∎ | International Tax-Managed Equity Fund |
∎ | U.S. Equity Dividend and Premium Fund |
∎ | International Equity Dividend and Premium Fund |
Equity Insights
∎ | Small Cap Equity Insights Fund |
∎ | U.S. Equity Insights Fund |
∎ | Small Cap Growth Insights Fund |
∎ | Large Cap Growth Insights Fund |
∎ | Large Cap Value Insights Fund |
∎ | Small Cap Value Insights Fund |
∎ | International Small Cap Insights Fund |
∎ | International Equity Insights Fund |
∎ | Emerging Markets Equity Insights Fund |
Fundamental Equity International
∎ | International Equity Income Fund |
∎ | International Equity ESG Fund |
∎ | China Equity Fund |
∎ | Emerging Markets Equity Fund |
∎ | Emerging Markets Equity ex. China Fund |
∎ | ESG Emerging Markets Equity Fund |
Alternative
∎ | Clean Energy Income Fund |
∎ | Real Estate Securities Fund |
∎ | Commodity Strategy Fund |
∎ | Global Real Estate Securities Fund |
∎ | Absolute Return Tracker Fund |
∎ | Managed Futures Strategy Fund |
∎ | MLP Energy Infrastructure Fund |
∎ | Energy Infrastructure Fund |
∎ | Multi-Strategy 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 |
∎ | Enhanced Dividend Global Equity Portfolio |
∎ | Tax-Advantaged Global Equity Portfolio |
∎ | Strategic Factor Allocation Fund |
∎ | Strategic Volatility Premium Fund |
∎ | Goldman Sachs 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 bank account or 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 is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress. |
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. Effective October 2, 2024, the Fund generally must impose a fee when net sales of Fund shares exceed certain levels. An investment in the Fund is not a bank account or 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 is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress. |
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. An investment in the Fund is not a bank account or 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 is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress. |
4 | Effective after the close of business on April 17, 2024, the Goldman Sachs Long Short Credit Strategies Fund was renamed the Goldman Sachs Short Duration High Yield Fund. |
5 | Effective after the close of business on February 13, 2024, the Goldman Sachs Flexible Cap Fund was renamed the Goldman Sachs Enhanced Core Equity Fund. |
6 | Effective after the close of business on June 17, 2024, the Goldman Sachs Strategic Income Fund was renamed the Goldman Sachs Dynamic Bond 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 more about our closed-end funds and exchange-traded funds. |
TRUSTEES OFFICERS Gregory G. Weaver, Chair James A. McNamara, President Cheryl K. Beebe Joseph F. DiMaria, Principal Financial Officer, Principal Dwight L. Bush Accounting Officer and Treasurer Kathryn A. Cassidy Robert Griffith, Secretary John G. Chou Joaquin Delgado Eileen H. Dowling Lawrence Hughes John F. Killian Steven D. Krichmar MichaelLatham James A. McNamara Lawrence W. Stranghoener Paul C. Wirth GOLDMAN SACHS & CO. LLC GOLDMAN SACHS ASSET MANAGEMENT, L.P. Distributor and Transfer Agent 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 Neither MSCI nor any other party involved in or related to compiling, computing, or creating the MSCI data makes any express or implied warranties or representations with respect to such data (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 data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling, computing or creating the data 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. No further distribution or dissemination of the MSCI data is permitted without MSCIs express written consent. 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. Diversification does not protect an investor from market risk and does not ensure a profit. Views and opinions expressed are for informational purposes only and do not constitute a recommendation by GSAM to buy, sell, or hold any security. Views and opinions are current as of the date of this presentation and may be subject to change. They should not be construed as investment advice. 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). Goldman Sachs & Co. LLC (Goldman Sachs) does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of the transaction(s) or matter(s) addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances. Economic and market forecasts presented herein reflect a series of assumptions and judgments as of the date of this report and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only. Fund holdings and allocations shown are as of April 30, 2024 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. 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. 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. 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 objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the 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). © 2024 Goldman Sachs. All rights reserved. 374629-OTU-2051996 DIVFOSAR-24
Goldman Sachs Funds Semi-Annual Report April 30, 2024 Goldman Sachs Domestic Equity Insights Funds Goldman Sachs Large Cap Growth Insights Fund Goldman Sachs Large Cap Value Insights Fund Goldman Sachs Small Cap Equity Insights Fund Goldman Sachs Small Cap Growth Insights Fund Goldman Sachs Small Cap Value Insights Fund Goldman Sachs U.S. Equity Insights Fund
Goldman Sachs Domestic Equity Insights Funds
∎ |
GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND |
∎ | GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND |
∎ | GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND |
∎ | GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND |
∎ | GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND |
∎ | GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND |
1 | ||||
3 | ||||
15 | ||||
42 | ||||
49 | ||||
49 | ||||
57 | ||||
65 | ||||
73 | ||||
80 | ||||
87 | ||||
95 | ||||
118 |
Effective January 24, 2023, open-end mutual funds and exchange-traded funds are required to provide shareholders with streamlined annual and semi-annual shareholder reports (Tailored Shareholder Reports). Funds will be required to prepare a separate Tailored Shareholder Report for each share class of a fund that highlights key information to investors. Other information, including financial statements, will no longer appear in a funds shareholder report, but will be available online, delivered free of charge upon request, and filed with the Securities and Exchange Commission on a semi-annual basis on Form N-CSR. The new requirements have a compliance date of July 24, 2024.
NOT FDIC-INSURED | May Lose Value | No Bank Guarantee |
Goldman Sachs Domestic Equity Insights Funds
April 30, 2024
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, 2024 (the Reporting Period). A streamlined annual shareholder report covering the 12 months ending October 31, 2024 will be provided to Fund shareholders, per new SEC requirements with a compliance date of July 24, 2024.
Market and Economic Review
| Overall, U.S. equities rallied during the Reporting Period. The Standard & Poors 500® Index (the S&P 500 Index) ended the Reporting Period with a return of 20.98%. The Russell 3000® Index generated a return of 21.09%. |
| Despite ongoing geopolitical tensions and persistent volatility, the market posted solid returns during the Reporting Period amid a backdrop of shifting expectations around the Federal Reserves (Fed) policy path forward and generally broadening market leadership. |
| As the Reporting Period began in November 2023, the S&P 500 Index rose 9.13%, marking its best month of performance since July 2022 and breaking a streak of three consecutive monthly declines. |
| The month saw a broadening of market leadership following mega-cap dominance for most of 2023, as all sectors except energy were positive amid a pullback in crude oil prices, which fell to their lowest levels since July 2023. |
| Novembers gains were chiefly driven by reinforcements to the peak federal funds rate, soft landing and disinflation traction themes and a rally in U.S. Treasuries, which had one of their best monthly performances on record. (A soft landing, in economics, is a cyclical downturn that avoids recession. It typically describes attempts by central banks to raise interest rates just enough to stop an economy from overheating and experiencing high inflation, without causing a significant increase in unemployment, or a hard landing.) |
| Further, November saw the most significant easing in financial conditions of any month in more than four decades. |
| In December 2023, the S&P 500 Index increased 4.54%, marking its second consecutive monthly gain and ending the calendar year recording its ninth consecutive weekly gain. |
| The breadth of market gains continued to expand beyond the Magnificent Seven. (The Magnificent Seven is the group of high-performing and influential companies that drove U.S. equity performance for much of 2023.) |
| Decembers market rally was driven by a dovish pivot in the Feds monetary policy campaign, a decline in U.S. Treasury yields across the yield curve (or spectrum of maturities), and economic data supporting the soft landing narrative. (Dovish tends to suggest lower interest rates; opposite of hawkish.) |
| The Fed held interest rates unchanged, as growth of the U.S. economy slowed, the unemployment rate remained low despite abating job gains, and inflationary pressures continued to trend downwards. |
| Near the end of the month, there was a major shift in the Feds policy path expectations, with the Summary of Economic Projections median dot plot signaling 75 basis points of rate cuts in 2024. (A basis point is 1/100th of a percentage point. The Feds dot plot shows the interest rate projections of the members of the Federal Open Market Committee.) |
| U.S. economic data provided further evidence of disinflation momentum, with Novembers annualized Consumer Price Index (CPI) dropping to its lowest level since March 2021. |
| Market seasonality proved to be another tailwind to equities, as November and December historically represent the strongest two-month period for U.S. stocks. |
| The S&P 500 Index gained 10.56% in the first quarter of 2024, closing the quarter at a new all-time high and demonstrating an improvement in market breadth as the quarter progressed. |
| As strength broadened beyond technology, excitement around artificial intelligence (AI) capabilities served as a key tailwind to market performance. |
1 |
MARKET REVIEW
| U.S. equities began the quarter with a more cautionary tone, driven by concerns regarding overvalued conditions and the Feds ability to match aggressive interest rate cut expectations. U.S. Treasury yields across the curve steepened, a headwind to equity valuations as traders repriced expectations throughout the quarter regarding the path of monetary policy. |
| Despite this defensive start, stocks reversed course as economic releases and robust labor market data continued to underpin the prevailing soft landing narrative. Market participants initially had aggressive expectations of interest rate cuts as early as March 2024, though expectations were moderated as inflation data spiked with the January and February CPI reports rising more than widely anticipatedshifting consensus timing expectations back to June 2024 for the first interest rate cut. |
| On the earnings front, corporate earnings were better than consensus expected with stable 2024 outlooks and optimism from the reopening of corporate buybacks as well as both sales and earnings exceeding market forecasts based on improved profit margins across most sectors. |
| In April 2024, the S&P 500 Index fell 4.08%, notching its first monthly decline of 2024 as markets significantly repriced interest rate cut expectations for 2024, partially driven by decelerating U.S. economic growth in the first calendar quarter, a still strong labor market and persistent above-target inflation data. |
| The broader equity market had initially forecasted three interest rate cuts in 2024, though consensus expectations were moderated throughout the month as Fed Chair Powell cited that multiple inflation readings raised uncertainty regarding the Feds ability to cut rates in 2024. |
| Further, a slate of Fed officials stressed the risks of easing monetary policy prematurely and indicated the Fed would need to be patient given strength in then-recent economic data. They expressed the possibility of a no rate cut scenarioleaving the market pricing in just 25 basis points of rate cuts by the end of 2024. |
| S&P 500 Index constituents reported first quarter 2024 corporate earnings that were broadly better than consensus expected, with the number of reported companies exceeding analyst estimates trending above its historical 10-year average. |
| For the Reporting Period overall, all capitalization segments within the U.S. equity market posted double-digit absolute gains, led by mid-cap stocks, as measured by the Russell Midcap® Index, followed by large-cap stocks, as measured by the Russell 1000® Index, and then small-cap stocks, as measured by the Russell 2000® Index. From a style perspective, growth stocks moderately outperformed value stocks across the capitalization spectrum. (All as measured by the FTSE Russell indices.) |
| All 11 sectors of the S&P 500 Index generated double-digit positive total returns during the Reporting Period. The best performing sectors within the S&P 500 Index during the Reporting Period were communication services, financials, information technology and industrials. The weakest performing sectors were real estate, energy, health care and consumer staples. |
Fund Changes and Highlights
No material changes were made to the Funds during the Reporting Period.
2 |
Goldman Sachs Large Cap Growth Insights Fund
as of April 30, 2024
PERFORMANCE REVIEW |
November 1, 2023-April 30, 2024 | |
Fund Total Return (based on NAV)1 |
|
|
Russell 1000® Growth Index2 |
| ||
Class A |
23.38% | 23.56% | ||||||
Class C |
22.91 | 23.56 | ||||||
Institutional |
23.62 | 23.56 | ||||||
Service |
23.34 | 23.56 | ||||||
Investor |
23.56 | 23.56 | ||||||
Class R6 |
23.63 | 23.56 | ||||||
Class R |
23.24 | 23.56 | ||||||
Class P |
23.60 | 23.56 |
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 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. |
TOP TEN HOLDINGS AS OF 4/30/243 |
Holding |
% of Net Assets | Line of Business | ||
Apple, Inc. |
11.0% | Technology Hardware, Storage & Peripherals | ||
Microsoft Corp. |
11.0 | Software | ||
NVIDIA Corp. |
7.7 | Semiconductors & Semiconductor Equipment | ||
Amazon.com, Inc. |
7.0 | Broadline Retail | ||
Alphabet, Inc. Class C |
5.3 | Interactive Media & Services | ||
Meta Platforms, Inc. Class A |
3.6 | Interactive Media & Services | ||
Visa, Inc. Class A |
2.2 | Financial Services | ||
Netflix, Inc. |
1.9 | Entertainment | ||
Adobe, Inc. |
1.8 | Software | ||
Intuit, Inc. |
1.7 | Software |
3 | The top 10 holdings may not be representative of the Funds future investments. |
3 |
FUND BASICS
FUND VS BENCHMARK SECTOR ALLOCATIONS4 |
As of April 30, 2024 |
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
Goldman Sachs Large Cap Value Insights Fund
as of April 30, 2024
PERFORMANCE REVIEW |
November 1, 2023-April 30, 2024 | |
Fund Total Return (based on NAV)1 |
|
|
Russell 1000® Value Index2 |
| ||
Class A |
17.64% | 18.42% | ||||||
Class C |
17.18 | 18.42 | ||||||
Institutional |
17.86 | 18.42 | ||||||
Service |
17.55 | 18.42 | ||||||
Investor |
17.76 | 18.42 | ||||||
Class R6 |
17.88 | 18.42 | ||||||
Class R |
17.48 | 18.42 | ||||||
Class P |
17.84 | 18.42 |
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 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. |
TOP TEN HOLDINGS AS OF 4/30/243 |
Holding |
% of Net Assets | Line of Business | ||
Berkshire Hathaway, Inc. Class B |
4.6% | Financial Services | ||
Johnson & Johnson |
1.9 | Pharmaceuticals | ||
Bank of America Corp. |
1.8 | Banks | ||
Linde PLC |
1.7 | Chemicals | ||
Citigroup, Inc. |
1.7 | Banks | ||
ConocoPhillips |
1.6 | Oil, Gas & Consumable Fuels | ||
JPMorgan Chase & Co. |
1.6 | Banks | ||
Eaton Corp. PLC |
1.6 | Electrical Equipment | ||
Elevance Health, Inc. |
1.5 | Health Care Providers & Services | ||
Parker-Hannifin Corp. |
1.4 | Machinery |
3 | The top 10 holdings may not be representative of the Funds future investments. |
5 |
FUND BASICS
FUND VS BENCHMARK SECTOR ALLOCATIONS4 |
As of April 30, 2024 |
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. |
6 |
FUND BASICS
Goldman Sachs Small Cap Equity Insights Fund
as of April 30, 2024
PERFORMANCE REVIEW |
November 1, 2023-April 30, 2024 | |
Fund Total Return (based on NAV)1 |
|
|
Russell 2000® Index2 |
| ||
Class A |
22.86% | 19.66% | ||||||
Class C |
22.33 | 19.66 | ||||||
Institutional |
23.03 | 19.66 | ||||||
Service |
22.70 | 19.66 | ||||||
Investor |
22.96 | 19.66 | ||||||
Class R6 |
23.06 | 19.66 | ||||||
Class R |
22.63 | 19.66 | ||||||
Class P |
23.01 | 19.66 |
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 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. |
TOP TEN HOLDINGS AS OF 4/30/243 |
Holding |
% of Net Assets | Line of Business | ||
Super Micro Computer, Inc. |
1.9% | Technology Hardware, Storage & Peripherals | ||
Comfort Systems USA, Inc. |
1.1 | Construction & Engineering | ||
ATI, Inc. |
1.0 | Metals & Mining | ||
Carpenter Technology Corp. |
0.8 | Metals & Mining | ||
SPS Commerce, Inc. |
0.8 | Software | ||
Viking Therapeutics, Inc. |
0.8 | Biotechnology | ||
Scorpio Tankers, Inc. |
0.8 | Oil, Gas & Consumable Fuels | ||
Atkore, Inc. |
0.8 | Electrical Equipment | ||
Installed Building Products, Inc. |
0.7 | Household Durables | ||
Parsons Corp. |
0.7 | Aerospace & Defense |
3 | The top 10 holdings may not be representative of the Funds future investments. |
7 |
FUND BASICS
FUND VS BENCHMARK SECTOR ALLOCATIONS4 |
As of April 30, 2024 |
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, 2024. 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
Goldman Sachs Small Cap Growth Insights Fund
as of April 30, 2024
PERFORMANCE REVIEW |
November 1, 2023-April 30, 2024 | |
Fund Total Return (based on NAV)1 |
|
|
Russell 2000® Growth Index2 |
| ||
Class A |
23.20% | 21.31% | ||||||
Class C |
22.75 | 21.31 | ||||||
Institutional |
23.42 | 21.31 | ||||||
Investor |
23.33 | 21.31 | ||||||
Class R6 |
23.43 | 21.31 | ||||||
Class R |
23.07 | 21.31 | ||||||
Class P |
23.44 | 21.31 |
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 Russell 2000® Growth Index (with dividends reinvested) is an unmanaged index of common stock prices that measures the performance of those 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. |
TOP TEN HOLDINGS AS OF 4/30/243 |
Holding |
% of Net Assets | Line of Business | ||
Super Micro Computer, Inc. |
3.7% | Technology Hardware, Storage & Peripherals | ||
Comfort Systems USA, Inc. |
1.6 | Construction & Engineering | ||
ATI, Inc. |
1.4 | Metals & Mining | ||
MicroStrategy, Inc. Class A |
1.3 | Software | ||
Atkore, Inc. |
1.2 | Electrical Equipment | ||
Viking Therapeutics, Inc. |
1.1 | Biotechnology | ||
Badger Meter, Inc. |
1.1 | Electronic Equipment, Instruments & Components | ||
Ryman Hospitality Properties, Inc. REIT |
1.1 | Hotel & Resort REITs | ||
SPS Commerce, Inc. |
1.0 | Software | ||
Fabrinet |
1.0 | Electronic Equipment, Instruments & Components |
3 | The top 10 holdings may not be representative of the Funds future investments. |
9 |
FUND BASICS
FUND VS BENCHMARK SECTOR ALLOCATIONS4 |
As of April 30, 2024 |
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 1.8% of the Funds net assets as of April 30, 2024. 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
Goldman Sachs Small Cap Value Insights Fund
as of April 30, 2024
PERFORMANCE REVIEW |
November 1, 2023-April 30, 2024 | |
Fund Total Return (based on NAV)1 |
|
|
Russell 2000® Value Index2 |
| ||
Class A |
20.30% | 18.09% | ||||||
Class C |
19.84 | 18.09 | ||||||
Institutional |
20.50 | 18.09 | ||||||
Investor |
20.45 | 18.09 | ||||||
Class R6 |
20.52 | 18.09 | ||||||
Class R |
20.15 | 18.09 | ||||||
Class P |
20.53 | 18.09 |
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 Russell 2000® Value Index (with dividends reinvested) is an unmanaged index of common stock prices that measures the performance of those 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. |
TOP TEN HOLDINGS AS OF 4/30/243 |
Holding |
% of Net Assets | Line of Business | ||
Carpenter Technology Corp. |
1.0% | Metals & Mining | ||
Civitas Resources, Inc. |
1.0 | Oil, Gas & Consumable Fuels | ||
Mr Cooper Group, Inc. |
1.0 | Thrifts & Mortgage Finance | ||
Summit Materials, Inc. Class A |
1.0 | Construction Materials | ||
KB Home |
1.0 | Household Durables | ||
Knife River Corp. |
0.9 | Construction Materials | ||
Scorpio Tankers, Inc. |
0.9 | Oil, Gas & Consumable Fuels | ||
Black Hills Corp. |
0.9 | Multi-Utilities | ||
Strategic Education, Inc. |
0.9 | Diversified Consumer Services | ||
M/I Homes, Inc. |
0.8 | Household Durables |
3 | The top 10 holdings may not be representative of the Funds future investments. |
11 |
FUND BASICS
FUND VS BENCHMARK SECTOR ALLOCATIONS4 |
As of April 30, 2024 |
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 0.5% of the Funds net assets as of April 30, 2024. 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. Underlying sector allocations of exchange traded funds and other investment companies held by the Fund are not reflected in the graph above. 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
Goldman Sachs U.S. Equity Insights Fund
as of April 30, 2024
PERFORMANCE REVIEW |
November 1, 2023-April 30, 2024 | |
Fund Total Return (based on NAV)1 |
|
|
S&P 500® Index2 |
| ||
Class A |
20.79% | 20.98% | ||||||
Class C |
20.33 | 20.98 | ||||||
Institutional |
21.01 | 20.98 | ||||||
Service |
20.71 | 20.98 | ||||||
Investor |
20.94 | 20.98 | ||||||
Class R6 |
21.03 | 20.98 | ||||||
Class R |
20.63 | 20.98 | ||||||
Class P |
21.02 | 20.98 |
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 (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. |
TOP TEN HOLDINGS AS OF 4/30/243 |
Holding |
% of Net Assets | Line of Business | ||
Apple, Inc. |
7.0% | Technology Hardware, Storage & Peripherals | ||
Microsoft Corp. |
6.6 | Software | ||
Amazon.com, Inc. |
4.6 | Broadline Retail | ||
NVIDIA Corp. |
4.6 | Semiconductors & Semiconductor Equipment | ||
Alphabet, Inc. Class C |
3.6 | Interactive Media & Services | ||
Berkshire Hathaway, Inc. Class B |
2.8 | Financial Services | ||
Visa, Inc. Class A |
2.1 | Financial Services | ||
Meta Platforms, Inc. Class A |
1.8 | Interactive Media & Services | ||
Costco Wholesale Corp. |
1.8 | Consumer Staples Distribution & Retail | ||
Netflix, Inc. |
1.5 | Entertainment |
3 | The top 10 holdings may not be representative of the Funds future investments. |
13 |
FUND BASICS
FUND VS BENCHMARK SECTOR ALLOCATIONS4 |
As of April 30, 2024 |
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
Shares |
Description | Value | ||||||
Common Stocks 99.2% |
| |||||||
Aerospace & Defense 0.1% |
| |||||||
5,804 | Woodward, Inc. | $ | 942,337 | |||||
|
||||||||
Automobiles 1.7% |
| |||||||
105,883 | Tesla, Inc.* | 19,406,236 | ||||||
|
||||||||
Banks 0.2% |
| |||||||
1,169 | First Citizens BancShares, Inc., Class A | 1,971,822 | ||||||
|
||||||||
Beverages 1.2% |
| |||||||
251,530 | Monster Beverage Corp.* | 13,444,279 | ||||||
|
||||||||
Biotechnology 1.3% |
| |||||||
7,745 | AbbVie, Inc. | 1,259,647 | ||||||
18,268 | Natera, Inc.* | 1,696,732 | ||||||
44,286 | Neurocrine Biosciences, Inc.* | 6,091,096 | ||||||
22,570 | Sarepta Therapeutics, Inc.* | 2,858,716 | ||||||
8,496 | Vertex Pharmaceuticals, Inc.* | 3,337,314 | ||||||
|
|
|||||||
15,243,505 | ||||||||
|
||||||||
Broadline Retail 7.0% |
| |||||||
454,958 | Amazon.com, Inc.* | 79,617,650 | ||||||
|
||||||||
Capital Markets 2.6% |
| |||||||
32,399 | Ameriprise Financial, Inc. | 13,341,584 | ||||||
55,863 | CME Group, Inc. | 11,711,120 | ||||||
16,842 | Morningstar, Inc. | 4,760,391 | ||||||
|
|
|||||||
29,813,095 | ||||||||
|
||||||||
Chemicals 0.6% |
| |||||||
57,985 | RPM International, Inc. | 6,199,177 | ||||||
1,166 | Sherwin-Williams Co. (The) | 349,345 | ||||||
|
|
|||||||
6,548,522 | ||||||||
|
||||||||
Commercial Services & Supplies 1.2% |
| |||||||
20,605 | Cintas Corp. | 13,565,096 | ||||||
|
||||||||
Communications Equipment 1.3% |
| |||||||
43,663 | Motorola Solutions, Inc. | 14,808,307 | ||||||
|
||||||||
Consumer Finance 0.1% |
| |||||||
6,563 | American Express Co. | 1,535,939 | ||||||
|
||||||||
Consumer Staples Distribution & Retail 2.4% |
| |||||||
26,385 | Costco Wholesale Corp. | 19,073,717 | ||||||
52,748 | Maplebear, Inc.* | 1,800,289 | ||||||
45,338 | Target Corp. | 7,298,511 | ||||||
|
|
|||||||
28,172,517 | ||||||||
|
||||||||
Distributors 0.4% |
| |||||||
11,083 | Pool Corp. | 4,017,920 | ||||||
|
||||||||
Diversified Consumer Services 0.4% |
| |||||||
95,430 | H&R Block, Inc. | 4,507,159 | ||||||
|
||||||||
Electrical Equipment 0.5% |
| |||||||
35,033 | AMETEK, Inc. | 6,118,864 | ||||||
|
||||||||
Electronic Equipment, Instruments & Components 0.1% |
| |||||||
9,709 | Jabil, Inc. | 1,139,448 | ||||||
|
||||||||
Entertainment 1.9% |
| |||||||
38,640 | Netflix, Inc.* | 21,276,730 | ||||||
|
||||||||
Financial Services 2.8% |
| |||||||
17,690 | Equitable Holdings, Inc. | 652,938 | ||||||
12,902 | Mastercard, Inc., Class A | 5,821,383 |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Financial Services (continued) |
| |||||||
93,482 | Visa, Inc., Class A | $ | 25,110,200 | |||||
|
|
|||||||
31,584,521 | ||||||||
|
||||||||
Health Care Equipment & Supplies 0.2% |
| |||||||
11,759 | Penumbra, Inc.* | 2,310,291 | ||||||
|
||||||||
Health Care Providers & Services 1.1% |
| |||||||
1,960 | HCA Healthcare, Inc. | 607,247 | ||||||
21,307 | Tenet Healthcare Corp.* | 2,392,563 | ||||||
18,869 | UnitedHealth Group, Inc. | 9,126,936 | ||||||
3,584 | Universal Health Services, Inc., Class B | 610,821 | ||||||
|
|
|||||||
12,737,567 | ||||||||
|
||||||||
Hotel & Resort REITs 1.4% |
| |||||||
588,032 | Host Hotels & Resorts, Inc. | |||||||
REIT | 11,096,164 | |||||||
302,668 | Park Hotels & Resorts, Inc. REIT | 4,882,035 | ||||||
|
|
|||||||
15,978,199 | ||||||||
|
||||||||
Hotels, Restaurants & Leisure 2.5% |
| |||||||
30,167 | Carnival Corp.* | 447,075 | ||||||
4,858 | Chipotle Mexican Grill, Inc.* | 15,349,337 | ||||||
14,905 | DoorDash, Inc., Class A* | 1,926,620 | ||||||
27,737 | Wingstop, Inc. | 10,672,920 | ||||||
|
|
|||||||
28,395,952 | ||||||||
|
||||||||
Household Products 0.7% |
| |||||||
61,897 | Kimberly-Clark Corp. | 8,450,797 | ||||||
|
||||||||
Insurance 1.8% |
| |||||||
14,089 | Kinsale Capital Group, Inc. | 5,117,829 | ||||||
76,426 | Progressive Corp. (The) | 15,915,715 | ||||||
|
|
|||||||
21,033,544 | ||||||||
|
||||||||
Interactive Media & Services 11.1% |
| |||||||
101,540 | Alphabet, Inc., Class A* | 16,528,681 | ||||||
369,228 | Alphabet, Inc., Class C* | 60,789,698 | ||||||
95,903 | Meta Platforms, Inc., Class A | 41,254,593 | ||||||
241,766 | Pinterest, Inc., Class A* | 8,087,073 | ||||||
|
|
|||||||
126,660,045 | ||||||||
|
||||||||
IT Services 1.0% |
| |||||||
28,490 | Gartner, Inc.* | 11,754,689 | ||||||
|
||||||||
Life Sciences Tools & Services 3.2% |
| |||||||
41,183 | IQVIA Holdings, Inc.* | 9,544,984 | ||||||
30,758 | Medpace Holdings, Inc.* | 11,944,869 | ||||||
10,604 | Mettler-Toledo International, Inc.* | 13,039,739 | ||||||
6,467 | Waters Corp.* | 1,998,562 | ||||||
|
|
|||||||
36,528,154 | ||||||||
|
||||||||
Machinery 1.3% |
| |||||||
55,249 | Illinois Tool Works, Inc. | 13,486,833 | ||||||
2,493 | Parker-Hannifin Corp. | 1,358,461 | ||||||
|
|
|||||||
14,845,294 | ||||||||
|
||||||||
Media 0.5% |
| |||||||
66,038 | Trade Desk, Inc. (The), Class A* | 5,471,248 | ||||||
|
||||||||
Oil, Gas & Consumable Fuels 0.3% |
| |||||||
79,042 | Antero Midstream Corp. | 1,093,941 |
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, 2024 (Unaudited) |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Oil, Gas & Consumable Fuels (continued) |
| |||||||
15,938 | Cheniere Energy, Inc. | $ | 2,515,335 | |||||
|
|
|||||||
3,609,276 | ||||||||
|
||||||||
Pharmaceuticals 1.7% |
| |||||||
22,287 | Eli Lilly & Co. | 17,408,375 | ||||||
10,828 | Zoetis, Inc. | 1,724,251 | ||||||
|
|
|||||||
19,132,626 | ||||||||
|
||||||||
Professional Services 0.2% |
| |||||||
12,746 | FTI Consulting, Inc.* | 2,725,477 | ||||||
|
||||||||
Semiconductors & Semiconductor Equipment 11.9% |
| |||||||
62,706 | Applied Materials, Inc. | 12,456,547 | ||||||
10,379 | Broadcom, Inc. | 13,495,502 | ||||||
23,998 | KLA Corp. | 16,541,581 | ||||||
8,466 | Monolithic Power Systems, Inc. | 5,666,548 | ||||||
101,775 | NVIDIA Corp. | 87,935,636 | ||||||
|
|
|||||||
136,095,814 | ||||||||
|
||||||||
Software 20.2% |
| |||||||
45,411 | Adobe, Inc.* | 21,017,573 | ||||||
43,867 | Crowdstrike Holdings, Inc., Class A* | 12,832,852 | ||||||
85,603 | DocuSign, Inc.* | 4,845,130 | ||||||
13,968 | HubSpot, Inc.* | 8,448,824 | ||||||
31,470 | Intuit, Inc. | 19,688,261 | ||||||
45,112 | Manhattan Associates, Inc.* | 9,295,779 | ||||||
321,388 | Microsoft Corp. | 125,125,990 | ||||||
102,625 | Palantir Technologies, Inc., Class A* | 2,254,671 | ||||||
58,096 | Salesforce, Inc. | 15,624,338 | ||||||
15,630 | ServiceNow, Inc.* | 10,836,748 | ||||||
16,829 | Teradata Corp.* | 624,356 |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Software (continued) |
| |||||||
3,859 | Zscaler, Inc.* | $ | 667,376 | |||||
|
|
|||||||
231,261,898 | ||||||||
|
||||||||
Specialized REITs 0.2% |
| |||||||
16,545 | Lamar Advertising Co., Class A REIT | 1,916,738 | ||||||
|
||||||||
Specialty Retail 1.7% |
| |||||||
31,355 | Home Depot, Inc. (The) | 10,479,468 | ||||||
6,253 | Murphy USA, Inc. | 2,587,616 | ||||||
38,563 | Ross Stores, Inc. | 4,995,837 | ||||||
2,308 | Ulta Beauty, Inc.* | 934,371 | ||||||
|
|
|||||||
18,997,292 | ||||||||
|
||||||||
Technology Hardware, Storage & Peripherals 11.0% |
| |||||||
738,434 | Apple, Inc. | 125,777,463 | ||||||
|
||||||||
Textiles, Apparel & Luxury Goods 1.4% |
| |||||||
22,275 | Crocs, Inc.* | 2,770,342 | ||||||
15,635 | Deckers Outdoor Corp.* | 12,796,778 | ||||||
|
|
|||||||
15,567,120 | ||||||||
|
||||||||
TOTAL INVESTMENTS 99.2% (Cost $686,374,106) |
$ | 1,132,963,431 | ||||||
|
||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES 0.8% |
9,532,867 | |||||||
|
||||||||
NET ASSETS 100.0% | $ | 1,142,496,298 | ||||||
|
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: | ||
REIT | Real Estate Investment Trust | |
|
ADDITIONAL INVESTMENT INFORMATION |
FUTURES CONTRACTS At April 30, 2024, 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 |
6 | 06/21/24 | $ | 1,520,100 | $ | (37,330) | ||||||
|
16 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND
Schedule of Investments
April 30, 2024 (Unaudited) |
Shares |
Description | Value | ||||||
Common Stocks 98.9% |
| |||||||
Aerospace & Defense 3.6% |
| |||||||
2,196 | Boeing Co. (The)* | $ | 368,577 | |||||
15,897 | General Dynamics Corp. | 4,563,870 | ||||||
10,280 | Northrop Grumman Corp. | 4,986,108 | ||||||
6,658 | Textron, Inc. | 563,200 | ||||||
17,419 | Woodward, Inc. | 2,828,149 | ||||||
|
|
|||||||
13,309,904 | ||||||||
|
||||||||
Air Freight & Logistics 1.1% |
| |||||||
26,352 | United Parcel Service, Inc., Class B | 3,886,393 | ||||||
|
||||||||
Automobile Components 1.4% |
| |||||||
8,473 | Aptiv PLC* | 601,583 | ||||||
21,390 | Gentex Corp. | 733,677 | ||||||
29,184 | Lear Corp. | 3,673,390 | ||||||
|
|
|||||||
5,008,650 | ||||||||
|
||||||||
Automobiles 1.1% |
| |||||||
346,675 | Ford Motor Co. | 4,212,101 | ||||||
|
||||||||
Banks 6.2% | ||||||||
174,736 | Bank of America Corp. | 6,466,979 | ||||||
99,006 | Citigroup, Inc. | 6,072,038 | ||||||
10,925 | Cullen/Frost Bankers, Inc. | 1,139,915 | ||||||
2,061 | First Citizens BancShares, Inc., Class A | 3,476,412 | ||||||
30,357 | JPMorgan Chase & Co. | 5,820,651 | ||||||
|
|
|||||||
22,975,995 | ||||||||
|
||||||||
Beverages 1.0% |
| |||||||
14,285 | Molson Coors Beverage Co., Class B | 817,959 | ||||||
53,098 | Monster Beverage Corp.* | 2,838,088 | ||||||
|
|
|||||||
3,656,047 | ||||||||
|
||||||||
Biotechnology 1.3% |
| |||||||
59,570 | Gilead Sciences, Inc. | 3,883,964 | ||||||
8,594 | Moderna, Inc.* | 948,004 | ||||||
|
|
|||||||
4,831,968 | ||||||||
|
||||||||
Building Products 1.4% |
| |||||||
39,633 | Carrier Global Corp. | 2,437,033 | ||||||
6,072 | Lennox International, Inc. | 2,813,886 | ||||||
|
|
|||||||
5,250,919 | ||||||||
|
||||||||
Capital Markets 4.4% |
| |||||||
41,934 | Bank of New York Mellon Corp. (The) | 2,368,852 | ||||||
24,405 | CME Group, Inc. | 5,116,264 | ||||||
2,154 | Coinbase Global, Inc., Class A* | 439,265 | ||||||
46,971 | Morgan Stanley | 4,266,846 | ||||||
15,297 | Northern Trust Corp. | 1,260,320 | ||||||
132,195 | Robinhood Markets, Inc., Class A* | 2,179,896 | ||||||
26,135 | XP, Inc., Class A (Brazil) | 534,983 | ||||||
|
|
|||||||
16,166,426 | ||||||||
|
||||||||
Chemicals 3.2% |
| |||||||
22,850 | Axalta Coating Systems Ltd.* | 718,404 | ||||||
2,386 | International Flavors & Fragrances, Inc. | 201,975 | ||||||
14,050 | Linde PLC | 6,195,488 |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Chemicals (continued) |
| |||||||
1,313 | NewMarket Corp. | $ | 691,846 | |||||
34,228 | RPM International, Inc. | 3,659,315 | ||||||
1,228 | Sherwin-Williams Co. (The) | 367,921 | ||||||
|
|
|||||||
11,834,949 | ||||||||
|
||||||||
Commercial Services & Supplies 1.6% |
| |||||||
5,859 | Cintas Corp. | 3,857,214 | ||||||
22,147 | Veralto Corp. | 2,074,731 | ||||||
|
|
|||||||
5,931,945 | ||||||||
|
||||||||
Communications Equipment 0.2% |
| |||||||
18,829 | Cisco Systems, Inc. | 884,586 | ||||||
|
||||||||
Construction & Engineering 0.2% |
| |||||||
8,830 | MasTec, Inc.* | 783,133 | ||||||
|
||||||||
Construction Materials 2.2% |
| |||||||
7,653 | Martin Marietta Materials, Inc. | 4,492,847 | ||||||
13,200 | Vulcan Materials Co. | 3,400,716 | ||||||
|
|
|||||||
7,893,563 | ||||||||
|
||||||||
Consumer Finance 2.6% |
| |||||||
8,732 | Ally Financial, Inc. | 334,872 | ||||||
14,696 | American Express Co. | 3,439,305 | ||||||
21,620 | Discover Financial Services | 2,739,903 | ||||||
66,138 | Synchrony Financial | 2,908,749 | ||||||
|
|
|||||||
9,422,829 | ||||||||
|
||||||||
Consumer Staples Distribution & Retail 1.2% |
| |||||||
3,797 | Costco Wholesale Corp. | 2,744,851 | ||||||
12,512 | Kroger Co. (The) | 692,915 | ||||||
3,009 | Performance Food Group Co.* | 204,251 | ||||||
13,700 | Walmart, Inc. | 813,095 | ||||||
|
|
|||||||
4,455,112 | ||||||||
|
||||||||
Diversified Telecommunication Services 0.1% |
| |||||||
22,207 | Frontier Communications Parent, Inc.* | 513,870 | ||||||
|
||||||||
Electric Utilities 2.9% |
| |||||||
40,790 | Entergy Corp. | 4,351,069 | ||||||
32,621 | NextEra Energy, Inc. | 2,184,629 | ||||||
78,634 | Xcel Energy, Inc. | 4,225,005 | ||||||
|
|
|||||||
10,760,703 | ||||||||
|
||||||||
Electrical Equipment 4.0% |
| |||||||
27,048 | AMETEK, Inc. | 4,724,204 | ||||||
18,114 | Eaton Corp. PLC | 5,764,961 | ||||||
57,553 | nVent Electric PLC | 4,147,845 | ||||||
|
|
|||||||
14,637,010 | ||||||||
|
||||||||
Energy Equipment & Services 0.7% |
| |||||||
36,184 | Schlumberger NV | 1,718,016 | ||||||
36,559 | TechnipFMC PLC (United Kingdom) | 936,642 | ||||||
|
|
|||||||
2,654,658 | ||||||||
|
||||||||
Entertainment 0.5% |
| |||||||
3,186 | Netflix, Inc.* | 1,754,339 | ||||||
|
||||||||
Financial Services 7.0% |
| |||||||
42,291 | Berkshire Hathaway, Inc., Class B* | 16,778,108 |
The accompanying notes are an integral part of these financial statements. | 17 |
GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND
Schedule of Investments (continued)
April 30, 2024 (Unaudited) |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Financial Services (continued) |
| |||||||
32,554 | Fiserv, Inc.* | $ | 4,970,019 | |||||
919 | Visa, Inc., Class A | 246,853 | ||||||
55,501 | Voya Financial, Inc. | 3,782,948 | ||||||
|
|
|||||||
25,777,928 | ||||||||
|
||||||||
Food Products 1.9% |
| |||||||
68,637 | Archer-Daniels-Midland Co. | 4,026,246 | ||||||
42,310 | General Mills, Inc. | 2,981,163 | ||||||
|
|
|||||||
7,007,409 | ||||||||
|
||||||||
Gas Utilities 1.1% |
| |||||||
35,608 | Atmos Energy Corp. | 4,198,183 | ||||||
|
||||||||
Ground Transportation 0.2% |
| |||||||
1,752 | Saia, Inc.* | 695,246 | ||||||
|
||||||||
Health Care Equipment & Supplies 0.2% |
| |||||||
7,226 | Boston Scientific Corp.* | 519,333 | ||||||
1,447 | Teleflex, Inc. | 302,061 | ||||||
|
|
|||||||
821,394 | ||||||||
|
||||||||
Health Care Providers & Services 6.5% |
| |||||||
2,845 | Acadia Healthcare Co., Inc.* | 210,359 | ||||||
37,214 | Centene Corp.* | 2,718,855 | ||||||
10,737 | Elevance Health, Inc. | 5,675,364 | ||||||
16,713 | Encompass Health Corp. | 1,393,530 | ||||||
8,379 | HCA Healthcare, Inc. | 2,595,982 | ||||||
901 | Humana, Inc. | 272,183 | ||||||
32,123 | Quest Diagnostics, Inc. | 4,438,756 | ||||||
23,074 | Tenet Healthcare Corp.* | 2,590,979 | ||||||
24,317 | Universal Health Services, Inc., Class B | 4,144,346 | ||||||
|
|
|||||||
24,040,354 | ||||||||
|
||||||||
Health Care REITs 0.5% |
| |||||||
60,067 | Omega Healthcare Investors, Inc. REIT | 1,826,638 | ||||||
|
||||||||
Hotel & Resort REITs 2.1% |
| |||||||
210,078 | Host Hotels & Resorts, Inc. | |||||||
REIT | 3,964,172 | |||||||
221,066 | Park Hotels & Resorts, Inc. REIT | 3,565,794 | ||||||
|
|
|||||||
7,529,966 | ||||||||
|
||||||||
Hotels, Restaurants & Leisure 1.5% |
| |||||||
120,281 | Carnival Corp.* | 1,782,564 | ||||||
5,046 | Darden Restaurants, Inc. | 774,107 | ||||||
10,526 | MGM Resorts International* | 415,145 | ||||||
20,509 | Wyndham Hotels & Resorts, Inc. | 1,507,617 | ||||||
12,855 | Wynn Resorts Ltd. | 1,178,161 | ||||||
|
|
|||||||
5,657,594 | ||||||||
|
||||||||
Household Durables 1.4% |
| |||||||
30,950 | D.R. Horton, Inc. | 4,410,066 | ||||||
12,337 | Tempur Sealy International, Inc. | 617,590 | ||||||
|
|
|||||||
5,027,656 | ||||||||
|
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Household Products 0.4% |
| |||||||
9,509 | Procter & Gamble Co. (The) | $ | 1,551,869 | |||||
|
||||||||
Industrial REITs 0.9% |
| |||||||
75,982 | First Industrial Realty Trust, Inc. REIT | 3,451,102 | ||||||
|
||||||||
Insurance 5.4% | ||||||||
8,462 | American Financial Group, Inc. | 1,081,020 | ||||||
18,107 | Arch Capital Group Ltd.* | 1,693,729 | ||||||
10,986 | Axis Capital Holdings Ltd. | 673,771 | ||||||
10,391 | CNA Financial Corp. | 456,581 | ||||||
3,552 | Globe Life, Inc. | 270,556 | ||||||
63,824 | MetLife, Inc. | 4,536,610 | ||||||
7,896 | Principal Financial Group, Inc. | 624,889 | ||||||
21,869 | Progressive Corp. (The) | 4,554,219 | ||||||
22,563 | Travelers Cos., Inc. (The) | 4,786,966 | ||||||
13,580 | W R Berkley Corp. | 1,045,253 | ||||||
|
|
|||||||
19,723,594 | ||||||||
|
||||||||
IT Services 2.3% |
| |||||||
24,793 | International Business Machines Corp. | 4,120,597 | ||||||
9,804 | Okta, Inc.* | 911,576 | ||||||
20,251 | VeriSign, Inc.* | 3,432,139 | ||||||
|
|
|||||||
8,464,312 | ||||||||
|
||||||||
Leisure Products 0.3% |
| |||||||
59,868 | Mattel, Inc.* | 1,096,782 | ||||||
|
||||||||
Life Sciences Tools & Services 1.3% |
| |||||||
3,547 | ICON PLC* | 1,056,580 | ||||||
8,996 | IQVIA Holdings, Inc.* | 2,085,003 | ||||||
3,929 | Medpace Holdings, Inc.* | 1,525,827 | ||||||
|
|
|||||||
4,667,410 | ||||||||
|
||||||||
Machinery 2.9% |
| |||||||
17,916 | Otis Worldwide Corp. | 1,633,939 | ||||||
9,641 | Parker-Hannifin Corp. | 5,253,478 | ||||||
776 | Snap-on, Inc. | 207,937 | ||||||
22,941 | Westinghouse Air Brake Technologies Corp. | 3,695,336 | ||||||
|
|
|||||||
10,790,690 | ||||||||
|
||||||||
Media 0.9% | ||||||||
224 | Cable One, Inc. | 88,223 | ||||||
25,555 | Comcast Corp., Class A | 973,901 | ||||||
64,893 | Paramount Global, Class B | 739,131 | ||||||
16,551 | Trade Desk, Inc. (The), Class A* | 1,371,250 | ||||||
|
|
|||||||
3,172,505 | ||||||||
|
||||||||
Metals & Mining 0.1% |
| |||||||
1,516 | Steel Dynamics, Inc. | 197,262 | ||||||
|
||||||||
Multi-Utilities 0.8% |
| |||||||
18,097 | Sempra | 1,296,288 | ||||||
18,220 | WEC Energy Group, Inc. | 1,505,701 | ||||||
|
|
|||||||
2,801,989 | ||||||||
|
||||||||
Oil, Gas & Consumable Fuels 5.4% |
| |||||||
75,722 | Antero Midstream Corp. | 1,047,992 | ||||||
27,514 | Antero Resources Corp.* | 935,751 | ||||||
6,378 | Chevron Corp. | 1,028,580 | ||||||
47,763 | ConocoPhillips | 5,999,988 |
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) |
| |||||||
Oil, Gas & Consumable Fuels (continued) |
| |||||||
88,349 | Devon Energy Corp. | $ | 4,521,702 | |||||
37,215 | Exxon Mobil Corp. | 4,401,418 | ||||||
6,237 | Marathon Petroleum Corp. | 1,133,388 | ||||||
5,725 | Valero Energy Corp. | 915,256 | ||||||
|
|
|||||||
19,984,075 | ||||||||
|
||||||||
Pharmaceuticals 3.2% |
| |||||||
37,533 | Bristol-Myers Squibb Co. | 1,649,200 | ||||||
48,063 | Johnson & Johnson | 6,949,429 | ||||||
5,569 | Merck & Co., Inc. | 719,626 | ||||||
76,845 | Pfizer, Inc. | 1,968,769 | ||||||
11,231 | Royalty Pharma PLC, Class A | 311,099 | ||||||
|
|
|||||||
11,598,123 | ||||||||
|
||||||||
Professional Services 1.0% |
| |||||||
17,562 | FTI Consulting, Inc.* | 3,755,283 | ||||||
|
||||||||
Residential REITs 1.1% |
| |||||||
39,991 | Camden Property Trust REIT | 3,986,303 | ||||||
|
||||||||
Retail REITs 0.1% |
| |||||||
6,001 | NNN REIT, Inc. REIT | 243,221 | ||||||
|
||||||||
Semiconductors & Semiconductor Equipment 2.5% |
| |||||||
86,094 | Intel Corp. | 2,623,284 | ||||||
30,951 | Micron Technology, Inc. | 3,496,225 | ||||||
17,850 | Texas Instruments, Inc. | 3,149,097 | ||||||
|
|
|||||||
9,268,606 | ||||||||
|
||||||||
Software 4.4% |
| |||||||
10,173 | Crowdstrike Holdings, Inc., Class A* | 2,976,009 | ||||||
6,030 | Intuit, Inc. | 3,772,489 | ||||||
27,289 | Oracle Corp. | 3,104,124 | ||||||
6,123 | Palantir Technologies, Inc., Class A* | 134,522 | ||||||
8,832 | Roper Technologies, Inc. | 4,517,215 | ||||||
5,093 | Salesforce, Inc. | 1,369,712 |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Software (continued) |
| |||||||
1,844 | Zoom Video Communications, Inc., Class A* | $ | 112,668 | |||||
|
|
|||||||
15,986,739 | ||||||||
|
||||||||
Specialized REITs 0.4% |
| |||||||
7,855 | SBA Communications Corp. REIT | 1,461,973 | ||||||
|
||||||||
Specialty Retail 0.2% |
| |||||||
5,315 | Penske Automotive Group, Inc. | 812,717 | ||||||
|
||||||||
Technology Hardware, Storage & Peripherals 1.0% |
| |||||||
22,460 | Apple, Inc. | 3,825,612 | ||||||
|
||||||||
Textiles, Apparel & Luxury Goods 0.5% |
| |||||||
992 | Deckers Outdoor Corp.* | 811,922 | ||||||
14,684 | Skechers USA, Inc., Class A* | 969,878 | ||||||
|
|
|||||||
1,781,800 | ||||||||
|
||||||||
Tobacco 0.4% |
| |||||||
15,079 | Philip Morris International, Inc. | 1,431,600 | ||||||
|
||||||||
Trading Companies & Distributors 0.1% |
| |||||||
1,197 | Ferguson PLC | 251,250 | ||||||
|
||||||||
TOTAL INVESTMENTS 98.9% (Cost $327,469,826) |
$ | 363,712,285 | ||||||
|
||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES 1.1% |
4,211,988 | |||||||
|
||||||||
NET ASSETS 100.0% |
$ | 367,924,273 | ||||||
|
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, 2024, 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 |
1 | 06/21/24 | $ | 253,350 | $ | (6,222) | ||||||
|
The accompanying notes are an integral part of these financial statements. | 19 |
GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND
Schedule of Investments
April 30, 2024 (Unaudited) |
Shares |
Description | Value | ||||||
Common Stocks 97.3% |
| |||||||
Aerospace & Defense 0.3% |
| |||||||
11,434 | Kratos Defense & Security | |||||||
Solutions, Inc.* | $ | 203,754 | ||||||
11,770 | National Presto Industries, Inc. | 965,022 | ||||||
|
|
|||||||
1,168,776 | ||||||||
|
||||||||
Automobile Components 1.5% |
| |||||||
4,133 | Cooper-Standard Holdings, Inc.* | 63,772 | ||||||
6,746 | Dorman Products, Inc.* | 589,938 | ||||||
5,975 | Fox Factory Holding Corp.* | 232,547 | ||||||
206,961 | Goodyear Tire & Rubber Co. (The)* | 2,475,254 | ||||||
25,753 | Holley, Inc.* | 103,527 | ||||||
29,820 | Modine Manufacturing Co.* | 2,762,226 | ||||||
|
|
|||||||
6,227,264 | ||||||||
|
||||||||
Banks 7.7% |
| |||||||
27,475 | Amalgamated Financial Corp. | 674,237 | ||||||
33,912 | Ameris Bancorp | 1,610,142 | ||||||
17,028 | BancFirst Corp. | 1,518,387 | ||||||
43,214 | Bancorp, Inc. (The)* | 1,293,827 | ||||||
16,467 | BankUnited, Inc. | 440,163 | ||||||
8,894 | Banner Corp. | 388,045 | ||||||
2,103 | Business First Bancshares, Inc. | 42,460 | ||||||
20,551 | Byline Bancorp, Inc. | 445,340 | ||||||
6,775 | Capital City Bank Group, Inc. | 179,673 | ||||||
3,202 | Civista Bancshares, Inc. | 45,725 | ||||||
6,122 | Community Trust Bancorp, Inc. | 257,185 | ||||||
91,226 | CVB Financial Corp. | 1,490,633 | ||||||
6,945 | First Bancorp, Inc. (The) | 153,346 | ||||||
73,356 | First BanCorp. (Puerto Rico) | 1,265,391 | ||||||
3,367 | First Bancshares, Inc. (The) | 80,606 | ||||||
44,488 | First Commonwealth Financial Corp. | 586,797 | ||||||
39,381 | First Financial Bancorp | 870,714 | ||||||
37,860 | Hancock Whitney Corp. | 1,718,465 | ||||||
69,320 | Hanmi Financial Corp. | 1,060,596 | ||||||
11,562 | Heartland Financial USA, Inc. | 486,876 | ||||||
2,935 | Heritage Commerce Corp. | 23,304 | ||||||
64,299 | Heritage Financial Corp. | 1,140,664 | ||||||
3,912 | Home Bancorp, Inc. | 136,920 | ||||||
10,786 | Home BancShares, Inc. | 255,412 | ||||||
2,460 | HomeTrust Bancshares, Inc. | 63,222 | ||||||
6,512 | Hope Bancorp, Inc. | 65,250 | ||||||
6,333 | Independent Bank Corp. | 157,122 | ||||||
29,876 | International Bancshares Corp. | 1,662,599 | ||||||
6,385 | Metrocity Bankshares, Inc. | 146,727 | ||||||
40,280 | National Bank Holdings Corp., Class A | 1,318,364 | ||||||
18,159 | Northeast Community Bancorp, Inc. | 286,549 | ||||||
40,834 | OFG Bancorp (Puerto Rico) | 1,474,516 | ||||||
31,861 | Old Second Bancorp, Inc. | 436,496 | ||||||
613 | Park National Corp. | 80,738 | ||||||
22,687 | PCB Bancorp | 330,323 | ||||||
1,812 | Peoples Bancorp, Inc. | 52,621 | ||||||
16,351 | Preferred Bank | 1,237,607 | ||||||
15,581 | Provident Financial Services, Inc. | 228,729 | ||||||
15,585 | Renasant Corp. | 452,900 | ||||||
43,165 | Southside Bancshares, Inc. | 1,150,779 |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Banks (continued) |
| |||||||
2,649 | Stock Yards Bancorp, Inc. | $ | 118,013 | |||||
27,433 | Texas Capital Bancshares, Inc.* | 1,574,654 | ||||||
4,325 | Timberland Bancorp, Inc. | 105,530 | ||||||
39,394 | TrustCo Bank Corp. | 1,048,668 | ||||||
21,543 | UMB Financial Corp. | 1,716,115 | ||||||
11,190 | Veritex Holdings, Inc. | 217,981 | ||||||
3,336 | WesBanco, Inc. | 90,072 | ||||||
|
|
|||||||
30,180,483 | ||||||||
|
||||||||
Beverages 0.8% |
| |||||||
1,149 | Coca-Cola Consolidated, Inc. | 949,074 | ||||||
123,244 | Primo Water Corp. | 2,325,614 | ||||||
|
|
|||||||
3,274,688 | ||||||||
|
||||||||
Biotechnology 5.8% |
| |||||||
1,683 | 4D Molecular Therapeutics, Inc.* | 40,274 | ||||||
55,666 | 89bio, Inc.* | 473,718 | ||||||
6,724 | ACADIA Pharmaceuticals, Inc.* | 112,358 | ||||||
23,827 | Adicet Bio, Inc.* | 35,502 | ||||||
4,290 | Akero Therapeutics, Inc.* | 85,328 | ||||||
14,675 | Allogene Therapeutics, Inc.* | 40,503 | ||||||
64,086 | Altimmune, Inc.* | 419,763 | ||||||
7,039 | Apogee Therapeutics, Inc.* | 354,062 | ||||||
10,489 | Arcturus Therapeutics Holdings, Inc.* | 268,204 | ||||||
182,626 | Aurinia Pharmaceuticals, Inc. (Canada)* | 929,566 | ||||||
28,411 | Beam Therapeutics, Inc.* | 602,881 | ||||||
18,339 | Biohaven Ltd.* | 711,553 | ||||||
8,730 | Bridgebio Pharma, Inc.* | 223,663 | ||||||
10,399 | Celldex Therapeutics, Inc.* | 389,131 | ||||||
6,497 | Cogent Biosciences, Inc.* | 42,230 | ||||||
15,386 | Cytokinetics, Inc.* | 943,470 | ||||||
12,243 | Day One Biopharmaceuticals, Inc.* | 209,355 | ||||||
59,549 | Deciphera Pharmaceuticals, Inc.* | 1,504,803 | ||||||
18,544 | Denali Therapeutics, Inc.* | 286,319 | ||||||
62,052 | Design Therapeutics, Inc.* | 218,423 | ||||||
103,118 | Editas Medicine, Inc.* | 537,245 | ||||||
20,886 | Erasca, Inc.* | 41,981 | ||||||
31,678 | Fate Therapeutics, Inc.* | 125,128 | ||||||
45,602 | Generation Bio Co.* | 129,054 | ||||||
21,815 | Ideaya Biosciences, Inc.* | 886,780 | ||||||
4,054 | Intellia Therapeutics, Inc.* | 86,756 | ||||||
14,135 | Iovance Biotherapeutics, Inc.* | 166,510 | ||||||
37,160 | iTeos Therapeutics, Inc.* | 399,098 | ||||||
4,995 | Keros Therapeutics, Inc.* | 281,668 | ||||||
20,144 | Kodiak Sciences, Inc.* | 64,662 | ||||||
7,174 | Krystal Biotech, Inc.* | 1,098,483 | ||||||
15,347 | Kura Oncology, Inc.* | 301,108 | ||||||
92,890 | MannKind Corp.* | 381,778 | ||||||
17,877 | Morphic Holding, Inc.* | 487,506 | ||||||
15,203 | Nurix Therapeutics, Inc.* | 182,740 | ||||||
15,333 | Nuvalent, Inc., Class A* | 1,056,137 | ||||||
16,170 | Olema Pharmaceuticals, Inc.* | 164,449 | ||||||
90,020 | PMV Pharmaceuticals, Inc.* | 162,036 | ||||||
83,968 | Poseida Therapeutics, Inc.* | 203,203 | ||||||
5,269 | Protagonist Therapeutics, Inc.* | 132,305 | ||||||
101,519 | Relay Therapeutics, Inc.* | 661,904 |
20 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Biotechnology (continued) |
| |||||||
7,050 | REVOLUTION Medicines, Inc.* | $ | 262,824 | |||||
10,912 | Rhythm Pharmaceuticals, Inc.* | 433,861 | ||||||
14,953 | Sana Biotechnology, Inc.* | 134,577 | ||||||
6,821 | SpringWorks Therapeutics, Inc.* | 318,472 | ||||||
140,212 | Sutro Biopharma, Inc.* | 476,020 | ||||||
22,614 | Syndax Pharmaceuticals, Inc.* | 477,834 | ||||||
45,144 | TG Therapeutics, Inc.* | 616,667 | ||||||
54,501 | Verve Therapeutics, Inc.* | 327,551 | ||||||
38,259 | Viking Therapeutics, Inc.* | 3,044,651 | ||||||
8,895 | Viridian Therapeutics, Inc.* | 117,948 | ||||||
11,309 | Xencor, Inc.* | 236,810 | ||||||
69,571 | Y-mAbs Therapeutics, Inc.* | 1,058,175 | ||||||
|
|
|||||||
22,947,027 | ||||||||
|
||||||||
Broadline Retail 0.1% |
| |||||||
11,547 | Big Lots, Inc.* | 40,646 | ||||||
1,063 | Dillards, Inc., Class A | 465,583 | ||||||
|
|
|||||||
506,229 | ||||||||
|
||||||||
Building Products 0.4% |
| |||||||
1,601 | American Woodmark Corp.* | 147,420 | ||||||
30,215 | Masterbrand, Inc.* | 503,684 | ||||||
1,302 | Simpson Manufacturing Co., Inc. | 226,405 | ||||||
5,334 | UFP Industries, Inc. | 601,142 | ||||||
|
|
|||||||
1,478,651 | ||||||||
|
||||||||
Capital Markets 1.3% |
| |||||||
15,063 | Moelis & Co., Class A | 739,292 | ||||||
15,319 | Open Lending Corp.* | 78,127 | ||||||
4,114 | Patria Investments Ltd., Class A (Cayman Islands) | 55,128 | ||||||
11,624 | Piper Sandler Cos. | 2,275,863 | ||||||
561 | StepStone Group, Inc., Class A | 20,235 | ||||||
20,179 | StoneX Group, Inc.* | 1,464,995 | ||||||
1,660 | Virtus Investment Partners, Inc. | 364,071 | ||||||
|
|
|||||||
4,997,711 | ||||||||
|
||||||||
Chemicals 2.1% |
| |||||||
35,626 | HB Fuller Co. | 2,661,619 | ||||||
16,171 | Ingevity Corp.* | 826,985 | ||||||
22,892 | Innospec, Inc. | 2,747,040 | ||||||
2,712 | Koppers Holdings, Inc. | 139,071 | ||||||
13,901 | Minerals Technologies, Inc. | 1,013,244 | ||||||
37,108 | Orion SA (Germany) | 877,975 | ||||||
|
|
|||||||
8,265,934 | ||||||||
|
||||||||
Commercial Services & Supplies 1.9% |
| |||||||
3,189 | ABM Industries, Inc. | 139,360 | ||||||
27,727 | CECO Environmental Corp.* | 599,458 | ||||||
2,077 | Cimpress PLC (Ireland)* | 177,106 | ||||||
34,032 | Deluxe Corp. | 672,132 | ||||||
60,529 | Ennis, Inc. | 1,204,527 | ||||||
75,526 | Enviri Corp.* | 587,592 | ||||||
63,903 | Healthcare Services Group, Inc.* | 678,650 | ||||||
1,992 | Matthews International Corp., Class A | 53,744 | ||||||
12,662 | Montrose Environmental Group, Inc.* | 549,784 | ||||||
14,894 | UniFirst Corp. | 2,384,976 |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Commercial Services & Supplies (continued) |
| |||||||
10,271 | Viad Corp.* | $ | 354,144 | |||||
|
|
|||||||
7,401,473 | ||||||||
|
||||||||
Communications Equipment 0.4% |
| |||||||
67,446 | NetScout Systems, Inc.* | 1,299,010 | ||||||
19,955 | Viavi Solutions, Inc.* | 157,644 | ||||||
|
|
|||||||
1,456,654 | ||||||||
|
||||||||
Construction & Engineering 3.0% |
| |||||||
13,947 | Comfort Systems USA, Inc. | 4,315,341 | ||||||
5,139 | Dycom Industries, Inc.* | 719,563 | ||||||
17,736 | Fluor Corp.* | 715,293 | ||||||
10,720 | IES Holdings, Inc.* | 1,448,486 | ||||||
5,602 | Limbach Holdings, Inc.* | 253,939 | ||||||
40,451 | Primoris Services Corp. | 1,885,017 | ||||||
24,696 | Sterling Infrastructure, Inc.* | 2,509,113 | ||||||
|
|
|||||||
11,846,752 | ||||||||
|
||||||||
Construction Materials 1.3% |
| |||||||
34,455 | Knife River Corp.* | 2,694,036 | ||||||
64,895 | Summit Materials, Inc., Class A* | 2,524,416 | ||||||
|
|
|||||||
5,218,452 | ||||||||
|
||||||||
Consumer Finance 0.4% |
| |||||||
13,537 | Encore Capital Group, Inc.* | 556,235 | ||||||
8,132 | Enova International, Inc.* | 492,230 | ||||||
12,963 | Regional Management Corp. | 326,797 | ||||||
13,691 | Upstart Holdings, Inc.*(a) | 302,982 | ||||||
|
|
|||||||
1,678,244 | ||||||||
|
||||||||
Consumer Staples Distribution & Retail 0.1% |
| |||||||
5,108 | Weis Markets, Inc. | 322,468 | ||||||
|
||||||||
Distributors 0.0% |
| |||||||
815 | Weyco Group, Inc. | 23,920 | ||||||
|
||||||||
Diversified Consumer Services 1.2% |
| |||||||
163,234 | Coursera, Inc.* | 1,668,251 | ||||||
47,395 | European Wax Center, Inc., Class A* |
557,365 | ||||||
19,765 | Frontdoor, Inc.* | 606,588 | ||||||
17,977 | Strategic Education, Inc. | 2,064,479 | ||||||
|
|
|||||||
4,896,683 | ||||||||
|
||||||||
Diversified REITs 0.4% |
| |||||||
72,898 | American Assets Trust, Inc. REIT | 1,556,372 | ||||||
|
||||||||
Diversified Telecommunication Services 0.1% |
| |||||||
12,968 | Liberty Latin America Ltd., Class A (Puerto Rico)* |
97,908 | ||||||
312,013 | Lumen Technologies, Inc.* | 371,296 | ||||||
|
|
|||||||
469,204 | ||||||||
|
||||||||
Electrical Equipment 2.4% |
| |||||||
2,978 | Allient, Inc. | 87,523 | ||||||
16,714 | Atkore, Inc. | 2,929,964 | ||||||
168,247 | FTC Solar, Inc.* | 77,394 | ||||||
46,182 | NEXTracker, Inc., Class A* | 1,976,128 | ||||||
25,380 | NuScale Power Corp.*(a) | 147,204 | ||||||
16,868 | Powell Industries, Inc. | 2,412,124 | ||||||
58,381 | Thermon Group Holdings, Inc.* | 1,864,105 |
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, 2024 (Unaudited) |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Electrical Equipment (continued) |
| |||||||
13,849 | TPI Composites, Inc.*(a) | $ | 44,040 | |||||
|
|
|||||||
9,538,482 | ||||||||
|
||||||||
Electronic Equipment, Instruments & Components 2.3% |
| |||||||
15,936 | Badger Meter, Inc. | 2,915,013 | ||||||
4,541 | Bel Fuse, Inc., Class B | 266,648 | ||||||
5,538 | Belden, Inc. | 450,073 | ||||||
1,870 | CTS Corp. | 85,552 | ||||||
5,733 | ePlus, Inc.* | 440,753 | ||||||
15,244 | Evolv Technologies Holdings, Inc.* | 59,604 | ||||||
15,312 | Fabrinet (Thailand)* | 2,650,048 | ||||||
12,228 | Itron, Inc.* | 1,126,443 | ||||||
20,277 | TTM Technologies, Inc.* | 302,736 | ||||||
26,982 | Vishay Precision Group, Inc.* | 890,406 | ||||||
|
|
|||||||
9,187,276 | ||||||||
|
||||||||
Energy Equipment & Services 1.8% |
| |||||||
93,458 | Archrock, Inc. | 1,793,459 | ||||||
23,059 | Cactus, Inc., Class A | 1,144,649 | ||||||
42,415 | ChampionX Corp. | 1,423,872 | ||||||
29,846 | Dril-Quip, Inc.* | 542,600 | ||||||
5,237 | Helix Energy Solutions Group, Inc.* | 56,245 | ||||||
15,868 | Nabors Industries Ltd.* | 1,142,972 | ||||||
38,240 | Newpark Resources, Inc.* | 265,386 | ||||||
52,816 | Oil States International, Inc.* | 210,736 | ||||||
5,864 | Patterson-UTI Energy, Inc. | 63,448 | ||||||
9,087 | SEACOR Marine Holdings, Inc.* | 111,043 | ||||||
3,301 | Tidewater, Inc.* | 303,197 | ||||||
|
|
|||||||
7,057,607 | ||||||||
|
||||||||
Entertainment 0.6% |
| |||||||
61,078 | Madison Square Garden | |||||||
Entertainment Corp.* | 2,391,204 | |||||||
|
||||||||
Financial Services 4.8% |
| |||||||
48,850 | A-Mark Precious Metals, Inc. | 1,957,419 | ||||||
153,946 | AvidXchange Holdings, Inc.* | 1,795,010 | ||||||
89,611 | Banco Latinoamericano de Comercio Exterior SA, Class E (Panama) | 2,545,849 | ||||||
61,575 | Flywire Corp.* | 1,262,288 | ||||||
46,035 | I3 Verticals, Inc., Class A* | 1,045,455 | ||||||
7,529 | Jackson Financial, Inc., Class A | 514,381 | ||||||
392,876 | Marqeta, Inc., Class A* | 2,180,462 | ||||||
23,954 | Merchants Bancorp | 966,065 | ||||||
25,664 | Mr Cooper Group, Inc.* | 1,981,261 | ||||||
23,221 | NMI Holdings, Inc., Class A* | 716,600 | ||||||
83,715 | Pagseguro Digital Ltd., Class A (Brazil)* | 1,042,252 | ||||||
221,460 | Payoneer Global, Inc.* | 1,094,012 | ||||||
31,065 | Remitly Global, Inc.* | 553,889 | ||||||
10,460 | Repay Holdings Corp.* | 106,378 | ||||||
86,275 | StoneCo Ltd., Class A (Brazil)* | 1,345,890 | ||||||
|
|
|||||||
19,107,211 | ||||||||
|
||||||||
Food Products 0.2% |
| |||||||
3,537 | Dole PLC | 43,045 |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Food Products (continued) |
| |||||||
4,015 | Lancaster Colony Corp. | $ | 766,102 | |||||
|
|
|||||||
809,147 | ||||||||
|
||||||||
Ground Transportation 0.2% |
| |||||||
5,668 | ArcBest Corp. | 628,638 | ||||||
19,053 | Marten Transport Ltd. | 322,377 | ||||||
|
|
|||||||
951,015 | ||||||||
|
||||||||
Health Care Equipment & Supplies 1.4% |
| |||||||
21,555 | Artivion, Inc.* | 422,909 | ||||||
35,529 | AtriCure, Inc.* | 856,960 | ||||||
2,685 | Axonics, Inc.* | 178,741 | ||||||
18,639 | CONMED Corp. | 1,267,079 | ||||||
9,145 | CVRx, Inc.* | 141,839 | ||||||
53,287 | Embecta Corp. | 539,797 | ||||||
7,397 | Inmode Ltd.* | 127,155 | ||||||
3,797 | iRadimed Corp. | 154,196 | ||||||
10,828 | Lantheus Holdings, Inc.* | 720,495 | ||||||
450 | LeMaitre Vascular, Inc. | 29,160 | ||||||
21,022 | Pulmonx Corp.* | 159,977 | ||||||
10,465 | Surmodics, Inc.* | 268,846 | ||||||
1,548 | UFP Technologies, Inc.* | 318,795 | ||||||
339 | Utah Medical Products, Inc. | 22,442 | ||||||
|
|
|||||||
5,208,391 | ||||||||
|
||||||||
Health Care Providers & Services 4.0% |
| |||||||
1,388 | Addus HomeCare Corp.* | 133,456 | ||||||
68,055 | Alignment Healthcare, Inc.* | 350,483 | ||||||
135,809 | Brookdale Senior Living, Inc.* | 922,143 | ||||||
12,714 | Community Health Systems, Inc.* | 41,956 | ||||||
36,978 | Enhabit, Inc.* | 373,108 | ||||||
4,035 | Ensign Group, Inc. (The) | 477,583 | ||||||
23,704 | Guardant Health, Inc.* | 426,672 | ||||||
25,503 | HealthEquity, Inc.* | 2,012,442 | ||||||
181,602 | Hims & Hers Health, Inc.* | 2,275,473 | ||||||
64,778 | Joint Corp. (The)* | 773,449 | ||||||
3,835 | ModivCare, Inc.* | 90,008 | ||||||
91,692 | Nano-X Imaging Ltd. (Israel)*(a) | 821,560 | ||||||
31,484 | Option Care Health, Inc.* | 941,057 | ||||||
8,816 | Owens & Minor, Inc.* | 218,108 | ||||||
64,674 | Pennant Group, Inc. (The)* | 1,352,333 | ||||||
22,934 | Progyny, Inc.* | 735,264 | ||||||
75,245 | Select Medical Holdings Corp. | 2,134,701 | ||||||
8,973 | US Physical Therapy, Inc. | 910,849 | ||||||
92,694 | Viemed Healthcare, Inc.* | 759,164 | ||||||
|
|
|||||||
15,749,809 | ||||||||
|
||||||||
Health Care REITs 0.1% |
| |||||||
15,253 | LTC Properties, Inc. REIT | 504,874 | ||||||
|
||||||||
Health Care Technology 0.1% |
| |||||||
36,168 | Health Catalyst, Inc.* | 224,965 | ||||||
|
||||||||
Hotel & Resort REITs 3.6% |
| |||||||
182,012 | Chatham Lodging Trust REIT | 1,669,050 | ||||||
276,341 | DiamondRock Hospitality Co. REIT | 2,459,435 | ||||||
225,878 | RLJ Lodging Trust REIT | 2,484,658 | ||||||
26,933 | Ryman Hospitality Properties, Inc. REIT | 2,840,893 |
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) |
| |||||||
Hotel & Resort REITs (continued) |
| |||||||
285,114 | Service Properties Trust REIT | $ | 1,747,749 | |||||
130,294 | Summit Hotel Properties, Inc. REIT | 783,067 | ||||||
109,012 | Sunstone Hotel Investors, Inc. REIT | 1,111,922 | ||||||
98,787 | Xenia Hotels & Resorts, Inc. REIT | 1,370,176 | ||||||
|
|
|||||||
14,466,950 | ||||||||
|
||||||||
Hotels, Restaurants & Leisure 3.4% |
| |||||||
14,244 | Bloomin Brands, Inc. | 367,353 | ||||||
8,461 | Brinker International, Inc.* | 453,510 | ||||||
15,359 | Cheesecake Factory, Inc. (The) | 530,193 | ||||||
38,836 | Chuys Holdings, Inc.* | 1,144,108 | ||||||
9,332 | Cracker Barrel Old Country Store, Inc.(a) | 543,029 | ||||||
127,121 | Dennys Corp.* | 1,019,510 | ||||||
31,296 | Dine Brands Global, Inc. | 1,380,154 | ||||||
65,618 | Everi Holdings, Inc.* | 536,099 | ||||||
79,535 | International Game Technology PLC | 1,570,021 | ||||||
19,337 | Jack in the Box, Inc. | 1,103,562 | ||||||
88,845 | Life Time Group Holdings, Inc.* | 1,213,623 | ||||||
99,574 | Portillos, Inc., Class A* | 1,220,777 | ||||||
20,975 | RCI Hospitality Holdings, Inc. | 1,064,691 | ||||||
7,912 | Shake Shack, Inc., Class A* | 837,485 | ||||||
9,320 | Sweetgreen, Inc., Class A* | 209,420 | ||||||
21,417 | Xponential Fitness, Inc., Class A* | 273,067 | ||||||
|
|
|||||||
13,466,602 | ||||||||
|
||||||||
Household Durables 3.0% |
| |||||||
18,780 | Dream Finders Homes, Inc., Class A* | 666,690 | ||||||
19,319 | Ethan Allen Interiors, Inc. | 545,569 | ||||||
21,206 | Green Brick Partners, Inc.* | 1,147,881 | ||||||
12,399 | Installed Building Products, Inc. | 2,922,816 | ||||||
35,840 | KB Home | 2,320,998 | ||||||
15,952 | LGI Homes, Inc.* | 1,434,563 | ||||||
23,641 | M/I Homes, Inc.* | 2,747,557 | ||||||
|
|
|||||||
11,786,074 | ||||||||
|
||||||||
Household Products 0.5% |
| |||||||
23,289 | Energizer Holdings, Inc. | 668,860 | ||||||
6,197 | WD-40 Co. | 1,401,328 | ||||||
|
|
|||||||
2,070,188 | ||||||||
|
||||||||
Industrial REITs 0.5% |
| |||||||
242,814 | LXP Industrial Trust REIT | 2,027,497 | ||||||
|
||||||||
Insurance 3.0% |
| |||||||
15,126 | Ambac Financial Group, Inc.* | 218,571 | ||||||
4,619 | American Coastal Insurance Corp.* | 48,361 | ||||||
24,146 | BRP Group, Inc., Class A* | 643,249 | ||||||
53,997 | CNO Financial Group, Inc. | 1,421,741 | ||||||
139,833 | Genworth Financial, Inc., Class A* | 829,210 | ||||||
30,939 | Goosehead Insurance, Inc., Class A* | 1,760,738 |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Insurance (continued) |
| |||||||
124,702 | James River Group Holdings Ltd. | $ | 1,108,601 | |||||
28,412 | Mercury General Corp. | 1,484,811 | ||||||
21,540 | Palomar Holdings, Inc.* | 1,694,552 | ||||||
5,673 | Selective Insurance Group, Inc. | 576,660 | ||||||
21,456 | Skyward Specialty Insurance Group, Inc.* | 749,244 | ||||||
65,191 | Universal Insurance Holdings, Inc. | 1,272,528 | ||||||
|
|
|||||||
11,808,266 | ||||||||
|
||||||||
Interactive Media & Services 0.6% |
| |||||||
33,753 | Cars.com, Inc.* | 564,013 | ||||||
40,191 | DHI Group, Inc.* | 94,047 | ||||||
185,537 | fuboTV, Inc.*(a) | 263,462 | ||||||
16,229 | QuinStreet, Inc.* | 293,583 | ||||||
223,504 | Vimeo, Inc.* | 802,379 | ||||||
17,863 | ZipRecruiter, Inc., Class A* | 183,632 | ||||||
|
|
|||||||
2,201,116 | ||||||||
|
||||||||
IT Services 0.5% |
| |||||||
57,347 | BigCommerce Holdings, Inc., Series 1* | 324,584 | ||||||
32,241 | DigitalOcean Holdings, Inc.* | 1,059,439 | ||||||
33,850 | Fastly, Inc., Class A* | 428,203 | ||||||
43,726 | Rackspace Technology, Inc.* | 75,209 | ||||||
66,232 | Thoughtworks Holding, Inc.* | 153,658 | ||||||
|
|
|||||||
2,041,093 | ||||||||
|
||||||||
Leisure Products 1.0% |
| |||||||
25,876 | Acushnet Holdings Corp. | 1,577,918 | ||||||
47,056 | Funko, Inc., Class A* | 286,571 | ||||||
41,076 | Malibu Boats, Inc., Class A* | 1,397,406 | ||||||
25,758 | MasterCraft Boat Holdings, Inc.* | 521,084 | ||||||
|
|
|||||||
3,782,979 | ||||||||
|
||||||||
Life Sciences Tools & Services 0.2% |
| |||||||
61,975 | Adaptive Biotechnologies Corp.* | 162,374 | ||||||
7,427 | BioLife Solutions, Inc.* | 130,270 | ||||||
58,638 | Cytek Biosciences, Inc.* | 352,414 | ||||||
2,538 | Quanterix Corp.* | 40,913 | ||||||
|
|
|||||||
685,971 | ||||||||
|
||||||||
Machinery 3.1% |
| |||||||
6,937 | Chart Industries, Inc.* | 999,344 | ||||||
18,552 | Douglas Dynamics, Inc. | 420,017 | ||||||
35,679 | Federal Signal Corp. | 2,900,703 | ||||||
12,719 | Franklin Electric Co., Inc. | 1,224,458 | ||||||
9,961 | Gorman-Rupp Co. (The) | 330,406 | ||||||
50,388 | Hillman Solutions Corp.* | 481,709 | ||||||
3,432 | John Bean Technologies Corp. | 305,757 | ||||||
419 | Kadant, Inc. | 114,718 | ||||||
15,673 | Mueller Industries, Inc. | 874,867 | ||||||
154,554 | Mueller Water Products, Inc., Class A | 2,448,135 | ||||||
922 | Omega Flex, Inc. | 61,092 | ||||||
5,613 | Proto Labs, Inc.* | 171,084 | ||||||
7,169 | SPX Technologies, Inc.* | 873,256 | ||||||
621 | Standex International Corp. | 107,359 | ||||||
3,500 | Terex Corp. | 196,175 |
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, 2024 (Unaudited) |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Machinery (continued) |
| |||||||
33,127 | Wabash National Corp. | $ | 765,565 | |||||
|
|
|||||||
12,274,645 | ||||||||
|
||||||||
Marine Transportation 0.4% |
| |||||||
86,137 | Costamare, Inc. (Monaco) | 1,031,921 | ||||||
8,168 | Pangaea Logistics Solutions Ltd. | 58,810 | ||||||
119,422 | Safe Bulkers, Inc. (Monaco) | 595,916 | ||||||
|
|
|||||||
1,686,647 | ||||||||
|
||||||||
Media 1.0% |
| |||||||
23,498 | AMC Networks, Inc., Class A* | 249,549 | ||||||
101,579 | EW Scripps Co. (The), Class A* | 381,937 | ||||||
134,086 | Gray Television, Inc. | 770,995 | ||||||
88,906 | Magnite, Inc.* | 785,040 | ||||||
23,101 | TechTarget, Inc.* | 635,277 | ||||||
35,445 | Thryv Holdings, Inc.* | 815,589 | ||||||
|
|
|||||||
3,638,387 | ||||||||
|
||||||||
Metals & Mining 2.2% |
| |||||||
67,667 | ATI, Inc.* | 4,039,720 | ||||||
38,845 | Carpenter Technology Corp. | 3,329,017 | ||||||
130,235 | Hecla Mining Co. | 616,012 | ||||||
5,911 | Materion Corp. | 679,410 | ||||||
13,046 | Novagold Resources, Inc. (Canada)* | 37,833 | ||||||
|
|
|||||||
8,701,992 | ||||||||
|
||||||||
Mortgage Real Estate Investment Trusts (REITs) 1.0% |
| |||||||
179,276 | Arbor Realty Trust, Inc. REIT | 2,300,111 | ||||||
59,567 | BrightSpire Capital, Inc. REIT | 374,677 | ||||||
74,786 | PennyMac Mortgage Investment Trust REIT | 1,035,786 | ||||||
21,234 | TPG RE Finance Trust, Inc. REIT | 155,645 | ||||||
|
|
|||||||
3,866,219 | ||||||||
|
||||||||
Multi-Utilities 1.2% |
| |||||||
58,461 | Avista Corp. | 2,103,427 | ||||||
50,372 | Black Hills Corp. | 2,765,423 | ||||||
|
|
|||||||
4,868,850 | ||||||||
|
||||||||
Oil, Gas & Consumable Fuels 4.5% |
| |||||||
29,539 | Civitas Resources, Inc. | 2,125,626 | ||||||
216,931 | DHT Holdings, Inc. | 2,477,352 | ||||||
61,956 | Dorian LPG Ltd. | 2,560,022 | ||||||
19,952 | Golar LNG Ltd. (Cameroon) | 489,223 | ||||||
80,618 | Kosmos Energy Ltd. (Ghana)* | 457,104 | ||||||
9,100 | Matador Resources Co. | 566,930 | ||||||
554,404 | Nordic American Tankers Ltd. | 2,162,176 | ||||||
14,600 | PBF Energy, Inc., Class A | 777,742 | ||||||
20,918 | Peabody Energy Corp. | 458,941 | ||||||
36,886 | Permian Resources Corp. | 617,841 | ||||||
43,262 | Scorpio Tankers, Inc. (Monaco) | 3,043,914 | ||||||
2,511 | Sitio Royalties Corp., Class A | 58,356 | ||||||
151,935 | Teekay Corp. (Bermuda)* | 1,112,164 | ||||||
13,592 | Teekay Tankers Ltd., Class A (Canada) | 792,006 | ||||||
24,996 | VAALCO Energy, Inc. | 159,974 | ||||||
|
|
|||||||
17,859,371 | ||||||||
|
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Passenger Airlines 0.2% |
| |||||||
8,683 | SkyWest, Inc.* | $ | 634,119 | |||||
|
||||||||
Personal Care Products 0.5% |
| |||||||
8,472 | elf Beauty, Inc.* | 1,376,954 | ||||||
57,384 | Herbalife Ltd.* | 496,372 | ||||||
|
|
|||||||
1,873,326 | ||||||||
|
||||||||
Pharmaceuticals 0.8% |
| |||||||
51,621 | Amneal Pharmaceuticals, Inc.* | 312,307 | ||||||
27,914 | Amylyx Pharmaceuticals, Inc.* | 50,524 | ||||||
16,917 | Intra-Cellular Therapies, Inc.* | 1,214,810 | ||||||
12,574 | Longboard Pharmaceuticals, Inc.* | 267,826 | ||||||
50,955 | Phibro Animal Health Corp., Class A | 850,949 | ||||||
6,261 | Prestige Consumer Healthcare, Inc.* | 449,289 | ||||||
|
|
|||||||
3,145,705 | ||||||||
|
||||||||
Professional Services 1.8% |
| |||||||
35,901 | Asure Software, Inc.* | 265,308 | ||||||
215,640 | Conduent, Inc.* | 679,266 | ||||||
67,063 | ExlService Holdings, Inc.* | 1,944,827 | ||||||
13,170 | Franklin Covey Co.* | 512,840 | ||||||
37,198 | Parsons Corp.* | 2,920,415 | ||||||
56,215 | Upwork, Inc.* | 657,716 | ||||||
|
|
|||||||
6,980,372 | ||||||||
|
||||||||
Real Estate Management & Development 0.7% |
| |||||||
114,585 | Compass, Inc., Class A* | 360,943 | ||||||
19,764 | DigitalBridge Group, Inc. | 324,920 | ||||||
29,632 | Douglas Elliman, Inc.* | 40,299 | ||||||
56,499 | Forestar Group, Inc.* | 1,750,904 | ||||||
2,135 | St Joe Co. (The) | 122,122 | ||||||
|
|
|||||||
2,599,188 | ||||||||
|
||||||||
Residential REITs 0.8% |
| |||||||
4,320 | Centerspace REIT | 290,520 | ||||||
61,867 | NexPoint Residential Trust, Inc. REIT | 2,118,326 | ||||||
40,867 | UMH Properties, Inc. REIT | 650,603 | ||||||
|
|
|||||||
3,059,449 | ||||||||
|
||||||||
Retail REITs 0.5% |
| |||||||
5,400 | Alexanders, Inc. REIT | 1,142,424 | ||||||
6,524 | Kite Realty Group Trust REIT | 142,223 | ||||||
17,484 | Macerich Co. (The) REIT | 240,580 | ||||||
10,005 | Tanger, Inc. REIT | 283,642 | ||||||
|
|
|||||||
1,808,869 | ||||||||
|
||||||||
Semiconductors & Semiconductor Equipment 2.1% |
| |||||||
14,601 | ACM Research, Inc., Class A* | 372,617 | ||||||
41,501 | Amkor Technology, Inc. | 1,342,557 | ||||||
19,856 | Axcelis Technologies, Inc.* | 2,055,493 | ||||||
8,992 | FormFactor, Inc.* | 400,953 | ||||||
3,114 | Ichor Holdings Ltd.* | 120,761 | ||||||
1,828 | Impinj, Inc.* | 291,347 | ||||||
6,778 | Onto Innovation, Inc.* | 1,257,251 | ||||||
39,462 | PDF Solutions, Inc.* | 1,187,017 | ||||||
27,451 | Photronics, Inc.* | 752,432 |
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) |
| |||||||
Semiconductors & Semiconductor Equipment (continued) |
| |||||||
4,446 | SiTime Corp.* | $ | 396,228 | |||||
|
|
|||||||
8,176,656 | ||||||||
|
||||||||
Software 6.9% |
| |||||||
76,743 | ACI Worldwide, Inc.* | 2,616,936 | ||||||
11,588 | Agilysys, Inc.* | 962,383 | ||||||
17,512 | Alarm.com Holdings, Inc.* | 1,164,548 | ||||||
17,967 | Altair Engineering, Inc., Class A* | 1,445,445 | ||||||
5,273 | Appfolio, Inc., Class A* | 1,195,811 | ||||||
24,745 | C3.ai, Inc., Class A*(a) | 557,505 | ||||||
87,020 | Cleanspark, Inc.* | 1,425,388 | ||||||
115,145 | Clear Secure, Inc., Class A | 2,011,583 | ||||||
21,560 | Consensus Cloud Solutions, Inc.* | 250,958 | ||||||
648 | Daily Journal Corp.* | 217,210 | ||||||
46,887 | Freshworks, Inc., Class A* | 836,933 | ||||||
26,190 | LiveRamp Holdings, Inc.* | 840,961 | ||||||
45,269 | Marathon Digital Holdings, Inc.* | 727,020 | ||||||
2,506 | MicroStrategy, Inc., Class A*(a) | 2,668,965 | ||||||
9,133 | Olo, Inc., Class A* | 43,838 | ||||||
41,382 | Q2 Holdings, Inc.* | 2,126,621 | ||||||
5,594 | Red Violet, Inc.* | 93,867 | ||||||
50,505 | Riot Platforms, Inc.* | 510,606 | ||||||
8,591 | Sapiens International Corp. NV (Israel) | 264,603 | ||||||
8,352 | SEMrush Holdings, Inc., Class A* | 102,228 | ||||||
74,482 | SolarWinds Corp. | 820,792 | ||||||
17,549 | SPS Commerce, Inc.* | 3,051,245 | ||||||
35,579 | Tenable Holdings, Inc.* | 1,599,988 | ||||||
216,890 | Terawulf, Inc.* | 470,651 | ||||||
33,837 | Varonis Systems, Inc.* | 1,480,369 | ||||||
9,976 | Viant Technology, Inc., Class A* | 87,689 | ||||||
|
|
|||||||
27,574,143 | ||||||||
|
||||||||
Specialized REITs 0.3% |
| |||||||
61,470 | Outfront Media, Inc. REIT | 974,914 | ||||||
|
||||||||
Specialty Retail 2.2% |
| |||||||
10,519 | Abercrombie & Fitch Co., Class A* | 1,278,269 | ||||||
19,282 | American Eagle Outfitters, Inc. | 467,781 | ||||||
2,196 | Americas Car-Mart, Inc.* | 125,699 | ||||||
12,716 | Arko Corp. | 54,679 | ||||||
15,135 | Beyond, Inc.* | 304,667 | ||||||
8,767 | Buckle, Inc. (The) | 327,798 | ||||||
5,310 | Caleres, Inc. | 195,567 | ||||||
95,618 | CarParts.com, Inc.* | 117,610 | ||||||
18,912 | Carvana Co.* | 1,568,183 | ||||||
9,031 | Cato Corp. (The), Class A | 43,529 | ||||||
3,097 | Haverty Furniture Cos., Inc. | 95,388 | ||||||
2,903 | Revolve Group, Inc.* | 57,799 | ||||||
7,686 | Shoe Carnival, Inc. | 257,020 | ||||||
49,000 | Sleep Number Corp.* | 652,190 | ||||||
7,624 | Upbound Group, Inc. | 236,420 | ||||||
99,806 | Warby Parker, Inc., Class A* | 1,171,723 | ||||||
4,050 | Winmark Corp. | 1,455,246 | ||||||
27,598 | Zumiez, Inc.* | 474,686 | ||||||
|
|
|||||||
8,884,254 | ||||||||
|
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Technology Hardware, Storage & Peripherals 1.9% |
| |||||||
8,920 | Super Micro Computer, Inc.* | $ | 7,660,496 | |||||
|
||||||||
Textiles, Apparel & Luxury Goods 0.6% |
| |||||||
18,856 | Figs, Inc., Class A* | 96,354 | ||||||
21,951 | Oxford Industries, Inc. | 2,365,879 | ||||||
|
|
|||||||
2,462,233 | ||||||||
|
||||||||
Tobacco 0.1% |
| |||||||
25,422 | Vector Group Ltd. | 263,118 | ||||||
|
||||||||
Trading Companies & Distributors 1.4% |
| |||||||
112,255 | DNOW, Inc.* | 1,583,918 | ||||||
1,987 | DXP Enterprises, Inc.* | 96,886 | ||||||
38,371 | FTAI Aviation Ltd. | 2,694,028 | ||||||
86,933 | MRC Global, Inc.* | 976,258 | ||||||
|
|
|||||||
5,351,090 | ||||||||
|
||||||||
Water Utilities 0.0% |
| |||||||
3,609 | Consolidated Water Co. Ltd. | 91,849 | ||||||
|
||||||||
Wireless Telecommunication Services 0.1% |
| |||||||
20,291 | Gogo, Inc.* | 183,837 | ||||||
21,539 | Telephone and Data Systems, Inc. | 337,085 | ||||||
|
|
|||||||
520,922 | ||||||||
|
||||||||
TOTAL COMMON STOCKS (Cost $346,733,493) |
383,940,516 | |||||||
|
||||||||
Shares | Dividend Rate | Value | ||||||
Investment Company 1.0%(b) |
| |||||||
Goldman Sachs Financial Square Government Fund - Institutional Shares |
| |||||||
3,787,000 | 5.223% | 3,787,000 | ||||||
(Cost $3,787,000) |
| |||||||
|
||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $350,520,493) |
387,727,516 | |||||||
|
||||||||
Securities Lending Reinvestment Vehicle 1.1%(b) |
| |||||||
Goldman Sachs Financial Square Government Fund Institutional Shares |
| |||||||
4,161,020 | 5.223% | 4,161,020 | ||||||
(Cost $4,161,020) | ||||||||
|
||||||||
TOTAL INVESTMENTS 99.4% | ||||||||
(Cost $354,681,513) | $ | 391,888,536 | ||||||
|
||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES 0.6% |
2,438,209 | |||||||
|
||||||||
NET ASSETS 100.0% | $ | 394,326,745 | ||||||
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
* | Non-income producing security. |
(a) | All or a portion of security is on loan. |
(b) | Represents an affiliated issuer. |
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, 2024 (Unaudited) |
| ||||
Investment Abbreviations: | ||||
PLC | Public Limited Company | |||
REIT | Real Estate Investment Trust | |||
|
ADDITIONAL INVESTMENT INFORMATION |
FUTURES CONTRACTS At April 30, 2024, 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 |
60 | 06/21/24 | $ | 5,956,800 | $ | (281,172 | ) |
26 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND
Schedule of Investments
April 30, 2024 (Unaudited) |
Shares |
Description | Value | ||||||
Common Stocks 97.7% |
| |||||||
Aerospace & Defense 0.2% |
| |||||||
1,074 | AeroVironment, Inc.* | $ | 171,614 | |||||
|
||||||||
Automobile Components 1.7% |
| |||||||
6,106 | Dorman Products, Inc.* | 533,970 | ||||||
4,511 | Fox Factory Holding Corp.* | 175,568 | ||||||
33,710 | Goodyear Tire & Rubber Co. (The)* | 403,172 | ||||||
9,659 | Modine Manufacturing Co.* | 894,713 | ||||||
|
|
|||||||
2,007,423 | ||||||||
|
||||||||
Banks 1.6% | ||||||||
1,187 | BancFirst Corp. | 105,845 | ||||||
14,570 | Bancorp, Inc. (The)* | 436,226 | ||||||
1,020 | First Financial Bankshares, Inc. | 30,151 | ||||||
6,131 | International Bancshares Corp. | 341,190 | ||||||
9,228 | OFG Bancorp (Puerto Rico) | 333,223 | ||||||
4,011 | Stock Yards Bancorp, Inc. | 178,690 | ||||||
5,975 | Texas Capital Bancshares, Inc.* | 342,965 | ||||||
|
|
|||||||
1,768,290 | ||||||||
|
||||||||
Beverages 0.7% |
| |||||||
956 | Coca-Cola Consolidated, Inc. | 789,656 | ||||||
1,048 | National Beverage Corp.* | 46,636 | ||||||
375 | Primo Water Corp. | 7,076 | ||||||
|
|
|||||||
843,368 | ||||||||
|
||||||||
Biotechnology 8.4% |
| |||||||
31,140 | 89bio, Inc.* | 265,001 | ||||||
14,567 | ACADIA Pharmaceuticals, Inc.* | 243,415 | ||||||
27,949 | Adicet Bio, Inc.* | 41,644 | ||||||
10,203 | Akero Therapeutics, Inc.* | 202,938 | ||||||
1,216 | Alector, Inc.* | 6,177 | ||||||
2,078 | Altimmune, Inc.* | 13,611 | ||||||
1,182 | Apogee Therapeutics, Inc.* | 59,455 | ||||||
2,759 | Arcellx, Inc.* | 138,005 | ||||||
601 | Arrowhead Pharmaceuticals, Inc.* | 13,595 | ||||||
67,400 | Aurinia Pharmaceuticals, Inc. (Canada)* | 343,066 | ||||||
13,095 | Beam Therapeutics, Inc.* | 277,876 | ||||||
2,093 | BioCryst Pharmaceuticals, Inc.* | 8,644 | ||||||
2,700 | Biomea Fusion, Inc.*(a) | 28,998 | ||||||
4,040 | Blueprint Medicines Corp.* | 369,014 | ||||||
2,403 | Bridgebio Pharma, Inc.* | 61,565 | ||||||
1,342 | Cabaletta Bio, Inc.* | 14,286 | ||||||
1,389 | Catalyst Pharmaceuticals, Inc.* | 20,904 | ||||||
9,276 | Cytokinetics, Inc.* | 568,804 | ||||||
10,043 | Day One Biopharmaceuticals, Inc.* | 171,735 | ||||||
11,672 | Deciphera Pharmaceuticals, Inc.* | 294,951 | ||||||
16,479 | Denali Therapeutics, Inc.* | 254,436 | ||||||
7,770 | Design Therapeutics, Inc.* | 27,350 | ||||||
6,293 | Editas Medicine, Inc.* | 32,786 | ||||||
7,334 | Ideaya Biosciences, Inc.* | 298,127 | ||||||
2,171 | ImmunityBio, Inc.* | 17,346 | ||||||
5,659 | Immunovant, Inc.* | 155,283 | ||||||
2,895 | Insmed, Inc.* | 71,564 | ||||||
5,081 | Keros Therapeutics, Inc.* | 286,518 | ||||||
2,799 | Krystal Biotech, Inc.* | 428,583 | ||||||
5,582 | Kymera Therapeutics, Inc.* | 187,667 |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Biotechnology (continued) |
| |||||||
1,110 | Madrigal Pharmaceuticals, Inc.* | $ | 226,462 | |||||
63,471 | MannKind Corp.* | 260,866 | ||||||
8,396 | Morphic Holding, Inc.* | 228,959 | ||||||
3,475 | Mural Oncology PLC* | 12,857 | ||||||
6,695 | Nuvalent, Inc., Class A* | 461,152 | ||||||
11,610 | Precigen, Inc.* | 15,325 | ||||||
1,906 | Protagonist Therapeutics, Inc.* | 47,860 | ||||||
2,721 | Prothena Corp. PLC (Ireland)* | 55,345 | ||||||
12,327 | Relay Therapeutics, Inc.* | 80,372 | ||||||
5,228 | REVOLUTION Medicines, Inc.* | 194,900 | ||||||
7,922 | Rhythm Pharmaceuticals, Inc.* | 314,979 | ||||||
35,414 | Rigel Pharmaceuticals, Inc.* | 37,185 | ||||||
7,188 | SpringWorks Therapeutics, Inc.* | 335,608 | ||||||
12,844 | Sutro Biopharma, Inc.* | 43,605 | ||||||
11,717 | Syndax Pharmaceuticals, Inc.* | 247,580 | ||||||
25,348 | TG Therapeutics, Inc.* | 346,254 | ||||||
420 | Vaxcyte, Inc.* | 25,431 | ||||||
3,964 | Verve Therapeutics, Inc.* | 23,824 | ||||||
15,602 | Viking Therapeutics, Inc.* | 1,241,607 | ||||||
4,122 | Viridian Therapeutics, Inc.* | 54,658 | ||||||
4,133 | Xencor, Inc.* | 86,545 | ||||||
13,945 | Y-mAbs Therapeutics, Inc.* | 212,103 | ||||||
4,513 | Zentalis Pharmaceuticals, Inc.* | 49,914 | ||||||
|
|
|||||||
9,506,735 | ||||||||
|
||||||||
Broadline Retail 0.2% |
| |||||||
458 | Dillards, Inc., Class A | 200,599 | ||||||
|
||||||||
Building Products 1.0% |
| |||||||
3,677 | AAON, Inc. | 345,969 | ||||||
1,739 | CSW Industrials, Inc. | 413,221 | ||||||
2,453 | Simpson Manufacturing Co., Inc. | 426,552 | ||||||
|
|
|||||||
1,185,742 | ||||||||
|
||||||||
Capital Markets 1.0% |
| |||||||
316 | B Riley Financial, Inc. | 10,870 | ||||||
2,188 | Moelis & Co., Class A | 107,387 | ||||||
1,947 | Open Lending Corp.* | 9,930 | ||||||
4,273 | Piper Sandler Cos. | 836,611 | ||||||
1,794 | Silvercrest Asset Management Group, Inc., Class A | 26,282 | ||||||
3,382 | StepStone Group, Inc., Class A | 121,989 | ||||||
|
|
|||||||
1,113,069 | ||||||||
|
||||||||
Chemicals 2.3% |
| |||||||
12,429 | HB Fuller Co. | 928,571 | ||||||
8,122 | Ingevity Corp.* | 415,359 | ||||||
7,144 | Innospec, Inc. | 857,280 | ||||||
8,469 | Orion SA (Germany) | 200,376 | ||||||
1,015 | Quaker Chemical Corp. | 189,328 | ||||||
|
|
|||||||
2,590,914 | ||||||||
|
||||||||
Commercial Services & Supplies 0.9% |
| |||||||
3,103 | CECO Environmental Corp.* | 67,087 | ||||||
3,580 | Enviri Corp.* | 27,853 | ||||||
31,366 | Healthcare Services Group, Inc.* | 333,107 | ||||||
9,500 | Montrose Environmental Group, Inc.* | 412,490 | ||||||
2,774 | Pitney Bowes, Inc. | 11,817 |
The accompanying notes are an integral part of these financial statements. | 27 |
GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND
Schedule of Investments (continued)
April 30, 2024 (Unaudited) |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Commercial Services & Supplies (continued) |
| |||||||
4,040 | Viad Corp.* | $ | 139,299 | |||||
|
|
|||||||
991,653 | ||||||||
|
||||||||
Communications Equipment 0.2% |
| |||||||
2,063 | Calix, Inc.* | 57,207 | ||||||
24,323 | Viavi Solutions, Inc.* | 192,152 | ||||||
|
|
|||||||
249,359 | ||||||||
|
||||||||
Construction & Engineering 4.3% |
| |||||||
5,730 | Comfort Systems USA, Inc. | 1,772,919 | ||||||
2,701 | Construction Partners, Inc., Class A* | 139,480 | ||||||
4,347 | Dycom Industries, Inc.* | 608,667 | ||||||
14,483 | Fluor Corp.* | 584,099 | ||||||
6,462 | IES Holdings, Inc.* | 873,146 | ||||||
9,215 | Sterling Infrastructure, Inc.* | 936,244 | ||||||
|
|
|||||||
4,914,555 | ||||||||
|
||||||||
Construction Materials 0.5% |
| |||||||
1,933 | United States Lime & Minerals, Inc. | 599,230 | ||||||
|
||||||||
Consumer Finance 0.1% |
| |||||||
5,941 | Upstart Holdings, Inc.*(a) | 131,474 | ||||||
|
||||||||
Consumer Staples Distribution & Retail 0.1% |
| |||||||
1,011 | PriceSmart, Inc. | 81,476 | ||||||
|
||||||||
Diversified Consumer Services 1.8% |
| |||||||
54,213 | Coursera, Inc.* | 554,057 | ||||||
1,790 | Duolingo, Inc.* | 404,093 | ||||||
9,743 | European Wax Center, Inc., Class A* | 114,578 | ||||||
18,167 | Frontdoor, Inc.* | 557,545 | ||||||
9,124 | Laureate Education, Inc. | 132,298 | ||||||
3,630 | Stride, Inc.* | 242,302 | ||||||
|
|
|||||||
2,004,873 | ||||||||
|
||||||||
Electrical Equipment 2.7% |
| |||||||
9,835 | Allient, Inc. | 289,051 | ||||||
7,519 | Atkore, Inc. | 1,318,081 | ||||||
3,849 | Enovix Corp.*(a) | 24,095 | ||||||
51,867 | FTC Solar, Inc.* | 23,859 | ||||||
1,599 | LSI Industries, Inc. | 23,345 | ||||||
18,775 | NEXTracker, Inc., Class A* | 803,382 | ||||||
3,115 | NuScale Power Corp.*(a) | 18,067 | ||||||
2,815 | Powell Industries, Inc. | 402,545 | ||||||
2,703 | Thermon Group Holdings, Inc.* | 86,307 | ||||||
10,385 | TPI Composites, Inc.*(a) | 33,024 | ||||||
|
|
|||||||
3,021,756 | ||||||||
|
||||||||
Electronic Equipment, Instruments & Components 2.2% |
| |||||||
6,581 | Badger Meter, Inc. | 1,203,796 | ||||||
1,333 | Belden, Inc. | 108,333 | ||||||
6,841 | Fabrinet (Thailand)* | 1,183,972 | ||||||
309 | OSI Systems, Inc.* | 40,615 | ||||||
|
|
|||||||
2,536,716 | ||||||||
|
||||||||
Energy Equipment & Services 2.0% |
| |||||||
14,793 | Cactus, Inc., Class A | 734,325 | ||||||
22,390 | ChampionX Corp. | 751,632 | ||||||
4,545 | Nabors Industries Ltd.* | 327,376 |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Energy Equipment & Services (continued) |
| |||||||
3,578 | Tidewater, Inc.* | $ | 328,639 | |||||
848 | Weatherford International PLC* | 104,830 | ||||||
|
|
|||||||
2,246,802 | ||||||||
|
||||||||
Entertainment 0.7% |
| |||||||
19,426 | Madison Square Garden Entertainment Corp.* | 760,528 | ||||||
|
||||||||
Financial Services 3.6% |
| |||||||
61,892 | AvidXchange Holdings, Inc.* | 721,661 | ||||||
16,753 | Banco Latinoamericano de Comercio Exterior SA, Class E (Panama) | 475,953 | ||||||
32,824 | Flywire Corp.* | 672,892 | ||||||
21,371 | I3 Verticals, Inc., Class A* | 485,335 | ||||||
4,453 | International Money Express, Inc.* | 90,084 | ||||||
54,418 | Marqeta, Inc., Class A* | 302,020 | ||||||
18,473 | Pagseguro Digital Ltd., Class A (Brazil)* | 229,989 | ||||||
97,283 | Payoneer Global, Inc.* | 480,578 | ||||||
21,593 | Remitly Global, Inc.* | 385,003 | ||||||
20,306 | StoneCo Ltd., Class A (Brazil)* | 316,774 | ||||||
|
|
|||||||
4,160,289 | ||||||||
|
||||||||
Food Products 0.7% |
| |||||||
3,783 | Lancaster Colony Corp. | 721,834 | ||||||
9,618 | SunOpta, Inc. (Canada)* | 62,998 | ||||||
|
|
|||||||
784,832 | ||||||||
|
||||||||
Ground Transportation 0.1% |
| |||||||
6,539 | Marten Transport Ltd. | 110,640 | ||||||
3,268 | PAM Transportation Services, Inc.* | 55,981 | ||||||
|
|
|||||||
166,621 | ||||||||
|
||||||||
Health Care Equipment & Supplies 3.0% |
| |||||||
9,294 | AtriCure, Inc.* | 224,171 | ||||||
3,408 | Axonics, Inc.* | 226,871 | ||||||
43,239 | Cerus Corp.* | 72,209 | ||||||
6,933 | CONMED Corp. | 471,305 | ||||||
5,799 | CVRx, Inc.* | 89,942 | ||||||
2,219 | Embecta Corp. | 22,478 | ||||||
227 | Glaukos Corp.* | 21,792 | ||||||
4,990 | Inari Medical, Inc.* | 186,327 | ||||||
11,358 | Inmode Ltd.* | 195,244 | ||||||
4,024 | iRadimed Corp. | 163,415 | ||||||
8,631 | Lantheus Holdings, Inc.* | 574,307 | ||||||
2,916 | LeMaitre Vascular, Inc. | 188,957 | ||||||
5,220 | Outset Medical, Inc.* | 13,207 | ||||||
11,730 | Pulmonx Corp.* | 89,265 | ||||||
1,701 | RxSight, Inc.* | 88,673 | ||||||
6,295 | Surmodics, Inc.* | 161,718 | ||||||
3,527 | Tactile Systems Technology, Inc.* | 48,567 | ||||||
2,688 | UFP Technologies, Inc.* | 553,567 | ||||||
321 | Utah Medical Products, Inc. | 21,250 | ||||||
|
|
|||||||
3,413,265 | ||||||||
|
||||||||
Health Care Providers & Services 6.1% |
| |||||||
12,540 | Alignment Healthcare, Inc.* | 64,581 |
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) |
| |||||||
Health Care Providers & Services (continued) |
| |||||||
912 | CorVel Corp.* | $ | 217,831 | |||||
4,424 | Enhabit, Inc.* | 44,638 | ||||||
7,449 | Ensign Group, Inc. (The) | 881,664 | ||||||
16,262 | Guardant Health, Inc.* | 292,716 | ||||||
14,805 | HealthEquity, Inc.* | 1,168,263 | ||||||
58,084 | Hims & Hers Health, Inc.* | 727,792 | ||||||
17,584 | Joint Corp. (The)* | 209,953 | ||||||
7,850 | Nano-X Imaging Ltd. (Israel)*(a) |
70,336 | ||||||
19,738 | Option Care Health, Inc.* | 589,969 | ||||||
20,888 | Pennant Group, Inc. (The)* | 436,768 | ||||||
11,732 | Progyny, Inc.* | 376,128 | ||||||
30,815 | Select Medical Holdings Corp. | 874,222 | ||||||
1,941 | Surgery Partners, Inc.* | 48,428 | ||||||
5,461 | US Physical Therapy, Inc. | 554,346 | ||||||
38,281 | Viemed Healthcare, Inc.* | 313,521 | ||||||
|
|
|||||||
6,871,156 | ||||||||
|
||||||||
Health Care Technology 0.1% |
| |||||||
12,199 | Health Catalyst, Inc.* | 75,878 | ||||||
|
||||||||
Hotel & Resort REITs 2.2% |
| |||||||
40,807 | Chatham Lodging Trust REIT | 374,200 | ||||||
20,673 | DiamondRock Hospitality Co. REIT | 183,990 | ||||||
53,113 | RLJ Lodging Trust REIT | 584,243 | ||||||
11,409 | Ryman Hospitality Properties, Inc. REIT | 1,203,421 | ||||||
21,946 | Service Properties Trust REIT | 134,529 | ||||||
|
|
|||||||
2,480,383 | ||||||||
|
||||||||
Hotels, Restaurants & Leisure 4.6% |
| |||||||
11,967 | Bloomin Brands, Inc. | 308,629 | ||||||
6,289 | Brinker International, Inc.* | 337,090 | ||||||
7,651 | Cheesecake Factory, Inc. (The) | 264,112 | ||||||
13,776 | Chuys Holdings, Inc.* | 405,841 | ||||||
3,439 | Cracker Barrel Old Country Store, Inc.(a) | 200,115 | ||||||
39,330 | Dennys Corp.* | 315,427 | ||||||
6,271 | Dine Brands Global, Inc. | 276,551 | ||||||
11,094 | Everi Holdings, Inc.* | 90,638 | ||||||
32,781 | International Game Technology PLC | 647,097 | ||||||
8,182 | Jack in the Box, Inc. | 466,947 | ||||||
18,497 | Life Time Group Holdings, Inc.* | 252,669 | ||||||
14,875 | ONE Group Hospitality, Inc. (The)* | 79,730 | ||||||
44,619 | Portillos, Inc., Class A* | 547,029 | ||||||
6,460 | RCI Hospitality Holdings, Inc. | 327,910 | ||||||
4,026 | Shake Shack, Inc., Class A* | 426,152 | ||||||
4,748 | Sweetgreen, Inc., Class A* | 106,688 | ||||||
10,961 | Xponential Fitness, Inc., Class A* | 139,753 | ||||||
|
|
|||||||
5,192,378 | ||||||||
|
||||||||
Household Durables 1.6% |
| |||||||
358 | Dream Finders Homes, Inc., Class A* | 12,709 | ||||||
671 | Ethan Allen Interiors, Inc. | 18,949 | ||||||
4,716 | Installed Building Products, Inc. | 1,111,703 | ||||||
889 | LGI Homes, Inc.* | 79,948 |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Household Durables (continued) |
| |||||||
5,496 | M/I Homes, Inc.* | $ | 638,745 | |||||
|
|
|||||||
1,862,054 | ||||||||
|
||||||||
Household Products 0.9% |
| |||||||
12,530 | Energizer Holdings, Inc. | 359,861 | ||||||
2,928 | WD-40 Co. | 662,109 | ||||||
|
|
|||||||
1,021,970 | ||||||||
|
||||||||
Insurance 2.5% | ||||||||
21,090 | BRP Group, Inc., Class A* | 561,837 | ||||||
9,739 | Goosehead Insurance, Inc., Class A* | 554,246 | ||||||
1,171 | HCI Group, Inc. | 133,705 | ||||||
11,384 | James River Group Holdings Ltd. | 101,204 | ||||||
464 | Mercury General Corp. | 24,249 | ||||||
7,106 | Palomar Holdings, Inc.* | 559,029 | ||||||
5,504 | Selective Insurance Group, Inc. | 559,482 | ||||||
6,805 | Skyward Specialty Insurance Group, Inc.* | 237,630 | ||||||
7,423 | Universal Insurance Holdings, Inc. | 144,897 | ||||||
|
|
|||||||
2,876,279 | ||||||||
|
||||||||
Interactive Media & Services 0.8% |
| |||||||
11,349 | Cars.com, Inc.* | 189,642 | ||||||
42,130 | fuboTV, Inc.* | 59,825 | ||||||
5,980 | Grindr, Inc. (Singapore)*(a) | 58,544 | ||||||
12,422 | QuinStreet, Inc.* | 224,714 | ||||||
10,450 | Vimeo, Inc.* | 37,515 | ||||||
3,554 | Yelp, Inc.* | 143,013 | ||||||
22,105 | ZipRecruiter, Inc., Class A* | 227,239 | ||||||
|
|
|||||||
940,492 | ||||||||
|
||||||||
IT Services 1.0% |
| |||||||
38,694 | BigCommerce Holdings, Inc., Series 1* | 219,008 | ||||||
15,278 | DigitalOcean Holdings, Inc.* | 502,035 | ||||||
15,846 | Fastly, Inc., Class A* | 200,452 | ||||||
30,346 | Rackspace Technology, Inc.* | 52,195 | ||||||
33,273 | Thoughtworks Holding, Inc.* | 77,193 | ||||||
|
|
|||||||
1,050,883 | ||||||||
|
||||||||
Leisure Products 1.3% |
| |||||||
12,188 | Acushnet Holdings Corp. | 743,224 | ||||||
11,536 | Malibu Boats, Inc., Class A* | 392,455 | ||||||
10,250 | MasterCraft Boat Holdings, Inc.* | 207,358 | ||||||
3,944 | Sturm Ruger & Co., Inc. | 182,331 | ||||||
|
|
|||||||
1,525,368 | ||||||||
|
||||||||
Life Sciences Tools & Services 0.2% |
| |||||||
15,605 | Adaptive Biotechnologies Corp.* | 40,885 | ||||||
1,974 | BioLife Solutions, Inc.* | 34,624 | ||||||
30,430 | Cytek Biosciences, Inc.* | 182,884 | ||||||
4,697 | Harvard Bioscience, Inc.* | 17,943 | ||||||
|
|
|||||||
276,336 | ||||||||
|
||||||||
Machinery 4.4% |
| |||||||
4,786 | Chart Industries, Inc.* | 689,471 | ||||||
10,025 | Douglas Dynamics, Inc. | 226,966 | ||||||
13,231 | Federal Signal Corp. | 1,075,680 | ||||||
6,550 | Franklin Electric Co., Inc. | 630,568 |
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, 2024 (Unaudited) |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Machinery (continued) |
| |||||||
4,468 | John Bean Technologies Corp. | $ | 398,054 | |||||
482 | Kadant, Inc. | 131,967 | ||||||
1,145 | Mueller Industries, Inc. | 63,914 | ||||||
53,209 | Mueller Water Products, Inc., Class A | 842,831 | ||||||
1,749 | Omega Flex, Inc. | 115,889 | ||||||
3,955 | SPX Technologies, Inc.* | 481,759 | ||||||
504 | Standex International Corp. | 87,132 | ||||||
9,959 | Wabash National Corp. | 230,152 | ||||||
|
|
|||||||
4,974,383 | ||||||||
|
||||||||
Media 0.6% | ||||||||
9,923 | EW Scripps Co. (The), Class A* | 37,311 | ||||||
17,741 | Gray Television, Inc. | 102,011 | ||||||
14,479 | iHeartMedia, Inc., Class A* | 30,406 | ||||||
10,864 | Magnite, Inc.* | 95,929 | ||||||
17,412 | TechTarget, Inc.* | 478,830 | ||||||
|
|
|||||||
744,487 | ||||||||
|
||||||||
Metals & Mining 2.2% |
| |||||||
26,340 | ATI, Inc.* | 1,572,498 | ||||||
7,547 | Carpenter Technology Corp. | 646,778 | ||||||
229 | Kaiser Aluminum Corp. | 20,722 | ||||||
2,050 | Materion Corp. | 235,627 | ||||||
|
|
|||||||
2,475,625 | ||||||||
|
||||||||
Mortgage Real Estate Investment Trusts (REITs) 0.0% |
| |||||||
991 | Arbor Realty Trust, Inc. REIT | 12,714 | ||||||
|
||||||||
Oil, Gas & Consumable Fuels 1.4% |
| |||||||
4,439 | DHT Holdings, Inc. | 50,693 | ||||||
14,717 | Dorian LPG Ltd. | 608,106 | ||||||
2,579 | Energy Fuels, Inc.*(a) | 13,359 | ||||||
15,364 | Kosmos Energy Ltd. (Ghana)* | 87,114 | ||||||
94,122 | Nordic American Tankers Ltd. | 367,076 | ||||||
405 | Peabody Energy Corp. | 8,886 | ||||||
6,905 | Scorpio Tankers, Inc. (Monaco) | 485,836 | ||||||
|
|
|||||||
1,621,070 | ||||||||
|
||||||||
Personal Care Products 0.8% |
| |||||||
5,308 | elf Beauty, Inc.* | 862,709 | ||||||
8,557 | Herbalife Ltd.* | 74,018 | ||||||
|
|
|||||||
936,727 | ||||||||
|
||||||||
Pharmaceuticals 0.8% |
| |||||||
11,948 | Amylyx Pharmaceuticals, Inc.* | 21,626 | ||||||
168 | Axsome Therapeutics, Inc.* | 12,392 | ||||||
1,057 | Cassava Sciences, Inc.*(a) | 23,412 | ||||||
9,811 | Intra-Cellular Therapies, Inc.* | 704,528 | ||||||
3,003 | Longboard Pharmaceuticals, Inc.* | 63,964 | ||||||
4,446 | Phibro Animal Health Corp., Class A | 74,248 | ||||||
|
|
|||||||
900,170 | ||||||||
|
||||||||
Professional Services 2.8% |
| |||||||
749 | CBIZ, Inc.* | 53,314 | ||||||
30,319 | Conduent, Inc.* | 95,505 | ||||||
817 | CSG Systems International, Inc. | 38,595 | ||||||
26,968 | ExlService Holdings, Inc.* | 782,072 | ||||||
3,044 | Exponent, Inc. | 279,774 |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Professional Services (continued) |
| |||||||
8,548 | Franklin Covey Co.* | $ | 332,859 | |||||
1,095 | Huron Consulting Group, Inc.* | 102,098 | ||||||
2,079 | Insperity, Inc. | 213,991 | ||||||
9,406 | Parsons Corp.* | 738,465 | ||||||
2,016 | TriNet Group, Inc. | 202,346 | ||||||
28,270 | Upwork, Inc.* | 330,759 | ||||||
|
|
|||||||
3,169,778 | ||||||||
|
||||||||
Real Estate Management & Development 0.2% |
| |||||||
4,262 | St Joe Co. (The) | 243,786 | ||||||
|
||||||||
Residential REITs 0.4% |
| |||||||
12,656 | NexPoint Residential Trust, Inc. REIT | 433,341 | ||||||
|
||||||||
Retail REITs 0.6% |
| |||||||
2,972 | Alexanders, Inc. REIT | 628,756 | ||||||
2,230 | Tanger, Inc. REIT | 63,221 | ||||||
|
|
|||||||
691,977 | ||||||||
|
||||||||
Semiconductors & Semiconductor Equipment 3.3% |
| |||||||
934 | ACM Research, Inc., Class A* | 23,836 | ||||||
2,004 | Aehr Test Systems* | 24,008 | ||||||
7,500 | Axcelis Technologies, Inc.* | 776,400 | ||||||
7,308 | FormFactor, Inc.* | 325,864 | ||||||
1,631 | Impinj, Inc.* | 259,949 | ||||||
3,505 | inTEST Corp.* | 39,501 | ||||||
177 | NVE Corp. | 14,408 | ||||||
5,256 | Onto Innovation, Inc.* | 974,935 | ||||||
20,247 | PDF Solutions, Inc.* | 609,030 | ||||||
8,952 | Rambus, Inc.* | 490,748 | ||||||
2,548 | SiTime Corp.* | 227,078 | ||||||
|
|
|||||||
3,765,757 | ||||||||
|
||||||||
Software 11.1% |
| |||||||
2,803 | A10 Networks, Inc. | 36,607 | ||||||
26,537 | ACI Worldwide, Inc.* | 904,912 | ||||||
6,714 | Agilysys, Inc.* | 557,598 | ||||||
8,025 | Alarm.com Holdings, Inc.* | 533,662 | ||||||
2,654 | Alkami Technology, Inc.* | 63,882 | ||||||
11,938 | Altair Engineering, Inc., Class A* | 960,412 | ||||||
2,964 | Appfolio, Inc., Class A* | 672,176 | ||||||
7,479 | C3.ai, Inc., Class A*(a) | 168,502 | ||||||
11,116 | Cleanspark, Inc.* | 182,080 | ||||||
39,395 | Clear Secure, Inc., Class A | 688,231 | ||||||
13,428 | Consensus Cloud Solutions, Inc.* | 156,302 | ||||||
137 | Daily Journal Corp.* | 45,922 | ||||||
4,680 | Domo, Inc., Class B* | 35,240 | ||||||
3,258 | Enfusion, Inc., Class A* | 30,332 | ||||||
33,412 | Expensify, Inc., Class A* | 53,459 | ||||||
34,455 | Freshworks, Inc., Class A* | 615,022 | ||||||
6,693 | Instructure Holdings, Inc.* | 128,037 | ||||||
23,788 | Marathon Digital Holdings, Inc.* | 382,035 | ||||||
1,359 | MicroStrategy, Inc., Class A*(a) | 1,447,376 | ||||||
1,330 | OneSpan, Inc.* | 14,391 | ||||||
15,063 | Q2 Holdings, Inc.* | 774,088 | ||||||
9,165 | Red Violet, Inc.* | 153,789 | ||||||
17,776 | Riot Platforms, Inc.* | 179,715 |
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) |
| |||||||
Software (continued) |
| |||||||
13,212 | Sapiens International Corp. NV (Israel) | $ | 406,930 | |||||
10,527 | SEMrush Holdings, Inc., Class A* |
128,850 | ||||||
6,821 | SPS Commerce, Inc.* | 1,185,967 | ||||||
15,731 | Tenable Holdings, Inc.* | 707,423 | ||||||
41,129 | Terawulf, Inc.* | 89,250 | ||||||
23,961 | Varonis Systems, Inc.* | 1,048,294 | ||||||
2,974 | Verint Systems, Inc.* | 90,053 | ||||||
13,234 | Viant Technology, Inc., Class A* | 116,327 | ||||||
5,452 | Yext, Inc.* | 29,931 | ||||||
|
|
|||||||
12,586,795 | ||||||||
|
||||||||
Specialized REITs 0.1% |
| |||||||
5,565 | Outfront Media, Inc. REIT | 88,261 | ||||||
|
||||||||
Specialty Retail 1.7% |
| |||||||
2,446 | Abercrombie & Fitch Co., Class A* |
297,238 | ||||||
10,405 | Arko Corp. | 44,741 | ||||||
2,001 | Beyond, Inc.* | 40,280 | ||||||
929 | Boot Barn Holdings, Inc.* | 98,911 | ||||||
3,672 | Buckle, Inc. (The) | 137,296 | ||||||
29,342 | CarParts.com, Inc.* | 36,091 | ||||||
4,878 | Carvana Co.* | 404,484 | ||||||
5,784 | Revolve Group, Inc.* | 115,159 | ||||||
11,172 | Sleep Number Corp.* | 148,699 | ||||||
2,003 | Upbound Group, Inc. | 62,113 | ||||||
39,401 | Warby Parker, Inc., Class A* | 462,568 | ||||||
|
|
|||||||
1,847,580 | ||||||||
|
||||||||
Technology Hardware, Storage & Peripherals 3.7% |
| |||||||
4,887 | Super Micro Computer, Inc.* | 4,196,956 | ||||||
|
||||||||
Textiles, Apparel & Luxury Goods 0.6% |
| |||||||
7,329 | Figs, Inc., Class A* | 37,451 | ||||||
6,574 | Oxford Industries, Inc. | 708,546 | ||||||
|
|
|||||||
745,997 | ||||||||
|
||||||||
Trading Companies & Distributors 1.7% |
| |||||||
2,424 | Applied Industrial Technologies, Inc. | 444,198 | ||||||
15,326 | FTAI Aviation Ltd. | 1,076,038 |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Trading Companies & Distributors (continued) |
| |||||||
2,208 | H&E Equipment Services, Inc. | $ | 106,624 | |||||
1,223 | Herc Holdings, Inc. | 174,926 | ||||||
160 | McGrath RentCorp | 17,066 | ||||||
11,991 | MRC Global, Inc.* | 134,659 | ||||||
|
|
|||||||
1,953,511 | ||||||||
|
||||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost $97,364,550) | 111,013,275 | |||||||
|
||||||||
Shares | Dividend Rate | Value | ||||||
Investment Company 0.4%(b) |
| |||||||
Goldman Sachs Financial Square Government Fund - Institutional Shares |
||||||||
503,922 | 5.223% | 503,922 | ||||||
(Cost $503,922) |
| |||||||
|
||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | ||||||||
(Cost $97,868,472) |
111,517,197 | |||||||
|
||||||||
| ||||||||
Securities Lending Reinvestment Vehicle 1.8%(b) |
| |||||||
Goldman Sachs Financial Square Government Fund Institutional Shares |
||||||||
2,071,685 | 5.223% | 2,071,685 | ||||||
(Cost $2,071,685) |
| |||||||
|
||||||||
TOTAL INVESTMENTS 99.9% |
| |||||||
(Cost $99,940,157) |
$ | 113,588,882 | ||||||
|
||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES 0.1% |
106,922 | |||||||
|
||||||||
NET ASSETS 100.0% |
$ | 113,695,804 | ||||||
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
* | Non-income producing security. |
(a) | All or a portion of security is on loan. |
(b) | Represents an affiliated issuer. |
Investment Abbreviations: | ||
PLC | Public Limited Company | |
REIT | Real Estate Investment Trust |
ADDITIONAL INVESTMENT INFORMATION |
FUTURES CONTRACTS At April 30, 2024, 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 |
13 | 06/21/24 | $ | 1,290,640 | $ | (37,585) | ||||||
|
The accompanying notes are an integral part of these financial statements. | 31 |
GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND
Schedule of Investments
April 30, 2024 (Unaudited) |
Shares |
Description | Value | ||||||
Common Stocks 98.3% |
| |||||||
Aerospace & Defense 0.9% |
| |||||||
18,329 | AAR Corp.* | $ | 1,267,267 | |||||
167,243 | Kratos Defense & Security Solutions, Inc.* | 2,980,270 | ||||||
28,546 | National Presto Industries, Inc. | 2,340,487 | ||||||
41,906 | Triumph Group, Inc.* | 559,864 | ||||||
|
|
|||||||
7,147,888 | ||||||||
|
||||||||
Automobile Components 1.5% |
| |||||||
41,215 | Adient PLC* | 1,231,092 | ||||||
15,438 | Cooper-Standard Holdings, Inc.* | 238,208 | ||||||
547,361 | Goodyear Tire & Rubber Co. (The)* | 6,546,438 | ||||||
73,551 | Holley, Inc.* | 295,675 | ||||||
51,910 | Modine Manufacturing Co.* | 4,808,423 | ||||||
|
|
|||||||
13,119,836 | ||||||||
|
||||||||
Banks 15.6% | ||||||||
43,006 | 1st Source Corp. | 2,133,098 | ||||||
120,047 | Amalgamated Financial Corp. | 2,945,953 | ||||||
99,677 | Ameris Bancorp | 4,732,664 | ||||||
42,043 | Axos Financial, Inc.* | 2,127,796 | ||||||
40,875 | BancFirst Corp. | 3,644,824 | ||||||
73,803 | Bancorp, Inc. (The)* | 2,209,662 | ||||||
143,633 | BankUnited, Inc. | 3,839,310 | ||||||
2,063 | Bankwell Financial Group, Inc. | 47,305 | ||||||
64,027 | Banner Corp. | 2,793,498 | ||||||
65,001 | BayCom Corp. | 1,285,720 | ||||||
60,315 | Business First Bancshares, Inc. | 1,217,760 | ||||||
41,043 | Byline Bancorp, Inc. | 889,402 | ||||||
66,629 | Cadence Bank | 1,843,624 | ||||||
26,315 | Capital Bancorp, Inc. | 510,511 | ||||||
23,322 | Capitol Federal Financial, Inc. | 111,246 | ||||||
1,485 | City Holding Co. | 150,015 | ||||||
38,238 | Community Trust Bancorp, Inc. | 1,606,378 | ||||||
247,325 | CVB Financial Corp. | 4,041,291 | ||||||
61,396 | Enterprise Financial Services Corp. | 2,333,662 | ||||||
20,629 | Financial Institutions, Inc. | 355,231 | ||||||
198,752 | First BanCorp. (Puerto Rico) | 3,428,472 | ||||||
20,342 | First Bancshares, Inc. (The) | 486,988 | ||||||
196,358 | First Commonwealth Financial Corp. | 2,589,962 | ||||||
177,604 | First Financial Bancorp | 3,926,824 | ||||||
3,817 | First Financial Corp. | 138,977 | ||||||
28,968 | Fulton Financial Corp. | 479,420 | ||||||
32,042 | Glacier Bancorp, Inc. | 1,159,280 | ||||||
42,507 | Great Southern Bancorp, Inc. | 2,184,860 | ||||||
115,171 | Hancock Whitney Corp. | 5,227,612 | ||||||
168,375 | Hanmi Financial Corp. | 2,576,138 | ||||||
101,494 | Heartland Financial USA, Inc. | 4,273,912 | ||||||
119,485 | Heritage Commerce Corp. | 948,711 | ||||||
161,726 | Heritage Financial Corp. | 2,869,019 | ||||||
29,116 | Hilltop Holdings, Inc. | 851,934 | ||||||
85,243 | Home BancShares, Inc. | 2,018,554 | ||||||
34,702 | HomeTrust Bancshares, Inc. | 891,841 | ||||||
207,645 | Hope Bancorp, Inc. | 2,080,603 | ||||||
4,671 | Independent Bank Corp. | 234,671 | ||||||
106,183 | Independent Bank Corp. | 2,634,400 | ||||||
29,949 | Independent Bank Group, Inc. | 1,115,301 |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Banks (continued) |
| |||||||
82,801 | International Bancshares Corp. | $ | 4,607,876 | |||||
100,128 | National Bank Holdings Corp., Class A | 3,277,189 | ||||||
24,598 | Northeast Community Bancorp, Inc. | 388,156 | ||||||
102,863 | OFG Bancorp (Puerto Rico) | 3,714,383 | ||||||
56,988 | Old National Bancorp | 942,582 | ||||||
81,591 | Old Second Bancorp, Inc. | 1,117,797 | ||||||
86,493 | Origin Bancorp, Inc. | 2,568,842 | ||||||
9,382 | Park National Corp. | 1,235,703 | ||||||
38,022 | PCB Bancorp | 553,600 | ||||||
37,666 | Preferred Bank | 2,850,940 | ||||||
141,258 | Provident Financial Services, Inc. | 2,073,667 | ||||||
91,938 | Renasant Corp. | 2,671,718 | ||||||
56,544 | Sierra Bancorp | 1,120,702 | ||||||
9,849 | Southern First Bancshares, Inc.* | 254,301 | ||||||
106,026 | Southside Bancshares, Inc. | 2,826,653 | ||||||
30,528 | SouthState Corp. | 2,310,970 | ||||||
75,312 | Texas Capital Bancshares, Inc.* | 4,322,909 | ||||||
8,608 | Timberland Bancorp, Inc. | 210,035 | ||||||
101,983 | TrustCo Bank Corp. | 2,714,787 | ||||||
60,740 | UMB Financial Corp. | 4,838,548 | ||||||
63,169 | United Bankshares, Inc. | 2,050,466 | ||||||
21,074 | United Community Banks, Inc. | 531,697 | ||||||
16,548 | Unity Bancorp, Inc. | 445,472 | ||||||
148,652 | Veritex Holdings, Inc. | 2,895,741 | ||||||
14,526 | WaFd, Inc. | 393,509 | ||||||
65,895 | WesBanco, Inc. | 1,779,165 | ||||||
17,556 | WSFS Financial Corp. | 750,168 | ||||||
|
|
|||||||
132,384,005 | ||||||||
|
||||||||
Beverages 0.6% |
| |||||||
282,739 | Primo Water Corp. | 5,335,285 | ||||||
|
||||||||
Biotechnology 4.0% |
| |||||||
30,735 | 89bio, Inc.* | 261,555 | ||||||
171,195 | Adicet Bio, Inc.* | 255,080 | ||||||
170,966 | Allogene Therapeutics, Inc.* | 471,866 | ||||||
148,888 | Altimmune, Inc.* | 975,216 | ||||||
43,368 | Annexon, Inc.* | 197,324 | ||||||
13,785 | Apogee Therapeutics, Inc.* | 693,385 | ||||||
32,805 | Arcturus Therapeutics Holdings, Inc.* | 838,824 | ||||||
280,536 | Aurinia Pharmaceuticals, Inc. (Canada)* | 1,427,928 | ||||||
11,421 | Avidity Biosciences, Inc.* | 275,589 | ||||||
4,535 | Beam Therapeutics, Inc.* | 96,233 | ||||||
72,621 | Biohaven Ltd.* | 2,817,695 | ||||||
31,618 | Celldex Therapeutics, Inc.* | 1,183,146 | ||||||
103,830 | Deciphera Pharmaceuticals, Inc.* | 2,623,784 | ||||||
69,894 | Design Therapeutics, Inc.* | 246,027 | ||||||
341,080 | Editas Medicine, Inc.* | 1,777,027 | ||||||
128,574 | Erasca, Inc.* | 258,434 | ||||||
122,289 | Fate Therapeutics, Inc.* | 483,041 | ||||||
167,719 | Generation Bio Co.* | 474,645 | ||||||
14,859 | Ideaya Biosciences, Inc.* | 604,018 | ||||||
39,383 | Intellia Therapeutics, Inc.* | 842,796 | ||||||
154,334 | Iovance Biotherapeutics, Inc.* | 1,818,054 | ||||||
143,640 | iTeos Therapeutics, Inc.* | 1,542,694 |
32 | 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) |
| |||||||
23,994 | Kiniksa Pharmaceuticals Ltd., Class A* | $ | 449,168 | |||||
147,010 | Kodiak Sciences, Inc.* | 471,902 | ||||||
71,214 | Kura Oncology, Inc.* | 1,397,219 | ||||||
7,727 | Morphic Holding, Inc.* | 210,715 | ||||||
95,117 | Nurix Therapeutics, Inc.* | 1,143,306 | ||||||
2,418 | Nuvalent, Inc., Class A* | 166,552 | ||||||
43,956 | Olema Pharmaceuticals, Inc.* | 447,032 | ||||||
249,012 | PMV Pharmaceuticals, Inc.* | 448,222 | ||||||
103,321 | Poseida Therapeutics, Inc.* | 250,037 | ||||||
306,181 | Relay Therapeutics, Inc.* | 1,996,300 | ||||||
99,329 | Sana Biotechnology, Inc.* | 893,961 | ||||||
13,116 | Scholar Rock Holding Corp.* | 192,412 | ||||||
357,179 | Sutro Biopharma, Inc.* | 1,212,623 | ||||||
32,961 | Tango Therapeutics, Inc.* | 253,800 | ||||||
4,825 | Twist Bioscience Corp.* | 150,685 | ||||||
105,214 | Vanda Pharmaceuticals, Inc.* | 500,819 | ||||||
177,208 | Verve Therapeutics, Inc.* | 1,065,020 | ||||||
19,573 | Viking Therapeutics, Inc.* | 1,557,619 | ||||||
6,255 | Xencor, Inc.* | 130,980 | ||||||
59,651 | Y-mAbs Therapeutics, Inc.* | 907,292 | ||||||
|
|
|||||||
34,010,025 | ||||||||
|
||||||||
Broadline Retail 0.1% |
| |||||||
197,679 | Big Lots, Inc.*(a) | 695,830 | ||||||
1,058 | Dillards, Inc., Class A | 463,394 | ||||||
|
|
|||||||
1,159,224 | ||||||||
|
||||||||
Building Products 1.3% |
| |||||||
25,523 | American Woodmark Corp.* | 2,350,158 | ||||||
170,450 | Masterbrand, Inc.* | 2,841,402 | ||||||
11,958 | Quanex Building Products Corp. | 397,245 | ||||||
54,165 | Resideo Technologies, Inc.* | 1,057,842 | ||||||
35,663 | UFP Industries, Inc. | 4,019,220 | ||||||
|
|
|||||||
10,665,867 | ||||||||
|
||||||||
Capital Markets 1.0% |
| |||||||
5,401 | Piper Sandler Cos. | 1,057,462 | ||||||
79,268 | StoneX Group, Inc.* | 5,754,857 | ||||||
8,339 | Virtus Investment Partners, Inc. | 1,828,909 | ||||||
|
|
|||||||
8,641,228 | ||||||||
|
||||||||
Chemicals 1.8% |
| |||||||
57,192 | Aspen Aerogels, Inc.* | 895,627 | ||||||
24,066 | Core Molding Technologies, Inc.* | 433,669 | ||||||
31,217 | HB Fuller Co. | 2,332,222 | ||||||
39,069 | Innospec, Inc. | 4,688,280 | ||||||
10,475 | Koppers Holdings, Inc. | 537,158 | ||||||
24,469 | Mativ Holdings, Inc. | 446,804 | ||||||
82,780 | Minerals Technologies, Inc. | 6,033,834 | ||||||
|
|
|||||||
15,367,594 | ||||||||
|
||||||||
Commercial Services & Supplies 2.3% |
| |||||||
41,658 | ABM Industries, Inc. | 1,820,454 | ||||||
21,951 | ACCO Brands Corp. | 105,804 | ||||||
65,522 | CECO Environmental Corp.* | 1,416,586 | ||||||
135,109 | Deluxe Corp. | 2,668,403 | ||||||
172,982 | Ennis, Inc. | 3,442,342 | ||||||
222,360 | Enviri Corp.* | 1,729,961 |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Commercial Services & Supplies (continued) |
| |||||||
23,968 | Matthews International Corp., Class A | $ | 646,656 | |||||
10,492 | Montrose Environmental Group, Inc.* | 455,563 | ||||||
130,406 | Steelcase, Inc., Class A | 1,568,784 | ||||||
37,441 | UniFirst Corp. | 5,995,427 | ||||||
|
|
|||||||
19,849,980 | ||||||||
|
||||||||
Communications Equipment 0.5% |
| |||||||
18,697 | NETGEAR, Inc.* | 276,342 | ||||||
217,879 | NetScout Systems, Inc.* | 4,196,349 | ||||||
|
|
|||||||
4,472,691 | ||||||||
|
||||||||
Construction & Engineering 1.7% |
| |||||||
7,207 | Comfort Systems USA, Inc. | 2,229,918 | ||||||
93,498 | Great Lakes Dredge & Dock Corp.* | 617,087 | ||||||
29,998 | Limbach Holdings, Inc.* | 1,359,809 | ||||||
150,750 | Primoris Services Corp. | 7,024,950 | ||||||
30,695 | Sterling Infrastructure, Inc.* | 3,118,612 | ||||||
|
|
|||||||
14,350,376 | ||||||||
|
||||||||
Construction Materials 1.9% |
| |||||||
101,336 | Knife River Corp.* | 7,923,462 | ||||||
211,003 | Summit Materials, Inc., Class A* | 8,208,017 | ||||||
|
|
|||||||
16,131,479 | ||||||||
|
||||||||
Consumer Finance 0.7% |
| |||||||
42,254 | Encore Capital Group, Inc.* | 1,736,217 | ||||||
45,107 | Enova International, Inc.* | 2,730,327 | ||||||
1,034 | Nelnet, Inc., Class A | 97,382 | ||||||
24,124 | PRA Group, Inc.* | 573,910 | ||||||
5,258 | PROG Holdings, Inc. | 174,776 | ||||||
2,769 | World Acceptance Corp.* | 380,931 | ||||||
|
|
|||||||
5,693,543 | ||||||||
|
||||||||
Consumer Staples Distribution & Retail 0.3% |
| |||||||
47,638 | Natural Grocers by Vitamin Cottage, Inc. | 779,358 | ||||||
26,428 | Weis Markets, Inc. | 1,668,400 | ||||||
|
|
|||||||
2,447,758 | ||||||||
|
||||||||
Containers & Packaging 0.1% |
| |||||||
26,130 | TriMas Corp. | 679,119 | ||||||
|
||||||||
Diversified Consumer Services 1.5% |
| |||||||
30,988 | Adtalem Global Education, Inc.* | 1,537,625 | ||||||
243,206 | Coursera, Inc.* | 2,485,565 | ||||||
1,398 | Graham Holdings Co., Class B | 980,515 | ||||||
64,875 | Strategic Education, Inc. | 7,450,245 | ||||||
|
|
|||||||
12,453,950 | ||||||||
|
||||||||
Diversified REITs 0.6% |
| |||||||
247,203 | American Assets Trust, Inc. REIT | 5,277,784 | ||||||
|
||||||||
Diversified Telecommunication Services 0.5% |
| |||||||
9,478 | Bandwidth, Inc., Class A* | 172,500 | ||||||
96,552 | Liberty Latin America Ltd., Class A (Puerto Rico)* | 728,967 | ||||||
212,416 | Liberty Latin America Ltd., Class C (Puerto Rico)* | 1,601,617 |
The accompanying notes are an integral part of these financial statements. | 33 |
GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND
Schedule of Investments (continued)
April 30, 2024 (Unaudited) |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Diversified Telecommunication Services (continued) |
| |||||||
1,126,804 | Lumen Technologies, Inc.* | $ | 1,340,897 | |||||
|
|
|||||||
3,843,981 | ||||||||
|
||||||||
Electrical Equipment 1.5% |
| |||||||
2,189 | Atkore, Inc. | 383,732 | ||||||
165,917 | FTC Solar, Inc.* | 76,322 | ||||||
26,648 | NEXTracker, Inc., Class A* | 1,140,268 | ||||||
39,636 | Powell Industries, Inc. | 5,667,948 | ||||||
159,249 | Thermon Group Holdings, Inc.* | 5,084,820 | ||||||
|
|
|||||||
12,353,090 | ||||||||
|
||||||||
Electronic Equipment, Instruments & Components 1.4% |
| |||||||
16,534 | Bel Fuse, Inc., Class B | 970,876 | ||||||
2,559 | Belden, Inc. | 207,970 | ||||||
23,917 | ePlus, Inc.* | 1,838,739 | ||||||
72,938 | Evolv Technologies Holdings, Inc.* | 285,188 | ||||||
3,038 | Fabrinet (Thailand)* | 525,787 | ||||||
37,702 | Itron, Inc.* | 3,473,108 | ||||||
6,272 | nLight, Inc.* | 71,438 | ||||||
146,644 | TTM Technologies, Inc.* | 2,189,395 | ||||||
73,973 | Vishay Precision Group, Inc.* | 2,441,109 | ||||||
|
|
|||||||
12,003,610 | ||||||||
|
||||||||
Energy Equipment & Services 1.6% |
| |||||||
177,688 | Archrock, Inc. | 3,409,833 | ||||||
124,809 | Dril-Quip, Inc.* | 2,269,028 | ||||||
123,058 | Helix Energy Solutions Group, Inc.* | 1,321,643 | ||||||
15,756 | Nabors Industries Ltd.* | 1,134,905 | ||||||
117,293 | Newpark Resources, Inc.* | 814,013 | ||||||
331,553 | Oil States International, Inc.* | 1,322,896 | ||||||
204,159 | Patterson-UTI Energy, Inc. | 2,209,000 | ||||||
31,298 | ProPetro Holding Corp.* | 272,919 | ||||||
39,670 | SEACOR Marine Holdings, Inc.* | 484,767 | ||||||
|
|
|||||||
13,239,004 | ||||||||
|
||||||||
Entertainment 0.5% |
| |||||||
98,230 | Madison Square Garden Entertainment Corp.* | 3,845,705 | ||||||
|
||||||||
Financial Services 6.1% |
| |||||||
136,165 | A-Mark Precious Metals, Inc.(a) | 5,456,131 | ||||||
82,521 | AvidXchange Holdings, Inc.* | 962,195 | ||||||
205,591 | Banco Latinoamericano de Comercio Exterior SA, Class E (Panama) | 5,840,840 | ||||||
11,449 | Enact Holdings, Inc. | 340,379 | ||||||
85,442 | Essent Group Ltd. | 4,525,863 | ||||||
48,007 | Flywire Corp.* | 984,143 | ||||||
7,254 | I3 Verticals, Inc., Class A* | 164,738 | ||||||
52,433 | Jackson Financial, Inc., Class A | 3,582,223 | ||||||
1,017,330 | Marqeta, Inc., Class A* | 5,646,182 | ||||||
121,076 | Merchants Bancorp | 4,882,995 | ||||||
106,859 | Mr Cooper Group, Inc.* | 8,249,515 | ||||||
30,774 | NewtekOne, Inc. | 332,051 | ||||||
93,018 | NMI Holdings, Inc., Class A* | 2,870,536 | ||||||
144,687 | Pagseguro Digital Ltd., Class A (Brazil)* | 1,801,353 | ||||||
162,799 | Payoneer Global, Inc.* | 804,227 |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Financial Services (continued) |
| |||||||
14,532 | PennyMac Financial Services, Inc. | $ | 1,244,521 | |||||
147,352 | Repay Holdings Corp.* | 1,498,570 | ||||||
100,257 | StoneCo Ltd., Class A (Brazil)* | 1,564,009 | ||||||
|
|
|||||||
50,750,471 | ||||||||
|
||||||||
Food Products 0.1% |
| |||||||
74,150 | B&G Foods, Inc. | 823,065 | ||||||
|
||||||||
Gas Utilities 0.3% |
| |||||||
12,384 | Northwest Natural Holding Co. | 472,450 | ||||||
2,754 | ONE Gas, Inc. | 177,688 | ||||||
26,325 | Southwest Gas Holdings, Inc. | 1,964,371 | ||||||
|
|
|||||||
2,614,509 | ||||||||
|
||||||||
Ground Transportation 0.2% |
| |||||||
11,496 | ArcBest Corp. | 1,275,021 | ||||||
3,118 | Covenant Logistics Group, Inc. | 140,903 | ||||||
60,366 | Heartland Express, Inc. | 600,038 | ||||||
|
|
|||||||
2,015,962 | ||||||||
|
||||||||
Health Care Equipment & Supplies 0.2% |
| |||||||
13,282 | AtriCure, Inc.* | 320,362 | ||||||
159,054 | Embecta Corp. | 1,611,217 | ||||||
2,023 | OmniAb, Inc. 12.5 Earnout*(b) | | ||||||
2,023 | OmniAb, Inc. 15.00 Earnout*(b) | | ||||||
|
|
|||||||
1,931,579 | ||||||||
|
||||||||
Health Care Providers & Services 1.4% |
| |||||||
499,457 | Brookdale Senior Living, Inc.* | 3,391,313 | ||||||
217,836 | Community Health Systems, Inc.* | 718,859 | ||||||
118,524 | Enhabit, Inc.* | 1,195,907 | ||||||
154,234 | Hims & Hers Health, Inc.* | 1,932,552 | ||||||
29,801 | Joint Corp. (The)* | 355,824 | ||||||
199,613 | Nano-X Imaging Ltd. (Israel)*(a) | 1,788,532 | ||||||
62,031 | Owens & Minor, Inc.* | 1,534,647 | ||||||
48,013 | Pennant Group, Inc. (The)* | 1,003,952 | ||||||
29,661 | Viemed Healthcare, Inc.* | 242,923 | ||||||
|
|
|||||||
12,164,509 | ||||||||
|
||||||||
Health Care REITs 0.4% |
| |||||||
24,975 | CareTrust REIT, Inc. REIT | 617,382 | ||||||
47,670 | Diversified Healthcare Trust REIT | 112,501 | ||||||
78,799 | LTC Properties, Inc. REIT | 2,608,247 | ||||||
|
|
|||||||
3,338,130 | ||||||||
|
||||||||
Health Care Technology 0.0% |
| |||||||
124,224 | American Well Corp., Class A* | 63,417 | ||||||
32,692 | Health Catalyst, Inc.* | 203,344 | ||||||
|
|
|||||||
266,761 | ||||||||
|
||||||||
Hotel & Resort REITs 4.8% |
| |||||||
486,873 | Chatham Lodging Trust REIT | 4,464,626 | ||||||
738,549 | DiamondRock Hospitality Co. REIT | 6,573,086 | ||||||
109,828 | Pebblebrook Hotel Trust REIT | 1,595,801 | ||||||
585,066 | RLJ Lodging Trust REIT | 6,435,726 | ||||||
4,898 | Ryman Hospitality Properties, Inc. REIT | 516,641 |
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) |
| |||||||
Hotel & Resort REITs (continued) |
| |||||||
799,478 | Service Properties Trust REIT | $ | 4,900,800 | |||||
722,677 | Summit Hotel Properties, Inc. REIT | 4,343,289 | ||||||
549,640 | Sunstone Hotel Investors, Inc. REIT | 5,606,328 | ||||||
371,218 | Xenia Hotels & Resorts, Inc. REIT | 5,148,794 | ||||||
|
|
|||||||
39,585,091 | ||||||||
|
||||||||
Hotels, Restaurants & Leisure 1.1% |
| |||||||
40,796 | Chuys Holdings, Inc.* | 1,201,850 | ||||||
114,816 | Dennys Corp.* | 920,824 | ||||||
13,516 | Dine Brands Global, Inc. | 596,056 | ||||||
29,029 | El Pollo Loco Holdings, Inc.* | 247,327 | ||||||
30,226 | Everi Holdings, Inc.* | 246,946 | ||||||
36,890 | International Game Technology PLC | 728,209 | ||||||
249,849 | Life Time Group Holdings, Inc.* | 3,412,937 | ||||||
61,060 | Lindblad Expeditions Holdings, Inc.* | 448,180 | ||||||
54,727 | Portillos, Inc., Class A* | 670,953 | ||||||
11,685 | RCI Hospitality Holdings, Inc. | 593,131 | ||||||
133,571 | Sabre Corp.* | 383,349 | ||||||
4,261 | Shake Shack, Inc., Class A* | 451,027 | ||||||
|
|
|||||||
9,900,789 | ||||||||
|
||||||||
Household Durables 4.1% |
| |||||||
14,961 | Beazer Homes USA, Inc.* | 419,357 | ||||||
12,793 | Dream Finders Homes, Inc., Class A* | 454,151 | ||||||
97,472 | Ethan Allen Interiors, Inc. | 2,752,609 | ||||||
57,681 | Green Brick Partners, Inc.* | 3,122,273 | ||||||
4,346 | Installed Building Products, Inc. | 1,024,483 | ||||||
124,648 | KB Home | 8,072,204 | ||||||
49,588 | LGI Homes, Inc.* | 4,459,449 | ||||||
61,617 | M/I Homes, Inc.* | 7,161,128 | ||||||
29,502 | Meritage Homes Corp. | 4,889,661 | ||||||
45,208 | Taylor Morrison Home Corp.* | 2,532,100 | ||||||
|
|
|||||||
34,887,415 | ||||||||
|
||||||||
Industrial REITs 0.7% |
| |||||||
751,832 | LXP Industrial Trust REIT | 6,277,797 | ||||||
|
||||||||
Insurance 3.6% | ||||||||
108,475 | Ambac Financial Group, Inc.* | 1,567,464 | ||||||
16,459 | American Coastal Insurance Corp.* | 172,326 | ||||||
242,546 | CNO Financial Group, Inc. | 6,386,236 | ||||||
54,936 | Employers Holdings, Inc. | 2,339,724 | ||||||
710,422 | Genworth Financial, Inc., Class A* | 4,212,802 | ||||||
28,054 | Goosehead Insurance, Inc., Class A* | 1,596,553 | ||||||
1,728 | Investors Title Co. | 277,223 | ||||||
269,340 | James River Group Holdings Ltd. | 2,394,433 | ||||||
105,156 | Mercury General Corp. | 5,495,453 | ||||||
40,588 | Oscar Health, Inc., Class A* | 705,014 | ||||||
5,951 | Palomar Holdings, Inc.* | 468,165 | ||||||
58,587 | Skyward Specialty Insurance Group, Inc.* | 2,045,858 |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Insurance (continued) |
| |||||||
142,850 | Universal Insurance Holdings, Inc. | $ | 2,788,432 | |||||
|
|
|||||||
30,449,683 | ||||||||
|
||||||||
Interactive Media & Services 0.3% |
| |||||||
482,286 | fuboTV, Inc.*(a) | 684,846 | ||||||
427,241 | Vimeo, Inc.* | 1,533,795 | ||||||
|
|
|||||||
2,218,641 | ||||||||
|
||||||||
IT Services 0.2% |
| |||||||
14,336 | DigitalOcean Holdings, Inc.* | 471,081 | ||||||
38,418 | Fastly, Inc., Class A* | 485,988 | ||||||
348,627 | Rackspace Technology, Inc.*(a) | 599,638 | ||||||
|
|
|||||||
1,556,707 | ||||||||
|
||||||||
Leisure Products 0.6% |
| |||||||
4,211 | Acushnet Holdings Corp. | 256,786 | ||||||
77,711 | Latham Group, Inc.* | 217,591 | ||||||
73,041 | Malibu Boats, Inc., Class A* | 2,484,855 | ||||||
134,343 | Topgolf Callaway Brands Corp.* | 2,152,175 | ||||||
|
|
|||||||
5,111,407 | ||||||||
|
||||||||
Life Sciences Tools & Services 0.1% |
| |||||||
22,604 | Adaptive Biotechnologies Corp.* | 59,223 | ||||||
21,140 | Cytek Biosciences, Inc.* | 127,051 | ||||||
21,103 | Quanterix Corp.* | 340,180 | ||||||
|
|
|||||||
526,454 | ||||||||
|
||||||||
Machinery 1.1% |
| |||||||
9,168 | Astec Industries, Inc. | 383,222 | ||||||
5,351 | Columbus McKinnon Corp. | 220,836 | ||||||
9,681 | Federal Signal Corp. | 787,065 | ||||||
25,473 | Gorman-Rupp Co. (The) | 844,940 | ||||||
240,300 | Hillman Solutions Corp.* | 2,297,268 | ||||||
24,590 | Kennametal, Inc. | 578,603 | ||||||
259,212 | Microvast Holdings, Inc.*(a) | 101,585 | ||||||
34,111 | Mueller Industries, Inc. | 1,904,076 | ||||||
95,892 | Mueller Water Products, Inc., Class A | 1,518,929 | ||||||
24,723 | Proto Labs, Inc.* | 753,557 | ||||||
|
|
|||||||
9,390,081 | ||||||||
|
||||||||
Marine Transportation 1.0% |
| |||||||
394,201 | Costamare, Inc. (Monaco) | 4,722,528 | ||||||
37,687 | Golden Ocean Group Ltd. (Norway) | 531,010 | ||||||
2,095 | Matson, Inc. | 225,799 | ||||||
31,682 | Pangaea Logistics Solutions Ltd. | 228,110 | ||||||
599,332 | Safe Bulkers, Inc. (Monaco) | 2,990,667 | ||||||
|
|
|||||||
8,698,114 | ||||||||
|
||||||||
Media 1.3% | ||||||||
59,539 | AMC Networks, Inc., Class A* | 632,304 | ||||||
4,643 | Cardlytics, Inc.* | 56,877 | ||||||
243,355 | EW Scripps Co. (The), Class A* | 915,015 | ||||||
430,085 | Gray Television, Inc. | 2,472,989 | ||||||
252,471 | iHeartMedia, Inc., Class A* | 530,189 | ||||||
9,246 | John Wiley & Sons, Inc., Class A | 347,372 | ||||||
179,335 | Magnite, Inc.* | 1,583,528 | ||||||
8,372 | Sinclair, Inc. | 102,976 | ||||||
18,533 | TechTarget, Inc.* | 509,657 |
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, 2024 (Unaudited) |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Media (continued) |
| |||||||
136,201 | Thryv Holdings, Inc.* | $ | 3,133,985 | |||||
52,910 | WideOpenWest, Inc.* | 188,889 | ||||||
|
|
|||||||
10,473,781 | ||||||||
|
||||||||
Metals & Mining 1.9% |
| |||||||
2,655 | Alpha Metallurgical Resources, Inc. | 868,504 | ||||||
18,181 | ATI, Inc.* | 1,085,406 | ||||||
103,352 | Carpenter Technology Corp. | 8,857,266 | ||||||
211,875 | Coeur Mining, Inc.* | 957,675 | ||||||
3,071 | Commercial Metals Co. | 165,036 | ||||||
242,449 | Hecla Mining Co. | 1,146,784 | ||||||
32,936 | Olympic Steel, Inc. | 2,093,741 | ||||||
3,891 | Ryerson Holding Corp. | 111,088 | ||||||
9,764 | Warrior Met Coal, Inc. | 667,369 | ||||||
4,543 | Worthington Steel, Inc. | 139,879 | ||||||
|
|
|||||||
16,092,748 | ||||||||
|
||||||||
Mortgage Real Estate Investment Trusts (REITs) 2.0% |
| |||||||
460,920 | Arbor Realty Trust, Inc. REIT | 5,913,604 | ||||||
356,296 | BrightSpire Capital, Inc. REIT | 2,241,102 | ||||||
116,642 | Chimera Investment Corp. REIT | 480,565 | ||||||
95,969 | Invesco Mortgage Capital, Inc. REIT | 820,535 | ||||||
172,844 | Ladder Capital Corp. REIT | 1,854,616 | ||||||
10,991 | MFA Financial, Inc. REIT | 116,395 | ||||||
3,452 | Nexpoint Real Estate Finance, Inc. REIT | 44,738 | ||||||
300,736 | PennyMac Mortgage Investment Trust REIT | 4,165,193 | ||||||
182,203 | TPG RE Finance Trust, Inc. REIT | 1,335,548 | ||||||
|
|
|||||||
16,972,296 | ||||||||
|
||||||||
Multi-Utilities 1.7% |
| |||||||
188,411 | Avista Corp. | 6,779,028 | ||||||
138,672 | Black Hills Corp. | 7,613,093 | ||||||
|
|
|||||||
14,392,121 | ||||||||
|
||||||||
Office REITs 0.2% |
| |||||||
149,089 | City Office REIT, Inc. REIT | 694,755 | ||||||
54,091 | COPT Defense Properties REIT | 1,296,561 | ||||||
|
|
|||||||
1,991,316 | ||||||||
|
||||||||
Oil, Gas & Consumable Fuels 7.8% |
| |||||||
84,790 | Ardmore Shipping Corp. (Ireland) | 1,420,232 | ||||||
18,970 | Chord Energy Corp. | 3,357,311 | ||||||
118,554 | Civitas Resources, Inc. | 8,531,146 | ||||||
16,820 | CONSOL Energy, Inc. | 1,392,023 | ||||||
16,803 | Delek US Holdings, Inc. | 459,226 | ||||||
586,025 | DHT Holdings, Inc. | 6,692,405 | ||||||
98,574 | Dorian LPG Ltd. | 4,073,078 | ||||||
64,836 | Golar LNG Ltd. (Cameroon) | 1,589,779 | ||||||
59,791 | Matador Resources Co. | 3,724,979 | ||||||
68,895 | Murphy Oil Corp. | 3,075,473 | ||||||
1,274,545 | Nordic American Tankers Ltd. | 4,970,725 | ||||||
68,348 | PBF Energy, Inc., Class A | 3,640,898 | ||||||
77,405 | Peabody Energy Corp. | 1,698,266 | ||||||
222,132 | Permian Resources Corp. | 3,720,711 |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Oil, Gas & Consumable Fuels (continued) |
| |||||||
2,536 | REX American Resources Corp.* | $ | 140,317 | |||||
110,267 | Scorpio Tankers, Inc. (Monaco) | 7,758,386 | ||||||
48,137 | SM Energy Co. | 2,334,163 | ||||||
448,697 | Teekay Corp. (Bermuda)* | 3,284,462 | ||||||
74,143 | Teekay Tankers Ltd., Class A (Canada) | 4,320,313 | ||||||
55,618 | VAALCO Energy, Inc. | 355,955 | ||||||
|
|
|||||||
66,539,848 | ||||||||
|
||||||||
Passenger Airlines 0.6% |
| |||||||
36,497 | Joby Aviation, Inc.*(a) | 184,310 | ||||||
69,757 | SkyWest, Inc.* | 5,094,353 | ||||||
26,545 | Spirit Airlines, Inc.(a) | 93,704 | ||||||
|
|
|||||||
5,372,367 | ||||||||
|
||||||||
Personal Care Products 0.0% |
| |||||||
39,385 | Herbalife Ltd.* | 340,680 | ||||||
|
||||||||
Pharmaceuticals 0.8% |
| |||||||
110,788 | Amneal Pharmaceuticals, Inc.* | 670,268 | ||||||
16,263 | Edgewise Therapeutics, Inc.* | 291,758 | ||||||
4,164 | Ligand Pharmaceuticals, Inc.* | 291,022 | ||||||
32,024 | Longboard Pharmaceuticals, Inc.* | 682,111 | ||||||
13,223 | Phibro Animal Health Corp., Class A | 220,824 | ||||||
69,387 | Prestige Consumer Healthcare, Inc.* | 4,979,211 | ||||||
3,446 | Taro Pharmaceutical Industries Ltd.* | 146,386 | ||||||
|
|
|||||||
7,281,580 | ||||||||
|
||||||||
Professional Services 1.0% |
| |||||||
67,697 | Asure Software, Inc.* | 500,281 | ||||||
692,413 | Conduent, Inc.* | 2,181,101 | ||||||
9,420 | ExlService Holdings, Inc.* | 273,180 | ||||||
69,177 | Parsons Corp.* | 5,431,086 | ||||||
|
|
|||||||
8,385,648 | ||||||||
|
||||||||
Real Estate Management & Development 1.1% |
| |||||||
157,079 | Anywhere Real Estate, Inc.* | 763,404 | ||||||
77,555 | DigitalBridge Group, Inc. | 1,275,004 | ||||||
262,656 | Douglas Elliman, Inc.* | 357,212 | ||||||
149,844 | Forestar Group, Inc.* | 4,643,666 | ||||||
71,255 | Kennedy-Wilson Holdings, Inc. | 612,080 | ||||||
164,074 | Newmark Group, Inc., Class A | 1,570,188 | ||||||
246,229 | Opendoor Technologies, Inc.* | 489,996 | ||||||
|
|
|||||||
9,711,550 | ||||||||
|
||||||||
Residential REITs 1.0% |
| |||||||
39,747 | Centerspace REIT | 2,672,986 | ||||||
27,578 | Independence Realty Trust, Inc. REIT | 434,905 | ||||||
135,664 | NexPoint Residential Trust, Inc. REIT | 4,645,135 | ||||||
88,601 | UMH Properties, Inc. REIT | 1,410,528 | ||||||
|
|
|||||||
9,163,554 | ||||||||
|
||||||||
Retail REITs 0.7% |
| |||||||
146,375 | Kite Realty Group Trust REIT | 3,190,975 | ||||||
122,142 | Macerich Co. (The) REIT | 1,680,674 |
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) |
| |||||||
Retail REITs (continued) |
| |||||||
24,923 | Tanger, Inc. REIT | $ | 706,567 | |||||
|
|
|||||||
5,578,216 | ||||||||
|
||||||||
Semiconductors & Semiconductor Equipment 1.3% |
| |||||||
46,088 | ACM Research, Inc., Class A* | 1,176,166 | ||||||
161,772 | Amkor Technology, Inc. | 5,233,324 | ||||||
912 | Axcelis Technologies, Inc.* | 94,410 | ||||||
18,096 | Ichor Holdings Ltd.* | 701,763 | ||||||
117,020 | Photronics, Inc.* | 3,207,518 | ||||||
4,406 | Ultra Clean Holdings, Inc.* | 184,303 | ||||||
2,441 | Veeco Instruments, Inc.* | 86,265 | ||||||
|
|
|||||||
10,683,749 | ||||||||
|
||||||||
Software 2.4% | ||||||||
95,241 | ACI Worldwide, Inc.* | 3,247,718 | ||||||
2,244 | Altair Engineering, Inc., Class A* | 180,530 | ||||||
266,820 | Cleanspark, Inc.* | 4,370,512 | ||||||
125,330 | Clear Secure, Inc., Class A | 2,189,515 | ||||||
39,598 | Consensus Cloud Solutions, Inc.* | 460,921 | ||||||
1,317 | Daily Journal Corp.* | 441,458 | ||||||
97,588 | LiveRamp Holdings, Inc.* | 3,133,551 | ||||||
20,510 | Marathon Digital Holdings, Inc.* | 329,390 | ||||||
59,231 | Riot Platforms, Inc.* | 598,825 | ||||||
247,170 | SolarWinds Corp. | 2,723,813 | ||||||
10,802 | SPS Commerce, Inc.* | 1,878,144 | ||||||
630,870 | Terawulf, Inc.* | 1,368,988 | ||||||
11,234 | Viant Technology, Inc., Class A* | 98,747 | ||||||
8,645 | Xperi, Inc.* | 90,859 | ||||||
|
|
|||||||
21,112,971 | ||||||||
|
||||||||
Specialized REITs 0.7% |
| |||||||
72,185 | Four Corners Property Trust, Inc. REIT | 1,692,738 | ||||||
144,398 | Outfront Media, Inc. REIT | 2,290,152 | ||||||
234,164 | Uniti Group, Inc. REIT | 1,346,443 | ||||||
|
|
|||||||
5,329,333 | ||||||||
|
||||||||
Specialty Retail 3.3% |
| |||||||
36,060 | Aarons Co., Inc. (The) | 249,175 | ||||||
8,854 | Abercrombie & Fitch Co., Class A* | 1,075,938 | ||||||
124,114 | American Eagle Outfitters, Inc. | 3,011,006 | ||||||
21,579 | Americas Car-Mart, Inc.* | 1,235,182 | ||||||
46,959 | Beyond, Inc.* | 945,285 | ||||||
33,779 | Caleres, Inc. | 1,244,080 | ||||||
45,014 | Carvana Co.* | 3,732,561 | ||||||
11,745 | Cato Corp. (The), Class A | 56,611 | ||||||
6,187 | Group 1 Automotive, Inc. | 1,819,102 | ||||||
18,481 | Guess?, Inc.(a) | 494,921 | ||||||
19,661 | Haverty Furniture Cos., Inc. | 605,559 | ||||||
97,875 | Leslies, Inc.* | 384,649 | ||||||
29,283 | National Vision Holdings, Inc.* | 510,110 | ||||||
2,821 | Revolve Group, Inc.* | 56,166 | ||||||
78,594 | Shoe Carnival, Inc. | 2,628,183 | ||||||
108,692 | Sleep Number Corp.* | 1,446,690 | ||||||
7,673 | Sonic Automotive, Inc., Class A | 443,806 | ||||||
18,276 | Tile Shop Holdings, Inc.* | 122,815 | ||||||
1,816 | Urban Outfitters, Inc.* | 70,751 | ||||||
59,666 | Warby Parker, Inc., Class A* | 700,479 |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Specialty Retail (continued) |
| |||||||
14,679 | Winmark Corp. | $ | 5,274,458 | |||||
127,290 | Zumiez, Inc.* | 2,189,388 | ||||||
|
|
|||||||
28,296,915 | ||||||||
|
||||||||
Technology Hardware, Storage & Peripherals 0.1% |
| |||||||
35,279 | Eastman Kodak Co.* | 158,755 | ||||||
41,389 | IonQ, Inc.*(a) | 353,876 | ||||||
|
|
|||||||
512,631 | ||||||||
|
||||||||
Textiles, Apparel & Luxury Goods 0.3% |
| |||||||
138,513 | Allbirds, Inc., Class A* | 83,565 | ||||||
25,695 | Oxford Industries, Inc. | 2,769,407 | ||||||
|
|
|||||||
2,852,972 | ||||||||
|
||||||||
Tobacco 0.1% | ||||||||
82,107 | Vector Group Ltd. | 849,807 | ||||||
|
||||||||
Trading Companies & Distributors 1.3% |
| |||||||
282,521 | DNOW, Inc.* | 3,986,371 | ||||||
28,414 | DXP Enterprises, Inc.* | 1,385,467 | ||||||
216,044 | MRC Global, Inc.* | 2,426,174 | ||||||
82,205 | Rush Enterprises, Inc., Class A | 3,610,444 | ||||||
|
|
|||||||
11,408,456 | ||||||||
|
||||||||
Water Utilities 0.1% |
| |||||||
23,857 | Consolidated Water Co. Ltd. | 607,161 | ||||||
|
||||||||
Wireless Telecommunication Services 0.4% |
| |||||||
107,674 | Gogo, Inc.* | 975,526 | ||||||
12,826 | Spok Holdings, Inc. | 198,162 | ||||||
142,921 | Telephone and Data Systems, Inc. | 2,236,714 | ||||||
|
|
|||||||
3,410,402 | ||||||||
|
||||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost $780,523,589) |
834,340,289 | |||||||
|
||||||||
Shares | Dividend Rate | Value | ||||||
Investment Company 0.3%(c) |
| |||||||
Goldman Sachs Financial Square Government Fund - Institutional Shares |
||||||||
2,147,819 | 5.223% | 2,147,819 | ||||||
(Cost $2,147,819) |
| |||||||
|
||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING |
| |||||||
REINVESTMENT VEHICLE |
| |||||||
(Cost $782,671,408) |
836,488,108 | |||||||
|
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, 2024 (Unaudited) |
Shares |
Dividend Rate | Value | ||||||
Securities Lending Reinvestment Vehicle 0.5%(c) |
| |||||||
Goldman Sachs Financial Square Government |
||||||||
4,576,025 | 5.223% | $ | 4,576,025 | |||||
(Cost $4,576,025) | ||||||||
|
||||||||
TOTAL INVESTMENTS 99.1% |
||||||||
(Cost $787,247,433) |
$ | 841,064,133 | ||||||
|
||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES |
7,994,384 | |||||||
|
||||||||
NET ASSETS 100.0% |
$ | 849,058,517 | ||||||
|
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) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
(c) | Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
PLC | Public Limited Company | |
REIT | Real Estate Investment Trust | |
|
ADDITIONAL INVESTMENT INFORMATION |
FUTURES CONTRACTS At April 30, 2024, 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 |
79 | 06/21/24 | $ | 7,843,120 | $ | 89,869 | ||||||
|
38 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND
Schedule of Investments
April 30, 2024 (Unaudited) |
Shares |
Description | Value | ||||||
Common Stocks 99.0% |
| |||||||
Aerospace & Defense 1.6% |
| |||||||
17,138 | Lockheed Martin Corp. | $ | 7,967,970 | |||||
7,994 | Northrop Grumman Corp. | 3,877,330 | ||||||
4,818 | Textron, Inc. | 407,555 | ||||||
21,701 | Woodward, Inc. | 3,523,374 | ||||||
|
|
|||||||
15,776,229 | ||||||||
|
||||||||
Automobile Components 0.4% |
| |||||||
35,806 | Lear Corp. | 4,506,901 | ||||||
|
||||||||
Automobiles 1.4% |
| |||||||
621,672 | Ford Motor Co. | 7,553,315 | ||||||
37,070 | Tesla, Inc.* | 6,794,190 | ||||||
|
|
|||||||
14,347,505 | ||||||||
|
||||||||
Banks 2.8% | ||||||||
134,013 | Bank of America Corp. | 4,959,821 | ||||||
223,338 | Citigroup, Inc. | 13,697,319 | ||||||
3,847 | First Citizens BancShares, Inc., Class A | 6,488,966 | ||||||
12,258 | JPMorgan Chase & Co. | 2,350,349 | ||||||
|
|
|||||||
27,496,455 | ||||||||
|
||||||||
Beverages 1.1% |
| |||||||
202,721 | Monster Beverage Corp.* | 10,835,438 | ||||||
|
||||||||
Biotechnology 1.2% |
| |||||||
112,138 | Gilead Sciences, Inc. | 7,311,398 | ||||||
12,327 | Vertex Pharmaceuticals, Inc.* | 4,842,169 | ||||||
|
|
|||||||
12,153,567 | ||||||||
|
||||||||
Broadline Retail 4.6% |
| |||||||
262,792 | Amazon.com, Inc.* | 45,988,600 | ||||||
|
||||||||
Capital Markets 2.7% |
| |||||||
17,633 | Ameriprise Financial, Inc. | 7,261,093 | ||||||
16,227 | Bank of New York Mellon Corp. (The) | 916,663 | ||||||
57,340 | CME Group, Inc. | 12,020,758 | ||||||
57,069 | Morgan Stanley | 5,184,148 | ||||||
65,655 | Robinhood Markets, Inc., Class A* | 1,082,651 | ||||||
|
|
|||||||
26,465,313 | ||||||||
|
||||||||
Chemicals 1.6% |
| |||||||
4,673 | Axalta Coating Systems Ltd.* | 146,919 | ||||||
6,253 | Linde PLC | 2,757,323 | ||||||
87,260 | RPM International, Inc. | 9,328,967 | ||||||
14,150 | Sherwin-Williams Co. (The) | 4,239,481 | ||||||
|
|
|||||||
16,472,690 | ||||||||
|
||||||||
Commercial Services & Supplies 1.3% |
| |||||||
17,586 | Cintas Corp. | 11,577,567 | ||||||
11,705 | Veralto Corp. | 1,096,525 | ||||||
|
|
|||||||
12,674,092 | ||||||||
|
||||||||
Communications Equipment 1.0% |
| |||||||
30,190 | Motorola Solutions, Inc. | 10,238,939 | ||||||
|
||||||||
Construction & Engineering 0.0% |
| |||||||
5,044 | MasTec, Inc.* | 447,352 | ||||||
|
||||||||
Construction Materials 1.0% |
| |||||||
4,555 | Martin Marietta Materials, Inc. | 2,674,104 |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Construction Materials (continued) |
| |||||||
27,059 | Vulcan Materials Co. | $ | 6,971,210 | |||||
|
|
|||||||
9,645,314 | ||||||||
|
||||||||
Consumer Finance 1.6% |
| |||||||
54,643 | American Express Co. | 12,788,101 | ||||||
25,838 | Discover Financial Services | 3,274,450 | ||||||
|
|
|||||||
16,062,551 | ||||||||
|
||||||||
Consumer Staples Distribution & Retail 2.1% |
| |||||||
25,001 | Costco Wholesale Corp. | 18,073,223 | ||||||
21,880 | Maplebear, Inc.* | 746,764 | ||||||
10,361 | Target Corp. | 1,667,914 | ||||||
|
|
|||||||
20,487,901 | ||||||||
|
||||||||
Distributors 0.2% |
| |||||||
4,639 | Pool Corp. | 1,681,777 | ||||||
|
||||||||
Diversified Consumer Services 0.1% |
| |||||||
19,643 | H&R Block, Inc. | 927,739 | ||||||
|
||||||||
Electric Utilities 0.4% | ||||||||
11,329 | Entergy Corp. | 1,208,465 | ||||||
53,954 | Xcel Energy, Inc. | 2,898,948 | ||||||
|
|
|||||||
4,107,413 | ||||||||
|
||||||||
Electrical Equipment 2.4% |
| |||||||
67,129 | AMETEK, Inc. | 11,724,751 | ||||||
30,432 | Eaton Corp. PLC | 9,685,288 | ||||||
38,897 | nVent Electric PLC | 2,803,307 | ||||||
|
|
|||||||
24,213,346 | ||||||||
|
||||||||
Entertainment 1.5% |
| |||||||
27,242 | Netflix, Inc.* | 15,000,535 | ||||||
|
||||||||
Financial Services 6.3% |
| |||||||
69,942 | Berkshire Hathaway, Inc., Class B* | 27,748,090 | ||||||
82,832 | Fiserv, Inc.* | 12,645,961 | ||||||
76,515 | Visa, Inc., Class A | 20,552,694 | ||||||
27,914 | Voya Financial, Inc. | 1,902,618 | ||||||
|
|
|||||||
62,849,363 | ||||||||
|
||||||||
Food Products 0.5% |
| |||||||
79,972 | Archer-Daniels-Midland Co. | 4,691,158 | ||||||
|
||||||||
Gas Utilities 0.4% |
| |||||||
34,149 | Atmos Energy Corp. | 4,026,167 | ||||||
|
||||||||
Ground Transportation 0.0% |
| |||||||
945 | Saia, Inc.* | 375,004 | ||||||
|
||||||||
Health Care Providers & Services 4.6% |
| |||||||
25,584 | Centene Corp.* | 1,869,167 | ||||||
14,649 | Elevance Health, Inc. | 7,743,168 | ||||||
19,702 | HCA Healthcare, Inc. | 6,104,074 | ||||||
7,760 | Humana, Inc. | 2,344,218 | ||||||
82,952 | Quest Diagnostics, Inc. | 11,462,307 | ||||||
31,424 | Tenet Healthcare Corp.* | 3,528,601 | ||||||
23,214 | UnitedHealth Group, Inc. | 11,228,612 | ||||||
10,941 | Universal Health Services, Inc., Class B | 1,864,675 | ||||||
|
|
|||||||
46,144,822 | ||||||||
|
The accompanying notes are an integral part of these financial statements. | 39 |
GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND
Schedule of Investments (continued)
April 30, 2024 (Unaudited) |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Health Care REITs 0.0% |
| |||||||
16,991 | Omega Healthcare Investors, Inc. REIT | $ | 516,696 | |||||
|
||||||||
Hotel & Resort REITs 2.0% |
| |||||||
550,200 | Host Hotels & Resorts, Inc. REIT | 10,382,274 | ||||||
613,309 | Park Hotels & Resorts, Inc. REIT | 9,892,674 | ||||||
|
|
|||||||
20,274,948 | ||||||||
|
||||||||
Hotels, Restaurants & Leisure 1.8% |
| |||||||
367,879 | Carnival Corp.* | 5,451,967 | ||||||
2,251 | Chipotle Mexican Grill, Inc.* | 7,112,260 | ||||||
17,979 | Darden Restaurants, Inc. | 2,758,158 | ||||||
7,398 | Wingstop, Inc. | 2,846,676 | ||||||
|
|
|||||||
18,169,061 | ||||||||
|
||||||||
Household Durables 0.9% |
| |||||||
66,172 | D.R. Horton, Inc. | 9,428,848 | ||||||
|
||||||||
Household Products 0.3% |
| |||||||
23,303 | Kimberly-Clark Corp. | 3,181,559 | ||||||
|
||||||||
Industrial REITs 0.1% |
| |||||||
28,305 | First Industrial Realty Trust, Inc. REIT | 1,285,613 | ||||||
|
||||||||
Insurance 2.9% | ||||||||
53,159 | MetLife, Inc. | 3,778,542 | ||||||
66,479 | Progressive Corp. (The) | 13,844,252 | ||||||
51,735 | Travelers Cos., Inc. (The) | 10,976,097 | ||||||
|
|
|||||||
28,598,891 | ||||||||
|
||||||||
Interactive Media & Services 5.8% |
| |||||||
220,038 | Alphabet, Inc., Class C* | 36,227,056 | ||||||
42,743 | Meta Platforms, Inc., Class A | 18,386,756 | ||||||
83,410 | Pinterest, Inc., Class A* | 2,790,065 | ||||||
|
|
|||||||
57,403,877 | ||||||||
|
||||||||
IT Services 1.0% |
| |||||||
12,679 | Gartner, Inc.* | 5,231,229 | ||||||
24,386 | International Business Machines Corp. | 4,052,953 | ||||||
5,466 | VeriSign, Inc.* | 926,378 | ||||||
|
|
|||||||
10,210,560 | ||||||||
|
||||||||
Leisure Products 0.1% |
| |||||||
41,031 | Mattel, Inc.* | 751,688 | ||||||
|
||||||||
Life Sciences Tools & Services 2.5% |
| |||||||
35,073 | IQVIA Holdings, Inc.* | 8,128,869 | ||||||
18,719 | Medpace Holdings, Inc.* | 7,269,524 | ||||||
7,416 | Mettler-Toledo International, Inc.* | 9,119,455 | ||||||
|
|
|||||||
24,517,848 | ||||||||
|
||||||||
Machinery 2.8% |
| |||||||
47,332 | Illinois Tool Works, Inc. | 11,554,215 | ||||||
16,266 | Otis Worldwide Corp. | 1,483,459 | ||||||
22,206 | Parker-Hannifin Corp. | 12,100,271 | ||||||
16,982 | Westinghouse Air Brake | |||||||
Technologies Corp. | 2,735,461 | |||||||
|
|
|||||||
27,873,406 | ||||||||
|
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Media 0.4% | ||||||||
45,124 | Trade Desk, Inc. (The), Class A* | $ | 3,738,523 | |||||
|
||||||||
Oil, Gas & Consumable Fuels 3.0% |
| |||||||
175,387 | Antero Midstream Corp. | 2,427,356 | ||||||
15,163 | Cheniere Energy, Inc. | 2,393,025 | ||||||
103,793 | ConocoPhillips | 13,038,477 | ||||||
224,496 | Devon Energy Corp. | 11,489,705 | ||||||
3,260 | Exxon Mobil Corp. | 385,560 | ||||||
|
|
|||||||
29,734,123 | ||||||||
|
||||||||
Pharmaceuticals 1.1% |
| |||||||
4,494 | Eli Lilly & Co. | 3,510,263 | ||||||
10,186 | Johnson & Johnson | 1,472,794 | ||||||
77,756 | Pfizer, Inc. | 1,992,109 | ||||||
22,889 | Zoetis, Inc. | 3,644,844 | ||||||
|
|
|||||||
10,620,010 | ||||||||
|
||||||||
Professional Services 0.6% |
| |||||||
28,257 | FTI Consulting, Inc.* | 6,042,194 | ||||||
|
||||||||
Residential REITs 0.2% |
| |||||||
18,585 | Camden Property Trust REIT | 1,852,553 | ||||||
|
||||||||
Semiconductors & Semiconductor Equipment 9.0% |
| |||||||
23,848 | Advanced Micro Devices, Inc.* | 3,777,046 | ||||||
66,681 | Applied Materials, Inc. | 13,246,181 | ||||||
2,537 | Broadcom, Inc. | 3,298,785 | ||||||
12,037 | KLA Corp. | 8,296,984 | ||||||
11,622 | Micron Technology, Inc. | 1,312,821 | ||||||
52,836 | NVIDIA Corp. | 45,651,361 | ||||||
81,341 | Texas Instruments, Inc. | 14,350,179 | ||||||
|
|
|||||||
89,933,357 | ||||||||
|
||||||||
Software 13.7% |
| |||||||
24,562 | Adobe, Inc.* | 11,368,030 | ||||||
27,776 | Crowdstrike Holdings, Inc., Class A* | 8,125,591 | ||||||
4,561 | HubSpot, Inc.* | 2,758,812 | ||||||
23,052 | Intuit, Inc. | 14,421,792 | ||||||
169,759 | Microsoft Corp. | 66,092,272 | ||||||
89,034 | Oracle Corp. | 10,127,618 | ||||||
11,881 | Roper Technologies, Inc. | 6,076,656 | ||||||
36,796 | Salesforce, Inc. | 9,895,916 | ||||||
11,106 | ServiceNow, Inc.* | 7,700,123 | ||||||
|
|
|||||||
136,566,810 | ||||||||
|
||||||||
Specialty Retail 1.9% |
| |||||||
39,001 | Home Depot, Inc. (The) | 13,034,914 | ||||||
47,056 | Ross Stores, Inc. | 6,096,105 | ||||||
|
|
|||||||
19,131,019 | ||||||||
|
||||||||
Technology Hardware, Storage & Peripherals 7.1% |
| |||||||
409,052 | Apple, Inc. | 69,673,827 | ||||||
26,124 | HP, Inc. | 733,823 | ||||||
|
|
|||||||
70,407,650 | ||||||||
|
40 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND
|
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Textiles, Apparel & Luxury Goods 1.0% |
| |||||||
12,813 | Deckers Outdoor Corp.* | $ | 10,487,056 | |||||
|
||||||||
TOTAL INVESTMENTS 99.0% |
| |||||||
(Cost $736,198,780) | $ | 988,342,461 | ||||||
|
||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES |
9,594,203 | |||||||
|
||||||||
NET ASSETS 100.0% | $ | 997,936,664 | ||||||
|
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. | 41 |
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
Large Cap Growth |
Large Cap Value Insights Fund |
Small Cap Equity Insights Fund |
||||||||||||||
Assets: | ||||||||||||||||
Investments in unaffiliated issuers, at value (cost $686,374,106, $327,469,826 and $346,733,493, respectively)(a) |
$ | 1,132,963,431 | $ | 363,712,285 | $ | 383,940,516 | ||||||||||
Investments in affiliated issuers, at value (cost $, $ and $3,787,000, respectively) |
| | 3,787,000 | |||||||||||||
Investments in affiliated securities lending reinvestment vehicle, at value which equals cost |
| | 4,161,020 | |||||||||||||
Cash |
10,506,878 | 3,654,036 | 6,223,922 | |||||||||||||
Receivables: |
||||||||||||||||
Investments sold |
32,708,129 | 10,891,432 | 7,730,352 | |||||||||||||
Fund shares sold |
339,757 | 62,891 | 256,850 | |||||||||||||
Dividends |
131,335 | 231,904 | 171,406 | |||||||||||||
Collateral on certain derivative contracts |
39,655 | 14,195 | 189,894 | |||||||||||||
Reimbursement from investment adviser |
28,463 | 24,372 | 26,181 | |||||||||||||
Securities lending income |
| | 10,888 | |||||||||||||
Variation margin on futures contracts |
24,000 | 4,000 | 124,500 | |||||||||||||
Other assets |
82,242 | 64,447 | 59,712 | |||||||||||||
| ||||||||||||||||
Total assets |
1,176,823,890 | 378,659,562 | 406,682,241 | |||||||||||||
Liabilities: | ||||||||||||||||
Payables: |
||||||||||||||||
Investments purchased |
31,612,649 | 10,190,559 | 7,384,509 | |||||||||||||
Fund shares redeemed |
1,815,134 | 257,867 | 414,987 | |||||||||||||
Management fees |
491,728 | 160,627 | 263,722 | |||||||||||||
Distribution and Service fees and Transfer Agency fees |
158,869 | 43,175 | 29,435 | |||||||||||||
Payable upon return of securities loaned |
| | 4,161,020 | |||||||||||||
Accrued expenses |
249,212 | 83,061 | 101,823 | |||||||||||||
| ||||||||||||||||
Total liabilities |
34,327,592 | 10,735,289 | 12,355,496 | |||||||||||||
Net Assets: | ||||||||||||||||
Paid-in capital |
617,328,031 | 314,638,107 | 362,849,384 | |||||||||||||
Total distributable earnings (loss) |
525,168,267 | 53,286,166 | 31,477,361 | |||||||||||||
| ||||||||||||||||
NET ASSETS |
$ | 1,142,496,298 | $ | 367,924,273 | $ | 394,326,745 | ||||||||||
Net Assets: |
||||||||||||||||
Class A |
$ | 203,535,173 | $ | 52,151,085 | $ | 28,050,720 | ||||||||||
Class C |
22,927,596 | 8,210,339 | 4,621,548 | |||||||||||||
Institutional |
236,863,991 | 42,556,101 | 110,680,485 | |||||||||||||
Service |
25,619,399 | 2,530,663 | 796,511 | |||||||||||||
Investor |
171,935,840 | 62,616,398 | 33,592,040 | |||||||||||||
Class R6 |
393,582,886 | 154,778,652 | 91,890,634 | |||||||||||||
Class R |
29,723,338 | 4,453,143 | 3,701,336 | |||||||||||||
Class P |
58,308,075 | 40,627,892 | 120,993,471 | |||||||||||||
Total Net Assets |
$ | 1,142,496,298 | $ | 367,924,273 | $ | 394,326,745 | ||||||||||
Shares Outstanding $0.001 par value (unlimited number of shares authorized): |
||||||||||||||||
Class A |
7,417,988 | 2,202,369 | 1,113,625 | |||||||||||||
Class C |
1,177,056 | 350,815 | 236,211 | |||||||||||||
Institutional |
7,929,578 | 1,800,212 | 4,137,141 | |||||||||||||
Service |
973,933 | 106,194 | 32,492 | |||||||||||||
Investor |
6,419,272 | 2,657,683 | 1,341,438 | |||||||||||||
Class R6 |
13,195,047 | 6,548,689 | 3,434,659 | |||||||||||||
Class R |
1,162,874 | 189,788 | 152,422 | |||||||||||||
Class P |
1,956,554 | 1,719,978 | 4,524,142 | |||||||||||||
Net asset value, offering and redemption price per share:(b) |
||||||||||||||||
Class A |
$ | 27.44 | $ | 23.68 | $ | 25.19 | ||||||||||
Class C |
19.48 | 23.40 | 19.57 | |||||||||||||
Institutional |
29.87 | 23.64 | 26.75 | |||||||||||||
Service |
26.31 | 23.83 | 24.51 | |||||||||||||
Investor |
26.78 | 23.56 | 25.04 | |||||||||||||
Class R6 |
29.83 | 23.64 | 26.75 | |||||||||||||
Class R |
25.56 | 23.46 | 24.28 | |||||||||||||
Class P |
29.80 | 23.62 | 26.74 |
(a) | Includes loaned securities having a market value of $, $ and $3,641,963 for Large Cap Growth Insights Fund, Large Cap Value Insights Fund and Small Cap Equity Insights Fund, respectively. |
(b) | Maximum public offering price per share for Class A Shares of the Large Cap Growth Insights Fund, Large Cap Value Insights Fund and Small Cap Equity Insights Fund is $29.04, $25.06 and $26.66, 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 (NAV) or the original purchase price of the shares. |
42 | 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, 2024 (Unaudited) |
Small Cap Growth |
Small Cap Value Insights Fund |
U.S. Equity Insights Fund |
||||||||||||||
Assets: | ||||||||||||||||
Investments in unaffiliated issuers, at value (cost $97,364,550, $780,523,589 and $736,198,780, respectively)(a) |
$ | 111,013,275 | $ | 834,340,289 | $ | 988,342,461 | ||||||||||
Investments in affiliated issuers, at value (cost $503,922, $2,147,819 and $, respectively) |
503,922 | 2,147,819 | | |||||||||||||
Investments in affiliated securities lending reinvestment vehicle, at value which equals cost |
2,071,685 | 4,576,025 | | |||||||||||||
Cash |
1,793,855 | 13,305,383 | 8,220,418 | |||||||||||||
Receivables: |
||||||||||||||||
Investments sold |
3,188,916 | | 30,299,426 | |||||||||||||
Collateral on certain derivative contracts |
49,000 | 247,000 | | |||||||||||||
Fund shares sold |
28,011 | 413,412 | 423,899 | |||||||||||||
Dividends |
22,428 | 565,800 | 168,876 | |||||||||||||
Reimbursement from investment adviser |
20,060 | 36,357 | 28,715 | |||||||||||||
Securities lending income |
953 | 24,207 | | |||||||||||||
Foreign tax reclaims |
| 18,903 | | |||||||||||||
Variation margin on futures contracts |
26,975 | 163,925 | | |||||||||||||
Other assets |
60,275 | 80,448 | 78,965 | |||||||||||||
| ||||||||||||||||
Total assets |
118,779,355 | 855,919,568 | 1,027,562,760 | |||||||||||||
Liabilities: | ||||||||||||||||
Payables: |
||||||||||||||||
Investments purchased |
2,340,579 | | 27,963,119 | |||||||||||||
Payable upon return of securities loaned |
2,071,685 | 4,576,025 | | |||||||||||||
Fund shares redeemed |
100,926 | 1,445,772 | 907,735 | |||||||||||||
Management fees |
76,612 | 569,326 | 434,244 | |||||||||||||
Distribution and Service fees and Transfer Agency fees |
18,866 | 77,250 | 150,450 | |||||||||||||
Accrued expenses |
474,883 | 192,678 | 170,548 | |||||||||||||
| ||||||||||||||||
Total liabilities |
5,083,551 | 6,861,051 | 29,626,096 | |||||||||||||
Net Assets: | ||||||||||||||||
Paid-in capital |
119,431,673 | 752,245,401 | 686,722,617 | |||||||||||||
Total distributable earnings (loss) |
(5,735,869 | ) | 96,813,116 | 311,214,047 | ||||||||||||
| ||||||||||||||||
NET ASSETS |
$ | 113,695,804 | $ | 849,058,517 | $ | 997,936,664 | ||||||||||
Net Assets: |
||||||||||||||||
Class A |
$ | 31,419,203 | $ | 108,232,936 | $ | 315,736,296 | ||||||||||
Class C |
2,844,261 | 2,804,138 | 13,919,904 | |||||||||||||
Institutional |
31,265,641 | 299,878,651 | 286,580,995 | |||||||||||||
Service |
| | 6,212,619 | |||||||||||||
Investor |
14,960,030 | 73,980,305 | 53,441,424 | |||||||||||||
Class R6 |
7,412,086 | 291,621,730 | 25,884,465 | |||||||||||||
Class R |
3,367,923 | 18,829,355 | 8,221,744 | |||||||||||||
Class P |
22,426,660 | 53,711,402 | 287,939,217 | |||||||||||||
Total Net Assets |
$ | 113,695,804 | $ | 849,058,517 | $ | 997,936,664 | ||||||||||
Shares Outstanding $0.001 par value (unlimited number of shares authorized): |
||||||||||||||||
Class A |
2,233,166 | 2,973,617 | 5,245,909 | |||||||||||||
Class C |
125,536 | 148,125 | 274,766 | |||||||||||||
Institutional |
1,354,527 | 5,340,317 | 4,546,195 | |||||||||||||
Service |
| | 104,039 | |||||||||||||
Investor |
952,741 | 2,044,087 | 905,049 | |||||||||||||
Class R6 |
320,433 | 5,194,742 | 411,134 | |||||||||||||
Class R |
281,764 | 536,866 | 139,649 | |||||||||||||
Class P |
970,032 | 956,932 | 4,572,810 | |||||||||||||
Net asset value, offering and redemption price per share:(b) |
||||||||||||||||
Class A |
$ | 14.07 | $ | 36.40 | $ | 60.19 | ||||||||||
Class C |
22.66 | 18.93 | 50.66 | |||||||||||||
Institutional |
23.08 | 56.15 | 63.04 | |||||||||||||
Service |
| | 59.71 | |||||||||||||
Investor |
15.70 | 36.19 | 59.05 | |||||||||||||
Class R6 |
23.13 | 56.14 | 62.96 | |||||||||||||
Class R |
11.95 | 35.07 | 58.87 | |||||||||||||
Class P |
23.12 | 56.13 | 62.97 |
(a) | Includes loaned securities having a market value of $1,778,905, $4,189,803 and $ for Small Cap Growth Insights Fund, Small Cap Value Insights Fund and U.S. Equity Insights Fund, respectively. |
(b) | Maximum public offering price per share for Class A Shares of the Small Cap Growth Insights Fund, Small Cap Value Insights Fund and U.S. Equity Insights Fund is $14.89, $38.52 and $63.69, 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. | 43 |
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
Statements of Operations
For the Six Months Ended April 30, 2024 (Unaudited) |
Large Cap Growth |
Large Cap Value Insights Fund |
Small Cap Equity Insights Fund |
||||||||||||||
Investment income: | ||||||||||||||||
Dividends unaffiliated issuers (net of foreign withholding taxes of $, $ and $11,311, respectively) | $ | 3,864,267 | $ | 3,752,675 | $ | 2,859,649 | ||||||||||
Dividends affiliated issuers | 52,985 | 12,078 | 38,123 | |||||||||||||
Securities lending income, net of rebates received or paid to borrowers affiliated issuer | 15 | 147 | 112,922 | |||||||||||||
| ||||||||||||||||
Total Investment Income |
3,917,267 | 3,764,900 | 3,010,694 | |||||||||||||
| ||||||||||||||||
Expenses: | ||||||||||||||||
Management fees |
2,911,092 | 948,669 | 1,577,117 | |||||||||||||
Distribution and/or Service (12b-1) fees(a) |
442,610 | 108,498 | 61,903 | |||||||||||||
Transfer Agency fees(a) |
430,185 | 132,507 | 105,665 | |||||||||||||
Registration fees |
74,767 | 60,641 | 72,383 | |||||||||||||
Custody, accounting and administrative services |
59,048 | 23,885 | 30,057 | |||||||||||||
Professional fees |
51,618 | 57,683 | 47,375 | |||||||||||||
Shareholder Administration fees Service Shares |
30,712 | 2,900 | 1,449 | |||||||||||||
Service fees Class C |
29,281 | 10,213 | 5,657 | |||||||||||||
Trustee fees |
10,858 | 10,347 | 10,355 | |||||||||||||
Printing and mailing costs |
785 | 13,013 | 13,676 | |||||||||||||
Other |
8,510 | 3,532 | 188 | |||||||||||||
| ||||||||||||||||
Total expenses |
4,049,466 | 1,371,888 | 1,925,825 | |||||||||||||
| ||||||||||||||||
Less expense reductions |
(184,759 | ) | (162,474 | ) | (172,397 | ) | ||||||||||
| ||||||||||||||||
Net expenses |
3,864,707 | 1,209,414 | 1,753,428 | |||||||||||||
| ||||||||||||||||
NET INVESTMENT INCOME |
52,560 | 2,555,486 | 1,257,266 | |||||||||||||
| ||||||||||||||||
Realized and Unrealized gain (loss): | ||||||||||||||||
Net realized gain (loss) from: |
||||||||||||||||
Investments unaffiliated issuers |
81,653,812 | 18,868,578 | 25,332,999 | |||||||||||||
Futures contracts |
1,808,197 | 576,865 | 861,760 | |||||||||||||
Net change in unrealized gain (loss) on: |
||||||||||||||||
Investments unaffiliated issuers |
147,996,005 | 37,714,742 | 50,558,558 | |||||||||||||
Futures contracts |
(244,526 | ) | (72,450 | ) | (281,172 | ) | ||||||||||
| ||||||||||||||||
Net realized and unrealized gain |
231,213,488 | 57,087,735 | 76,472,145 | |||||||||||||
| ||||||||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
$ | 231,266,048 | $ | 59,643,221 | $ | 77,729,411 | ||||||||||
|
(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 Fund |
$252,770 | $87,839 | $30,712 | $71,289 | $151,663 | $17,568 | $50,509 | $4,914 | $117,357 | $58,316 | $21,387 | $8,471 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Large Cap Value Insights Fund |
$64,588 | $30,640 | $2,900 | $10,370 | $38,753 | $6,128 | $8,971 | $464 | $46,277 | $22,746 | $3,111 | $6,057 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Small Cap Equity Insights Fund |
$34,431 | $16,971 | $1,449 | $9,052 | $20,658 | $3,394 | $21,518 | $232 | $24,586 | $14,050 | $2,716 | $18,511 |
44 | 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, 2024 (Unaudited) |
Small Cap Growth |
Small Cap Value Insights Fund |
U.S. Equity Insights Fund |
||||||||||||||
Investment income: | ||||||||||||||||
Dividends unaffiliated issuers (net of foreign withholding taxes of $2,307, $28,147 and $, respectively) | $ | 433,355 | $ | 9,337,823 | $ | 5,881,209 | ||||||||||
Securities lending income, net of rebates received or paid to borrowers affiliated issuer | 23,373 | 125,977 | 51 | |||||||||||||
Dividends affiliated issuers | 7,059 | 45,050 | 11,852 | |||||||||||||
| ||||||||||||||||
Total Investment Income |
463,787 | 9,508,850 | 5,893,112 | |||||||||||||
| ||||||||||||||||
Expenses: | ||||||||||||||||
Management fees |
455,298 | 3,532,298 | 2,526,833 | |||||||||||||
Distribution and/or Service (12b-1) fees(a) |
58,818 | 199,886 | 464,218 | |||||||||||||
Professional fees |
51,356 | 45,296 | 47,569 | |||||||||||||
Transfer Agency fees(a) |
51,099 | 289,854 | 389,299 | |||||||||||||
Registration fees |
30,580 | 68,985 | 68,599 | |||||||||||||
Printing and mailing costs |
22,500 | 46,351 | 21,377 | |||||||||||||
Custody, accounting and administrative services |
11,417 | 52,002 | 50,950 | |||||||||||||
Trustee fees |
9,733 | 10,748 | 10,712 | |||||||||||||
Service fees Class C |
3,672 | 3,620 | 17,076 | |||||||||||||
Shareholder Administration fees Service Shares |
| | 7,376 | |||||||||||||
Other |
5 | 9,571 | 1,343 | |||||||||||||
| ||||||||||||||||
Total expenses |
694,478 | 4,258,611 | 3,605,352 | |||||||||||||
| ||||||||||||||||
Less expense reductions |
(123,975 | ) | (219,111 | ) | (187,849 | ) | ||||||||||
| ||||||||||||||||
Net expenses |
570,503 | 4,039,500 | 3,417,503 | |||||||||||||
| ||||||||||||||||
NET INVESTMENT INCOME (LOSS) |
(106,716 | ) | 5,469,350 | 2,475,609 | ||||||||||||
| ||||||||||||||||
Realized and Unrealized gain (loss): | ||||||||||||||||
Net realized gain (loss) from: |
||||||||||||||||
Investments unaffiliated issuers |
6,314,080 | 49,960,302 | 64,055,693 | |||||||||||||
Futures contracts |
281,118 | 2,530,887 | 1,009,298 | |||||||||||||
Net change in unrealized gain (loss) on: |
||||||||||||||||
Investments unaffiliated issuers |
15,865,616 | 108,746,237 | 110,890,602 | |||||||||||||
Futures contracts |
(17,196 | ) | 1,265,989 | | ||||||||||||
| ||||||||||||||||
Net realized and unrealized gain |
22,443,618 | 162,503,415 | 175,955,593 | |||||||||||||
| ||||||||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
$ | 22,336,902 | $ | 167,972,765 | $ | 178,431,202 | ||||||||||
|
(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 Fund |
$39,201 | $11,015 | $ | $8,602 | $23,521 | $2,203 | $6,342 | $ | $12,244 | $1,211 | $2,581 | $2,997 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Small Cap Value Insights Fund |
$141,594 | $10,860 | $ | $47,432 | $84,957 | $2,172 | $61,034 | $ | $76,306 | $43,178 | $14,230 | $7,977 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Equity Insights Fund |
$386,140 | $51,228 | $7,376 | $19,474 | $231,687 | $10,246 | $55,535 | $1,180 | $38,717 | $3,790 | $5,842 | $42,302 |
The accompanying notes are an integral part of these financial statements. | 45 |
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, 2024 (Unaudited) |
For the Fiscal Year Ended October 31, 2023 |
For the Six Months Ended April 30, 2024 (Unaudited) |
For the Fiscal Year Ended October 31, 2023 |
|||||||||||||||||
From operations: | ||||||||||||||||||||
Net investment income |
$ | 52,560 | $ | 409,859 | $ | 2,555,486 | $ | 5,021,592 | ||||||||||||
Net realized gain |
83,462,009 | 88,609,528 | 19,445,443 | 11,015,180 | ||||||||||||||||
Net change in unrealized gain (loss) |
147,751,479 | 26,720,592 | 37,642,292 | (13,742,167 | ) | |||||||||||||||
| ||||||||||||||||||||
Net increase in net assets resulting from operations | 231,266,048 | 115,739,979 | 59,643,221 | 2,294,605 | ||||||||||||||||
| ||||||||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||
From distributable earnings: |
||||||||||||||||||||
Class A Shares |
(14,187,844 | ) | (30,529,280 | ) | (1,530,564 | ) | (1,816,486 | ) | ||||||||||||
Class C Shares |
(2,314,652 | ) | (5,201,782 | ) | (218,681 | ) | (228,181 | ) | ||||||||||||
Institutional Shares |
(16,404,919 | ) | (43,021,573 | ) | (1,326,602 | ) | (3,247,658 | ) | ||||||||||||
Service Shares |
(1,787,395 | ) | (3,311,373 | ) | (65,516 | ) | (104,733 | ) | ||||||||||||
Investor Shares |
(10,083,585 | ) | (20,289,833 | ) | (1,903,054 | ) | (2,483,113 | ) | ||||||||||||
Class R6 Shares |
(25,995,687 | ) | (35,438,862 | ) | (4,832,973 | ) | (2,922,586 | ) | ||||||||||||
Class R Shares |
(2,110,858 | ) | (3,837,407 | ) | (120,150 | ) | (141,799 | ) | ||||||||||||
Class P Shares |
(3,665,774 | ) | (6,910,344 | ) | (1,214,135 | ) | (1,710,618 | ) | ||||||||||||
| ||||||||||||||||||||
Total distributions to shareholders |
(76,550,714 | ) | (148,540,454 | ) | (11,211,675 | ) | (12,655,174 | ) | ||||||||||||
| ||||||||||||||||||||
From share transactions: | ||||||||||||||||||||
Proceeds from sales of shares |
124,906,231 | 317,730,246 | 13,902,626 | 106,309,376 | ||||||||||||||||
Reinvestment of distributions |
69,201,464 | 125,618,879 | 10,848,080 | 12,218,594 | ||||||||||||||||
Cost of shares redeemed |
(201,481,332 | ) | (406,338,014 | ) | (76,340,835 | ) | (107,953,385 | ) | ||||||||||||
| ||||||||||||||||||||
Net increase (decrease) in net assets resulting from share transactions | (7,373,637 | ) | 37,011,111 | (51,590,129 | ) | 10,574,585 | ||||||||||||||
| ||||||||||||||||||||
TOTAL INCREASE (DECREASE) |
147,341,697 | 4,210,636 | (3,158,583 | ) | 214,016 | |||||||||||||||
| ||||||||||||||||||||
Net Assets: | ||||||||||||||||||||
Beginning of period |
$ | 995,154,601 | $ | 990,943,965 | $ | 371,082,856 | $ | 370,868,840 | ||||||||||||
| ||||||||||||||||||||
End of period |
$ | 1,142,496,298 | $ | 995,154,601 | $ | 367,924,273 | $ | 371,082,856 | ||||||||||||
|
46 | 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 |
For the Fiscal Year Ended October 31, 2023 |
For the Six Months Ended April 30, 2024 (Unaudited) |
For the Fiscal Year Ended October 31, 2023 |
|||||||||||||||||
From operations: | ||||||||||||||||||||
Net investment income (loss) |
$ | 1,257,266 | $ | 2,886,984 | $ | (106,716 | ) | $ | (176,155 | ) | ||||||||||
Net realized gain |
26,194,759 | 8,675,604 | 6,595,198 | 4,972,329 | ||||||||||||||||
Net change in unrealized gain (loss) |
50,277,386 | (23,857,682 | ) | 15,848,420 | (7,699,897 | ) | ||||||||||||||
| ||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 77,729,411 | (12,295,094 | ) | 22,336,902 | (2,903,723 | ) | ||||||||||||||
| ||||||||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||
From distributable earnings: |
||||||||||||||||||||
Class A Shares |
(117,628 | ) | (155,026 | ) | | (58,136 | ) | |||||||||||||
Institutional Shares |
(824,051 | ) | (1,091,362 | ) | | (142,234 | ) | |||||||||||||
Service Shares |
(8,429 | ) | (8,258 | ) | | | ||||||||||||||
Investor Shares |
(239,906 | ) | (265,848 | ) | | (63,141 | ) | |||||||||||||
Class R6 Shares |
(812,645 | ) | (706,759 | ) | | (55,058 | ) | |||||||||||||
Class R Shares |
| (29,161 | ) | | | |||||||||||||||
Class P Shares |
(1,069,929 | ) | (1,051,530 | ) | | (19,555 | ) | |||||||||||||
From return of capital: |
||||||||||||||||||||
Class A Shares |
| | | (5,963 | ) | |||||||||||||||
Institutional Shares |
| | | (14,589 | ) | |||||||||||||||
Investor Shares |
| | | (6,477 | ) | |||||||||||||||
Class R6 Shares |
| | | (5,648 | ) | |||||||||||||||
Class P Shares |
| | | (2,006 | ) | |||||||||||||||
| ||||||||||||||||||||
Total distributions to shareholders |
(3,072,588 | ) | (3,307,944 | ) | | (372,807 | ) | |||||||||||||
| ||||||||||||||||||||
From share transactions: | ||||||||||||||||||||
Proceeds from sales of shares |
64,994,537 | 67,624,714 | 22,037,245 | 18,168,095 | ||||||||||||||||
Reinvestment of distributions |
3,025,536 | 3,257,973 | | 346,761 | ||||||||||||||||
Cost of shares redeemed |
(72,475,466 | ) | (182,907,367 | ) | (19,081,455 | ) | (55,225,047 | ) | ||||||||||||
| ||||||||||||||||||||
Net increase (decrease) in net assets resulting from share transactions | (4,455,393 | ) | (112,024,680 | ) | 2,955,790 | (36,710,191 | ) | |||||||||||||
| ||||||||||||||||||||
TOTAL INCREASE (DECREASE) |
70,201,430 | (127,627,718 | ) | 25,292,692 | (39,986,721 | ) | ||||||||||||||
| ||||||||||||||||||||
Net Assets: | ||||||||||||||||||||
Beginning of period |
$ | 324,125,315 | $ | 451,753,033 | $ | 88,403,112 | $ | 128,389,833 | ||||||||||||
| ||||||||||||||||||||
End of period |
$ | 394,326,745 | $ | 324,125,315 | $ | 113,695,804 | $ | 88,403,112 | ||||||||||||
|
The accompanying notes are an integral part of these financial statements. | 47 |
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, 2024 (Unaudited) |
For the Fiscal Year Ended October 31, 2023 |
For the Six Months Ended April 30, 2024 (Unaudited) |
For the Fiscal Year Ended October 31, 2023 |
|||||||||||||||||
From operations: | ||||||||||||||||||||
Net investment income |
$ | 5,469,350 | $ | 14,885,608 | $ | 2,475,609 | $ | 5,808,182 | ||||||||||||
Net realized gain |
52,491,189 | 1,070,178 | 65,064,991 | 48,964,086 | ||||||||||||||||
Net change in unrealized gain (loss) |
110,012,226 | (79,458,373 | ) | 110,890,602 | 5,509,860 | |||||||||||||||
| ||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 167,972,765 | (63,502,587 | ) | 178,431,202 | 60,282,128 | |||||||||||||||
| ||||||||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||
From distributable earnings: |
||||||||||||||||||||
Class A Shares |
(2,135,387 | ) | (4,007,688 | ) | (7,596,194 | ) | (2,023,196 | ) | ||||||||||||
Class C Shares |
(86,314 | ) | (240,343 | ) | (342,909 | ) | (11,372 | ) | ||||||||||||
Institutional Shares |
(4,379,286 | ) | (8,353,206 | ) | (7,331,833 | ) | (2,676,309 | ) | ||||||||||||
Service Shares |
| | (136,245 | ) | (26,865 | ) | ||||||||||||||
Investor Shares |
(1,665,993 | ) | (8,237,683 | ) | (1,360,524 | ) | (1,093,421 | ) | ||||||||||||
Class R6 Shares |
(4,104,364 | ) | (6,994,510 | ) | (654,438 | ) | (187,390 | ) | ||||||||||||
Class R Shares |
(324,677 | ) | (596,597 | ) | (169,826 | ) | | |||||||||||||
Class P Shares |
(804,361 | ) | (1,225,556 | ) | (7,532,922 | ) | (2,535,758 | ) | ||||||||||||
| ||||||||||||||||||||
Total distributions to shareholders |
(13,500,382 | ) | (29,655,583 | ) | (25,124,891 | ) | (8,554,311 | ) | ||||||||||||
| ||||||||||||||||||||
From share transactions: | ||||||||||||||||||||
Proceeds from sales of shares |
101,037,305 | 219,763,598 | 43,821,615 | 123,346,931 | ||||||||||||||||
Reinvestment of distributions |
13,072,090 | 29,068,208 | 24,656,944 | 8,433,552 | ||||||||||||||||
Cost of shares redeemed |
(245,134,786 | ) | (473,836,087 | ) | (81,455,092 | ) | (299,805,688 | ) | ||||||||||||
| ||||||||||||||||||||
Net decrease in net assets resulting from share transactions | (131,025,391 | ) | (225,004,281 | ) | (12,976,533 | ) | (168,025,205 | ) | ||||||||||||
| ||||||||||||||||||||
TOTAL INCREASE (DECREASE) |
23,446,992 | (318,162,451 | ) | 140,329,778 | (116,297,388 | ) | ||||||||||||||
| ||||||||||||||||||||
Net Assets: | ||||||||||||||||||||
Beginning of period |
$ | 825,611,525 | $ | 1,143,773,976 | $ | 857,606,886 | $ | 973,904,274 | ||||||||||||
| ||||||||||||||||||||
End of period |
$ | 849,058,517 | $ | 825,611,525 | $ | 997,936,664 | $ | 857,606,886 | ||||||||||||
|
48 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND
Large Cap Growth Insights Fund | |||||||||||||||||||||||||||||||||||||
Class A Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 23.95 | $ | 25.20 | $ | 48.76 | $ | 37.63 | $ | 31.54 | $ | 31.05 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment income (loss)(a) |
(0.03 | ) | (0.04 | ) | 0.03 | (b) | (0.09 | ) | | (c) | 0.10 | ||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
5.46 | 2.88 | (8.25 | ) | 15.02 | 7.31 | 3.00 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
5.43 | 2.84 | (8.22 | ) | 14.93 | 7.31 | 3.10 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
| (0.02 | ) | | | (0.10 | ) | (0.09 | ) | ||||||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
(1.94 | ) | (4.07 | ) | (15.34 | ) | (3.80 | ) | (1.12 | ) | (2.52 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total distributions |
(1.94 | ) | (4.09 | ) | (15.34 | ) | (3.80 | ) | (1.22 | ) | (2.61 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 27.44 | $ | 23.95 | $ | 25.20 | $ | 48.76 | $ | 37.63 | $ | 31.54 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total Return(d) |
23.38 | % | 13.11 | % | (24.27 | )% | 42.69 | % | 23.84 | % | 11.28 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 203,535 | $ | 177,858 | $ | 211,454 | $ | 336,453 | $ | 286,777 | $ | 301,506 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
0.90 | %(e) | 0.96 | % | 0.92 | % | 0.91 | % | 0.92 | % | 0.93 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
0.94 | %(e) | 1.00 | % | 0.96 | % | 0.94 | % | 0.95 | % | 0.97 | % | |||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets |
(0.23 | )%(e) | (0.17 | )% | 0.10 | %(b) | (0.21 | )% | (0.01 | )% | 0.33 | % | |||||||||||||||||||||||||
Portfolio turnover rate(f) |
102 | % | 206 | % | 200 | % | 214 | % | 218 | % | 192 | % | |||||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounts to $0.10 per share and 0.32% 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. | 49 |
GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
Large Cap Growth Insights Fund | |||||||||||||||||||||||||||||||||||||
Class C Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 17.56 | $ | 19.65 | $ | 41.64 | $ | 32.87 | $ | 27.79 | $ | 27.78 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment loss(a) |
(0.09 | ) | (0.16 | ) | (0.15 | )(b) | (0.35 | ) | (0.23 | ) | (0.10 | ) | |||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
3.95 | 2.14 | (6.50 | ) | 12.92 | 6.43 | 2.63 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
3.86 | 1.98 | (6.65 | ) | 12.57 | 6.20 | 2.53 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
(1.94 | ) | (4.07 | ) | (15.34 | ) | (3.80 | ) | (1.12 | ) | (2.52 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 19.48 | $ | 17.56 | $ | 19.65 | $ | 41.64 | $ | 32.87 | $ | 27.79 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total Return(c) |
22.91 | % | 12.28 | % | (24.84 | )% | 41.59 | % | 22.97 | % | 10.42 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 22,928 | $ | 21,113 | $ | 26,260 | $ | 47,078 | $ | 41,838 | $ | 42,004 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
1.65 | %(d) | 1.71 | % | 1.67 | % | 1.66 | % | 1.67 | % | 1.68 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
1.69 | %(d) | 1.75 | % | 1.71 | % | 1.69 | % | 1.70 | % | 1.72 | % | |||||||||||||||||||||||||
Ratio of net investment loss to average net assets |
(0.97 | )%(d) | (0.91 | )% | (0.64 | )%(b) | (0.96 | )% | (0.76 | )% | (0.40 | )% | |||||||||||||||||||||||||
Portfolio turnover rate(e) |
102 | % | 206 | % | 200 | % | 214 | % | 218 | % | 192 | % | |||||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounts to $0.10 per share and 0.32% 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. |
50 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
Large Cap Growth Insights Fund | |||||||||||||||||||||||||||||||||||||
Institutional Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 25.90 | $ | 26.92 | $ | 50.98 | $ | 39.16 | $ | 32.77 | $ | 32.17 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.02 | 0.05 | 0.21 | (b) | 0.07 | 0.13 | 0.23 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
5.91 | 3.10 | (8.85 | ) | 15.66 | 7.61 | 3.09 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
5.93 | 3.15 | (8.64 | ) | 15.73 | 7.74 | 3.32 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.02 | ) | (0.10 | ) | (0.08 | ) | (0.11 | ) | (0.23 | ) | (0.20 | ) | |||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
(1.94 | ) | (4.07 | ) | (15.34 | ) | (3.80 | ) | (1.12 | ) | (2.52 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total distributions |
(1.96 | ) | (4.17 | ) | (15.42 | ) | (3.91 | ) | (1.35 | ) | (2.72 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 29.87 | $ | 25.90 | $ | 26.92 | $ | 50.98 | $ | 39.16 | $ | 32.77 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total Return(c) |
23.62 | % | 13.51 | % | (24.00 | )% | 43.18 | % | 24.33 | % | 11.70 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 236,864 | $ | 221,330 | $ | 295,292 | $ | 893,602 | $ | 741,893 | $ | 760,316 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
0.54 | %(d) | 0.59 | % | 0.55 | % | 0.54 | % | 0.54 | % | 0.54 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
0.58 | %(d) | 0.63 | % | 0.59 | % | 0.57 | % | 0.58 | % | 0.58 | % | |||||||||||||||||||||||||
Ratio of net investment income to average net assets |
0.14 | %(d) | 0.20 | % | 0.64 | %(b) | 0.16 | % | 0.36 | % | 0.72 | % | |||||||||||||||||||||||||
Portfolio turnover rate(e) |
102 | % | 206 | % | 200 | % | 214 | % | 218 | % | 192 | % | |||||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounts to $0.10 per share and 0.32% 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. | 51 |
GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
Large Cap Growth Insights Fund | |||||||||||||||||||||||||||||||||||||
Service Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 23.04 | $ | 24.42 | $ | 47.77 | $ | 36.98 | $ | 31.02 | $ | 30.53 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment income (loss)(a) |
(0.05 | ) | (0.07 | ) | | (b)(c) | (0.14 | ) | (0.05 | ) | 0.07 | ||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
5.26 | 2.77 | (8.01 | ) | 14.73 | 7.20 | 2.95 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
5.21 | 2.70 | (8.01 | ) | 14.59 | 7.15 | 3.02 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
| (0.01 | ) | | | (0.07 | ) | (0.01 | ) | ||||||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
(1.94 | ) | (4.07 | ) | (15.34 | ) | (3.80 | ) | (1.12 | ) | (2.52 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total distributions |
(1.94 | ) | (4.08 | ) | (15.34 | ) | (3.80 | ) | (1.19 | ) | (2.53 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 26.31 | $ | 23.04 | $ | 24.42 | $ | 47.77 | $ | 36.98 | $ | 31.02 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total Return(d) |
23.34 | % | 12.91 | % | (24.36 | )% | 42.50 | % | 23.68 | % | 11.15 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 25,619 | $ | 21,347 | $ | 19,093 | $ | 34,280 | $ | 47,346 | $ | 50,445 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
1.04 | %(e) | 1.09 | % | 1.05 | % | 1.04 | % | 1.04 | % | 1.04 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
1.07 | %(e) | 1.13 | % | 1.09 | % | 1.07 | % | 1.08 | % | 1.08 | % | |||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets |
(0.37 | )%(e) | (0.33 | )% | 0.01 | %(b) | (0.34 | )% | (0.13 | )% | 0.22 | % | |||||||||||||||||||||||||
Portfolio turnover rate(f) |
102 | % | 206 | % | 200 | % | 214 | % | 218 | % | 192 | % | |||||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounts to $0.10 per share and 0.32% 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. |
52 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
Large Cap Growth Insights Fund | |||||||||||||||||||||||||||||||||||||
Investor Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 23.39 | $ | 24.70 | $ | 48.07 | $ | 37.12 | $ | 31.13 | $ | 30.69 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment income(a) |
| (b) | 0.01 | 0.11 | (c) | 0.02 | 0.09 | 0.17 | |||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
5.33 | 2.82 | (8.09 | ) | 14.80 | 7.21 | 2.95 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
5.33 | 2.83 | (7.98 | ) | 14.82 | 7.30 | 3.12 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
| (0.07 | ) | (0.05 | ) | (0.07 | ) | (0.19 | ) | (0.16 | ) | ||||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
(1.94 | ) | (4.07 | ) | (15.34 | ) | (3.80 | ) | (1.12 | ) | (2.52 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total distributions |
(1.94 | ) | (4.14 | ) | (15.39 | ) | (3.87 | ) | (1.31 | ) | (2.68 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 26.78 | $ | 23.39 | $ | 24.70 | $ | 48.07 | $ | 37.12 | $ | 31.13 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total Return(d) |
23.56 | % | 13.41 | % | (24.10 | )% | 43.03 | % | 24.17 | % | 11.56 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 171,936 | $ | 131,787 | $ | 137,645 | $ | 271,096 | $ | 308,107 | $ | 401,677 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
0.65 | %(e) | 0.71 | % | 0.67 | % | 0.66 | % | 0.67 | % | 0.68 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
0.68 | %(e) | 0.75 | % | 0.71 | % | 0.69 | % | 0.70 | % | 0.72 | % | |||||||||||||||||||||||||
Ratio of net investment income to average net assets |
0.01 | %(e) | 0.06 | % | 0.36 | %(c) | 0.04 | % | 0.26 | % | 0.58 | % | |||||||||||||||||||||||||
Portfolio turnover rate(f) |
102 | % | 206 | % | 200 | % | 214 | % | 218 | % | 192 | % | |||||||||||||||||||||||||
|
(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 amounts to $0.10 per share and 0.32% 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. | 53 |
GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
Large Cap Growth Insights Fund | |||||||||||||||||||||||||||||||||||||
Class R6 Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 25.86 | $ | 26.90 | $ | 50.95 | $ | 39.14 | $ | 32.75 | $ | 32.15 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.02 | 0.04 | 0.15 | (b) | 0.08 | 0.13 | 0.23 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
5.92 | 3.10 | (8.76 | ) | 15.65 | 7.61 | 3.10 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
5.94 | 3.14 | (8.61 | ) | 15.73 | 7.74 | 3.33 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.03 | ) | (0.11 | ) | (0.10 | ) | (0.12 | ) | (0.23 | ) | (0.21 | ) | |||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
(1.94 | ) | (4.07 | ) | (15.34 | ) | (3.80 | ) | (1.12 | ) | (2.52 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total distributions |
(1.97 | ) | (4.18 | ) | (15.44 | ) | (3.92 | ) | (1.35 | ) | (2.73 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 29.83 | $ | 25.86 | $ | 26.90 | $ | 50.95 | $ | 39.14 | $ | 32.75 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total Return(c) |
23.63 | % | 13.50 | % | (23.97 | )% | 43.19 | % | 24.36 | % | 11.72 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 393,583 | $ | 347,130 | $ | 225,067 | $ | 295,157 | $ | 373,079 | $ | 313,461 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
0.53 | %(d) | 0.58 | % | 0.54 | % | 0.53 | % | 0.53 | % | 0.53 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
0.57 | %(d) | 0.62 | % | 0.58 | % | 0.56 | % | 0.57 | % | 0.57 | % | |||||||||||||||||||||||||
Ratio of net investment income to average net assets |
0.14 | %(d) | 0.18 | % | 0.48 | %(b) | 0.17 | % | 0.36 | % | 0.75 | % | |||||||||||||||||||||||||
Portfolio turnover rate(e) |
102 | % | 206 | % | 200 | % | 214 | % | 218 | % | 192 | % | |||||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounts to $0.10 per share and 0.32% 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 Data for a Share Outstanding Throughout Each Period |
Large Cap Growth Insights Fund | |||||||||||||||||||||||||||||||||||||
Class R Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 22.45 | $ | 23.91 | $ | 47.14 | $ | 36.58 | $ | 30.73 | $ | 30.30 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment income (loss)(a) |
(0.06 | ) | (0.10 | ) | (0.05 | )(b) | (0.19 | ) | (0.08 | ) | 0.02 | ||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
5.11 | 2.71 | (7.84 | ) | 14.55 | 7.12 | 2.93 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
5.05 | 2.61 | (7.89 | ) | 14.36 | 7.04 | 2.95 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
| | | | (0.07 | ) | | ||||||||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
(1.94 | ) | (4.07 | ) | (15.34 | ) | (3.80 | ) | (1.12 | ) | (2.52 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total distributions |
(1.94 | ) | (4.07 | ) | (15.34 | ) | (3.80 | ) | (1.19 | ) | (2.52 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 25.56 | $ | 22.45 | $ | 23.91 | $ | 47.14 | $ | 36.58 | $ | 30.73 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total Return(c) |
23.24 | % | 12.80 | % | (24.46 | )% | 42.33 | % | 23.55 | % | 10.98 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 29,723 | $ | 25,326 | $ | 22,666 | $ | 30,111 | $ | 27,314 | $ | 34,397 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
1.15 | %(d) | 1.21 | % | 1.17 | % | 1.16 | % | 1.17 | % | 1.18 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
1.19 | %(d) | 1.25 | % | 1.21 | % | 1.19 | % | 1.20 | % | 1.22 | % | |||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets |
(0.48 | )%(d) | (0.44 | )% | (0.17 | )%(b) | (0.46 | )% | (0.25 | )% | 0.05 | % | |||||||||||||||||||||||||
Portfolio turnover rate(e) |
102 | % | 206 | % | 200 | % | 214 | % | 218 | % | 192 | % | |||||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounts to $0.10 per share and 0.32% 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 Data for a Share Outstanding Throughout Each Period |
Large Cap Growth Insights Fund | |||||||||||||||||||||||||||||||||||||
Class P Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 25.84 | $ | 26.87 | $ | 50.93 | $ | 39.12 | $ | 32.74 | $ | 32.15 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.02 | 0.05 | 0.15 | (b) | 0.07 | 0.13 | 0.22 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
5.91 | 3.10 | (8.78 | ) | 15.66 | 7.61 | 3.10 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
5.93 | 3.15 | (8.63 | ) | 15.73 | 7.74 | 3.32 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.03 | ) | (0.11 | ) | (0.09 | ) | (0.12 | ) | (0.24 | ) | (0.21 | ) | |||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
(1.94 | ) | (4.07 | ) | (15.34 | ) | (3.80 | ) | (1.12 | ) | (2.52 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total distributions |
(1.97 | ) | (4.18 | ) | (15.43 | ) | (3.92 | ) | (1.36 | ) | (2.73 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 29.80 | $ | 25.84 | $ | 26.87 | $ | 50.93 | $ | 39.12 | $ | 32.74 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total Return(c) |
23.60 | % | 13.55 | % | (24.00 | )% | 43.21 | % | 24.34 | % | 11.71 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 58,308 | $ | 49,264 | $ | 53,467 | $ | 78,307 | $ | 59,286 | $ | 49,099 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
0.53 | %(d) | 0.58 | % | 0.54 | % | 0.53 | % | 0.53 | % | 0.53 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
0.57 | %(d) | 0.62 | % | 0.58 | % | 0.56 | % | 0.57 | % | 0.57 | % | |||||||||||||||||||||||||
Ratio of net investment income to average net assets |
0.14 | %(d) | 0.19 | % | 0.47 | %(b) | 0.17 | % | 0.36 | % | 0.71 | % | |||||||||||||||||||||||||
Portfolio turnover rate(e) |
102 | % | 206 | % | 200 | % | 214 | % | 218 | % | 192 | % | |||||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounts to $0.10 per share and 0.32% 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 VALUE INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
Large Cap Value Insights Fund | |||||||||||||||||||||||||||||||||||||
Class A Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 20.74 | $ | 21.53 | $ | 27.15 | $ | 19.23 | $ | 21.27 | $ | 21.59 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.13 | 0.26 | 0.24 | (b) | 0.22 | (c) | 0.25 | 0.28 | |||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
3.49 | (0.33 | ) | (1.47 | ) | 7.98 | (2.03 | ) | 0.75 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
3.62 | (0.07 | ) | (1.23 | ) | 8.20 | (1.78 | ) | 1.03 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.15 | ) | (0.26 | ) | (0.24 | ) | (0.28 | ) | (0.26 | ) | (0.29 | ) | |||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
(0.53 | ) | (0.46 | ) | (4.15 | ) | | | (1.06 | ) | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total distributions |
(0.68 | ) | (0.72 | ) | (4.39 | ) | (0.28 | ) | (0.26 | ) | (1.35 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 23.68 | $ | 20.74 | $ | 21.53 | $ | 27.15 | $ | 19.23 | $ | 21.27 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total Return(d) |
17.64 | % | (0.47 | )% | (5.42 | )% | 42.87 | % | (8.34 | )% | 5.30 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 52,151 | $ | 47,338 | $ | 55,887 | $ | 62,575 | $ | 47,125 | $ | 65,556 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
0.92 | %(e) | 0.93 | % | 0.93 | % | 0.93 | % | 0.94 | % | 0.95 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
1.01 | %(e) | 1.02 | % | 1.01 | % | 1.03 | % | 1.05 | % | 1.07 | % | |||||||||||||||||||||||||
Ratio of net investment income to average net assets |
1.14 | %(e) | 1.21 | % | 1.04 | %(b) | 0.87 | %(c) | 1.26 | % | 1.36 | % | |||||||||||||||||||||||||
Portfolio turnover rate(f) |
102 | % | 208 | % | 209 | % | 215 | % | 212 | % | 225 | % | |||||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounts to $0.05 per share and 0.24% of average net assets. |
(c) | Reflects income recognized from special dividends which amounts 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. | 57 |
GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
Large Cap Value Insights Fund | |||||||||||||||||||||||||||||||||||||
Class C Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 20.51 | $ | 21.29 | $ | 26.90 | $ | 19.05 | $ | 21.06 | $ | 21.39 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.04 | 0.10 | 0.07 | (b) | 0.04 | (c) | 0.10 | 0.12 | |||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
3.45 | (0.33 | ) | (1.46 | ) | 7.91 | (2.01 | ) | 0.75 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
3.49 | (0.23 | ) | (1.39 | ) | 7.95 | (1.91 | ) | 0.87 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.07 | ) | (0.09 | ) | (0.07 | ) | (0.10 | ) | (0.10 | ) | (0.14 | ) | |||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
(0.53 | ) | (0.46 | ) | (4.15 | ) | | | (1.06 | ) | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total distributions |
(0.60 | ) | (0.55 | ) | (4.22 | ) | (0.10 | ) | (0.10 | ) | (1.20 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 23.40 | $ | 20.51 | $ | 21.29 | $ | 26.90 | $ | 19.05 | $ | 21.06 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total Return(d) |
17.18 | % | (1.20 | )% | (6.14 | )% | 41.85 | % | (9.02 | )% | 4.53 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 8,210 | $ | 7,544 | $ | 8,955 | $ | 10,713 | $ | 8,773 | $ | 12,694 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
1.67 | %(e) | 1.68 | % | 1.68 | % | 1.68 | % | 1.69 | % | 1.70 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
1.76 | %(e) | 1.77 | % | 1.76 | % | 1.78 | % | 1.80 | % | 1.82 | % | |||||||||||||||||||||||||
Ratio of net investment income to average net assets |
0.40 | %(e) | 0.46 | % | 0.32 | %(b) | 0.16 | %(c) | 0.52 | % | 0.61 | % | |||||||||||||||||||||||||
Portfolio turnover rate(f) |
102 | % | 208 | % | 209 | % | 215 | % | 212 | % | 225 | % | |||||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounts to $0.05 per share and 0.24% of average net assets. |
(c) | Reflects income recognized from special dividends which amounts 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. |
58 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
Large Cap Value Insights Fund | |||||||||||||||||||||||||||||||||||||
Institutional Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 20.70 | $ | 21.49 | $ | 27.11 | $ | 19.20 | $ | 21.24 | $ | 21.57 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.17 | 0.34 | 0.32 | (b) | 0.31 | (c) | 0.33 | 0.36 | |||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
3.49 | (0.33 | ) | (1.47 | ) | 7.97 | (2.04 | ) | 0.74 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
3.66 | 0.01 | (1.15 | ) | 8.28 | (1.71 | ) | 1.10 | |||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.19 | ) | (0.34 | ) | (0.32 | ) | (0.37 | ) | (0.33 | ) | (0.37 | ) | |||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
(0.53 | ) | (0.46 | ) | (4.15 | ) | | | (1.06 | ) | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total distributions |
(0.72 | ) | (0.80 | ) | (4.47 | ) | (0.37 | ) | (0.33 | ) | (1.43 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 23.64 | $ | 20.70 | $ | 21.49 | $ | 27.11 | $ | 19.20 | $ | 21.24 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total Return(d) |
17.86 | % | (0.10 | )% | (5.08 | )% | 43.40 | % | (7.98 | )% | 5.68 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 42,556 | $ | 74,799 | $ | 93,154 | $ | 114,706 | $ | 88,472 | $ | 120,417 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
0.56 | %(e) | 0.57 | % | 0.56 | % | 0.56 | % | 0.56 | % | 0.57 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
0.65 | %(e) | 0.66 | % | 0.64 | % | 0.66 | % | 0.67 | % | 0.68 | % | |||||||||||||||||||||||||
Ratio of net investment income to average net assets |
1.52 | %(e) | 1.58 | % | 1.43 | %(b) | 1.26 | %(c) | 1.64 | % | 1.74 | % | |||||||||||||||||||||||||
Portfolio turnover rate(f) |
102 | % | 208 | % | 209 | % | 215 | % | 212 | % | 225 | % | |||||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounts to $0.05 per share and 0.24% of average net assets. |
(c) | Reflects income recognized from special dividends which amounts 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 Data for a Share Outstanding Throughout Each Period |
Large Cap Value Insights Fund | |||||||||||||||||||||||||||||||||||||
Service Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 20.87 | $ | 21.66 | $ | 27.28 | $ | 19.32 | $ | 21.36 | $ | 21.67 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.11 | 0.24 | 0.21 | (b) | 0.19 | (c) | 0.23 | 0.27 | |||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
3.51 | (0.35 | ) | (1.48 | ) | 8.02 | (2.04 | ) | 0.75 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
3.62 | (0.11 | ) | (1.27 | ) | 8.21 | (1.81 | ) | 1.02 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.13 | ) | (0.22 | ) | (0.20 | ) | (0.25 | ) | (0.23 | ) | (0.27 | ) | |||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
(0.53 | ) | (0.46 | ) | (4.15 | ) | | | (1.06 | ) | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total distributions |
(0.66 | ) | (0.68 | ) | (4.35 | ) | (0.25 | ) | (0.23 | ) | (1.33 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 23.83 | $ | 20.87 | $ | 21.66 | $ | 27.28 | $ | 19.32 | $ | 21.36 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total Return(d) |
17.55 | % | (0.62 | )% | (5.55 | )% | 42.68 | % | (8.44 | )% | 5.19 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 2,531 | $ | 2,092 | $ | 3,756 | $ | 6,769 | $ | 5,230 | $ | 7,554 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
1.06 | %(e) | 1.07 | % | 1.06 | % | 1.06 | % | 1.06 | % | 1.07 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
1.15 | %(e) | 1.16 | % | 1.14 | % | 1.16 | % | 1.17 | % | 1.18 | % | |||||||||||||||||||||||||
Ratio of net investment income to average net assets |
0.99 | %(e) | 1.11 | % | 0.93 | %(b) | 0.76 | %(c) | 1.13 | % | 1.28 | % | |||||||||||||||||||||||||
Portfolio turnover rate(f) |
102 | % | 208 | % | 209 | % | 215 | % | 212 | % | 225 | % | |||||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounts to $0.05 per share and 0.24% of average net assets. |
(c) | Reflects income recognized from special dividends which amounts 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 Data for a Share Outstanding Throughout Each Period |
Large Cap Value Insights Fund | |||||||||||||||||||||||||||||||||||||
Investor Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 20.64 | $ | 21.43 | $ | 27.04 | $ | 19.15 | $ | 21.18 | $ | 21.51 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.16 | 0.32 | 0.30 | (b) | 0.28 | (c) | 0.31 | 0.32 | |||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
3.47 | (0.34 | ) | (1.47 | ) | 7.95 | (2.03 | ) | 0.76 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
3.63 | (0.02 | ) | (1.17 | ) | 8.23 | (1.72 | ) | 1.08 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.18 | ) | (0.31 | ) | (0.29 | ) | (0.34 | ) | (0.31 | ) | (0.35 | ) | |||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
(0.53 | ) | (0.46 | ) | (4.15 | ) | | | (1.06 | ) | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total distributions |
(0.71 | ) | (0.77 | ) | (4.44 | ) | (0.34 | ) | (0.31 | ) | (1.41 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 23.56 | $ | 20.64 | $ | 21.43 | $ | 27.04 | $ | 19.15 | $ | 21.18 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total Return(d) |
17.76 | % | (0.22 | )% | (5.17 | )% | 43.24 | % | (8.09 | )% | 5.55 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 62,616 | $ | 55,448 | $ | 74,490 | $ | 91,133 | $ | 70,302 | $ | 134,069 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
0.67 | %(e) | 0.68 | % | 0.68 | % | 0.68 | % | 0.69 | % | 0.70 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
0.76 | %(e) | 0.78 | % | 0.76 | % | 0.78 | % | 0.80 | % | 0.82 | % | |||||||||||||||||||||||||
Ratio of net investment income to average net assets |
1.39 | %(e) | 1.47 | % | 1.31 | %(b) | 1.13 | %(c) | 1.54 | % | 1.58 | % | |||||||||||||||||||||||||
Portfolio turnover rate(f) |
102 | % | 208 | % | 209 | % | 215 | % | 212 | % | 225 | % | |||||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounts to $0.05 per share and 0.24% of average net assets. |
(c) | Reflects income recognized from special dividends which amounts 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 Data for a Share Outstanding Throughout Each Period |
Large Cap Value Insights Fund | |||||||||||||||||||||||||||||||||||||
Class R6 Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 20.70 | $ | 21.49 | $ | 27.11 | $ | 19.20 | $ | 21.24 | $ | 21.56 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.17 | 0.34 | 0.32 | (b) | 0.31 | (c) | 0.32 | 0.40 | |||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
3.49 | (0.33 | ) | (1.47 | ) | 7.98 | (2.02 | ) | 0.72 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
3.66 | 0.01 | (1.15 | ) | 8.29 | (1.70 | ) | 1.12 | |||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.19 | ) | (0.34 | ) | (0.32 | ) | (0.38 | ) | (0.34 | ) | (0.38 | ) | |||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
(0.53 | ) | (0.46 | ) | (4.15 | ) | | | (1.06 | ) | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total distributions |
(0.72 | ) | (0.80 | ) | (4.47 | ) | (0.38 | ) | (0.34 | ) | (1.44 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 23.64 | $ | 20.70 | $ | 21.49 | $ | 27.11 | $ | 19.20 | $ | 21.24 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total Return(d) |
17.88 | % | (0.09 | )% | (5.07 | )% | 43.42 | % | (7.97 | )% | 5.73 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 154,779 | $ | 138,745 | $ | 82,457 | $ | 79,348 | $ | 65,692 | $ | 73,981 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
0.55 | %(e) | 0.56 | % | 0.55 | % | 0.55 | % | 0.55 | % | 0.55 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
0.64 | %(e) | 0.65 | % | 0.63 | % | 0.65 | % | 0.66 | % | 0.66 | % | |||||||||||||||||||||||||
Ratio of net investment income to average net assets |
1.51 | %(e) | 1.58 | % | 1.43 | %(b) | 1.26 | %(c) | 1.63 | % | 1.84 | % | |||||||||||||||||||||||||
Portfolio turnover rate(f) |
102 | % | 208 | % | 209 | % | 215 | % | 212 | % | 225 | % | |||||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounts to $0.05 per share and 0.24% of average net assets. |
(c) | Reflects income recognized from special dividends which amounts 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 Data for a Share Outstanding Throughout Each Period |
Large Cap Value Insights Fund | |||||||||||||||||||||||||||||||||||||
Class R Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 20.56 | $ | 21.35 | $ | 26.96 | $ | 19.09 | $ | 21.12 | $ | 21.45 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.10 | 0.21 | 0.18 | (b) | 0.16 | (c) | 0.19 | 0.23 | |||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
3.46 | (0.34 | ) | (1.46 | ) | 7.93 | (2.01 | ) | 0.74 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
3.56 | (0.13 | ) | (1.28 | ) | 8.09 | (1.82 | ) | 0.97 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.13 | ) | (0.20 | ) | (0.18 | ) | (0.22 | ) | (0.21 | ) | (0.24 | ) | |||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
(0.53 | ) | (0.46 | ) | (4.15 | ) | | | (1.06 | ) | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total distributions |
(0.66 | ) | (0.66 | ) | (4.33 | ) | (0.22 | ) | (0.21 | ) | (1.30 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 23.46 | $ | 20.56 | $ | 21.35 | $ | 26.96 | $ | 19.09 | $ | 21.12 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total Return(d) |
17.48 | % | (0.73 | )% | (5.66 | )% | 42.57 | % | (8.58 | )% | 5.01 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 4,453 | $ | 3,313 | $ | 4,764 | $ | 5,450 | $ | 4,885 | $ | 5,189 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
1.17 | %(e) | 1.18 | % | 1.18 | % | 1.18 | % | 1.19 | % | 1.20 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
1.26 | %(e) | 1.28 | % | 1.26 | % | 1.28 | % | 1.30 | % | 1.32 | % | |||||||||||||||||||||||||
Ratio of net investment income to average net assets |
0.88 | %(e) | 0.98 | % | 0.81 | %(b) | 0.64 | %(c) | 0.99 | % | 1.12 | % | |||||||||||||||||||||||||
Portfolio turnover rate(f) |
102 | % | 208 | % | 209 | % | 215 | % | 212 | % | 225 | % | |||||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounts to $0.05 per share and 0.24% of average net assets. |
(c) | Reflects income recognized from special dividends which amounts 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 Data for a Share Outstanding Throughout Each Period |
Large Cap Value Insights Fund | |||||||||||||||||||||||||||||||||||||
Class P Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 20.69 | $ | 21.48 | $ | 27.10 | $ | 19.19 | $ | 21.23 | $ | 21.55 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.17 | 0.34 | 0.32 | (b) | 0.30 | (c) | 0.32 | 0.36 | |||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
3.48 | (0.33 | ) | (1.47 | ) | 7.99 | (2.02 | ) | 0.76 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
3.65 | 0.01 | (1.15 | ) | 8.29 | (1.70 | ) | 1.12 | |||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.19 | ) | (0.34 | ) | (0.32 | ) | (0.38 | ) | (0.34 | ) | (0.38 | ) | |||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
(0.53 | ) | (0.46 | ) | (4.15 | ) | | | (1.06 | ) | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total distributions |
(0.72 | ) | (0.80 | ) | (4.47 | ) | (0.38 | ) | (0.34 | ) | (1.44 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 23.62 | $ | 20.69 | $ | 21.48 | $ | 27.10 | $ | 19.19 | $ | 21.23 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total Return(d) |
17.84 | % | (0.09 | )% | (5.07 | )% | 43.44 | % | (7.97 | )% | 5.74 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 40,628 | $ | 41,804 | $ | 47,406 | $ | 46,078 | $ | 30,086 | $ | 33,601 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
0.55 | %(e) | 0.56 | % | 0.55 | % | 0.55 | % | 0.55 | % | 0.56 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
0.64 | %(e) | 0.65 | % | 0.63 | % | 0.65 | % | 0.66 | % | 0.67 | % | |||||||||||||||||||||||||
Ratio of net investment income to average net assets |
1.51 | %(e) | 1.58 | % | 1.42 | %(b) | 1.23 | %(c) | 1.63 | % | 1.75 | % | |||||||||||||||||||||||||
Portfolio turnover rate(f) |
102 | % | 208 | % | 209 | % | 215 | % | 212 | % | 225 | % | |||||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounts to $0.05 per share and 0.24% of average net assets. |
(c) | Reflects income recognized from special dividends which amounts 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 SMALL CAP EQUITY INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
Small Cap Equity Insights Fund | |||||||||||||||||||||||||||||||||||||
Class A Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 20.59 | $ | 21.70 | $ | 35.35 | $ | 22.96 | $ | 25.62 | $ | 25.74 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment income (loss)(a) |
0.04 | 0.10 | (b) | 0.05 | (c) | (0.04 | ) | (0.01 | ) | 0.05 | |||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
4.66 | (1.11 | ) | (5.10 | ) | 12.48 | (2.60 | ) | 1.23 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
4.70 | (1.01 | ) | (5.05 | ) | 12.44 | (2.61 | ) | 1.28 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.10 | ) | (0.10 | ) | | (0.05 | ) | (0.05 | ) | | |||||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| | (8.60 | ) | | | (1.40 | ) | |||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total distributions |
(0.10 | ) | (0.10 | ) | (8.60 | ) | (0.05 | ) | (0.05 | ) | (1.40 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 25.19 | $ | 20.59 | $ | 21.70 | $ | 35.35 | $ | 22.96 | $ | 25.62 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total Return(d) |
22.86 | % | (4.64 | )% | (17.64 | )% | 54.23 | % | (10.18 | )% | 5.64 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 28,051 | $ | 23,791 | $ | 33,325 | $ | 44,195 | $ | 34,071 | $ | 53,503 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
1.20 | %(e) | 1.21 | % | 1.21 | % | 1.21 | % | 1.22 | % | 1.23 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
1.29 | %(e) | 1.30 | % | 1.29 | % | 1.29 | % | 1.30 | % | 1.34 | % | |||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets |
0.33 | %(e) | 0.43 | %(b) | 0.22 | %(c) | (0.13 | )% | (0.02 | )% | 0.19 | % | |||||||||||||||||||||||||
Portfolio turnover rate(f) |
80 | % | 145 | % | 155 | % | 165 | % | 141 | % | 140 | % | |||||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounts to $0.06 per share and 0.25% of average net assets. |
(c) | Reflects income recognized from special dividends which amounts to $0.08 per share and 0.31% 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 SMALL CAP EQUITY INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
Small Cap Equity Insights Fund | |||||||||||||||||||||||||||||||||||||
Class C Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 15.99 | $ | 16.89 | $ | 29.67 | $ | 19.39 | $ | 21.75 | $ | 22.23 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment loss(a) |
(0.04 | ) | (0.05 | )(b) | (0.10 | )(c) | (0.24 | ) | (0.15 | ) | (0.12 | ) | |||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
3.62 | (0.85 | ) | (4.08 | ) | 10.52 | (2.21 | ) | 1.04 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
3.58 | (0.90 | ) | (4.18 | ) | 10.28 | (2.36 | ) | 0.92 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| | (8.60 | ) | | | (1.40 | ) | |||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 19.57 | $ | 15.99 | $ | 16.89 | $ | 29.67 | $ | 19.39 | $ | 21.75 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total Return(d) |
22.33 | % | (5.33 | )% | (18.24 | )% | 53.02 | % | (10.82 | )% | 4.86 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 4,622 | $ | 3,749 | $ | 5,093 | $ | 7,503 | $ | 5,951 | $ | 7,785 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
1.95 | %(e) | 1.96 | % | 1.96 | % | 1.96 | % | 1.97 | % | 1.98 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
2.04 | %(e) | 2.05 | % | 2.04 | % | 2.04 | % | 2.05 | % | 2.09 | % | |||||||||||||||||||||||||
Ratio of net investment loss to average net assets |
(0.42 | )%(e) | (0.32 | )%(b) | (0.53 | )%(c) | (0.88 | )% | (0.78 | )% | (0.57 | )% | |||||||||||||||||||||||||
Portfolio turnover rate(f) |
80 | % | 145 | % | 155 | % | 165 | % | 141 | % | 140 | % | |||||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounts to $0.06 per share and 0.25% of average net assets. |
(c) | Reflects income recognized from special dividends which amounts to $0.08 per share and 0.31% 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. |
66 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
Small Cap Equity Insights Fund | |||||||||||||||||||||||||||||||||||||
Institutional Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 21.91 | $ | 23.09 | $ | 36.92 | $ | 23.98 | $ | 26.74 | $ | 26.77 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.09 | 0.19 | (b) | 0.15 | (c) | 0.09 | 0.08 | 0.14 | |||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
4.95 | (1.18 | ) | (5.38 | ) | 13.00 | (2.69 | ) | 1.29 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
5.04 | (0.99 | ) | (5.23 | ) | 13.09 | (2.61 | ) | 1.43 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.20 | ) | (0.19 | ) | | (0.15 | ) | (0.15 | ) | (0.06 | ) | ||||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| | (8.60 | ) | | | (1.40 | ) | |||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total distributions |
(0.20 | ) | (0.19 | ) | (8.60 | ) | (0.15 | ) | (0.15 | ) | (1.46 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 26.75 | $ | 21.91 | $ | 23.09 | $ | 36.92 | $ | 23.98 | $ | 26.74 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total Return(d) |
23.03 | % | (4.28 | )% | (17.31 | )% | 54.73 | % | (9.82 | )% | 6.03 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 110,680 | $ | 90,070 | $ | 144,712 | $ | 226,678 | $ | 216,274 | $ | 290,652 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
0.84 | %(e) | 0.85 | % | 0.84 | % | 0.84 | % | 0.84 | % | 0.85 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
0.93 | %(e) | 0.94 | % | 0.92 | % | 0.93 | % | 0.92 | % | 0.96 | % | |||||||||||||||||||||||||
Ratio of net investment income to average net assets |
0.69 | %(e) | 0.81 | %(b) | 0.60 | %(c) | 0.28 | % | 0.34 | % | 0.54 | % | |||||||||||||||||||||||||
Portfolio turnover rate(f) |
80 | % | 145 | % | 155 | % | 165 | % | 141 | % | 140 | % | |||||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounts to $0.06 per share and 0.25% of average net assets. |
(c) | Reflects income recognized from special dividends which amounts to $0.08 per share and 0.31% 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. | 67 |
GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
Small Cap Equity Insights Fund | |||||||||||||||||||||||||||||||||||||
Service Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 20.05 | $ | 21.13 | $ | 34.68 | $ | 22.55 | $ | 25.17 | $ | 25.34 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment income (loss)(a) |
0.03 | 0.06 | (b) | 0.02 | (c) | (0.08 | ) | (0.03 | ) | 0.01 | |||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
4.52 | (1.06 | ) | (4.97 | ) | 12.25 | (2.56 | ) | 1.22 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
4.55 | (1.00 | ) | (4.95 | ) | 12.17 | (2.59 | ) | 1.23 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.09 | ) | (0.08 | ) | | (0.04 | ) | (0.03 | ) | | |||||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| | (8.60 | ) | | | (1.40 | ) | |||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total distributions |
(0.09 | ) | (0.08 | ) | (8.60 | ) | (0.04 | ) | (0.03 | ) | (1.40 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 24.51 | $ | 20.05 | $ | 21.13 | $ | 34.68 | $ | 22.55 | $ | 25.17 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total Return(d) |
22.70 | % | (4.76 | )% | (17.73 | )% | 54.06 | % | (10.29 | )% | 5.52 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 797 | $ | 1,914 | $ | 2,357 | $ | 3,701 | $ | 2,867 | $ | 3,141 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
1.34 | %(e) | 1.35 | % | 1.34 | % | 1.34 | % | 1.34 | % | 1.35 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
1.43 | %(e) | 1.44 | % | 1.42 | % | 1.43 | % | 1.42 | % | 1.45 | % | |||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets |
0.29 | %(e) | 0.28 | %(b) | 0.10 | %(c) | (0.26 | )% | (0.15 | )% | 0.04 | % | |||||||||||||||||||||||||
Portfolio turnover rate(f) |
80 | % | 145 | % | 155 | % | 165 | % | 141 | % | 140 | % | |||||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounts to $0.06 per share and 0.25% of average net assets. |
(c) | Reflects income recognized from special dividends which amounts to $0.08 per share and 0.31% 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. |
68 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
Small Cap Equity Insights Fund | |||||||||||||||||||||||||||||||||||||
Investor Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 20.51 | $ | 21.62 | $ | 35.18 | $ | 22.85 | $ | 25.50 | $ | 25.62 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.07 | 0.15 | (b) | 0.12 | (c) | 0.05 | 0.05 | 0.09 | |||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
4.63 | (1.10 | ) | (5.08 | ) | 12.40 | (2.58 | ) | 1.24 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
4.70 | (0.95 | ) | (4.96 | ) | 12.45 | (2.53 | ) | 1.33 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.17 | ) | (0.16 | ) | | (0.12 | ) | (0.12 | ) | (0.05 | ) | ||||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| | (8.60 | ) | | | (1.40 | ) | |||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total distributions |
(0.17 | ) | (0.16 | ) | (8.60 | ) | (0.12 | ) | (0.12 | ) | (1.45 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 25.04 | $ | 20.51 | $ | 21.62 | $ | 35.18 | $ | 22.85 | $ | 25.50 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total Return(d) |
22.96 | % | (4.38 | )% | (17.42 | )% | 54.61 | % | (9.95 | )% | 5.90 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 33,592 | $ | 27,490 | $ | 30,746 | $ | 66,963 | $ | 64,724 | $ | 74,881 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
0.95 | %(e) | 0.96 | % | 0.96 | % | 0.96 | % | 0.97 | % | 0.99 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
1.04 | %(e) | 1.05 | % | 1.04 | % | 1.05 | % | 1.05 | % | 1.09 | % | |||||||||||||||||||||||||
Ratio of net investment income to average net assets |
0.58 | %(e) | 0.67 | %(b) | 0.50 | %(c) | 0.15 | % | 0.22 | % | 0.40 | % | |||||||||||||||||||||||||
Portfolio turnover rate(f) |
80 | % | 145 | % | 155 | % | 165 | % | 141 | % | 140 | % | |||||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounts to $0.06 per share and 0.25% of average net assets. |
(c) | Reflects income recognized from special dividends which amounts to $0.08 per share and 0.31% 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. | 69 |
GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
Small Cap Equity Insights Fund | |||||||||||||||||||||||||||||||||||||
Class R6 Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 21.91 | $ | 23.10 | $ | 36.93 | $ | 23.98 | $ | 26.74 | $ | 26.77 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.09 | 0.19 | (b) | 0.15 | (c) | 0.11 | 0.09 | 0.16 | |||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
4.95 | (1.18 | ) | (5.38 | ) | 13.00 | (2.70 | ) | 1.27 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
5.04 | (0.99 | ) | (5.23 | ) | 13.11 | (2.61 | ) | 1.43 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.20 | ) | (0.20 | ) | | (0.16 | ) | (0.15 | ) | (0.06 | ) | ||||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| | (8.60 | ) | | | (1.40 | ) | |||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total distributions |
(0.20 | ) | (0.20 | ) | (8.60 | ) | (0.16 | ) | (0.15 | ) | (1.46 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 26.75 | $ | 21.91 | $ | 23.10 | $ | 36.93 | $ | 23.98 | $ | 26.74 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total Return(d) |
23.06 | % | (4.30 | )% | (17.30 | )% | 54.82 | % | (9.81 | )% | 6.05 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 91,891 | $ | 67,575 | $ | 83,140 | $ | 100,558 | $ | 119,496 | $ | 153,129 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
0.83 | %(e) | 0.84 | % | 0.83 | % | 0.83 | % | 0.83 | % | 0.84 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
0.92 | %(e) | 0.93 | % | 0.91 | % | 0.91 | % | 0.91 | % | 0.94 | % | |||||||||||||||||||||||||
Ratio of net investment income to average net assets |
0.69 | %(e) | 0.79 | %(b) | 0.59 | %(c) | 0.34 | % | 0.36 | % | 0.63 | % | |||||||||||||||||||||||||
Portfolio turnover rate(f) |
80 | % | 145 | % | 155 | % | 165 | % | 141 | % | 140 | % | |||||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounts to $0.06 per share and 0.25% of average net assets. |
(c) | Reflects income recognized from special dividends which amounts to $0.08 per share and 0.31% 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. |
70 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
Small Cap Equity Insights Fund | |||||||||||||||||||||||||||||||||||||
Class R Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 19.80 | $ | 20.86 | $ | 34.39 | $ | 22.36 | $ | 24.96 | $ | 25.18 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment income (loss)(a) |
0.01 | 0.05 | (b) | (0.01 | )(c) | (0.11 | ) | (0.06 | ) | (0.02 | ) | ||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
4.47 | (1.06 | ) | (4.92 | ) | 12.15 | (2.54 | ) | 1.20 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
4.48 | (1.01 | ) | (4.93 | ) | 12.04 | (2.60 | ) | 1.18 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
| (0.05 | ) | | (0.01 | ) | | | |||||||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| | (8.60 | ) | | | (1.40 | ) | |||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total distributions |
| (0.05 | ) | (8.60 | ) | (0.01 | ) | | (1.40 | ) | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 24.28 | $ | 19.80 | $ | 20.86 | $ | 34.39 | $ | 22.36 | $ | 24.96 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total Return(d) |
22.63 | % | (4.84 | )% | (17.83 | )% | 53.83 | % | (10.39 | )% | 5.35 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 3,701 | $ | 3,035 | $ | 12,023 | $ | 15,767 | $ | 13,817 | $ | 16,562 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
1.45 | %(e) | 1.46 | % | 1.46 | % | 1.46 | % | 1.47 | % | 1.48 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
1.54 | %(e) | 1.56 | % | 1.54 | % | 1.54 | % | 1.55 | % | 1.59 | % | |||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets |
0.08 | %(e) | 0.26 | %(b) | (0.04 | )%(c) | (0.36 | )% | (0.28 | )% | (0.08 | )% | |||||||||||||||||||||||||
Portfolio turnover rate(f) |
80 | % | 145 | % | 155 | % | 165 | % | 141 | % | 140 | % | |||||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounts to $0.06 per share and 0.25% of average net assets. |
(c) | Reflects income recognized from special dividends which amounts to $0.08 per share and 0.31% 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. | 71 |
GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
Small Cap Equity Insights Fund | |||||||||||||||||||||||||||||||||||||
Class P Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 21.91 | $ | 23.09 | $ | 36.92 | $ | 23.98 | $ | 26.74 | $ | 26.77 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.09 | 0.19 | (b) | 0.15 | (c) | 0.08 | 0.09 | 0.13 | |||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
4.94 | (1.17 | ) | (5.38 | ) | 13.02 | (2.70 | ) | 1.30 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
5.03 | (0.98 | ) | (5.23 | ) | 13.10 | (2.61 | ) | 1.43 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.20 | ) | (0.20 | ) | | (0.16 | ) | (0.15 | ) | (0.06 | ) | ||||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| | (8.60 | ) | | | (1.40 | ) | |||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total distributions |
(0.20 | ) | (0.20 | ) | (8.60 | ) | (0.16 | ) | (0.15 | ) | (1.46 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 26.74 | $ | 21.91 | $ | 23.09 | $ | 36.92 | $ | 23.98 | $ | 26.74 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total Return(d) |
23.01 | % | (4.26 | )% | (17.31 | )% | 54.78 | % | (9.81 | )% | 6.06 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 120,993 | $ | 106,501 | $ | 140,356 | $ | 144,239 | $ | 87,170 | $ | 106,039 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
0.83 | %(e) | 0.84 | % | 0.83 | % | 0.83 | % | 0.83 | % | 0.84 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
0.92 | %(e) | 0.93 | % | 0.91 | % | 0.92 | % | 0.91 | % | 0.94 | % | |||||||||||||||||||||||||
Ratio of net investment income to average net assets |
0.70 | %(e) | 0.80 | %(b) | 0.58 | %(c) | 0.23 | % | 0.36 | % | 0.53 | % | |||||||||||||||||||||||||
Portfolio turnover rate(f) |
80 | % | 145 | % | 155 | % | 165 | % | 141 | % | 140 | % | |||||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounts to $0.06 per share and 0.25% of average net assets. |
(c) | Reflects income recognized from special dividends which amounts to $0.08 per share and 0.31% 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. |
72 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
Small Cap Growth Insights Fund | |||||||||||||||||||||||||||||||||||||
Class A Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 11.42 | $ | 11.94 | $ | 47.18 | $ | 34.29 | $ | 35.08 | $ | 37.25 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment loss(a) |
(0.03 | ) | (0.04 | )(b) | (0.05 | )(c) | (0.28 | ) | (0.17 | ) | (0.12 | ) | |||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
2.68 | (0.46 | ) | (6.01 | ) | 14.62 | (0.13 | ) | 1.76 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
2.65 | (0.50 | ) | (6.06 | ) | 14.34 | (0.30 | ) | 1.64 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
| (0.02 | ) | | (0.04 | ) | | (d) | | ||||||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| | (29.18 | ) | (1.41 | ) | (0.49 | ) | (3.81 | ) | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total distributions |
| (0.02 | ) | (29.18 | ) | (1.45 | ) | (0.49 | ) | (3.81 | ) | ||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 14.07 | $ | 11.42 | $ | 11.94 | $ | 47.18 | $ | 34.29 | $ | 35.08 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total Return(e) |
23.20 | % | (4.15 | )% | (25.73 | )% | 42.51 | % | (0.95 | )% | 5.65 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 31,419 | $ | 27,037 | $ | 32,695 | $ | 59,166 | $ | 50,865 | $ | 84,557 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
1.20 | %(f) | 1.21 | % | 1.21 | % | 1.21 | % | 1.22 | % | 1.24 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
1.42 | %(f) | 1.45 | % | 1.40 | % | 1.33 | % | 1.30 | % | 1.32 | % | |||||||||||||||||||||||||
Ratio of net investment loss to average net assets |
(0.37 | )%(f) | (0.36 | )%(b) | (0.37 | )%(c) | (0.64 | )% | (0.51 | )% | (0.36 | )% | |||||||||||||||||||||||||
Portfolio turnover rate(g) |
78 | % | 153 | % | 155 | % | 170 | % | 144 | % | 140 | % | |||||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounts to $0.02 per share and 0.13% of average net assets. |
(c) | Reflects income recognized from special dividends which amounts to $0.07 per share and 0.34% of average net assets. |
(d) | Amount is less than $0.005 per share. |
(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. | 73 |
GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
Small Cap Growth Insights Fund | |||||||||||||||||||||||||||||||||||||
Class C Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data* | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 18.46 | $ | 19.39 | $ | 306.54 | $ | 227.34 | $ | 235.44 | $ | 260.82 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment loss(a) |
(0.12 | ) | (0.22 | )(b) | (0.24 | )(c) | (4.05 | ) | (2.79 | ) | (2.52 | ) | |||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
4.32 | (0.71 | ) | (24.29 | ) | 96.30 | (0.90 | ) | 11.43 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
4.20 | (0.93 | ) | (24.53 | ) | 92.25 | (3.69 | ) | 8.91 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
| | | (0.36 | ) | | (d) | | |||||||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| | (262.62 | ) | (12.69 | ) | (4.41 | ) | (34.29 | ) | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total distributions |
| | (262.62 | ) | (13.05 | ) | (4.41 | ) | (34.29 | ) | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 22.66 | $ | 18.46 | $ | 19.39 | $ | 306.54 | $ | 227.34 | $ | 235.44 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total Return(e) |
22.75 | % | (4.80 | )% | (26.49 | )% | 41.47 | % | (1.70 | )% | 4.92 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 2,844 | $ | 2,829 | $ | 4,687 | $ | 7,866 | $ | 6,439 | $ | 8,303 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
1.95 | %(f) | 1.96 | % | 1.96 | % | 1.96 | % | 1.97 | % | 1.99 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
2.17 | %(f) | 2.21 | % | 2.14 | % | 2.08 | % | 2.05 | % | 2.07 | % | |||||||||||||||||||||||||
Ratio of net investment loss to average net assets |
(1.11 | )%(f) | (1.08 | )%(b) | (1.10 | )%(c) | (1.39 | )% | (1.26 | )% | (1.11 | )% | |||||||||||||||||||||||||
Portfolio turnover rate(g) |
78 | % | 153 | % | 155 | % | 170 | % | 144 | % | 140 | % | |||||||||||||||||||||||||
|
* | On June 10, 2022, the Funds Class C Shares affected a 9-for-1 reverse share split. All per share data prior to June 10, 2022 has been adjusted to reflect the reverse share split. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounts to $0.02 per share and 0.13% of average net assets. |
(c) | Reflects income recognized from special dividends which amounts to $0.07 per share and 0.34% of average net assets. |
(d) | Amount is less than $0.005 per share. |
(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. |
74 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
Small Cap Growth Insights Fund | |||||||||||||||||||||||||||||||||||||
Institutional Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 18.70 | $ | 19.51 | $ | 57.27 | $ | 41.22 | $ | 41.92 | $ | 43.56 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment income (loss)(a) |
| (b) | | (b)(c) | 0.01 | (d) | (0.13 | ) | (0.05 | ) | 0.01 | ||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
4.38 | (0.74 | ) | (8.59 | ) | 17.63 | (0.16 | ) | 2.16 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
4.38 | (0.74 | ) | (8.58 | ) | 17.50 | (0.21 | ) | 2.17 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
| (0.06 | ) | | (0.04 | ) | | (b) | | ||||||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| | (29.18 | ) | (1.41 | ) | (0.49 | ) | (3.81 | ) | |||||||||||||||||||||||||||
Distributions to shareholders from return of capital |
| (0.01 | ) | | | | | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total distributions |
| (0.07 | ) | (29.18 | ) | (1.45 | ) | (0.49 | ) | (3.81 | ) | ||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 23.08 | $ | 18.70 | $ | 19.51 | $ | 57.27 | $ | 41.22 | $ | 41.92 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total Return(e) |
23.42 | % | (3.78 | )% | (25.48 | )% | 43.04 | % | (0.57 | )% | 6.08 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 31,266 | $ | 27,490 | $ | 43,621 | $ | 163,028 | $ | 200,116 | $ | 349,348 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
0.84 | %(f) | 0.85 | % | 0.84 | % | 0.84 | % | 0.84 | % | 0.85 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
1.06 | %(f) | 1.09 | % | 1.01 | % | 0.96 | % | 0.92 | % | 0.93 | % | |||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets |
(0.01 | )%(f) | 0.02 | %(c) | 0.04 | %(d) | (0.25 | )% | (0.13 | )% | 0.02 | % | |||||||||||||||||||||||||
Portfolio turnover rate(g) |
78 | % | 153 | % | 155 | % | 170 | % | 144 | % | 140 | % | |||||||||||||||||||||||||
|
(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 amounts to $0.02 per share and 0.13% of average net assets. |
(d) | Reflects income recognized from special dividends which amounts to $0.07 per share and 0.34% 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. | 75 |
GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
Small Cap Growth Insights Fund | |||||||||||||||||||||||||||||||||||||
Investor Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 12.73 | $ | 13.29 | $ | 48.95 | $ | 35.44 | $ | 36.16 | $ | 38.18 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment loss(a) |
(0.01 | ) | (0.01 | )(b) | (0.02 | )(c) | (0.15 | ) | (0.09 | ) | (0.04 | ) | |||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
2.98 | (0.50 | ) | (6.46 | ) | 15.11 | (0.14 | ) | 1.83 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
2.97 | (0.51 | ) | (6.48 | ) | 14.96 | (0.23 | ) | 1.79 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
| (0.05 | ) | | (0.04 | ) | | (d) | | ||||||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| | (29.18 | ) | (1.41 | ) | (0.49 | ) | (3.81 | ) | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total distributions |
| (0.05 | ) | (29.18 | ) | (1.45 | ) | (0.49 | ) | (3.81 | ) | ||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 15.70 | $ | 12.73 | $ | 13.29 | $ | 48.95 | $ | 35.44 | $ | 36.16 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total Return(e) |
23.33 | % | (3.85 | )% | (25.59 | )% | 42.89 | % | (0.72 | )% | 5.93 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 14,960 | $ | 15,956 | $ | 20,880 | $ | 66,827 | $ | 442,743 | $ | 378,807 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
0.95 | %(f) | 0.96 | % | 0.96 | % | 0.96 | % | 0.97 | % | 0.99 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
1.17 | %(f) | 1.21 | % | 1.14 | % | 1.06 | % | 1.05 | % | 1.07 | % | |||||||||||||||||||||||||
Ratio of net investment loss to average net assets |
(0.12 | )%(f) | (0.11 | )%(b) | (0.10 | )%(c) | (0.32 | )% | (0.26 | )% | (0.12 | )% | |||||||||||||||||||||||||
Portfolio turnover rate(g) |
78 | % | 153 | % | 155 | % | 170 | % | 144 | % | 140 | % | |||||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounts to $0.02 per share and 0.13% of average net assets. |
(c) | Reflects income recognized from special dividends which amounts to $0.07 per share and 0.34% of average net assets. |
(d) | Amount is less than $0.005 per share. |
(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. |
76 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
Small Cap Growth Insights Fund | |||||||||||||||||||||||||||||||||||||
Class R6 Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 18.74 | $ | 19.54 | $ | 57.31 | $ | 41.24 | $ | 41.95 | $ | 43.58 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment income (loss)(a) |
| (b) | 0.01 | (c) | 0.02 | (d) | (0.10 | ) | (0.05 | ) | | ||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
4.39 | (0.74 | ) | (8.61 | ) | 17.62 | (0.17 | ) | 2.18 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
4.39 | (0.73 | ) | (8.59 | ) | 17.52 | (0.22 | ) | 2.18 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
| (0.06 | ) | | (0.04 | ) | | (b) | | ||||||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| | (29.18 | ) | (1.41 | ) | (0.49 | ) | (3.81 | ) | |||||||||||||||||||||||||||
Distributions to shareholders from return of capital |
| (0.01 | ) | | | | | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total distributions |
| (0.07 | ) | (29.18 | ) | (1.45 | ) | (0.49 | ) | (3.81 | ) | ||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 23.13 | $ | 18.74 | $ | 19.54 | $ | 57.31 | $ | 41.24 | $ | 41.95 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total Return(e) |
23.43 | % | (3.78 | )% | (25.45 | )% | 43.07 | % | (0.57 | )% | 6.08 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 7,412 | $ | 7,222 | $ | 17,370 | $ | 96,907 | $ | 263,023 | $ | 307,820 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
0.83 | %(f) | 0.84 | % | 0.83 | % | 0.83 | % | 0.83 | % | 0.84 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
1.05 | %(f) | 1.10 | % | 0.99 | % | 0.93 | % | 0.91 | % | 0.93 | % | |||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets |
(0.00 | )%(f)(g) | 0.07 | %(c) | 0.07 | %(d) | (0.19 | )% | (0.12 | )% | (0.01 | )% | |||||||||||||||||||||||||
Portfolio turnover rate(h) |
78 | % | 153 | % | 155 | % | 170 | % | 144 | % | 140 | % | |||||||||||||||||||||||||
|
(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 amounts to $0.02 per share and 0.13% of average net assets. |
(d) | Reflects income recognized from special dividends which amounts to $0.07 per share and 0.34% 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) | Amount is less than 0.005%. |
(h) | 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 Data for a Share Outstanding Throughout Each Period |
Small Cap Growth Insights Fund | |||||||||||||||||||||||||||||||||||||
Class R Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 9.71 | $ | 10.16 | $ | 44.83 | $ | 32.71 | $ | 33.58 | $ | 35.90 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment loss(a) |
(0.04 | ) | (0.06 | )(b) | (0.08 | )(c) | (0.36 | ) | (0.25 | ) | (0.20 | ) | |||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
2.28 | (0.39 | ) | (5.41 | ) | 13.93 | (0.13 | ) | 1.69 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
2.24 | (0.45 | ) | (5.49 | ) | 13.57 | (0.38 | ) | 1.49 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
| | | (0.04 | ) | | (d) | | |||||||||||||||||||||||||||||
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 |
$ | 11.95 | $ | 9.71 | $ | 10.16 | $ | 44.83 | $ | 32.71 | $ | 33.58 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total Return(e) |
23.07 | % | (4.43 | )% | (25.92 | )% | 42.20 | % | (1.23 | )% | 5.42 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 3,368 | $ | 3,130 | $ | 3,863 | $ | 6,605 | $ | 8,168 | $ | 19,707 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
1.45 | %(f) | 1.46 | % | 1.46 | % | 1.46 | % | 1.47 | % | 1.49 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
1.67 | %(f) | 1.70 | % | 1.65 | % | 1.57 | % | 1.55 | % | 1.57 | % | |||||||||||||||||||||||||
Ratio of net investment loss to average net assets |
(0.61 | )%(f) | (0.61 | )%(b) | (0.64 | )%(c) | (0.86 | )% | (0.77 | )% | (0.61 | )% | |||||||||||||||||||||||||
Portfolio turnover rate(g) |
78 | % | 153 | % | 155 | % | 170 | % | 144 | % | 140 | % | |||||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounts to $0.02 per share and 0.13% of average net assets. |
(c) | Reflects income recognized from special dividends which amounts to $0.07 per share and 0.34% of average net assets. |
(d) | Amount is less than $0.005 per share. |
(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. |
78 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
Small Cap Growth Insights Fund | |||||||||||||||||||||||||||||||||||||
Class P Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 18.73 | $ | 19.54 | $ | 57.31 | $ | 41.24 | $ | 41.94 | $ | 43.58 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment income (loss)(a) |
(0.01 | ) | | (b)(c) | | (c)(d) | (0.13 | ) | (0.05 | ) | 0.01 | ||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
4.40 | (0.73 | ) | (8.59 | ) | 17.65 | (0.16 | ) | 2.16 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
4.39 | (0.73 | ) | (8.59 | ) | 17.52 | (0.21 | ) | 2.17 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
| (0.07 | ) | | (0.04 | ) | | (c) | | ||||||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| | (29.18 | ) | (1.41 | ) | (0.49 | ) | (3.81 | ) | |||||||||||||||||||||||||||
Distributions to shareholders from return of capital |
| (0.01 | ) | | | | | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total distributions |
| (0.08 | ) | (29.18 | ) | (1.45 | ) | (0.49 | ) | (3.81 | ) | ||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 23.12 | $ | 18.73 | $ | 19.54 | $ | 57.31 | $ | 41.24 | $ | 41.94 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total Return(e) |
23.44 | % | (3.74 | )% | (25.49 | )% | 43.07 | % | (0.57 | )% | 6.08 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 22,427 | $ | 4,739 | $ | 5,274 | $ | 10,801 | $ | 10,241 | $ | 12,534 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
0.83 | %(f) | 0.84 | % | 0.83 | % | 0.83 | % | 0.83 | % | 0.84 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
1.05 | %(f) | 1.08 | % | 1.01 | % | 0.95 | % | 0.91 | % | 0.93 | % | |||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets |
(0.09 | )%(f) | 0.02 | %(b) | | %(d) | (0.25 | )% | (0.12 | )% | 0.02 | % | |||||||||||||||||||||||||
Portfolio turnover rate(g) |
78 | % | 153 | % | 155 | % | 170 | % | 144 | % | 140 | % | |||||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounts to $0.02 per share and 0.13% of average net assets. |
(c) | Amount is less than $0.005 per share. |
(d) | Reflects income recognized from special dividends which amounts to $0.07 per share and 0.34% 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. | 79 |
GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
Small Cap Value Insights Fund | |||||||||||||||||||||||||||||||||||||
Class A Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 30.81 | $ | 34.42 | $ | 53.90 | $ | 32.93 | $ | 39.69 | $ | 42.30 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.17 | 0.41 | 0.27 | (b) | 0.24 | 0.19 | 0.25 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
6.08 | (2.86 | ) | (4.48 | ) | 21.00 | (6.70 | ) | 1.17 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
6.25 | (2.45 | ) | (4.21 | ) | 21.24 | (6.51 | ) | 1.42 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.66 | ) | (0.50 | ) | (0.31 | ) | (0.27 | ) | (0.25 | ) | (0.19 | ) | |||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| (0.66 | ) | (14.96 | ) | | | (3.84 | ) | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total distributions |
(0.66 | ) | (1.16 | ) | (15.27 | ) | (0.27 | ) | (0.25 | ) | (4.03 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 36.40 | $ | 30.81 | $ | 34.42 | $ | 53.90 | $ | 32.93 | $ | 39.69 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total Return(c) |
20.30 | % | (7.32 | )% | (9.67 | )% | 64.75 | % | (16.49 | )% | 4.40 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 108,233 | $ | 101,472 | $ | 119,953 | $ | 154,971 | $ | 98,493 | $ | 132,886 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
1.20 | %(d) | 1.21 | % | 1.21 | % | 1.21 | % | 1.22 | % | 1.25 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
1.25 | %(d) | 1.27 | % | 1.26 | % | 1.26 | % | 1.31 | % | 1.39 | % | |||||||||||||||||||||||||
Ratio of net investment income to average net assets |
0.94 | %(d) | 1.25 | % | 0.73 | %(b) | 0.49 | % | 0.56 | % | 0.67 | % | |||||||||||||||||||||||||
Portfolio turnover rate(e) |
66 | % | 136 | % | 173 | % | 187 | % | 153 | % | 142 | % | |||||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounts to $0.15 per share and 0.33% 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. |
80 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
Small Cap Value Insights Fund | |||||||||||||||||||||||||||||||||||||
Class C Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 16.26 | $ | 18.74 | $ | 36.61 | $ | 22.48 | $ | 27.24 | $ | 30.35 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment income (loss)(a) |
0.02 | 0.09 | | (b)(c) | (0.08 | ) | (0.04 | ) | (0.02 | ) | |||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
3.20 | (1.53 | ) | (2.69 | ) | 14.32 | (4.61 | ) | 0.75 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
3.22 | (1.44 | ) | (2.69 | ) | 14.24 | (4.65 | ) | 0.73 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.55 | ) | (0.38 | ) | (0.22 | ) | (0.11 | ) | (0.11 | ) | | ||||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| (0.66 | ) | (14.96 | ) | | | (3.84 | ) | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total distributions |
(0.55 | ) | (1.04 | ) | (15.18 | ) | (0.11 | ) | (0.11 | ) | (3.84 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 18.93 | $ | 16.26 | $ | 18.74 | $ | 36.61 | $ | 22.48 | $ | 27.24 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total Return(d) |
19.84 | % | (8.01 | )% | (10.33 | )% | 63.49 | % | (17.11 | )% | 3.67 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 2,804 | $ | 2,648 | $ | 4,536 | $ | 7,118 | $ | 5,313 | $ | 7,961 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
1.95 | %(e) | 1.96 | % | 1.96 | % | 1.96 | % | 1.97 | % | 2.00 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
2.00 | %(e) | 2.02 | % | 2.01 | % | 2.01 | % | 2.06 | % | 2.14 | % | |||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets |
0.19 | %(e) | 0.52 | % | (0.02 | )%(b) | (0.25 | )% | (0.19 | )% | (0.07 | )% | |||||||||||||||||||||||||
Portfolio turnover rate(f) |
66 | % | 136 | % | 173 | % | 187 | % | 153 | % | 142 | % | |||||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounts to $0.15 per share and 0.33% 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. | 81 |
GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
Small Cap Value Insights Fund | |||||||||||||||||||||||||||||||||||||
Institutional Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 47.25 | $ | 52.11 | $ | 73.39 | $ | 44.70 | $ | 53.74 | $ | 55.71 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.36 | 0.82 | 0.60 | (b) | 0.56 | 0.43 | 0.47 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
9.32 | (4.39 | ) | (6.48 | ) | 28.53 | (9.07 | ) | 1.73 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
9.68 | (3.57 | ) | (5.88 | ) | 29.09 | (8.64 | ) | 2.20 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.78 | ) | (0.63 | ) | (0.44 | ) | (0.40 | ) | (0.40 | ) | (0.33 | ) | |||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| (0.66 | ) | (14.96 | ) | | | (3.84 | ) | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total distributions |
(0.78 | ) | (1.29 | ) | (15.40 | ) | (0.40 | ) | (0.40 | ) | (4.17 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 56.15 | $ | 47.25 | $ | 52.11 | $ | 73.39 | $ | 44.70 | $ | 53.74 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total Return(c) |
20.50 | % | (6.98 | )% | (9.32 | )% | 65.37 | % | (16.19 | )% | 4.81 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 299,879 | $ | 269,189 | $ | 347,239 | $ | 379,380 | $ | 190,491 | $ | 192,820 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
0.84 | %(d) | 0.85 | % | 0.84 | % | 0.84 | % | 0.84 | % | 0.87 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
0.89 | %(d) | 0.90 | % | 0.89 | % | 0.89 | % | 0.93 | % | 1.02 | % | |||||||||||||||||||||||||
Ratio of net investment income to average net assets |
1.30 | %(d) | 1.62 | % | 1.09 | %(b) | 0.86 | % | 0.93 | % | 0.96 | % | |||||||||||||||||||||||||
Portfolio turnover rate(e) |
66 | % | 136 | % | 173 | % | 187 | % | 153 | % | 142 | % | |||||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounts to $0.15 per share and 0.33% 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 Data for a Share Outstanding Throughout Each Period |
Small Cap Value Insights Fund | |||||||||||||||||||||||||||||||||||||
Investor Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 30.62 | $ | 34.20 | $ | 53.64 | $ | 32.77 | $ | 39.53 | $ | 42.18 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.23 | 0.51 | 0.37 | (b) | 0.36 | 0.25 | 0.30 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
6.03 | (2.87 | ) | (4.46 | ) | 20.88 | (6.64 | ) | 1.20 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
6.26 | (2.36 | ) | (4.09 | ) | 21.24 | (6.39 | ) | 1.50 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.69 | ) | (0.56 | ) | (0.39 | ) | (0.37 | ) | (0.37 | ) | (0.31 | ) | |||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| (0.66 | ) | (14.96 | ) | | | (3.84 | ) | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total distributions |
(0.69 | ) | (1.22 | ) | (15.35 | ) | (0.37 | ) | (0.37 | ) | (4.15 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 36.19 | $ | 30.62 | $ | 34.20 | $ | 53.64 | $ | 32.77 | $ | 39.53 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total Return(c) |
20.45 | % | (7.07 | )% | (9.44 | )% | 65.17 | % | (16.32 | )% | 4.69 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 73,980 | $ | 157,291 | $ | 336,969 | $ | 363,808 | $ | 273,560 | $ | 59,800 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
0.95 | %(d) | 0.96 | % | 0.96 | % | 0.96 | % | 0.97 | % | 1.01 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
1.00 | %(d) | 1.02 | % | 1.01 | % | 1.01 | % | 1.06 | % | 1.15 | % | |||||||||||||||||||||||||
Ratio of net investment income to average net assets |
1.30 | %(d) | 1.54 | % | 0.99 | %(b) | 0.75 | % | 0.77 | % | 0.83 | % | |||||||||||||||||||||||||
Portfolio turnover rate(e) |
66 | % | 136 | % | 173 | % | 187 | % | 153 | % | 142 | % | |||||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounts to $0.15 per share and 0.33% 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. | 83 |
GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
Small Cap Value Insights Fund | |||||||||||||||||||||||||||||||||||||
Class R6 Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 47.24 | $ | 52.10 | $ | 73.38 | $ | 44.70 | $ | 53.73 | $ | 55.71 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.36 | 0.82 | 0.62 | (b) | 0.57 | 0.43 | 0.45 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
9.32 | (4.39 | ) | (6.49 | ) | 28.51 | (9.06 | ) | 1.75 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
9.68 | (3.57 | ) | (5.87 | ) | 29.08 | (8.63 | ) | 2.20 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.78 | ) | (0.63 | ) | (0.45 | ) | (0.40 | ) | (0.40 | ) | (0.34 | ) | |||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| (0.66 | ) | (14.96 | ) | | | (3.84 | ) | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total distributions |
(0.78 | ) | (1.29 | ) | (15.41 | ) | (0.40 | ) | (0.40 | ) | (4.18 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 56.14 | $ | 47.24 | $ | 52.10 | $ | 73.38 | $ | 44.70 | $ | 53.73 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total Return(c) |
20.52 | % | (6.97 | )% | (9.31 | )% | 65.36 | % | (16.17 | )% | 4.83 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 291,622 | $ | 243,638 | $ | 273,667 | $ | 306,101 | $ | 158,330 | $ | 118,331 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
0.83 | %(d) | 0.84 | % | 0.83 | % | 0.83 | % | 0.83 | % | 0.86 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
0.88 | %(d) | 0.89 | % | 0.88 | % | 0.88 | % | 0.93 | % | 1.00 | % | |||||||||||||||||||||||||
Ratio of net investment income to average net assets |
1.31 | %(d) | 1.62 | % | 1.11 | %(b) | 0.86 | % | 0.94 | % | 0.91 | % | |||||||||||||||||||||||||
Portfolio turnover rate(e) |
66 | % | 136 | % | 173 | % | 187 | % | 153 | % | 142 | % | |||||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounts to $0.15 per share and 0.33% 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 Data for a Share Outstanding Throughout Each Period |
Small Cap Value Insights Fund | |||||||||||||||||||||||||||||||||||||
Class R Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 29.68 | $ | 33.20 | $ | 52.56 | $ | 32.21 | $ | 38.96 | $ | 41.63 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.12 | 0.32 | 0.17 | (b) | 0.11 | 0.10 | 0.08 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
5.86 | (2.77 | ) | (4.33 | ) | 20.52 | (6.56 | ) | 1.22 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
5.98 | (2.45 | ) | (4.16 | ) | 20.63 | (6.46 | ) | 1.30 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.59 | ) | (0.41 | ) | (0.24 | ) | (0.28 | ) | (0.29 | ) | (0.13 | ) | |||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| (0.66 | ) | (14.96 | ) | | | (3.84 | ) | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total distributions |
(0.59 | ) | (1.07 | ) | (15.20 | ) | (0.28 | ) | (0.29 | ) | (3.97 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 35.07 | $ | 29.68 | $ | 33.20 | $ | 52.56 | $ | 32.21 | $ | 38.96 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total Return(c) |
20.15 | % | (7.56 | )% | (9.88 | )% | 64.31 | % | (16.70 | )% | 4.14 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 18,829 | $ | 16,443 | $ | 18,476 | $ | 22,584 | $ | 14,038 | $ | 8,514 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
1.45 | %(d) | 1.46 | % | 1.46 | % | 1.46 | % | 1.47 | % | 1.53 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
1.50 | %(d) | 1.52 | % | 1.51 | % | 1.51 | % | 1.56 | % | 1.69 | % | |||||||||||||||||||||||||
Ratio of net investment income to average net assets |
0.69 | %(d) | 0.99 | % | 0.47 | %(b) | 0.24 | % | 0.30 | % | 0.23 | % | |||||||||||||||||||||||||
Portfolio turnover rate(e) |
66 | % | 136 | % | 173 | % | 187 | % | 153 | % | 142 | % | |||||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounts to $0.15 per share and 0.33% 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 Data for a Share Outstanding Throughout Each Period |
Small Cap Value Insights Fund | |||||||||||||||||||||||||||||||||||||
Class P Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 47.23 | $ | 52.09 | $ | 73.38 | $ | 44.69 | $ | 53.72 | $ | 55.70 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.35 | 0.82 | 0.61 | (b) | 0.57 | 0.44 | 0.54 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
9.34 | (4.38 | ) | (6.49 | ) | 28.52 | (9.07 | ) | 1.66 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
9.69 | (3.56 | ) | (5.88 | ) | 29.09 | (8.63 | ) | 2.20 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.79 | ) | (0.64 | ) | (0.45 | ) | (0.40 | ) | (0.40 | ) | (0.34 | ) | |||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| (0.66 | ) | (14.96 | ) | | | (3.84 | ) | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total distributions |
(0.79 | ) | (1.30 | ) | (15.41 | ) | (0.40 | ) | (0.40 | ) | (4.18 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 56.13 | $ | 47.23 | $ | 52.09 | $ | 73.38 | $ | 44.69 | $ | 53.72 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total Return(c) |
20.53 | % | (6.97 | )% | (9.32 | )% | 65.36 | % | (16.18 | )% | 4.82 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 53,711 | $ | 34,930 | $ | 42,933 | $ | 45,484 | $ | 28,504 | $ | 47,977 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
0.83 | %(d) | 0.84 | % | 0.83 | % | 0.83 | % | 0.83 | % | 0.85 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
0.88 | %(d) | 0.89 | % | 0.88 | % | 0.88 | % | 0.92 | % | 0.99 | % | |||||||||||||||||||||||||
Ratio of net investment income to average net assets |
1.28 | %(d) | 1.62 | % | 1.10 | %(b) | 0.88 | % | 0.94 | % | 1.07 | % | |||||||||||||||||||||||||
Portfolio turnover rate(e) |
66 | % | 136 | % | 173 | % | 187 | % | 153 | % | 142 | % | |||||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounts to $0.15 per share and 0.33% 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 U.S. EQUITY INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
U.S. Equity Insights Fund | |||||||||||||||||||||||||||||||||||||
Class A Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 51.10 | $ | 48.39 | $ | 72.68 | $ | 53.72 | $ | 49.48 | $ | 47.72 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.08 | 0.20 | 0.33 | (b) | 0.20 | 0.28 | 0.44 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
10.44 | 2.85 | (8.80 | ) | 21.27 | 4.67 | 3.14 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
10.52 | 3.05 | (8.47 | ) | 21.47 | 4.95 | 3.58 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.22 | ) | (0.34 | ) | (0.25 | ) | (0.28 | ) | (0.71 | ) | (0.17 | ) | |||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
(1.21 | ) | | (15.57 | ) | (2.23 | ) | | (1.65 | ) | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total distributions |
(1.43 | ) | (0.34 | ) | (15.82 | ) | (2.51 | ) | (0.71 | ) | (1.82 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 60.19 | $ | 51.10 | $ | 48.39 | $ | 72.68 | $ | 53.72 | $ | 49.48 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total Return(c) |
20.79 | % | 6.37 | % | (14.87 | )% | 41.26 | % | 10.04 | % | 7.98 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 315,736 | $ | 276,758 | $ | 288,769 | $ | 380,721 | $ | 294,540 | $ | 299,440 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
0.92 | %(d) | 0.93 | % | 0.93 | % | 0.93 | % | 0.94 | % | 0.94 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
0.96 | %(d) | 0.97 | % | 0.97 | % | 0.97 | % | 1.00 | % | 1.01 | % | |||||||||||||||||||||||||
Ratio of net investment income to average net assets |
0.29 | %(d) | 0.40 | % | 0.62 | %(b) | 0.31 | % | 0.55 | % | 0.93 | % | |||||||||||||||||||||||||
Portfolio turnover rate(e) |
99 | % | 203 | % | 205 | % | 214 | % | 213 | % | 199 | % | |||||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounts to $0.13 per share and 0.23% 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 U.S. EQUITY INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
U.S. Equity Insights Fund | |||||||||||||||||||||||||||||||||||||
Class C Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 43.18 | $ | 40.94 | $ | 64.06 | $ | 47.71 | $ | 44.04 | $ | 42.80 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment income (loss)(a) |
(0.11 | ) | (0.14 | ) | (0.06 | )(b) | (0.25 | ) | (0.09 | ) | 0.08 | ||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
8.80 | 2.41 | (7.49 | ) | 18.83 | 4.16 | 2.81 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
8.69 | 2.27 | (7.55 | ) | 18.58 | 4.07 | 2.89 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
| (0.03 | ) | | | (0.40 | ) | | |||||||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
(1.21 | ) | | (15.57 | ) | (2.23 | ) | | (1.65 | ) | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total distributions |
(1.21 | ) | (0.03 | ) | (15.57 | ) | (2.23 | ) | (0.40 | ) | (1.65 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 50.66 | $ | 43.18 | $ | 40.94 | $ | 64.06 | $ | 47.71 | $ | 44.04 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total Return(c) |
20.33 | % | 5.56 | % | (15.50 | )% | 40.22 | % | 9.25 | % | 7.20 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 13,920 | $ | 12,429 | $ | 14,311 | $ | 19,252 | $ | 16,275 | $ | 15,854 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
1.67 | %(d) | 1.68 | % | 1.68 | % | 1.68 | % | 1.69 | % | 1.69 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
1.71 | %(d) | 1.72 | % | 1.72 | % | 1.72 | % | 1.75 | % | 1.76 | % | |||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets |
(0.46 | )%(d) | (0.34 | )% | (0.13 | )%(b) | (0.44 | )% | (0.20 | )% | 0.18 | % | |||||||||||||||||||||||||
Portfolio turnover rate(e) |
99 | % | 203 | % | 205 | % | 214 | % | 213 | % | 199 | % | |||||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounts to $0.13 per share and 0.23% 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. |
88 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
U.S. Equity Insights Fund | |||||||||||||||||||||||||||||||||||||
Institutional Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 53.54 | $ | 50.70 | $ | 75.37 | $ | 55.60 | $ | 51.16 | $ | 49.30 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.20 | 0.41 | 0.55 | (b) | 0.45 | 0.50 | 0.72 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
10.92 | 2.97 | (9.20 | ) | 22.02 | 4.82 | 3.14 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
11.12 | 3.38 | (8.65 | ) | 22.47 | 5.32 | 3.86 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.41 | ) | (0.54 | ) | (0.45 | ) | (0.47 | ) | (0.88 | ) | (0.35 | ) | |||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
(1.21 | ) | | (15.57 | ) | (2.23 | ) | | (1.65 | ) | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total distributions |
(1.62 | ) | (0.54 | ) | (16.02 | ) | (2.70 | ) | (0.88 | ) | (2.00 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 63.04 | $ | 53.54 | $ | 50.70 | $ | 75.37 | $ | 55.60 | $ | 51.16 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total Return(c) |
21.01 | % | 6.75 | % | (14.55 | )% | 41.79 | % | 10.47 | % | 8.39 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 286,581 | $ | 243,864 | $ | 253,657 | $ | 325,457 | $ | 255,177 | $ | 295,408 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
0.56 | %(d) | 0.57 | % | 0.56 | % | 0.56 | % | 0.56 | % | 0.55 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
0.60 | %(d) | 0.61 | % | 0.60 | % | 0.60 | % | 0.62 | % | 0.60 | % | |||||||||||||||||||||||||
Ratio of net investment income to average net assets |
0.65 | %(d) | 0.77 | % | 0.99 | %(b) | 0.68 | % | 0.94 | % | 1.40 | % | |||||||||||||||||||||||||
Portfolio turnover rate(e) |
99 | % | 203 | % | 205 | % | 214 | % | 213 | % | 199 | % | |||||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounts to $0.13 per share and 0.23% 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 Data for a Share Outstanding Throughout Each Period |
U.S. Equity Insights Fund | |||||||||||||||||||||||||||||||||||||
Service Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 50.69 | $ | 48.01 | $ | 72.21 | $ | 53.38 | $ | 49.19 | $ | 47.41 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.04 | 0.13 | 0.26 | (b) | 0.11 | 0.22 | 0.38 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
10.35 | 2.82 | (8.74 | ) | 21.14 | 4.64 | 3.13 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
10.39 | 2.95 | (8.48 | ) | 21.25 | 4.86 | 3.51 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.16 | ) | (0.27 | ) | (0.15 | ) | (0.19 | ) | (0.67 | ) | (0.08 | ) | |||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
(1.21 | ) | | (15.57 | ) | (2.23 | ) | | (1.65 | ) | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total distributions |
(1.37 | ) | (0.27 | ) | (15.72 | ) | (2.42 | ) | (0.67 | ) | (1.73 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 59.71 | $ | 50.69 | $ | 48.01 | $ | 72.21 | $ | 53.38 | $ | 49.19 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total Return(c) |
20.71 | % | 6.20 | % | (14.98 | )% | 41.08 | % | 9.93 | % | 7.86 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 6,213 | $ | 5,082 | $ | 4,781 | $ | 6,302 | $ | 5,761 | $ | 6,700 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
1.06 | %(d) | 1.07 | % | 1.06 | % | 1.06 | % | 1.06 | % | 1.05 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
1.10 | %(d) | 1.11 | % | 1.10 | % | 1.10 | % | 1.12 | % | 1.13 | % | |||||||||||||||||||||||||
Ratio of net investment income to average net assets |
0.15 | %(d) | 0.26 | % | 0.49 | %(b) | 0.17 | % | 0.44 | % | 0.81 | % | |||||||||||||||||||||||||
Portfolio turnover rate(e) |
99 | % | 203 | % | 205 | % | 214 | % | 213 | % | 199 | % | |||||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounts to $0.13 per share and 0.23% 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 Data for a Share Outstanding Throughout Each Period |
U.S. Equity Insights Fund | |||||||||||||||||||||||||||||||||||||
Investor Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 50.18 | $ | 47.56 | $ | 71.70 | $ | 53.02 | $ | 48.84 | $ | 47.17 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.15 | 0.35 | 0.46 | (b) | 0.36 | 0.42 | 0.54 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
10.24 | 2.76 | (8.63 | ) | 20.96 | 4.59 | 3.09 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
10.39 | 3.11 | (8.17 | ) | 21.32 | 5.01 | 3.63 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.31 | ) | (0.49 | ) | (0.40 | ) | (0.41 | ) | (0.83 | ) | (0.31 | ) | |||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
(1.21 | ) | | (15.57 | ) | (2.23 | ) | | (1.65 | ) | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total distributions |
(1.52 | ) | (0.49 | ) | (15.97 | ) | (2.64 | ) | (0.83 | ) | (1.96 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 59.05 | $ | 50.18 | $ | 47.56 | $ | 71.70 | $ | 53.02 | $ | 48.84 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total Return(c) |
20.94 | % | 6.62 | % | (14.65 | )% | 41.61 | % | 10.33 | % | 8.25 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 53,441 | $ | 45,491 | $ | 87,159 | $ | 127,076 | $ | 88,924 | $ | 116,633 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
0.67 | %(d) | 0.68 | % | 0.68 | % | 0.68 | % | 0.69 | % | 0.69 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
0.71 | %(d) | 0.72 | % | 0.72 | % | 0.72 | % | 0.75 | % | 0.76 | % | |||||||||||||||||||||||||
Ratio of net investment income to average net assets |
0.54 | %(d) | 0.71 | % | 0.87 | %(b) | 0.56 | % | 0.84 | % | 1.17 | % | |||||||||||||||||||||||||
Portfolio turnover rate(e) |
99 | % | 203 | % | 205 | % | 214 | % | 213 | % | 199 | % | |||||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounts to $0.13 per share and 0.23% 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 Data for a Share Outstanding Throughout Each Period |
U.S. Equity Insights Fund | |||||||||||||||||||||||||||||||||||||
Class R6 Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 53.47 | $ | 50.64 | $ | 75.30 | $ | 55.56 | $ | 51.13 | $ | 49.27 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.20 | 0.40 | 0.52 | (b) | 0.46 | 0.50 | 0.76 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
10.92 | 2.97 | (9.15 | ) | 21.99 | 4.83 | 3.10 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
11.12 | 3.37 | (8.63 | ) | 22.45 | 5.33 | 3.86 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.42 | ) | (0.54 | ) | (0.46 | ) | (0.48 | ) | (0.90 | ) | (0.35 | ) | |||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
(1.21 | ) | | (15.57 | ) | (2.23 | ) | | (1.65 | ) | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total distributions |
(1.63 | ) | (0.54 | ) | (16.03 | ) | (2.71 | ) | (0.90 | ) | (2.00 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 62.96 | $ | 53.47 | $ | 50.64 | $ | 75.30 | $ | 55.56 | $ | 51.13 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total Return(c) |
21.03 | % | 6.75 | % | (14.54 | )% | 41.78 | % | 10.49 | % | 8.38 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 25,884 | $ | 20,915 | $ | 17,987 | $ | 14,142 | $ | 8,871 | $ | 12,068 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
0.55 | %(d) | 0.56 | % | 0.55 | % | 0.55 | % | 0.55 | % | 0.54 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
0.59 | %(d) | 0.60 | % | 0.59 | % | 0.60 | % | 0.61 | % | 0.59 | % | |||||||||||||||||||||||||
Ratio of net investment income to average net assets |
0.66 | %(d) | 0.75 | % | 0.95 | %(b) | 0.69 | % | 0.95 | % | 1.49 | % | |||||||||||||||||||||||||
Portfolio turnover rate(e) |
99 | % | 203 | % | 205 | % | 214 | % | 213 | % | 199 | % | |||||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounts to $0.13 per share and 0.23% 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 Data for a Share Outstanding Throughout Each Period |
U.S. Equity Insights Fund | |||||||||||||||||||||||||||||||||||||
Class R Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 49.94 | $ | 47.07 | $ | 71.12 | $ | 52.63 | $ | 48.47 | $ | 46.74 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.01 | 0.09 | 0.19 | (b) | 0.07 | 0.16 | 0.32 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
10.20 | 2.78 | (8.58 | ) | 20.80 | 4.57 | 3.08 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
10.21 | 2.87 | (8.39 | ) | 20.87 | 4.73 | 3.40 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.07 | ) | | (0.09 | ) | (0.15 | ) | (0.57 | ) | (0.02 | ) | ||||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
(1.21 | ) | | (15.57 | ) | (2.23 | ) | | (1.65 | ) | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total distributions |
(1.28 | ) | | (15.66 | ) | (2.38 | ) | (0.57 | ) | (1.67 | ) | ||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 58.87 | $ | 49.94 | $ | 47.07 | $ | 71.12 | $ | 52.63 | $ | 48.47 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total Return(c) |
20.63 | % | 6.10 | % | (15.08 | )% | 40.91 | % | 9.79 | % | 7.72 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 8,222 | $ | 6,890 | $ | 17,488 | $ | 22,030 | $ | 41,005 | $ | 44,555 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
1.17 | %(d) | 1.18 | % | 1.18 | % | 1.18 | % | 1.19 | % | 1.19 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
1.21 | %(d) | 1.22 | % | 1.22 | % | 1.22 | % | 1.25 | % | 1.26 | % | |||||||||||||||||||||||||
Ratio of net investment income to average net assets |
0.03 | %(d) | 0.18 | % | 0.37 | %(b) | 0.11 | % | 0.31 | % | 0.69 | % | |||||||||||||||||||||||||
Portfolio turnover rate(e) |
99 | % | 203 | % | 205 | % | 214 | % | 213 | % | 199 | % | |||||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounts to $0.13 per share and 0.23% 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 Data for a Share Outstanding Throughout Each Period |
U.S. Equity Insights Fund | |||||||||||||||||||||||||||||||||||||
Class P Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 53.48 | $ | 50.65 | $ | 75.31 | $ | 55.56 | $ | 51.14 | $ | 49.28 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.20 | 0.41 | 0.55 | (b) | 0.46 | 0.50 | 0.65 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
10.92 | 2.96 | (9.18 | ) | 22.00 | 4.83 | 3.21 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
11.12 | 3.37 | (8.63 | ) | 22.46 | 5.33 | 3.86 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.42 | ) | (0.54 | ) | (0.46 | ) | (0.48 | ) | (0.91 | ) | (0.35 | ) | |||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
(1.21 | ) | | (15.57 | ) | (2.23 | ) | | (1.65 | ) | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total distributions |
(1.63 | ) | (0.54 | ) | (16.03 | ) | (2.71 | ) | (0.91 | ) | (2.00 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 62.97 | $ | 53.48 | $ | 50.65 | $ | 75.31 | $ | 55.56 | $ | 51.14 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total Return(c) |
21.02 | % | 6.75 | % | (14.54 | )% | 41.80 | % | 10.49 | % | 8.40 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 287,939 | $ | 246,177 | $ | 289,752 | $ | 327,501 | $ | 245,632 | $ | 225,899 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
0.55 | %(d) | 0.56 | % | 0.55 | % | 0.55 | % | 0.55 | % | 0.54 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
0.59 | %(d) | 0.60 | % | 0.59 | % | 0.59 | % | 0.61 | % | 0.62 | % | |||||||||||||||||||||||||
Ratio of net investment income to average net assets |
0.66 | %(d) | 0.78 | % | 1.00 | %(b) | 0.68 | % | 0.94 | % | 1.33 | % | |||||||||||||||||||||||||
Portfolio turnover rate(e) |
99 | % | 203 | % | 205 | % | 214 | % | 213 | % | 199 | % | |||||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounts to $0.13 per share and 0.23% 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 DOMESTIC EQUITY INSIGHTS FUNDS
1. ORGANIZATION |
Goldman Sachs Trust (the Trust) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the Act), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the Funds or individually a Fund), along with their corresponding share classes and respective diversification status under the Act:
Fund | Share Classes Offered | Diversified/ Non-Diversified | ||
Goldman Sachs Large Cap Growth Insights Fund | A, C, Institutional, Service, Investor, R6, R and P |
Non-Diversified | ||
Goldman Sachs Large Cap Value Insights Fund | A, C, Institutional, Service, Investor, R6, R and P |
Diversified | ||
Goldman Sachs Small Cap Equity Insights Fund | A, C, Institutional, Service, Investor, R6, R and P |
Diversified | ||
Goldman Sachs Small Cap Growth Insights Fund | A, C, Institutional, Investor, R6, R and P |
Diversified | ||
Goldman Sachs Small Cap Value Insights Fund | A, C, Institutional, Investor, R6, R and P |
Diversified | ||
Goldman Sachs U.S. Equity Insights Fund | A, C, Institutional, Service, 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.
95 |
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
Notes to Financial Statements (continued)
April 30, 2024 (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 Growth Insights Fund |
Annually |
Annually | ||
Large Cap Value Insights Fund |
Quarterly |
Annually | ||
Small Cap Equity Insights Fund |
Annually |
Annually | ||
Small Cap Growth Insights Fund |
Annually |
Annually | ||
Small Cap Value Insights Fund |
Annually |
Annually | ||
U.S. Equity Insights Fund |
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;
96 |
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
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. With respect to the Funds investments that do not have readily available market quotations, the Trustees have designated GSAM as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the Valuation Designee). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.
A. Level 1 and Level 2 Fair Value Investments The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:
Equity Securities Equity securities traded on a United States (U.S.) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.
Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under the Valuation Procedures and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.
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 either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules 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
97 |
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited) |
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
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. 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 the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a 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, 2024:
Large Cap Growth Insights Fund | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
|
||||||||||||
Assets |
||||||||||||
Common Stock and/or Other Equity Investments(a) |
||||||||||||
North America |
$ | 1,132,963,431 | $ | | $ | | ||||||
|
||||||||||||
Derivative Type |
||||||||||||
|
||||||||||||
Liabilities |
||||||||||||
Futures Contracts(b) |
$ | (37,330 | ) | $ | | $ | | |||||
|
||||||||||||
Large Cap Value Insights Fund |
||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
|
||||||||||||
Assets |
||||||||||||
Common Stock and/or Other Equity Investments(a) |
||||||||||||
Europe |
$ | 936,642 | $ | | $ | | ||||||
North America |
362,240,660 | | | |||||||||
South America |
534,983 | | | |||||||||
|
||||||||||||
Total |
$ | 363,712,285 | $ | | $ | | ||||||
|
||||||||||||
Derivative Type | ||||||||||||
|
||||||||||||
Liabilities | ||||||||||||
Futures Contracts(b) |
$ | (6,222 | ) | $ | | $ | | |||||
|
98 |
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 |
$ | 946,327 | $ | | $ | | ||||||
Asia |
3,736,211 | | | |||||||||
Europe |
5,726,832 | | | |||||||||
North America |
371,143,004 | | | |||||||||
South America |
2,388,142 | | | |||||||||
Investment Company |
3,787,000 | | | |||||||||
Securities Lending Reinvestment Vehicle |
4,161,020 | | | |||||||||
|
||||||||||||
Total |
$ | 391,888,536 | $ | | $ | | ||||||
|
||||||||||||
Derivative Type | ||||||||||||
|
||||||||||||
Liabilities |
||||||||||||
Futures Contracts(b) |
$ | (281,172 | ) | $ | | $ | | |||||
|
||||||||||||
Small Cap Growth Insights Fund | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
|
||||||||||||
Assets |
||||||||||||
Common Stock and/or Other Equity Investments(a) |
||||||||||||
Africa |
$ | 87,114 | $ | | $ | | ||||||
Asia |
1,719,782 | | | |||||||||
Europe |
741,557 | | | |||||||||
North America |
107,918,059 | | | |||||||||
South America |
546,763 | | | |||||||||
Investment Company |
503,922 | | | |||||||||
Securities Lending Reinvestment Vehicle |
2,071,685 | | | |||||||||
|
||||||||||||
Total |
$ | 113,588,882 | $ | | $ | | ||||||
|
||||||||||||
Derivative Type | ||||||||||||
|
||||||||||||
Liabilities |
||||||||||||
Futures Contracts(b) |
$ | (37,585 | ) | $ | | $ | | |||||
|
||||||||||||
Small Cap Value Insights Fund | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
|
||||||||||||
Assets |
||||||||||||
Common Stock and/or Other Equity Investments(a) |
||||||||||||
Africa |
$ | 1,589,779 | $ | | $ | | ||||||
Asia |
2,314,319 | | | |||||||||
Europe |
17,422,823 | | | |||||||||
North America |
809,648,006 | | | |||||||||
South America |
3,365,362 | | | |||||||||
Investment Company |
2,147,819 | | | |||||||||
Securities Lending Reinvestment Vehicle |
4,576,025 | | | |||||||||
|
||||||||||||
Total |
$ | 841,064,133 | $ | | $ | | ||||||
|
||||||||||||
Derivative Type | ||||||||||||
|
||||||||||||
Assets |
||||||||||||
Futures Contracts(b) |
$ | 89,869 | $ | | $ | | ||||||
|
99 |
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
Notes to Financial Statements (continued)
April 30, 2024 (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) |
$ | 988,342,461 | $ | | $ | | ||||||
|
(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. |
For further information regarding security characteristics, see the Schedules of Investments.
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, 2024. 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.
Large Cap Growth Insights Fund | ||||||||||||
Risk | Statement of Assets and Liabilities | Assets1 | Statement of Assets and Liabilities | Liabilities1 | ||||||||
Equity | Variation margin on futures contracts | $ | | Variation margin on futures contracts | $ | (37,330 | ) | |||||
Large Cap Value Insights Fund | ||||||||||||
Risk | Statement of Assets and Liabilities | Assets1 | Statement of Assets and Liabilities | Liabilities1 | ||||||||
Equity | Variation margin on futures contracts | $ | | Variation margin on futures contracts | $ | (6,222 | ) | |||||
Small Cap Equity Insights Fund | ||||||||||||
Risk | Statement of Assets and Liabilities | Assets1 | Statement of Assets and Liabilities | Liabilities1 | ||||||||
Equity | Variation margin on futures contracts | $ | | Variation margin on futures contracts | $ | (281,172 | ) | |||||
Small Cap Growth Insights Fund | ||||||||||||
Risk | Statement of Assets and Liabilities | Assets1 | Statement of Assets and Liabilities | Liabilities1 | ||||||||
Equity | Variation margin on futures contracts | $ | | Variation margin on futures contracts | $ | (37,585 | ) | |||||
Small Cap Value Insights Fund | ||||||||||||
Risk | Statement of Assets and Liabilities | Assets1 | Statement of Assets and Liabilities | Liabilities1 | ||||||||
Equity | Variation margin on futures contracts | $ | 89,869 | Variation margin on futures contracts | $ | |
1 | Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedule of Investments. Only the variation margin as of April 30, 2024 is reported within the Statements of Assets and Liabilities. |
100 |
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
4. INVESTMENTS IN DERIVATIVES (continued) |
The following table sets forth, by certain risk types, the Funds gains (losses) related to these derivatives and their indicative volumes for the six months ended April 30, 2024. 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:
Large Cap Growth Insights Fund | ||||||||||
Risk | Statement of Operations | Net Realized Gain (Loss) |
Net Change in Unrealized Gain (Loss) |
|||||||
Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | $ | 1,808,197 | $ | (244,526 | ) | ||||
Large Cap Value Insights Fund | ||||||||||
Risk | Statement of Operations | Net Realized Gain (Loss) |
Net Change in Unrealized Gain (Loss) |
|||||||
Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | 576,865 | (72,450 | ) | ||||||
Small Cap Equity Insights Fund | ||||||||||
Risk | Statement of Operations | Net Realized Gain (Loss) |
Net Change in Unrealized Gain (Loss) |
|||||||
Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | 861,760 | (281,172 | ) | ||||||
Small Cap Growth Insights Fund | ||||||||||
Risk | Statement of Operations | Net Realized Gain (Loss) |
Net Change in Unrealized Gain (Loss) |
|||||||
Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | 281,118 | (17,196 | ) | ||||||
Small Cap Value Insights Fund | ||||||||||
Risk | Statement of Operations | Net Realized Gain (Loss) |
Net Change in Unrealized Gain (Loss) |
|||||||
Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | 2,530,887 | 1,265,989 | |||||||
U.S. Equity Insights Fund | ||||||||||
Risk | Statement of Operations | Net Realized Gain (Loss) |
Net Change in Unrealized Gain (Loss) |
|||||||
Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on Update condition | 1,009,298 | |
101 |
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited) |
4. INVESTMENTS IN DERIVATIVES (continued) |
For the six months ended April 30, 2024, the relevant values for each derivative type were as follows:
Fund | Average Number of Contracts(a) |
|||
|
||||
Large Cap Growth Insights Fund |
28 | |||
|
||||
Large Cap Value Insights Fund |
1 | |||
|
||||
Small Cap Equity Insights Fund |
44 | |||
|
||||
Small Cap Growth Insights Fund |
13 | |||
|
||||
Small Cap Value Insights Fund |
109 | |||
|
||||
U.S. Equity Insights Fund |
43 | |||
|
(a) | Amounts disclosed represent average number of 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, 2024. |
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, 2024, 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 Rate^ |
|||||||||||||||||||||
|
||||||||||||||||||||||||||||
Large Cap Growth Insights Fund |
0.52 | % | 0.47 | % | 0.44 | % | 0.44 | % | 0.43 | % | 0.51 | % | 0.51% | |||||||||||||||
|
||||||||||||||||||||||||||||
Large Cap Value Insights Fund |
0.52 | 0.47 | 0.44 | 0.44 | 0.43 | 0.52 | 0.52 | |||||||||||||||||||||
|
||||||||||||||||||||||||||||
Small Cap Equity Insights Fund |
0.80 | 0.80 | 0.72 | 0.68 | 0.67 | 0.80 | 0.80 | |||||||||||||||||||||
|
||||||||||||||||||||||||||||
Small Cap Growth Insights Fund |
0.80 | 0.80 | 0.72 | 0.68 | 0.67 | 0.80 | 0.80 | |||||||||||||||||||||
|
||||||||||||||||||||||||||||
Small Cap Value Insights Fund |
0.80 | 0.80 | 0.72 | 0.68 | 0.67 | 0.80 | 0.80 | |||||||||||||||||||||
|
||||||||||||||||||||||||||||
U.S. Equity Insights Fund |
0.52 | 0.47 | 0.44 | 0.44 | 0.43 | 0.52 | 0.52 | |||||||||||||||||||||
|
^ | 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 in the Underlying Money Market Fund. For the six months ended April 30, 2024, the management fee waived by GSAM for each Fund was as follows:
102 |
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
Fund | Management |
|||
|
||||
Large Cap Growth Insights Fund |
$ | 1,853 | ||
|
||||
Large Cap Value Insights Fund |
555 | |||
|
||||
Small Cap Equity Insights Fund |
983 | |||
|
||||
Small Cap Growth Insights Fund |
205 | |||
|
||||
Small Cap Value Insights Fund |
1,312 | |||
|
||||
U.S. Equity Insights Fund |
338 | |||
|
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 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. |
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, 2024, Goldman Sachs retained the following amounts:
103 |
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited) |
5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
Front End Sales Charge
|
Contingent Deferred Sales Charge
|
|||||||
Fund | Class A | Class C | ||||||
|
||||||||
Large Cap Growth Insights Fund |
$ 9,187 | $ | ||||||
|
||||||||
Large Cap Value Insights Fund |
953 | 233 | ||||||
|
||||||||
Small Cap Equity Insights Fund |
6,317 | 230 | ||||||
|
||||||||
Small Cap Growth Insights Fund |
719 | 36 | ||||||
|
||||||||
Small Cap Value Insights Fund |
2,086 | | ||||||
|
||||||||
U.S. Equity Insights Fund |
4,722 | 211 | ||||||
|
D. Service and/or Shareholder Administration Plans The Trust, on behalf of each applicable Fund, has adopted Service Plans to allow Class C Shares and Shareholder Administration Plans to allow Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance or shareholder administration services to their customers who are beneficial owners of such shares. The Service and Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C and Service Shares of the Funds, respectively.
E. Transfer Agency Agreement Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.15% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional and Service Shares.
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, 2025, 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, 2024, 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 Fund |
$ | 1,853 | $ | 182,906 | $ | 184,759 | ||||||
|
||||||||||||
Large Cap Value Insights Fund |
555 | 161,919 | 162,474 | |||||||||
|
||||||||||||
Small Cap Equity Insights Fund |
983 | 171,414 | 172,397 | |||||||||
|
||||||||||||
Small Cap Growth Insights Fund |
205 | 123,770 | 123,975 | |||||||||
|
||||||||||||
Small Cap Value Insights Fund |
1,312 | 217,799 | 219,111 | |||||||||
|
||||||||||||
U.S. Equity Insights Fund |
338 | 187,511 | 187,849 | |||||||||
|
104 |
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
G. Line of Credit Facility As of April 30, 2024, the Funds participated in a $1,150,000,000 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, 2024, the Funds did not have any borrowings under the facility. Prior to April 16, 2024, the facility was $1,110,000,000.
H. Other Transactions with Affiliates For the six months ended April 30, 2024, Goldman Sachs did not earn brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs.
As of April 30, 2024, the following Goldman Sachs funds were beneficial owners of 5% or more of total outstanding shares of the following Funds:
Fund | Goldman Sachs Dynamic Global Equity |
Goldman Sachs Growth and Income Strategy Portfolio |
Goldman Sachs Growth Strategy |
Goldman Sachs Enhanced Dividend Global Equity | ||||||||||||||||||||||||||
Large Cap Value Insights Fund |
8 | % | 11 | % | 15 | % | % | |||||||||||||||||||||||
Small Cap Equity Insights Fund |
| | | 7 |
The following table provides information about the Funds investments in the Underlying Money Market Fund as of and for the six months ended April 30, 2024:
Large Cap Growth Insights Fund |
|
|||||||||||||||||||||||
Underlying Fund | Beginning value as of October 31, 2023 |
Purchases at Cost | Proceeds from Sales | Ending value as of April 30, 2024 |
Shares as of April 30, 2024 |
Dividend Income | ||||||||||||||||||
|
||||||||||||||||||||||||
Goldman Sachs Financial Square Government Fund - Institutional Shares |
|
|||||||||||||||||||||||
$ | 7,351,815 | $ | 63,790,852 | $ | 71,142,667 | $ | | | $ | 52,985 | ||||||||||||||
|
||||||||||||||||||||||||
Large Cap Value Insights Fund |
|
|||||||||||||||||||||||
Underlying Fund | Beginning value as of October 31, 2023 |
Purchases at Cost | Proceeds from Sales | Ending value as of April 30, 2024 |
Shares as of April 30, 2024 |
Dividend Income | ||||||||||||||||||
|
||||||||||||||||||||||||
Goldman Sachs Financial Square Government Fund - Institutional Shares |
|
|||||||||||||||||||||||
3,387,027 | 23,096,397 | 26,483,424 | | | 12,078 | |||||||||||||||||||
|
||||||||||||||||||||||||
Small Cap Equity Insights Fund |
|
|||||||||||||||||||||||
Underlying Fund | Beginning value as of October 31, 2023 |
Purchases at Cost | Proceeds from Sales | Ending value as of April 30, 2024 |
Shares as of April 30, 2024 |
Dividend Income | ||||||||||||||||||
|
||||||||||||||||||||||||
Goldman Sachs Financial Square Government Fund - Institutional Shares |
|
|||||||||||||||||||||||
521,166 | 50,116,056 | 46,850,222 | 3,787,000 | 3,787,000 | 38,123 | |||||||||||||||||||
|
||||||||||||||||||||||||
Small Cap Growth Insights Fund |
|
|||||||||||||||||||||||
Underlying Fund | Beginning value as of October 31, |
Purchases at Cost | Proceeds from Sales | Ending value as of April 30, 2024 |
Shares as of April 30, 2024 |
Dividend Income | ||||||||||||||||||
|
||||||||||||||||||||||||
Goldman Sachs Financial Square Government Fund - Institutional Shares |
|
|||||||||||||||||||||||
| 5,540,591 | 5,036,669 | 503,922 | 503,922 | 7,059 | |||||||||||||||||||
|
105 |
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited) |
5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
Small Cap Value Insights Fund
|
|
|||||||||||||||||||||||
Underlying Fund | Beginning value as of October 31, 2023 |
Purchases at Cost | Proceeds from Sales | Ending value as of April 30, 2024 |
Shares as of April 30, 2024 |
Dividend Income | ||||||||||||||||||
Goldman Sachs Financial Square Government Fund - Institutional Shares |
|
|||||||||||||||||||||||
$ | 4,600,596 | $ | 39,176,438 | $ | 41,629,215 | $ | 2,147,819 | 2,147,819 | $ | 45,050 | ||||||||||||||
|
||||||||||||||||||||||||
U.S. Equity Insights Fund |
|
|||||||||||||||||||||||
Underlying Fund | Beginning value as of October 31, 2023 |
Purchases at Cost | Proceeds from Sales | Ending value as of April 30, 2024 |
Shares as of April 30, 2024 |
Dividend Income | ||||||||||||||||||
Goldman Sachs Financial Square Government Fund - Institutional Shares |
|
|||||||||||||||||||||||
| 8,850,511 | 8,850,511 | | | 11,852 | |||||||||||||||||||
|
6. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales and maturities of long-term securities for the period ended April 30, 2024, were as follows:
Fund | Purchases | Sales | ||||||
|
||||||||
Large Cap Growth Insights Fund |
$ | 1,130,092,463 | $ | 1,175,232,936 | ||||
|
||||||||
Large Cap Value Insights Fund |
366,896,393 | 396,281,463 | ||||||
|
||||||||
Small Cap Equity Insights Fund |
310,128,391 | 320,610,729 | ||||||
|
||||||||
Small Cap Growth Insights Fund |
87,550,633 | 86,529,100 | ||||||
|
||||||||
Small Cap Value Insights Fund |
574,976,046 | 710,492,485 | ||||||
|
||||||||
U.S. Equity Insights Fund |
948,789,715 | 988,384,998 | ||||||
|
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.
106 |
GOLDMAN SACHS DOMESTIC 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, 2024, are disclosed as Payable upon return of securities loaned on the Statements of Assets and Liabilities, where applicable.
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, 2024 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, 2024 | Amounts Payable to Upon Return of |
|||||||||||
Fund |
Earnings of GSAL Securities Loaned |
Amounts Received from Lending to |
||||||||||
|
||||||||||||
Large Cap Growth Insights Fund |
$ | 2 | $ | | $ | | ||||||
|
||||||||||||
Large Cap Value Insights Fund |
16 | | | |||||||||
|
||||||||||||
Small Cap Equity Insights Fund |
12,540 | 4,302 | 1,007,070 | |||||||||
|
||||||||||||
Small Cap Growth Insights Fund |
2,580 | 448 | 186,160 | |||||||||
|
||||||||||||
Small Cap Value Insights Fund |
14,151 | 6,532 | 552,930 | |||||||||
|
||||||||||||
U.S. Equity Insights Fund |
6 | | | |||||||||
|
The following table provides information about the Funds investments in the Government Money Market Fund for the six months ended April 30, 2024.
Fund | Beginning value as of October 31, 2023 |
Purchases at Cost |
Proceeds from Sales |
Ending value as of April 30, 2024 |
||||||||||||
Large Cap Growth Insights Fund |
$ | | $ | 693,100 | $ | (693,100 | ) | $ | | |||||||
Large Cap Value Insights Fund |
| 3,886,000 | (3,886,000 | ) | | |||||||||||
Small Cap Equity Insights Fund |
1,274,479 | 24,998,390 | (22,111,849 | ) | 4,161,020 | |||||||||||
Small Cap Growth Insights Fund |
533,001 | 11,282,241 | (9,743,557 | ) | 2,071,685 | |||||||||||
Small Cap Value Insights Fund |
2,105,092 | 32,309,100 | (29,838,167 | ) | 4,576,025 | |||||||||||
U.S. Equity Insights Fund |
| 1,441,825 | (1,441,825 | ) | |
107 |
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited) |
8. TAX INFORMATION |
As of the Funds most recent fiscal year end, October 31, 2023, the Funds capital loss carryforwards and certain timing differences on a tax basis were as follows:
Large Cap Growth Insights Fund |
Large Cap Value Insights Fund |
Small Cap Equity Insights Fund |
||||||||||
Capital loss carryforwards: |
||||||||||||
Perpetual Short-Term |
$ | | $ | | $ | (30,150,389 | ) | |||||
Small Cap Growth Insights Fund |
Small Cap Value Insights Fund |
U.S. Equity Insights Fund |
||||||||||
Capital loss carryforwards: |
||||||||||||
Perpetual Short-Term |
$ | (24,630,321 | ) | $ | (4,065,489 | ) | $ | | ||||
Timing differences |
(198,119 | ) | | |
As of April 30, 2024, 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 Fund |
Large Cap Value Insights Fund |
Small Cap Equity Insights Fund |
||||||||||
Tax Cost |
$ | 691,182,092 | $ | 329,828,438 | $ | 356,803,859 | ||||||
Gross unrealized gain |
449,634,717 | 41,229,396 | 58,288,551 | |||||||||
Gross unrealized loss |
(7,853,378 | ) | (7,345,549 | ) | (23,203,874 | ) | ||||||
Net unrealized gain (loss) |
$ | 441,781,339 | $ | 33,883,847 | $ | 35,084,677 | ||||||
Small Cap Growth Insights Fund |
Small Cap Value Insights Fund |
U.S. Equity Insights Fund |
||||||||||
Tax Cost |
$ | 100,947,208 | $ | 793,720,791 | $ | 742,603,842 | ||||||
Gross unrealized gain |
19,961,135 | 106,854,909 | 256,046,973 | |||||||||
Gross unrealized loss |
(7,319,461 | ) | (59,511,567 | ) | (10,308,354 | ) | ||||||
Net unrealized gain (loss) |
$ | 12,641,674 | $ | 47,343,342 | $ | 245,738,619 |
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 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:
Investment Style Risk Different investment styles (e.g., growth, value or quantitative) tend to shift in and out of favor depending upon market and economic conditions and investor sentiment. The Fund may outperform or underperform other funds
108 |
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
9. OTHER RISKS (continued) |
that invest in similar asset classes but employ different investment styles. Value Investing is an example of an investment style. Value stocks are those believed to be undervalued in comparison to their peers, due to market, company-specific or other factors.
Large Shareholder Transactions Risk A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a 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.
Market and Credit Risks In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.
Mid-Cap and Small-Cap Risk Investments in mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.
Non-Diversification Risk The 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.
Portfolio Turnover Rate Risk A high rate of portfolio turnover may involve correspondingly greater expenses which must be borne by the Fund and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders.
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.
109 |
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited) |
12. SUMMARY OF SHARE TRANSACTIONS |
Share activity is as follows:
Large Cap Growth Insights Fund | ||||||||||||||||
For the Six Months Ended April 30, 2024 (Unaudited) |
For the Fiscal Year Ended October 31, 2023 |
|||||||||||||||
|
|
|||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|||||||||||||||
Class A Shares |
||||||||||||||||
Shares sold |
472,014 | $ | 12,556,302 | 1,346,209 | $ | 31,026,390 | ||||||||||
Reinvestment of distributions |
472,195 | 11,927,636 | 1,176,826 | 25,306,363 | ||||||||||||
Shares redeemed |
(953,431 | ) | (25,616,620 | ) | (3,487,349 | ) | (82,695,881) | |||||||||
|
||||||||||||||||
(9,222 | ) | (1,132,682 | ) | (964,314 | ) | (26,363,128) | ||||||||||
|
||||||||||||||||
Class C Shares |
||||||||||||||||
Shares sold |
76,304 | 1,476,789 | 140,855 | 2,436,123 | ||||||||||||
Reinvestment of distributions |
125,431 | 2,255,235 | 321,388 | 5,097,219 | ||||||||||||
Shares redeemed |
(227,210 | ) | (4,351,849 | ) | (596,145 | ) | (10,165,988) | |||||||||
|
||||||||||||||||
(25,475 | ) | (619,825 | ) | (133,902 | ) | (2,632,646) | ||||||||||
|
||||||||||||||||
Institutional Shares |
||||||||||||||||
Shares sold |
1,376,019 | 38,924,284 | 2,043,634 | 51,951,345 | ||||||||||||
Reinvestment of distributions |
512,633 | 14,088,375 | 1,300,027 | 30,204,086 | ||||||||||||
Shares redeemed |
(2,506,216 | ) | (74,759,395 | ) | (5,764,175 | ) | (143,093,681) | |||||||||
|
||||||||||||||||
(617,564 | ) | (21,746,736 | ) | (2,420,514 | ) | (60,938,250) | ||||||||||
|
||||||||||||||||
Service Shares |
||||||||||||||||
Shares sold |
86,186 | 2,277,027 | 274,450 | 6,310,023 | ||||||||||||
Reinvestment of distributions |
28,651 | 694,203 | 67,768 | 1,403,355 | ||||||||||||
Shares redeemed |
(67,247 | ) | (1,733,053 | ) | (197,893 | ) | (4,401,259) | |||||||||
|
||||||||||||||||
47,590 | 1,238,177 | 144,325 | 3,312,119 | |||||||||||||
|
||||||||||||||||
Investor Shares |
||||||||||||||||
Shares sold |
1,651,470 | 42,873,145 | 2,498,173 | 54,665,433 | ||||||||||||
Reinvestment of distributions |
409,390 | 10,083,286 | 966,206 | 20,289,199 | ||||||||||||
Shares redeemed |
(1,275,895 | ) | (32,581,217 | ) | (3,401,724 | ) | (77,959,584) | |||||||||
|
||||||||||||||||
784,965 | 20,375,214 | 62,655 | (3,004,952) | |||||||||||||
|
||||||||||||||||
Class R6 Shares |
||||||||||||||||
Shares sold |
715,397 | 20,731,218 | 5,934,642 | 151,149,652 | ||||||||||||
Reinvestment of distributions |
888,388 | 24,388,611 | 1,406,649 | 32,649,484 | ||||||||||||
Shares redeemed |
(1,830,769 | ) | (52,710,344 | ) | (2,287,045 | ) | (57,494,149) | |||||||||
|
||||||||||||||||
(226,984 | ) | (7,590,515 | ) | 5,054,246 | 126,304,987 | |||||||||||
|
||||||||||||||||
Class R Shares |
||||||||||||||||
Shares sold |
140,824 | 3,564,911 | 338,749 | 7,433,379 | ||||||||||||
Reinvestment of distributions |
89,102 | 2,098,344 | 186,173 | 3,758,829 | ||||||||||||
Shares redeemed |
(195,091 | ) | (4,828,926 | ) | (344,904 | ) | (7,556,191) | |||||||||
|
||||||||||||||||
34,835 | 834,329 | 180,018 | 3,636,017 | |||||||||||||
|
||||||||||||||||
Class P Shares |
||||||||||||||||
Shares sold |
86,425 | 2,502,555 | 536,248 | 12,757,901 | ||||||||||||
Reinvestment of distributions |
133,678 | 3,665,774 | 298,069 | 6,910,344 | ||||||||||||
Shares redeemed |
(170,077 | ) | (4,899,928 | ) | (917,291 | ) | (22,971,281) | |||||||||
|
||||||||||||||||
50,026 | 1,268,401 | (82,974 | ) | (3,303,036) | ||||||||||||
|
||||||||||||||||
NET INCREASE (DECREASE) IN SHARES |
38,171 | $ | (7,373,637 | ) | 1,839,540 | $ | 37,011,111 | |||||||||
|
110 |
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
12. SUMMARY OF SHARE TRANSACTIONS (continued) |
Large Cap Value Insights Fund | ||||||||||||||||
For the Six Months Ended April 30, 2024 (Unaudited) |
For the Fiscal Year Ended October 31, 2023 |
|||||||||||||||
|
|
|||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|||||||||||||||
Class A Shares |
||||||||||||||||
Shares sold |
68,469 | $ | 1,583,651 | 171,284 | $ | 3,662,477 | ||||||||||
Reinvestment of distributions |
62,833 | 1,411,699 | 78,141 | 1,690,923 | ||||||||||||
Shares redeemed |
(211,493 | ) | (4,883,840 | ) | (562,515 | ) | (12,026,247) | |||||||||
|
||||||||||||||||
(80,191 | ) | (1,888,490 | ) | (313,090 | ) | (6,672,847) | ||||||||||
|
||||||||||||||||
Class C Shares |
||||||||||||||||
Shares sold |
13,999 | 316,669 | 32,574 | 688,370 | ||||||||||||
Reinvestment of distributions |
9,484 | 209,365 | 10,240 | 219,992 | ||||||||||||
Shares redeemed |
(40,512 | ) | (921,732 | ) | (95,545 | ) | (2,012,613) | |||||||||
|
||||||||||||||||
(17,029 | ) | (395,698 | ) | (52,731 | ) | (1,104,251) | ||||||||||
|
||||||||||||||||
Institutional Shares |
||||||||||||||||
Shares sold |
147,979 | 3,404,967 | 457,895 | 9,870,669 | ||||||||||||
Reinvestment of distributions |
50,312 | 1,131,081 | 138,895 | 2,995,693 | ||||||||||||
Shares redeemed |
(2,011,336 | ) | (43,651,491 | ) | (1,317,425 | ) | (28,285,198) | |||||||||
|
||||||||||||||||
(1,813,045 | ) | (39,115,443 | ) | (720,635 | ) | (15,418,836) | ||||||||||
|
||||||||||||||||
Service Shares |
||||||||||||||||
Shares sold |
11,664 | 273,066 | 27,458 | 595,910 | ||||||||||||
Reinvestment of distributions |
2,881 | 65,090 | 4,787 | 104,309 | ||||||||||||
Shares redeemed |
(8,586 | ) | (194,398 | ) | (105,423 | ) | (2,290,613) | |||||||||
|
||||||||||||||||
5,959 | 143,758 | (73,178 | ) | (1,590,394) | ||||||||||||
|
||||||||||||||||
Investor Shares |
||||||||||||||||
Shares sold |
202,727 | 4,559,552 | 581,203 | 12,428,033 | ||||||||||||
Reinvestment of distributions |
84,942 | 1,902,733 | 115,395 | 2,482,854 | ||||||||||||
Shares redeemed |
(316,845 | ) | (7,200,168 | ) | (1,486,008 | ) | (32,214,271) | |||||||||
|
||||||||||||||||
(29,176 | ) | (737,883 | ) | (789,410 | ) | (17,303,384) | ||||||||||
|
||||||||||||||||
Class R6 Shares |
||||||||||||||||
Shares sold |
79,913 | 1,846,478 | 3,610,808 | 74,474,367 | ||||||||||||
Reinvestment of distributions |
213,251 | 4,793,827 | 133,170 | 2,872,406 | ||||||||||||
Shares redeemed |
(447,250 | ) | (10,220,212 | ) | (877,677 | ) | (19,239,797) | |||||||||
|
||||||||||||||||
(154,086 | ) | (3,579,907 | ) | 2,866,301 | 58,106,976 | |||||||||||
|
||||||||||||||||
Class R Shares |
||||||||||||||||
Shares sold |
37,771 | 845,382 | 18,286 | 388,602 | ||||||||||||
Reinvestment of distributions |
5,404 | 120,150 | 6,601 | 141,799 | ||||||||||||
Shares redeemed |
(14,492 | ) | (327,639 | ) | (86,950 | ) | (1,859,844) | |||||||||
|
||||||||||||||||
28,683 | 637,893 | (62,063 | ) | (1,329,443) | ||||||||||||
|
||||||||||||||||
Class P Shares |
||||||||||||||||
Shares sold |
46,440 | 1,072,860 | 198,256 | 4,200,948 | ||||||||||||
Reinvestment of distributions |
54,036 | 1,214,135 | 79,366 | 1,710,618 | ||||||||||||
Shares redeemed |
(401,306 | ) | (8,941,354 | ) | (463,810 | ) | (10,024,802) | |||||||||
|
||||||||||||||||
(300,830 | ) | (6,654,359 | ) | (186,188 | ) | (4,113,236) | ||||||||||
|
||||||||||||||||
NET INCREASE (DECREASE) IN SHARES |
(2,359,715 | ) | $ | (51,590,129 | ) | 669,006 | $ | 10,574,585 | ||||||||
|
111 |
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited) |
12. SUMMARY OF SHARE TRANSACTIONS (continued) |
Small Cap Equity Insights Fund | ||||||||||||||||
For the Six Months Ended (Unaudited) |
For the Fiscal Year Ended October 31, 2023 |
|||||||||||||||
|
|
|||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|||||||||||||||
Class A Shares |
||||||||||||||||
Shares sold |
80,395 | $ | 1,949,977 | 114,004 | $ | 2,510,018 | ||||||||||
Reinvestment of distributions |
4,589 | 111,606 | 7,119 | 148,002 | ||||||||||||
Shares redeemed |
(126,570 | ) | (3,043,531 | ) | (501,454 | ) | (11,046,019) | |||||||||
|
||||||||||||||||
(41,586 | ) | (981,948 | ) | (380,331 | ) | (8,387,999) | ||||||||||
|
||||||||||||||||
Class C Shares |
||||||||||||||||
Shares sold |
25,079 | 474,415 | 27,271 | 466,579 | ||||||||||||
Shares redeemed |
(23,375 | ) | (445,863 | ) | (94,282 | ) | (1,606,182) | |||||||||
|
||||||||||||||||
1,704 | 28,552 | (67,011 | ) | (1,139,603) | ||||||||||||
|
||||||||||||||||
Institutional Shares |
||||||||||||||||
Shares sold |
507,561 | 13,111,450 | 560,315 | 13,157,646 | ||||||||||||
Reinvestment of distributions |
30,406 | 784,182 | 47,619 | 1,049,527 | ||||||||||||
Shares redeemed |
(511,883 | ) | (13,428,504 | ) | (2,764,726 | ) | (65,178,247) | |||||||||
|
||||||||||||||||
26,084 | 467,128 | (2,156,792 | ) | (50,971,074) | ||||||||||||
|
||||||||||||||||
Service Shares |
||||||||||||||||
Shares sold |
1,480 | 35,166 | 6,396 | 136,669 | ||||||||||||
Reinvestment of distributions |
356 | 8,429 | 408 | 8,258 | ||||||||||||
Shares redeemed |
(64,841 | ) | (1,561,366 | ) | (22,891 | ) | (495,536) | |||||||||
|
||||||||||||||||
(63,005 | ) | (1,517,771 | ) | (16,087 | ) | (350,609) | ||||||||||
|
||||||||||||||||
Investor Shares |
||||||||||||||||
Shares sold |
179,116 | 4,227,464 | 549,516 | 11,875,830 | ||||||||||||
Reinvestment of distributions |
9,934 | 239,907 | 12,874 | 265,847 | ||||||||||||
Shares redeemed |
(188,066 | ) | (4,595,226 | ) | (644,078 | ) | (14,182,274) | |||||||||
|
||||||||||||||||
984 | (127,855 | ) | (81,688 | ) | (2,040,597) | |||||||||||
|
||||||||||||||||
Class R6 Shares |
||||||||||||||||
Shares sold |
1,001,386 | 24,550,637 | 237,412 | 5,542,943 | ||||||||||||
Reinvestment of distributions |
31,465 | 811,483 | 32,020 | 705,714 | ||||||||||||
Shares redeemed |
(681,840 | ) | (18,498,516 | ) | (785,530 | ) | (18,386,361) | |||||||||
|
||||||||||||||||
351,011 | 6,863,604 | (516,098 | ) | (12,137,704) | ||||||||||||
|
||||||||||||||||
Class R Shares |
||||||||||||||||
Shares sold |
10,350 | 243,864 | 73,554 | 1,552,270 | ||||||||||||
Reinvestment of distributions |
| | 1,453 | 29,095 | ||||||||||||
Shares redeemed |
(11,235 | ) | (271,562 | ) | (498,082 | ) | (10,329,835) | |||||||||
|
||||||||||||||||
(885 | ) | (27,698 | ) | (423,075 | ) | (8,748,470) | ||||||||||
|
||||||||||||||||
Class P Shares |
||||||||||||||||
Shares sold |
823,399 | 20,401,564 | 1,429,805 | 32,382,759 | ||||||||||||
Reinvestment of distributions |
41,503 | 1,069,929 | 47,710 | 1,051,530 | ||||||||||||
Shares redeemed |
(1,202,662 | ) | (30,630,898 | ) | (2,694,861 | ) | (61,682,913) | |||||||||
|
||||||||||||||||
(337,760 | ) | (9,159,405 | ) | (1,217,346 | ) | (28,248,624) | ||||||||||
|
||||||||||||||||
NET DECREASE IN SHARES |
(63,453 | ) | $ | (4,455,393 | ) | (4,858,428 | ) | $ | (112,024,680) | |||||||
|
112 |
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
12. SUMMARY OF SHARE TRANSACTIONS (continued) |
Small Cap Growth Insights Fund | ||||||||||||||||
For the Six Months Ended April 30, 2024 (Unaudited) |
For the Fiscal Year Ended October 31, 2023 |
|||||||||||||||
|
|
|||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|||||||||||||||
Class A Shares |
||||||||||||||||
Shares sold |
94,411 | $ | 1,297,892 | 195,137 | $ | 2,407,062 | ||||||||||
Reinvestment of distributions |
| | 5,469 | 62,404 | ||||||||||||
Shares redeemed |
(229,061 | ) | (3,151,290 | ) | (572,234 | ) | (7,014,852) | |||||||||
|
||||||||||||||||
(134,650 | ) | (1,853,398 | ) | (371,628 | ) | (4,545,386) | ||||||||||
|
||||||||||||||||
Class C Shares |
||||||||||||||||
Shares sold |
7,078 | 158,897 | 17,040 | 328,076 | ||||||||||||
Shares redeemed |
(34,807 | ) | (756,091 | ) | (105,454 | ) | (2,002,074) | |||||||||
|
||||||||||||||||
(27,729 | ) | (597,194 | ) | (88,414 | ) | (1,673,998) | ||||||||||
|
||||||||||||||||
Institutional Shares |
||||||||||||||||
Shares sold |
150,662 | 3,389,672 | 377,413 | 7,609,287 | ||||||||||||
Reinvestment of distributions |
| | 7,119 | 132,620 | ||||||||||||
Shares redeemed |
(266,228 | ) | (6,023,109 | ) | (1,150,438 | ) | (23,138,977) | |||||||||
|
||||||||||||||||
(115,566 | ) | (2,633,437 | ) | (765,906 | ) | (15,397,070) | ||||||||||
|
||||||||||||||||
Investor Shares |
||||||||||||||||
Shares sold |
54,835 | 835,259 | 283,871 | 4,071,237 | ||||||||||||
Reinvestment of distributions |
| | 5,485 | 69,606 | ||||||||||||
Shares redeemed |
(355,820 | ) | (5,338,549 | ) | (606,455 | ) | (8,231,356) | |||||||||
|
||||||||||||||||
(300,985 | ) | (4,503,290 | ) | (317,099 | ) | (4,090,513) | ||||||||||
|
||||||||||||||||
Class R6 Shares |
||||||||||||||||
Shares sold |
51,204 | 1,155,027 | 106,007 | 2,124,706 | ||||||||||||
Reinvestment of distributions |
| | 3,246 | 60,570 | ||||||||||||
Shares redeemed |
(116,172 | ) | (2,695,489 | ) | (612,562 | ) | (12,293,133) | |||||||||
|
||||||||||||||||
(64,968 | ) | (1,540,462 | ) | (503,309 | ) | (10,107,857) | ||||||||||
|
||||||||||||||||
Class R Shares |
||||||||||||||||
Shares sold |
33,359 | 392,031 | 58,733 | 617,401 | ||||||||||||
Shares redeemed |
(73,848 | ) | (862,624 | ) | (116,798 | ) | (1,204,559) | |||||||||
|
||||||||||||||||
(40,489 | ) | (470,593 | ) | (58,065 | ) | (587,158) | ||||||||||
|
||||||||||||||||
Class P Shares |
||||||||||||||||
Shares sold |
728,168 | 14,808,467 | 50,103 | 1,010,326 | ||||||||||||
Reinvestment of distributions |
| | 1,156 | 21,561 | ||||||||||||
Shares redeemed |
(11,151 | ) | (254,303 | ) | (68,094 | ) | (1,340,096) | |||||||||
|
||||||||||||||||
717,017 | 14,554,164 | (16,835 | ) | (308,209) | ||||||||||||
|
||||||||||||||||
NET INCREASE (DECREASE) IN SHARES |
32,630 | $ | 2,955,790 | (2,121,256 | ) | $ | (36,710,191) | |||||||||
|
113 |
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited) |
12. SUMMARY OF SHARE TRANSACTIONS (continued) |
Small Cap Value Insights Fund | ||||||||||||||||
For the Six Months Ended April 30, 2024 (Unaudited) |
For the Fiscal Year Ended October 31, 2023 |
|||||||||||||||
|
|
|||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|||||||||||||||
Class A Shares |
||||||||||||||||
Shares sold |
122,049 | $ | 4,452,602 | 222,769 | $ | 7,365,741 | ||||||||||
Reinvestment of distributions |
54,601 | 1,971,082 | 113,442 | 3,729,582 | ||||||||||||
Shares redeemed |
(496,636 | ) | (18,093,720 | ) | (527,810 | ) | (17,401,843) | |||||||||
|
||||||||||||||||
(319,986 | ) | (11,670,036 | ) | (191,599 | ) | (6,306,520) | ||||||||||
|
||||||||||||||||
Class C Shares |
||||||||||||||||
Shares sold |
5,503 | 104,520 | 11,937 | 213,103 | ||||||||||||
Reinvestment of distributions |
4,577 | 86,185 | 13,649 | 240,049 | ||||||||||||
Shares redeemed |
(24,850 | ) | (456,764 | ) | (104,786 | ) | (1,861,072) | |||||||||
|
||||||||||||||||
(14,770 | ) | (266,059 | ) | (79,200 | ) | (1,407,920) | ||||||||||
|
||||||||||||||||
Institutional Shares |
||||||||||||||||
Shares sold |
540,485 | 29,623,621 | 1,485,282 | 75,268,712 | ||||||||||||
Reinvestment of distributions |
74,878 | 4,165,461 | 162,034 | 8,111,064 | ||||||||||||
Shares redeemed |
(972,585 | ) | (53,388,997 | ) | (2,613,954 | ) | (132,085,984) | |||||||||
|
||||||||||||||||
(357,222 | ) | (19,599,915 | ) | (966,638 | ) | (48,706,208) | ||||||||||
|
||||||||||||||||
Investor Shares |
||||||||||||||||
Shares sold |
268,620 | 9,422,703 | 1,518,816 | 49,925,071 | ||||||||||||
Reinvestment of distributions |
46,445 | 1,665,993 | 251,900 | 8,237,437 | ||||||||||||
Shares redeemed |
(3,407,592 | ) | (122,132,578 | ) | (6,486,023 | ) | (218,244,500) | |||||||||
|
||||||||||||||||
(3,092,527 | ) | (111,043,882 | ) | (4,715,307 | ) | (160,081,992) | ||||||||||
|
||||||||||||||||
Class R6 Shares |
||||||||||||||||
Shares sold |
706,284 | 38,527,435 | 1,240,330 | 63,153,530 | ||||||||||||
Reinvestment of distributions |
72,925 | 4,055,349 | 138,525 | 6,929,670 | ||||||||||||
Shares redeemed |
(742,317 | ) | (41,126,678 | ) | (1,474,167 | ) | (74,423,430) | |||||||||
|
||||||||||||||||
36,892 | 1,456,106 | (95,312 | ) | (4,340,230) | ||||||||||||
|
||||||||||||||||
Class R Shares |
||||||||||||||||
Shares sold |
64,542 | 2,234,125 | 133,649 | 4,299,954 | ||||||||||||
Reinvestment of distributions |
9,295 | 323,659 | 18,723 | 594,851 | ||||||||||||
Shares redeemed |
(90,961 | ) | (3,175,405 | ) | (154,902 | ) | (4,935,975) | |||||||||
|
||||||||||||||||
(17,124 | ) | (617,621 | ) | (2,530 | ) | (41,170) | ||||||||||
|
||||||||||||||||
Class P Shares |
||||||||||||||||
Shares sold |
326,155 | 16,672,299 | 389,657 | 19,537,487 | ||||||||||||
Reinvestment of distributions |
14,467 | 804,361 | 24,491 | 1,225,555 | ||||||||||||
Shares redeemed |
(123,253 | ) | (6,760,644 | ) | (498,763 | ) | (24,883,283) | |||||||||
|
||||||||||||||||
217,369 | 10,716,016 | (84,615 | ) | (4,120,241) | ||||||||||||
|
||||||||||||||||
NET DECREASE IN SHARES |
(3,547,368 | ) | $ | (131,025,391 | ) | (6,135,201 | ) | $ | (225,004,281) | |||||||
|
114 |
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
12. SUMMARY OF SHARE TRANSACTIONS (continued) |
U.S. Equity Insights Fund | ||||||||||||||||
For the Six Months Ended April 30, 2024 (Unaudited) |
For the Fiscal Year Ended October 31, 2023 |
|||||||||||||||
|
|
|||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|||||||||||||||
Class A Shares |
||||||||||||||||
Shares sold |
63,757 | $ | 3,682,816 | 103,833 | $ | 5,197,419 | ||||||||||
Reinvestment of distributions |
128,431 | 7,180,590 | 40,749 | 1,920,916 | ||||||||||||
Shares redeemed |
(362,525 | ) | (20,949,594 | ) | (695,437 | ) | (35,154,208) | |||||||||
|
||||||||||||||||
(170,337 | ) | (10,086,188 | ) | (550,855 | ) | (28,035,873) | ||||||||||
|
||||||||||||||||
Class C Shares |
||||||||||||||||
Shares sold |
9,056 | 427,030 | 22,725 | 967,804 | ||||||||||||
Reinvestment of distributions |
7,295 | 342,786 | 284 | 11,368 | ||||||||||||
Shares redeemed |
(29,442 | ) | (1,412,516 | ) | (84,749 | ) | (3,605,836) | |||||||||
|
||||||||||||||||
(13,091 | ) | (642,700 | ) | (61,740 | ) | (2,626,664) | ||||||||||
|
||||||||||||||||
Institutional Shares |
||||||||||||||||
Shares sold |
330,142 | 19,891,992 | 664,367 | 34,900,187 | ||||||||||||
Reinvestment of distributions |
124,503 | 7,299,271 | 54,069 | 2,662,353 | ||||||||||||
Shares redeemed |
(463,542 | ) | (28,100,783 | ) | (1,166,355 | ) | (61,279,984) | |||||||||
|
||||||||||||||||
(8,897 | ) | (909,520 | ) | (447,919 | ) | (23,717,444) | ||||||||||
|
||||||||||||||||
Service Shares |
||||||||||||||||
Shares sold |
5,695 | 324,419 | 6,010 | 304,168 | ||||||||||||
Reinvestment of distributions |
2,336 | 129,509 | 545 | 25,514 | ||||||||||||
Shares redeemed |
(4,245 | ) | (241,075 | ) | (5,886 | ) | (289,985) | |||||||||
|
||||||||||||||||
3,786 | 212,853 | 669 | 39,697 | |||||||||||||
|
||||||||||||||||
Investor Shares |
||||||||||||||||
Shares sold |
60,690 | 3,427,880 | 714,386 | 35,232,251 | ||||||||||||
Reinvestment of distributions |
24,792 | 1,360,524 | 23,672 | 1,093,421 | ||||||||||||
Shares redeemed |
(87,072 | ) | (4,920,917 | ) | (1,664,155 | ) | (82,828,652) | |||||||||
|
||||||||||||||||
(1,590 | ) | (132,513 | ) | (926,097 | ) | (46,502,980) | ||||||||||
|
||||||||||||||||
Class R6 Shares |
||||||||||||||||
Shares sold |
69,899 | 4,166,792 | 188,915 | 9,698,974 | ||||||||||||
Reinvestment of distributions |
10,993 | 643,694 | 3,747 | 184,222 | ||||||||||||
Shares redeemed |
(60,893 | ) | (3,713,017 | ) | (156,706 | ) | (8,416,319) | |||||||||
|
||||||||||||||||
19,999 | 1,097,469 | 35,956 | 1,466,877 | |||||||||||||
|
||||||||||||||||
Class R Shares |
||||||||||||||||
Shares sold |
10,038 | 571,347 | 29,688 | 1,477,601 | ||||||||||||
Reinvestment of distributions |
3,074 | 167,845 | | | ||||||||||||
Shares redeemed |
(11,426 | ) | (634,495 | ) | (263,253 | ) | (12,569,770) | |||||||||
|
||||||||||||||||
1,686 | 104,697 | (233,565 | ) | (11,092,169) | ||||||||||||
|
||||||||||||||||
Class P Shares |
||||||||||||||||
Shares sold |
191,598 | 11,329,339 | 693,093 | 35,568,527 | ||||||||||||
Reinvestment of distributions |
128,617 | 7,532,725 | 51,561 | 2,535,758 | ||||||||||||
Shares redeemed |
(350,455 | ) | (21,482,695 | ) | (1,862,573 | ) | (95,660,934) | |||||||||
|
||||||||||||||||
(30,240 | ) | (2,620,631 | ) | (1,117,919 | ) | (57,556,649) | ||||||||||
|
||||||||||||||||
NET DECREASE IN SHARES |
(198,684 | ) | $ | (12,976,533 | ) | (3,301,470 | ) | $ | (168,025,205) | |||||||
|
115 |
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
Voting Results of Special Meeting of Shareholders (Unaudited)
A Special Meeting of Shareholders (the Meeting) of the Goldman Sachs Trust (the Trust) was held on November 16, 2023 to consider and elect nominees to the Trusts Board of Trustees. At the Meeting, Cheryl K. Beebe, Lawrence Hughes, John F. Killian, Steven D. Krichmar, Michael Latham, and Lawrence W. Stranghoener were elected to the Trusts Board of Trustees. In addition, at the Meeting, John G. Chou, Eileen H. Dowling, and Paul C. Wirth, each of whom was previously appointed to the Trusts Board of Trustees rather than elected by shareholders, were elected. In electing the nominees, the Trusts shareholders voted as follows:
Proposal Election of Trustees |
For | Withheld | ||||
Cheryl K. Beebe | 169,452,067,796 | 5,900,273,020 | ||||
John G. Chou | 173,279,757,273 | 2,072,583,543 | ||||
Eileen H. Dowling | 173,287,456,218 | 2,064,884,598 | ||||
Lawrence Hughes | 173,486,691,901 | 1,865,648,915 | ||||
John F. Killian | 173,511,167,174 | 1,841,173,642 | ||||
Steven D. Krichmar | 173,484,256,228 | 1,868,084,588 | ||||
Michael Latham | 173,498,020,286 | 1,854,320,530 | ||||
Lawrence W. Stranghoener | 173,455,949,165 | 1,896,391,651 | ||||
Paul C. Wirth | 173,324,070,424 | 2,028,270,391 |
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 13-14, 2024, 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, 2023 through December 31, 2023 (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
Fund Expenses Six Month Period Ended April 30, 2024 (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, 2023 through April 30, 2024, which represents a period of 182 days in a 366 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 Account Value 11/1/23 |
Ending Account Value 4/30/24 |
Expenses Paid for the 6 months ended 4/30/24* |
Beginning Account Value 11/1/23 |
Ending Account Value 4/30/24 |
Expenses Paid for the 6 months ended 4/30/24* |
Beginning Account Value 11/1/23 |
Ending Account Value 4/30/24 |
Expenses Paid for the 6 months ended 4/30/24* | |||||||||
Class A | ||||||||||||||||||
Actual |
$1,000.00 | $1,233.76 | $4.94 | $1,000.00 | $1,176.38 | $4.98 | $1,000.00 | $1,228.62 | $6.65 | |||||||||
Hypothetical 5% return |
1,000.00 | 1,020.44+ |
4.47 | 1,000.00 | 1,020.29+ |
4.62 | 1,000.00 | 1,018.90+ |
6.02 | |||||||||
Class C | ||||||||||||||||||
Actual |
1,000.00 | 1,229.10 | 9.09 | 1,000.00 | 1,171.76 | 9.02 | 1,000.00 | 1,223.27 | 10.78 | |||||||||
Hypothetical 5% return |
1,000.00 | 1,016.71+ |
8.22 | 1,000.00 | 1,016.56+ |
8.37 | 1,000.00 | 1,015.17+ |
9.77 | |||||||||
Institutional | ||||||||||||||||||
Actual |
1,000.00 | 1,236.23 | 2.95 | 1,000.00 | 1,178.65 | 3.03 | 1,000.00 | 1,230.29 | 4.66 | |||||||||
Hypothetical 5% return |
1,000.00 | 1,022.23+ |
2.66 | 1,000.00 | 1,022.08+ |
2.82 | 1,000.00 | 1,020.69+ |
4.22 | |||||||||
Service | ||||||||||||||||||
Actual |
1,000.00 | 1,233.41 | 5.72 | 1,000.00 | 1,175.47 | 5.73 | 1,000.00 | 1,226.99 | 7.42 | |||||||||
Hypothetical 5% return |
1,000.00 | 1,019.74+ |
5.17 | 1,000.00 | 1,019.59+ |
5.32 | 1,000.00 | 1,018.20+ |
6.72 | |||||||||
Investor | ||||||||||||||||||
Actual |
1,000.00 | 1,235.63 | 3.56 | 1,000.00 | 1,177.65 | 3.63 | 1,000.00 | 1,229.59 | 5.27 | |||||||||
Hypothetical 5% return |
1,000.00 | 1,021.68+ |
3.22 | 1,000.00 | 1,021.53+ |
3.37 | 1,000.00 | 1,020.14+ |
4.77 | |||||||||
Class R6 | ||||||||||||||||||
Actual |
1,000.00 | 1,236.32 | 2.89 | 1,000.00 | 1,178.78 | 2.98 | 1,000.00 | 1,230.56 | 4.60 | |||||||||
Hypothetical 5% return |
1,000.00 | 1,022.28+ |
2.61 | 1,000.00 | 1,022.13+ |
2.77 | 1,000.00 | 1,020.74+ |
4.17 | |||||||||
Class R | ||||||||||||||||||
Actual |
1,000.00 | 1,232.37 | 6.33 | 1,000.00 | 1,174.83 | 6.33 | 1,000.00 | 1,226.26 | 8.03 | |||||||||
Hypothetical 5% return |
1,000.00 | 1,019.19+ |
5.72 | 1,000.00 | 1,019.05+ |
5.87 | 1,000.00 | 1,017.65+ |
7.27 | |||||||||
Class P | ||||||||||||||||||
Actual |
1,000.00 | 1,236.04 | 2.89 | 1,000.00 | 1,178.35 | 2.98 | 1,000.00 | 1,230.06 | 4.60 | |||||||||
Hypothetical 5% return |
1,000.00 | 1,022.28+ |
2.61 | 1,000.00 | 1,022.13+ |
2.77 | 1,000.00 | 1,020.74+ |
4.17 |
* | 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, 2024. 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. |
+ | Hypothetical expenses are based on each Funds actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses. |
118
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
Fund Expenses Six Month Period Ended April 30, 2024 (Unaudited) (continued)
Small Cap Growth Insights Fund | Small Cap Value Insights Fund |
U.S. Equity Insights Fund | ||||||||||||||||
Share Class | Beginning Account Value 11/1/23 |
Ending Account Value 4/30/24 |
Expenses ended 4/30/24* |
Beginning Account Value 11/1/23 |
Ending Account Value 4/30/24 |
Expenses Paid for the 6 months ended 4/30/24* |
Beginning Account Value 11/1/23 |
Ending Account Value 4/30/24 |
Expenses Paid for the 6 months ended 4/30/24* | |||||||||
Class A | ||||||||||||||||||
Actual |
$1,000.00 | $1,232.05 | $6.66 | $1,000.00 | $1,203.02 | $6.57 | $1,000.00 | $1,207.93 | $5.05 | |||||||||
Hypothetical 5% return |
1,000.00 | 1,018.90+ | 6.02 | 1,000.00 | 1,018.90+ | 6.02 | 1,000.00 | 1,020.29+ | 4.62 | |||||||||
Class C | ||||||||||||||||||
Actual |
1,000.00 | 1,227.52 | 10.80 | 1,000.00 | 1,198.37 | 10.66 | 1,000.00 | 1,203.33 | 9.15 | |||||||||
Hypothetical 5% return |
1,000.00 | 1,015.17+ | 9.77 | 1,000.00 | 1,015.17+ | 9.77 | 1,000.00 | 1,016.56+ | 8.37 | |||||||||
Institutional | ||||||||||||||||||
Actual |
1,000.00 | 1,234.23 | 4.67 | 1,000.00 | 1,204.99 | 4.61 | 1,000.00 | 1,210.10 | 3.08 | |||||||||
Hypothetical 5% return |
1,000.00 | 1,020.69+ | 4.22 | 1,000.00 | 1,020.69+ | 4.22 | 1,000.00 | 1,022.08+ | 2.82 | |||||||||
Service | ||||||||||||||||||
Actual |
N/A | N/A | N/A | N/A | N/A | N/A | 1,000.00 | 1,207.05 | 5.82 | |||||||||
Hypothetical 5% return |
N/A | N/A | N/A | N/A | N/A | N/A | 1,000.00 | 1,019.59+ | 5.32 | |||||||||
Investor | ||||||||||||||||||
Actual |
1,000.00 | 1,233.31 | 5.28 | 1,000.00 | 1,204.52 | 5.21 | 1,000.00 | 1,209.35 | 3.68 | |||||||||
Hypothetical 5% return |
1,000.00 | 1,020.14+ | 4.77 | 1,000.00 | 1,020.14+ | 4.77 | 1,000.00 | 1,021.53+ | 3.37 | |||||||||
Class R6 | ||||||||||||||||||
Actual |
1,000.00 | 1,234.26 | 4.61 | 1,000.00 | 1,205.17 | 4.55 | 1,000.00 | 1,210.25 | 3.02 | |||||||||
Hypothetical 5% return |
1,000.00 | 1,020.74+ | 4.17 | 1,000.00 | 1,020.74+ | 4.17 | 1,000.00 | 1,022.13+ | 2.77 | |||||||||
Class R | ||||||||||||||||||
Actual |
1,000.00 | 1,230.69 | 8.04 | 1,000.00 | 1,201.47 | 7.94 | 1,000.00 | 1,206.34 | 6.42 | |||||||||
Hypothetical 5% return |
1,000.00 | 1,017.65+ | 7.27 | 1,000.00 | 1,017.65+ | 7.27 | 1,000.00 | 1,019.05+ | 5.87 | |||||||||
Class P | ||||||||||||||||||
Actual |
1,000.00 | 1,234.38 | 4.61 | 1,000.00 | 1,205.28 | 4.55 | 1,000.00 | 1,210.22 | 3.02 | |||||||||
Hypothetical 5% return |
1,000.00 | 1,020.74+ | 4.17 | 1,000.00 | 1,020.74+ | 4.17 | 1,000.00 | 1,022.13+ | 2.77 |
* | 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, 2024. 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. |
+ | Hypothetical expenses are based on each Funds actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses. |
The annualized net expense ratios for the period were as follows: |
|
|||||||||||||||||||||||||||||||||
Fund | Class A | Class C | Institutional | Service | Investor | Class R6 | Class R | |||||||||||||||||||||||||||
Large Cap Growth Insights Fund |
0.89 | % | 1.64 | % | 0.53 | % | 1.03 | % | 0.64 | % | 0.52 | % | 1.14 | % | ||||||||||||||||||||
Large Cap Value Insights Fund |
0.92 | 1.67 | 0.56 | 1.06 | 0.67 | 0.55 | 1.17 | |||||||||||||||||||||||||||
Small Cap Equity Insights Fund |
1.20 | 1.95 | 0.84 | 1.34 | 0.95 | 0.83 | 1.45 | |||||||||||||||||||||||||||
Small Cap Growth Insights Fund |
1.20 | 1.95 | 0.84 | N/A | 0.95 | 0.83 | 1.45 | |||||||||||||||||||||||||||
Small Cap Value Insights Fund |
1.20 | 1.95 | 0.84 | N/A | 0.95 | 0.83 | 1.45 | |||||||||||||||||||||||||||
U.S. Equity Insights Fund |
0.92 | 1.67 | 0.56 | 1.06 | 0.67 | 0.55 | 1.17 | |||||||||||||||||||||||||||
The annualized net expense ratios for the period were as follows: |
|
|||||||||||||||||||||||||||||||||
Fund | Class P | |||||||||||||||||||||||||||||||||
Large Cap Growth Insights Fund |
0.52 | % | ||||||||||||||||||||||||||||||||
Large Cap Value Insights Fund |
0.55 | |||||||||||||||||||||||||||||||||
Small Cap Equity Insights Fund |
0.83 | |||||||||||||||||||||||||||||||||
Small Cap Growth Insights Fund |
0.83 | |||||||||||||||||||||||||||||||||
Small Cap Value Insights Fund |
0.83 | |||||||||||||||||||||||||||||||||
U.S. Equity Insights Fund |
0.55 |
119
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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 $2.56 trillion in assets under supervision as of March 31, 2024, Goldman Sachs Asset Management has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. Goldman Sachs Asset Management leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.
Money Market
Financial Square FundsSM
∎ | Financial Square Treasury Solutions Fund1 |
∎ | Financial Square Government Fund1 |
∎ | Financial Square Money Market Fund2 |
∎ | Financial Square Prime Obligations Fund2 |
∎ | Financial Square Treasury Instruments Fund1 |
∎ | Financial Square Treasury Obligations Fund1 |
∎ | Financial Square Federal Instruments Fund1 |
Investor FundsSM
∎ | Investor Money Market Fund3 |
∎ | Investor Tax-Exempt Money Market Fund3 |
Fixed Income
Short Duration and Government
∎ | Enhanced Income Fund |
∎ | Short-Term Conservative Income Fund |
∎ | Short Duration Government Fund |
∎ | Short Duration Bond Fund |
∎ | Government Income Fund |
∎ | Inflation Protected Securities Fund |
∎ | U.S. Mortgages Fund |
Multi-Sector
∎ | Bond Fund |
∎ | Core Fixed Income Fund |
∎ | Global Core Fixed Income Fund |
∎ | Dynamic Bond Fund6 |
∎ | 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 |
∎ | High Yield Fund |
∎ | High Yield Floating Rate Fund |
∎ | Emerging Markets Debt Fund |
∎ | Emerging Markets Credit Fund |
∎ | Short Duration High Yield Fund4 |
Fundamental Equity
∎ | Equity Income Fund |
∎ | Small Cap Growth Fund |
∎ | Small Cap Value Fund |
∎ | Small/Mid Cap Value Fund |
∎ | Mid Cap Value Fund |
∎ | Large Cap Value Fund |
∎ | Focused Value Fund |
∎ | Large Cap Core Fund |
∎ | Strategic Growth Fund |
∎ | Small/Mid Cap Growth Fund |
∎ | Enhanced Core Equity Fund5 |
∎ | Technology Opportunities Fund |
∎ | Mid Cap Growth Fund |
∎ | Rising Dividend Growth Fund |
∎ | U.S. Equity ESG Fund |
∎ | Income Builder Fund |
Tax-Advantaged Equity
∎ | U.S. Tax-Managed Equity Fund |
∎ | International Tax-Managed Equity Fund |
∎ | U.S. Equity Dividend and Premium Fund |
∎ | International Equity Dividend and Premium Fund |
Equity Insights
∎ | Small Cap Equity Insights Fund |
∎ | U.S. Equity Insights Fund |
∎ | Small Cap Growth Insights Fund |
∎ | Large Cap Growth Insights Fund |
∎ | Large Cap Value Insights Fund |
∎ | Small Cap Value Insights Fund |
∎ | International Small Cap Insights Fund |
∎ | International Equity Insights Fund |
∎ | Emerging Markets Equity Insights Fund |
Fundamental Equity International
∎ | International Equity Income Fund |
∎ | International Equity ESG Fund |
∎ | China Equity Fund |
∎ | Emerging Markets Equity Fund |
∎ | Emerging Markets Equity ex. China Fund |
∎ | ESG Emerging Markets Equity Fund |
Alternative
∎ | Clean Energy Income Fund |
∎ | Real Estate Securities Fund |
∎ | Commodity Strategy Fund |
∎ | Global Real Estate Securities Fund |
∎ | Absolute Return Tracker Fund |
∎ | Managed Futures Strategy Fund |
∎ | MLP Energy Infrastructure Fund |
∎ | Energy Infrastructure Fund |
∎ | Multi-Strategy 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 |
∎ | Enhanced Dividend Global Equity Portfolio |
∎ | Tax-Advantaged Global Equity Portfolio |
∎ | Strategic Factor Allocation Fund |
∎ | Strategic Volatility Premium Fund |
∎ | Goldman Sachs 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 April 17, 2024, the Goldman Sachs Long Short Credit Strategies Fund was renamed the Goldman Sachs Short Duration High Yield Fund. |
5 | Effective after the close of business on February 13, 2024, the Goldman Sachs Flexible Cap Fund was renamed the Goldman Sachs Enhanced Core Equity Fund. |
6 | Effective after the close of business on June 17, 2024, the Goldman Sachs Strategic Income Fund was renamed the Goldman Sachs Dynamic Bond 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. |
121 |
TRUSTEES TRUSTEES (continued) Gregory G. Weaver, Chair Michael Latham Cheryl K. Beebe James A. McNamara Dwight L. Bush Lawrence W. Stranghoener Kathryn A. Cassidy Paul C. Wirth John G. Chou Joaquin Delgado OFFICERS Eileen H. Dowling James A. McNamara, President Lawrence Hughes Joseph F. DiMaria, Principal Financial Officer, John F. Killian Principal Accounting Officer and Treasurer Steven D. Krichmar Robert Griffith, Secretary GOLDMAN SACHS & CO. LLC GOLDMAN SACHS ASSET MANAGEMENT, L.P. Distributor and Transfer Agent 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) website 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 website 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). © 2024 Goldman Sachs. All rights reserved. 374647-OTU-06/24 DOMINSSAR-24
Goldman Sachs Funds Semi-Annual Report April 30, 2024 Goldman Sachs Fundamental Equity International Funds Goldman Sachs China Equity Fund Goldman Sachs Emerging Markets Equity Fund Goldman Sachs Emerging Markets Equity ex. China Fund Goldman Sachs ESG Emerging Markets Equity Fund Goldman Sachs International Equity ESG Fund Goldman Sachs International Equity Income Fund
Goldman Sachs Fundamental Equity International Funds
∎ |
GOLDMAN SACHS CHINA EQUITY FUND |
∎ |
GOLDMAN SACHS EMERGING MARKETS EQUITY FUND |
∎ |
GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND |
∎ |
GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND |
∎ |
GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND |
∎ |
GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND |
1 | ||||
5 | ||||
17 | ||||
34 | ||||
43 | ||||
43 | ||||
49 | ||||
56 | ||||
63 | ||||
70 | ||||
77 | ||||
84 | ||||
107 |
Effective January 24, 2023, open-end mutual funds and exchange-traded funds are required to provide shareholders with streamlined annual and semi-annual shareholder reports (Tailored Shareholder Reports). Funds will be required to prepare a separate Tailored Shareholder Report for each share class of a fund that highlights key information to investors. Other information, including financial statements, will no longer appear in a funds shareholder report, but will be available online, delivered free of charge upon request, and filed with the Securities and Exchange Commission on a semi-annual basis on Form N-CSR. The new requirements have a compliance date of July 24, 2024.
NOT FDIC-INSURED | May Lose Value | No Bank Guarantee |
MARKET REVIEW
Goldman Sachs Fundamental Equity International 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, 2024 (the Reporting Period). Attribution highlights are provided for those Funds that materially outperformed or underperformed their respective benchmark during the Reporting Period. A streamlined annual shareholder report covering the 12 months ended October 31, 2024 will be provided to the Funds shareholders, per new SEC requirements with a compliance date of July 24, 2024.
International Equities
| Representing the developed international equity markets, the MSCI* EAFE Index (net) returned 18.63%, during the Reporting Period, only modestly underperforming the U.S. equity market, as represented by the 20.98% return of the S&P 500 Index. |
| As the Reporting Period began in November 2023, international equities performed strongly. Indeed, November was the MSCI EAFE Indexs highest returning month of calendar year 2023, as waning inflation numbers globally indicated towards a peaking of central bank tightening cycles. |
| After a strong November, international equities continued to perform well in December 2023, with the late-year rally fueled by expectations of interest rate cuts in 2024 amid falling inflation numbers and the fizzling out of the higher for longer1 narrative. |
| The MSCI EAFE Index posted solid positive returns for the first quarter of 2024. While continuing to temper interest rate cut expectations, markets welcomed positive readouts both from corporate earnings reports and macroeconomic indicators. |
| European equities gained, with economically-sensitive sectors, such as industrials and consumer discretionary, leading the regions equity market, as Europe demonstrated economic resilience and an improving outlook. Its Purchasing Managers Index (PMI) rose to 49.9 in March, approaching expansionary territory. On the other hand, interest rate-sensitive sectors, such as real estate and utilities, suffered from the European Central Banks (ECB) cautionary guidance, which diminished expectations of imminent interest rate cuts. However, inflation continued to approach the ECBs 2% target, cooling to 2.6% in February. |
| Similarly, in the U.K., inflation fell to 3.4% in February, its lowest level since September 2021. Nonetheless, the U.K. equity market lagged those of other developed markets, though remaining in positive territory. The U.K. market was challenged somewhat by underwhelming corporate earnings as well as by poor economic data signaling that the U.K. had entered a technical recession in the fourth quarter of 2023. (A technical recession is two successive quarters of negative economic growth.) |
| Japanese equity markets carried their strong 2023 momentum into the first months of 2024, as it was the best performing major geography for the first quarter, with its leading stock index surpassing all-time highs for the first time in 34 years. Japan may have reached an inflection point in its economic cycle with the return of inflation and wage growth, a positive development, particularly for foreign investors who have seen Japan as an opportunity to rotate out of China. The Bank of Japan (BoJ) put an end to its negative interest rate policy, in place for eight years. Inflation as well as a weaker yen were tailwinds for Japanese corporate earnings, which, in turn, surprised to the upside. |
| International equities, as measured by the MSCI EAFE Index, then fell in April 2024. Despite positive macroeconomic indicators, particularly in Europe, international developed markets declined as expectations of interest rate cuts meaningfully diminished. |
| European equities decline was largely attributable to the return of the higher for longer narrative. However, the regions inflation reading was widely expected to be 2.4% in April, remaining stable relative to March and thus fueling expectations that the first ECB interest rate cut may come in June 2024. Moreover, the regions first quarter Gross Domestic Product expanded by 0.3% quarter-over-quarter and its PMI reached an 11-month high at 51.4, entering expansionary territory. |
1 | Higher for longer is a phrase used in monetary policy to describe the expectation that interest rates will remain high or increase for an extended period of time. |
* | Source: MSCI |
1 |
MARKET REVIEW
| The U.K. equity market was the best performing major region in April, posting a positive total return. The MSCI EAFE Value Index significantly outperformed the MSCI EAFE Growth Index in the month, which presented a tailwind for the U.K. equity market, which is heavily weighted toward segments such as financials, energy and resources. U.K. equity market performance was also buoyed by sterling weakness and a recovery in commodity prices. |
| The Japanese equity market declined in April. After an especially strong first quarter of 2024, the Japanese equity market saw some correction in April. This was most prevalent in the form of profit taking from large-cap and semiconductor stocks. Also, after putting an end to its negative rate policy in the first calendar quarter, the BoJ did not take any further action during its April meeting. Despite positive wage growth, there were concerns that imported inflation due to the interest rate differential between Japan and other developed markets may weaken domestic consumption. |
| All 11 sectors in the MSCI EAFE Index posted positive returns during the Reporting Period. The best performing sectors within the MSCI EAFE Index during the Reporting Period were information technology, industrials and financials. The weakest performing sectors were consumer staples, utilities and energy. |
| The best performing countries within the MSCI EAFE Index during the Reporting Period were the Netherlands, Israel, Denmark, Sweden and Italy. The weakest performing country during the Reporting Period was Hong Kong, the only constituent of the MSCI EAFE Index to post a negative absolute return during the Reporting Period. Portugal, Norway, Finland and Switzerland each generated a positive return but were also among the weakest performing countries in the MSCI EAFE Index during the Reporting Period. |
Emerging Markets Equities
| Representing the emerging markets equity markets, the MSCI Emerging Markets Index (net) returned 15.40% during the Reporting Period, performing strongly but lagging developed international equity markets overall. |
| As the Reporting Period began in November 2023, the MSCI Emerging Markets Index generated a strong positive return, supported by the view that developed markets interest rates had reached their peak. All individual country constituents within the MSCI Emerging Markets Index posted positive returns, although China struggled as consumer confidence remained weak amid ongoing property market troubles. |
| In December 2023, the MSCI Emerging Markets Index rose solidly, as emerging markets equity markets proved beneficiaries of the widening view that U.S. interest rates were likely to fall more quickly than previously anticipated. A series of lower than consensus expected inflation reports in Europe and the U.S. were key drivers of such rate expectations. Adding to positive sentiment for emerging markets equities were high consensus earnings growth forecasts for emerging markets for 2024 and 2025. |
| The MSCI Emerging Markets Index gained modestly for the first quarter of 2024 overall, falling in January but then posting positive returns in February and March, buoyed by global macroeconomic data that showed encouraging signs. |
| Chinas equity market stabilized somewhat, as the National Peoples Congress announced positive fiscal and monetary support and travel data around the Lunar New Year demonstrated encouraging activity levels in line with pre-pandemic totals. |
| India maintained strong positive returns from 2023 into 2024, as both domestic and foreign investor flows boosted its equity market and as investors continued to see value in the countrys long-term, domestically-driven growth story. |
| Latin American equity markets saw divergent fortunes. Brazil significantly underperformed the MSCI Emerging Markets Index, as larger stocks disappointed on poor dividend payouts and on poor performance of commodity-related stocks, which are a large component of Brazils index. On the other hand, Mexico performed well, as the supply-chain diversification trend attracted investment. |
| Taiwan and South Korea posted strong returns toward the end of the quarter, as semiconductor prices showed signs of recovery from the post-pandemic slump and as the improving forecast for chip demand, in part driven by artificial intelligence (AI)-related products, boosted earnings forecasts. |
| Egypt saw the largest underperformance, as the International Monetary Fund announced it would tie payments of an $8 billion financial program to improvements in currency access. This led to a sharp decline in the local currency, which contributed to poor performance of its equity market. |
2 |
MARKET REVIEW
| The MSCI Emerging Markets Index was virtually flat in April 2024, albeit modestly positive. |
| Asia was the best performing emerging markets region, mainly driven by China, while Latin America continued to be the weakest region, with major markets, such as Brazil and Mexico, posting declines. |
| Overall, emerging markets currencies struggled as U.S. interest rate views changed rapidly during the month. In turn, rate cut hopes in the emerging markets were also pushed back, with some countries, such as Indonesia, hiking interest rates to defend its currency. |
| The main driver of returns was improvement in risk appetite for China, as indicated by positive flows into the Chinese equity market from both domestic and foreign investors. These flows were likely driven by attractive valuations in the context of earnings forecasts and historical averages; better than expected economic activity data; and supportive policy measures in financial markets and the real estate sector. India also had a strong month. |
| In Taiwan, the key theme for the month continued to be the AI supply chain. Strong AI-driven demand was positive but a slower recovery in semiconductor demand outside of AI meant the overall Taiwan market consolidated for the month following a strong rally in the first quarter of 2024. Separately, South Koreas equity market meaningfully corrected. |
| All 11 sectors of the MSCI Emerging Markets Index posted positive returns during the Reporting Period overall. During the Reporting Period as a whole, the best performing sectors within the MSCI Emerging Markets Index were information technology, utilities and energy. The weakest performing sectors were health care, consumer staples and real estate. |
| The best performing countries within the MSCI Emerging Markets Index during the Reporting Period were Peru, Colombia, Turkey, Taiwan and India. The weakest performing countries were Egypt, Hong Kong, Czech Republic and Thailand, each of which posted negative total returns for the Reporting Period. United Arab Emirates generated a modestly positive return but was also among the weakest constituents in the MSCI Emerging Markets Index during the Reporting Period. |
| 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 4.76%, 31.12%, 25.83%, 6.57% and 13.14%, respectively. |
Fund Changes and Highlights
No material changes were made to the Funds during the Reporting Period.
Goldman Sachs China Equity Fund
| The Fund posted a modestly positive absolute return but materially underperformed its benchmark, the MSCI China All Shares Index (net total return, USD, unhedged) (the Index), during the Reporting Period. |
| From a macro perspective, the Funds bias toward growth-oriented stocks, which faced higher selling pressure during the massive sell-off in the Chinese equity market in January to early February 2024, and lesser exposure to lower quality value stocks and coal companies, which performed better, hurt. When the Chinese equity market began to rebound, high dividend yield companies and state-owned enterprises rebounded quicker than other market segments. The Funds exposure to dividend-paying stocks and select artificial intelligence (AI) beneficiaries helped sustain its performance in March 2024, but its underweighted exposure to state-owned enterprises, given our focus on high quality businesses, detracted. |
| More specifically, stock selection overall detracted most from the Funds performance during the Reporting Period. Individual security selection in the financials, energy, communication services and consumer discretionary sectors dampened relative results most. Only partially offsetting these detractors was stock selection in the materials, industrials, information technology and health care sectors, which contributed positively. |
| Sector allocation decisions as a whole also detracted from the Funds relative results during the Reporting Period. Having average underweights to financials, energy and communication services, which each outpaced the Index during the Reporting Period, hurt most. Having a position in cash, though modest, during a Reporting Period when the Index gained, also weighed on the Funds relative results. Partially offsetting these detractors was the positive effect of having average underweights to real estate and health care and an average overweight to industrials. |
3 |
MARKET REVIEW
| Those individual holdings that detracted most included medical products manufacturer WuXi AppTec, web-based shopping platform Meituan, diverse multinational commerce group PDD Holdings, oil and gas company PetroChina and network security products provider Venustech Group. Among individual holdings, metal mineral resources exploration and mining businesses operator Zijin Mining Group, communication transceiver modules and smart equipment manufacturer Zhongji Innolight, household electrical appliances manufacturer Midea Group, online travel agencyTrip.com Group and automotive glass manufacturer Fuyao Glass Industry Group contributed most positively to the Funds relative results during the Reporting Period. |
Goldman Sachs International Equity ESG Fund
| The Fund posted a double-digit positive absolute return but significantly underperformed its benchmark, the MSCI EAFE Index (net), during the Reporting Period. |
| Stock selection overall detracted from the Funds performance during the Reporting Period. |
| From a sector perspective, individual security selection in the financials, consumer staples, energy and information technology sectors hurt relative results most. Only partially offsetting these detractors was stock selection in the health care, materials, industrials and utilities sectors, which contributed positively. |
| From a country perspective, stock selection in Japan and Finland detracted most from the Funds relative results during the Reporting Period, partially offset by effective security selection in France and Switzerland. |
| Sector allocation decisions as a whole contributed positively, albeit modestly, to the Funds relative results during the Reporting Period. Having an overweighted allocation to information technology and an underweighted allocation to energy especially helped. Partially offsetting these positive contributors was the detracting effect of having an average overweight to consumer staples and an average underweight to consumer discretionary. Having a position in cash, though modest, during a Reporting Period when the MSCI EAFE Index rallied, also dampened relative results. |
| Country allocation positioning contributed positively to the Funds relative results during the Reporting Period. Having out-of-benchmark exposures to Taiwan and the U.S., which each outperformed the MSCI EAFE Index during the Reporting Period, helped most. Having overweighted allocations to Switzerland, Finland and Germany detracted. |
| Those individual holdings that detracted most included Finland-based renewable diesel and sustainable aviation fuel provider Neste, Japan-based information technology solutions provider Nomura Research Institute, Japan-based cosmetics company Shiseido, Hong Kong-based multinational insurance and finance corporation AIA Group and U.K.-based manufacturer of health, hygiene and nutrition products Reckitt Benckiser Group. We sold the Funds position in Reckitt Benckiser Group by the end of the Reporting Period. Among individual holdings, out-of-benchmark positions in Taiwan-based semiconductor maker Taiwan Semiconductor Manufacturing and Netherlands-based hydronic flow control and treatment systems manufacturer Aalberts and overweight positions in Switzerland-based multinational manufacturing company for the pharmaceutical, biotechnology and nutrition sectors Lonza Group, France-based energy management and industrial automation company Schneider Electric and Spain-based bank Banco Bilbao Vizcaya Argentaria contributed most positively to the Funds relative results during the Reporting Period. |
4 |
Goldman Sachs China Equity Fund
as of April 30, 2024
PERFORMANCE REVIEW |
November 1, 2023-April 30, 2024 | |
Fund Total Return (based on NAV)1 |
|
|
MSCI®* China All Shares Index2 |
|
||||
Class A | 0.75% | 3.64% | ||||||||
Class C | 0.36 | 3.64 | ||||||||
Institutional | 0.94 | 3.64 | ||||||||
Investor | 0.89 | 3.64 | ||||||||
Class R6 | 0.89 | 3.64 | ||||||||
Class P | 0.90 | 3.64 |
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 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. 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 4/30/243,4 |
Holding |
|
% of Net Assets |
|
Line of Business | Country | |||
Tencent Holdings Ltd. |
9.8% | Interactive Media & Services |
China | |||||
Kweichow Moutai Co. Ltd., Class A |
4.5 | Beverages |
China | |||||
Alibaba Group Holding Ltd. |
4.2 | Broadline Retail |
China | |||||
Zijin Mining Group Co. Ltd., Class H |
3.2 | Metals & Mining |
China | |||||
Contemporary Amperex Technology Co. Ltd., Class A |
2.7 | Electrical Equipment |
China | |||||
China Yangtze Power Co. Ltd., Class A |
2.6 | Independent Power and Renewable Electricity Producers |
China | |||||
China Petroleum & Chemical Corp., Class H |
2.4 | Oil, Gas & Consumable Fuels |
China | |||||
Meituan, Class B |
2.4 | Hotels, Restaurants & Leisure |
China | |||||
Trip.com Group Ltd. |
2.2 | Hotels, Restaurants & Leisure |
China | |||||
Postal Savings Bank of China Co. Ltd., Class A |
2.1 | Banks |
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. |
* | Source: MSCI |
5 |
FUND BASICS
FUND VS BENCHMARK SECTOR ALLOCATIONS5 |
As of April 30, 2024 |
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 other investment companies held by the Fund are not reflected in the graph above. |
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. |
* | Source: MSCI |
6 |
FUND BASICS
Goldman Sachs Emerging Markets Equity Fund
as of April 30, 2024
PERFORMANCE REVIEW |
November 1, 2023-April 30, 2024 | |
Fund Total Return (based on NAV)1 |
|
|
MSCI®* Emerging Markets Index2 |
|
||||
Class A | 13.69% | 15.40% | ||||||||
Class C | 13.26 | 15.40 | ||||||||
Institutional | 13.89 | 15.40 | ||||||||
Service | 13.59 | 15.40 | ||||||||
Investor | 13.85 | 15.40 | ||||||||
Class R6 | 13.89 | 15.40 | ||||||||
Class P | 13.89 | 15.40 |
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 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, 2024 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 4/30/243,4 |
Holding |
|
% of Net Assets |
|
Line of Business | Country | |||
Taiwan Semiconductor Manufacturing Co. Ltd. |
9.5% | Semiconductors & Semiconductor Equipment |
Taiwan | |||||
Samsung Electronics Co. Ltd. |
6.7 | Technology Hardware, Storage & Peripherals |
South Korea | |||||
Tencent Holdings Ltd. |
5.7 | Interactive Media & Services |
China | |||||
Alibaba Group Holding Ltd. |
3.0 | Broadline Retail |
China | |||||
ICICI Bank Ltd. |
2.5 | Banks |
India | |||||
Kweichow Moutai Co. Ltd., Class A |
2.5 | Beverages |
China | |||||
Zomato Ltd. |
2.0 | Hotels, Restaurants & Leisure |
India | |||||
Meituan, Class B |
1.6 | Hotels, Restaurants & Leisure |
China | |||||
Bank Central Asia Tbk PT |
1.5 | Banks |
Indonesia | |||||
China Merchants Bank Co. Ltd., Class H |
1.5 | Banks |
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. |
* | Source: MSCI |
7 |
FUND BASICS
FUND VS BENCHMARK SECTOR ALLOCATIONS5 |
As of April 30, 2024 |
5 | 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). Underlying sector allocations of exchange traded funds and other 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, 2024. |
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. |
* | Source: MSCI |
8 |
FUND BASICS
Goldman Sachs Emerging Markets Equity Ex. China Fund
as of April 30, 2024
PERFORMANCE REVIEW |
November 1, 2023-April 30, 2024 | |
Fund Total Return (based on NAV)1 |
|
|
MSCI®* Emerging Markets ex |
|
||||
Class A | 17.74% | 20.13% | ||||||||
Class C | 17.34 | 20.13 | ||||||||
Institutional | 17.99 | 20.13 | ||||||||
Investor | 17.85 | 20.13 | ||||||||
Class R6 | 17.99 | 20.13 | ||||||||
Class R | 17.55 | 20.13 | ||||||||
Class P | 17.90 | 20.13 |
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 MSCI® Emerging Markets ex China Index (Net, USD, Unhedged) captures large and mid-cap representation across 23 of the 24 Emerging Markets (EM) countries excluding China. With 662 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. As of April 30, 2024 the MSCI® Emerging Markets ex China Index consists of the following 23 emerging market country indexes: Brazil, Chile, 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 ex China 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 4/30/243,4 |
Holding |
|
% of Net Assets |
|
Line of Business | Country | |||
Taiwan Semiconductor Manufacturing Co. Ltd. |
13.8% | Semiconductors & Semiconductor Equipment |
Taiwan | |||||
Samsung Electronics Co. Ltd. |
8.5 | Technology Hardware, Storage & Peripherals |
South Korea | |||||
ICICI Bank Ltd. |
2.8 | Banks |
India | |||||
Bank Central Asia Tbk PT |
2.7 | Banks |
Indonesia | |||||
Zomato Ltd. |
2.3 | Hotels, Restaurants & Leisure |
India | |||||
MediaTek, Inc. |
1.7 | Semiconductors & Semiconductor Equipment |
Taiwan | |||||
MercadoLibre, Inc. |
1.6 | Broadline Retail |
Brazil | |||||
Tata Consumer Products Ltd. |
1.6 | Food Products |
India | |||||
National Bank of Greece SA |
1.5 | Banks |
Greece | |||||
Saudi Arabian Oil Co. |
1.5 | Oil, Gas & Consumable Fuels |
Saudi Arabia |
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. |
* | Source: MSCI |
9 |
FUND BASICS
FUND VS BENCHMARK SECTOR ALLOCATIONS5 |
As of April 30, 2024 |
5 | 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). Underlying sector allocations of exchange traded funds and other investment companies held by the Fund are not reflected in the graph above. |
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. |
* | Source: MSCI |
10 |
FUND BASICS
Goldman Sachs ESG Emerging Markets Equity Fund
as of April 30, 2024
PERFORMANCE REVIEW |
November 1, 2023-April 30, 2024 | |
Fund Total Return (based on NAV)1 |
|
|
MSCI®* Emerging Markets Index2 |
|
||||
Class A | 13.68% | 15.40% | ||||||||
Class C | 13.27 | 15.40 | ||||||||
Institutional | 13.69 | 15.40 | ||||||||
Investor | 13.74 | 15.40 | ||||||||
Class R6 | 13.78 | 15.40 | ||||||||
Class R | 13.39 | 15.40 | ||||||||
Class P | 13.80 | 15.40 |
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 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, 2024 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 4/30/243,4 |
Holding |
|
% of Net Assets |
|
Line of Business | Country | |||
Taiwan Semiconductor Manufacturing Co. Ltd. |
10.3% | Semiconductors & Semiconductor Equipment |
Taiwan | |||||
Samsung Electronics Co. Ltd. |
6.8 | Technology Hardware, Storage & Peripherals |
South Korea | |||||
Tencent Holdings Ltd. |
6.7 | Interactive Media & Services |
China | |||||
Alibaba Group Holding Ltd. |
3.2 | Broadline Retail |
China | |||||
ICICI Bank Ltd. |
3.1 | Banks |
India | |||||
Zomato Ltd. |
2.7 | Hotels, Restaurants & Leisure |
India | |||||
Tata Consumer Products Ltd. |
2.5 | Food Products |
India | |||||
Bank Central Asia Tbk PT |
2.3 | Banks |
Indonesia | |||||
China Merchants Bank Co. Ltd., Class H |
2.0 | Banks |
China | |||||
MercadoLibre, Inc. |
1.9 | Broadline Retail |
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. |
* | Source: MSCI |
11 |
FUND BASICS
FUND VS BENCHMARK SECTOR ALLOCATIONS5 |
As of April 30, 2024 |
5 | 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. Underlying sector allocations of exchange traded funds and other investment companies held by the Fund are not reflected in the graph above. |
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. |
* | Source: MSCI |
12 |
FUND BASICS
Goldman Sachs International Equity ESG Fund
as of April 30, 2024
PERFORMANCE REVIEW |
November 1, 2023-April 30, 2024 | |
Fund Total Return (based on NAV)1 |
|
|
MSCI®* EAFE Index2 |
|
||||
Class A | 14.47% | 18.63% | ||||||||
Class C | 14.00 | 18.63 | ||||||||
Institutional | 14.61 | 18.63 | ||||||||
Service | 14.37 | 18.63 | ||||||||
Investor | 14.59 | 18.63 | ||||||||
Class R6 | 14.66 | 18.63 | ||||||||
Class P | 14.64 | 18.63 |
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 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 Barra 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 4/30/243,4 |
Holding |
|
% of Net Assets |
|
Line of Business | Country | |||
Iberdrola SA |
4.3% | Electric Utilities |
Spain | |||||
BNP Paribas SA |
4.3 | Banks |
France | |||||
Koninklijke Ahold Delhaize NV |
4.1 | Consumer Staples Distribution & Retail |
Netherlands | |||||
Zurich Insurance Group AG |
4.1 | Insurance |
Switzerland | |||||
AstraZeneca PLC |
4.0 | Pharmaceuticals |
United Kingdom | |||||
Nestle SA |
4.0 | Food Products |
United States | |||||
Sumitomo Mitsui Financial Group, Inc. |
3.7 | Banks |
Japan | |||||
ORIX Corp. |
3.5 | Financial Services |
Japan | |||||
Takeda Pharmaceutical Co. Ltd. |
3.1 | Pharmaceuticals |
Japan | |||||
AIA Group Ltd. |
3.0 | 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. |
* | Source: MSCI |
13 |
FUND BASICS
FUND VS BENCHMARK SECTOR ALLOCATIONS5 |
As of April 30, 2024 |
5 | 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). Underlying sector allocations of exchange traded funds and other 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, 2024. |
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. |
* | Source: MSCI |
14 |
FUND BASICS
Goldman Sachs International Equity Income Fund
as of April 30, 2024
PERFORMANCE REVIEW |
November 1, 2023-April 30, 2024 | |
Fund Total Return (based on NAV)1 |
|
|
MSCI®* EAFE Index2 |
|
||||
Class A | 16.20% | 18.63% | ||||||||
Class C | 15.73 | 18.63 | ||||||||
Institutional | 16.41 | 18.63 | ||||||||
Investor | 16.39 | 18.63 | ||||||||
Class R6 | 16.44 | 18.63 | ||||||||
Class R | 16.09 | 18.63 | ||||||||
Class P | 16.45 | 18.63 |
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 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 4/30/243,4 |
Holding |
|
% of Net Assets |
|
Line of Business | Country | |||
Shell PLC |
4.9% | Oil, Gas & Consumable Fuels |
United States | |||||
Rio Tinto PLC |
4.4 | Metals & Mining |
Australia | |||||
AstraZeneca PLC |
4.2 | Pharmaceuticals |
United Kingdom | |||||
Koninklijke Ahold Delhaize NV |
4.1 | Consumer Staples Distribution & Retail |
Netherlands | |||||
BP PLC |
4.0 | Oil, Gas & Consumable Fuels |
United States | |||||
Iberdrola SA |
3.6 | Electric Utilities |
Spain | |||||
BNP Paribas SA |
3.5 | Banks |
France | |||||
HSBC Holdings PLC |
3.3 | Banks |
United Kingdom | |||||
ORIX Corp. |
3.3 | Financial Services |
Japan | |||||
Vinci SA |
3.1 | Construction & Engineering |
France |
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. |
* | Source: MSCI |
15 |
FUND BASICS
FUND VS BENCHMARK SECTOR ALLOCATIONS5 |
As of April 30, 2024 |
5 | 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). Underlying sector allocations of exchange traded funds and other investment companies held by the Fund are not reflected in the graph above. |
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. |
* | Source: MSCI |
16 |
GOLDMAN SACHS CHINA EQUITY FUND
Shares |
Description | Value | ||||||
Common Stocks 98.1% |
| |||||||
China 93.9% |
| |||||||
99,816 | Aier Eye Hospital Group Co. Ltd., Class A (Health Care Equipment & Services) | $ | 176,979 | |||||
166,076 | Alibaba Group Holding Ltd. (Consumer Discretionary Distribution & Retail) | 1,554,980 | ||||||
14,134 | Anji Microelectronics Technology Shanghai Co. Ltd., Class A (Semiconductors & Semiconductor Equipment) | 320,947 | ||||||
57,200 | ANTA Sports Products Ltd. (Consumer Durables & Apparel) | 647,561 | ||||||
39,050 | Baidu, Inc., Class A (Media & Entertainment)* | 505,916 | ||||||
603,800 | Bank of Jiangsu Co. Ltd., Class A (Banks) | 671,979 | ||||||
100,341 | Bank of Ningbo Co. Ltd., Class A (Banks) | 316,286 | ||||||
8,800 | BYD Co. Ltd., Class A (Automobiles & Components) | 263,750 | ||||||
18,000 | BYD Co. Ltd., Class H (Automobiles & Components) | 493,426 | ||||||
137,400 | China Merchants Bank Co. Ltd., Class A (Banks) | 647,181 | ||||||
152,000 | China Merchants Bank Co. Ltd., Class H (Banks) | 658,290 | ||||||
1,506,000 | China Petroleum & Chemical Corp., Class H (Energy) | 898,934 | ||||||
34,200 | China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences) | 282,749 | ||||||
2,500,000 | China Tower Corp. Ltd., Class H (Telecommunication Services)(a) | 292,648 | ||||||
273,500 | China Yangtze Power Co. Ltd., Class A (Utilities) | 972,409 | ||||||
206,000 | CITIC Securities Co. Ltd., Class H (Financial Services) | 327,976 | ||||||
36,436 | Contemporary Amperex Technology Co. Ltd., Class A (Capital Goods) | 1,017,351 | ||||||
174,691 | East Money Information Co. Ltd., Class A (Financial Services) | 312,821 | ||||||
96,280 | Fuyao Glass Industry Group Co. Ltd., Class A (Automobiles & Components) | 660,851 | ||||||
58,000 | H World Group Ltd. (Consumer Services) | 215,799 | ||||||
4,018 | H World Group Ltd. ADR (Consumer Services) | 147,501 | ||||||
122,000 | Haidilao International Holding Ltd. (Consumer Services)(a) | 275,257 | ||||||
113,700 | Hualan Biological Engineering, Inc., Class A (Pharmaceuticals, Biotechnology & Life Sciences) | 304,709 |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
China (continued) |
| |||||||
91,000 | Inner Mongolia Yili Industrial Group Co. Ltd., Class A (Food, Beverage & Tobacco) | $ | 357,999 | |||||
50,500 | Innovent Biologics, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)*(a) | 244,469 | ||||||
47,150 | JD.com, Inc., Class A (Consumer Discretionary Distribution & Retail) | 679,355 | ||||||
231,900 | Jiangsu Expressway Co. Ltd., Class A (Transportation) | 354,546 | ||||||
71,496 | Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences) | 453,232 | ||||||
8,954 | KE Holdings, Inc. ADR (Real Estate Management & Development) | 135,384 | ||||||
130,000 | Kingdee International Software Group Co. Ltd. (Software & Services)* | 137,153 | ||||||
7,219 | Kweichow Moutai Co. Ltd., Class A (Food, Beverage & Tobacco) | 1,689,671 | ||||||
19,300 | Li Auto, Inc., Class A (Automobiles & Components)* | 252,867 | ||||||
65,790 | Meituan, Class B (Consumer Services)*(a) |
898,332 | ||||||
79,500 | Midea Group Co. Ltd., Class A (Consumer Durables & Apparel) | 763,284 | ||||||
37,833 | Montage Technology Co. Ltd., Class A (Semiconductors & Semiconductor Equipment) | 262,302 | ||||||
147,036 | NARI Technology Co. Ltd., Class A (Capital Goods) | 474,745 | ||||||
33,150 | Ningbo Tuopu Group Co. Ltd., Class A (Automobiles & Components) | 284,763 | ||||||
3,896 | PDD Holdings, Inc. ADR (Consumer Discretionary Distribution & Retail)* | 487,701 | ||||||
720,000 | PetroChina Co. Ltd., Class H (Energy) | 670,854 | ||||||
418,000 | PICC Property & Casualty Co. Ltd., Class H (Insurance) | 519,316 | ||||||
62,700 | Ping An Insurance Group Co. of China Ltd., Class A (Insurance) | 355,803 | ||||||
115,500 | Ping An Insurance Group Co. of China Ltd., Class H (Insurance) | 523,456 | ||||||
1,172,055 | Postal Savings Bank of China Co. Ltd., Class A (Banks) | 774,314 | ||||||
27,650 | SG Micro Corp., Class A (Semiconductors & Semiconductor Equipment) | 291,527 | ||||||
37,678 | Shenzhen Inovance Technology Co. Ltd., Class A (Capital Goods) | 309,062 |
The accompanying notes are an integral part of these financial statements. | 17 |
GOLDMAN SACHS CHINA EQUITY FUND
Schedule of Investments (continued)
April 30, 2024 (Unaudited) |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
China (continued) |
| |||||||
11,000 | Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care Equipment & Services) | $ | 461,086 | |||||
46,000 | Sieyuan Electric Co. Ltd., Class A (Capital Goods) | 412,034 | ||||||
374,100 | Sinotrans Ltd., Class A (Transportation) | 302,737 | ||||||
18,012 | Sungrow Power Supply Co. Ltd., Class A (Capital Goods) | 255,360 | ||||||
34,149 | Sunresin New Materials Co. Ltd., Class A (Materials) | 219,272 | ||||||
83,300 | Tencent Holdings Ltd. (Media & Entertainment) | 3,655,471 | ||||||
21,515 | Tencent Music Entertainment Group ADR (Media & Entertainment)* | 270,013 | ||||||
17,200 | Trip.com Group Ltd. (Consumer Services)* | 837,767 | ||||||
50,000 | Tsingtao Brewery Co. Ltd., Class H (Food, Beverage & Tobacco) | 360,320 | ||||||
78,500 | Venustech Group, Inc., Class A (Software & Services) | 211,956 | ||||||
19,498 | Wanhua Chemical Group Co. Ltd., Class A (Materials) | 238,461 | ||||||
248,698 | Weichai Power Co. Ltd., Class A (Capital Goods) | 595,624 | ||||||
86,966 | Wens Foodstuffs Group Co. Ltd., Class A (Food, Beverage & Tobacco) | 229,953 | ||||||
25,139 | Will Semiconductor Co. Ltd. Shanghai, Class A (Semiconductors & Semiconductor Equipment) | 350,676 | ||||||
20,228 | WuXi AppTec Co. Ltd., Class H (Pharmaceuticals, Biotechnology & Life Sciences)(a) | 91,048 | ||||||
321,400 | Xiaomi Corp., Class B (Technology Hardware & Equipment)*(a) | 700,629 | ||||||
46,528 | Yifeng Pharmacy Chain Co. Ltd., Class A (Consumer Staples Distribution & Retail) | 280,952 | ||||||
284,070 | Yunnan Aluminium Co. Ltd., Class A (Materials) | 559,584 | ||||||
46,719 | Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A (Capital Goods) | 140,792 | ||||||
20,600 | Zhongji Innolight Co. Ltd., Class A (Technology Hardware & Equipment) | 518,364 | ||||||
544,000 | Zijin Mining Group Co. Ltd., Class H (Materials) | 1,186,720 | ||||||
21,801 | ZTO Express Cayman, Inc. ADR (Transportation) | 457,603 | ||||||
|
|
|||||||
35,222,857 | ||||||||
|
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Hong Kong 2.4% |
| |||||||
16,200 | AIA Group Ltd. (Insurance) | $ | 118,655 | |||||
20,500 | ASMPT Ltd. (Semiconductors & Semiconductor Equipment) | 254,767 | ||||||
5,901 | Hong Kong Exchanges & Clearing Ltd. (Financial Services) | 187,501 | ||||||
121,500 | Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 41,516 | ||||||
168,000 | Sino Land Co. Ltd. (Real Estate Management & Development) | 179,626 | ||||||
9,500 | Techtronic Industries Co. Ltd. (Capital Goods) | 131,283 | ||||||
|
|
|||||||
913,348 | ||||||||
|
||||||||
Taiwan 1.8% |
| |||||||
36,000 | Chroma ATE, Inc. (Technology Hardware & Equipment) | 292,382 | ||||||
13,000 | Jentech Precision Industrial Co. Ltd. (Semiconductors & Semiconductor Equipment) | 386,781 | ||||||
|
|
|||||||
679,163 | ||||||||
|
||||||||
TOTAL COMMON STOCKS (Cost $33,144,932) |
36,815,368 | |||||||
|
||||||||
Shares | Dividend Rate | Value | ||||||
Investment Company 0.1%(b) |
| |||||||
Goldman Sachs Financial Square Government Fund - Institutional Shares |
| |||||||
22,669 | 5.223% | 22,669 | ||||||
(Cost $22,669) |
| |||||||
|
||||||||
TOTAL INVESTMENTS 98.2% (Cost $33,167,601) |
$ | 36,838,037 | ||||||
|
||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES 1.8% |
666,440 | |||||||
|
||||||||
NET ASSETS 100.0% | $ | 37,504,477 | ||||||
|
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) | Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
ADR American Depositary Receipt | ||
|
18 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS CHINA EQUITY FUND
Sector Name | % of Market Value |
|||
Consumer Discretionary |
23.0 | % | ||
Financials |
14.6 | |||
Communication Services |
12.8 | |||
Industrials |
12.1 | |||
Information Technology |
10.1 | |||
Consumer Staples |
8.0 | |||
Materials |
6.0 | |||
Health Care |
5.6 | |||
Energy |
4.3 | |||
Utilities |
2.6 | |||
Real Estate |
0.8 | |||
Investment Company |
0.1 | |||
TOTAL INVESTMENTS |
100.0 | % |
The accompanying notes are an integral part of these financial statements. | 19 |
GOLDMAN SACHS EMERGING MARKETS EQUITY FUND
Schedule of Investments
April 30, 2024 (Unaudited) |
Shares |
Description | Value | ||||||
Common Stocks 99.4% | ||||||||
Brazil 5.4% | ||||||||
2,794,579 | Caixa Seguridade Participacoes SA (Insurance) | $ | 8,427,976 | |||||
3,097,700 | Fleury SA (Health Care Equipment & Services) | 8,638,196 | ||||||
22,378 | MercadoLibre, Inc. (Consumer Discretionary Distribution & Retail)* | 32,642,789 | ||||||
1,712,468 | NU Holdings Ltd., Class A (Banks)* | 18,597,403 | ||||||
1,265,710 | Odontoprev SA (Health Care Equipment & Services) | 2,912,844 | ||||||
1,001,900 | PRIO SA (Energy) | 9,261,488 | ||||||
2,115,600 | Raia Drogasil SA (Consumer Staples Distribution & Retail) | 10,421,956 | ||||||
2,457,100 | Rumo SA (Transportation)* | 9,539,563 | ||||||
5,693,200 | Sendas Distribuidora SA (Consumer Staples Distribution & Retail)* | 14,384,852 | ||||||
4,072,400 | TIM SA (Telecommunication Services) | 13,810,993 | ||||||
2,324,300 | TOTVS SA (Software & Services) | 12,327,393 | ||||||
957,400 | Vivara Participacoes SA (Consumer Durables & Apparel) | 4,085,811 | ||||||
|
|
|||||||
145,051,264 | ||||||||
|
||||||||
China 28.8% | ||||||||
8,632,224 | Alibaba Group Holding Ltd. (Consumer Discretionary Distribution & Retail) | 80,824,070 | ||||||
2,054,200 | ANTA Sports Products Ltd. (Consumer Durables & Apparel) | 23,255,583 | ||||||
908,500 | BYD Co. Ltd., Class H (Automobiles & Components) | 24,904,332 | ||||||
9,166,000 | China Merchants Bank Co. Ltd., Class H (Banks) | 39,696,641 | ||||||
3,761,780 | China Yangtze Power Co. Ltd., Class A (Utilities) | 13,374,734 | ||||||
881,574 | Contemporary Amperex Technology Co. Ltd., Class A (Capital Goods) | 24,614,956 | ||||||
3,095,600 | Fuyao Glass Industry Group Co. Ltd., Class H (Automobiles & Components)(a) | 18,533,553 | ||||||
3,800,797 | Hualan Biological Engineering, Inc., Class A (Pharmaceuticals, Biotechnology & Life Sciences) | 10,185,910 | ||||||
1,115,246 | KE Holdings, Inc. ADR (Real Estate Management & Development) | 16,862,520 | ||||||
278,651 | Kweichow Moutai Co. Ltd., Class A (Food, Beverage & Tobacco) | 65,220,750 | ||||||
3,031,200 | Meituan, Class B (Consumer Services)*(a) | 41,389,615 | ||||||
1,808,300 | Midea Group Co. Ltd., Class A (Consumer Durables & Apparel) | 17,361,590 | ||||||
3,179,300 | NARI Technology Co. Ltd., Class A (Capital Goods) | 10,265,212 |
Shares |
Description | Value | ||||||
Common Stocks (continued) | ||||||||
China (continued) | ||||||||
13,158,000 | PICC Property & Casualty Co. Ltd., Class H (Insurance) | $ | 16,347,280 | |||||
4,375,000 | Ping An Insurance Group Co. of China Ltd., Class H (Insurance) | 19,827,864 | ||||||
775,500 | Ping An Insurance Group Co. of China Ltd., Class H (Insurance) | 3,514,631 | ||||||
395,329 | Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care Equipment & Services) | 16,570,959 | ||||||
2,095,300 | Shenzhou International Group Holdings Ltd. (Consumer Durables & Apparel) | 20,595,148 | ||||||
1,354,988 | Silergy Corp. (Semiconductors & Semiconductor Equipment) | 17,995,768 | ||||||
1,675,740 | Sunresin New Materials Co. Ltd., Class A (Materials) | 10,759,999 | ||||||
3,471,200 | Tencent Holdings Ltd. (Media & Entertainment) | 152,327,365 | ||||||
925,692 | Tencent Music Entertainment Group ADR (Media & Entertainment)* | 11,617,435 | ||||||
8,514,000 | Weichai Power Co. Ltd., Class H (Capital Goods) | 17,397,192 | ||||||
1,127,616 | Will Semiconductor Co. Ltd. Shanghai, Class A (Semiconductors & Semiconductor Equipment) | 15,729,678 | ||||||
11,726,992 | Yunnan Aluminium Co. Ltd., Class A (Materials) | 23,100,789 | ||||||
3,128,392 | Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A (Capital Goods) | 9,427,668 | ||||||
631,597 | Zhongji Innolight Co. Ltd., Class A (Technology Hardware & Equipment) | 15,893,054 | ||||||
6,994,000 | Zijin Mining Group Co. Ltd., Class H (Materials) | 15,257,212 | ||||||
713,913 | ZTO Express Cayman, Inc. ADR (Transportation) | 14,985,034 | ||||||
|
|
|||||||
767,836,542 | ||||||||
|
||||||||
Egypt 0.5% | ||||||||
8,531,781 | Commercial International Bank - Egypt (CIB), GDR (Banks) | 12,644,099 | ||||||
|
||||||||
Greece 2.6% | ||||||||
522,297 | JUMBO SA (Consumer Discretionary Distribution & Retail) | 16,264,805 | ||||||
213,949 | Mytilineos SA (Capital Goods) | 8,679,937 | ||||||
4,238,444 | National Bank of Greece SA (Banks)* | 34,195,919 | ||||||
2,859,022 | Piraeus Financial Holdings SA (Banks)* | 11,453,110 | ||||||
|
|
|||||||
70,593,771 | ||||||||
|
20 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EMERGING MARKETS EQUITY FUND
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
India 18.3% |
| |||||||
218,381 | Amber Enterprises India Ltd. (Consumer Durables & Apparel)* | $ | 10,027,168 | |||||
268,378 | Apollo Hospitals Enterprise Ltd. (Health Care Equipment & Services) | 19,088,399 | ||||||
2,444,148 | Axis Bank Ltd. (Banks) | 34,115,657 | ||||||
267,603 | Bajaj Finance Ltd. (Financial Services) | 22,198,261 | ||||||
529,897 | Cartrade Tech Ltd. (Consumer Discretionary Distribution & Retail)* | 4,450,332 | ||||||
251,455 | Coforge Ltd. (Software & Services) | 15,312,166 | ||||||
581,462 | Computer Age Management Services Ltd. (Commercial & Professional Services) | 22,286,399 | ||||||
120,956 | Craftsman Automation Ltd. (Capital Goods) | 6,405,464 | ||||||
1,033,211 | Five-Star Business Finance Ltd. (Financial Services)* | 9,371,559 | ||||||
877,688 | Godrej Properties Ltd. (Real Estate Management & Development)* | 27,740,583 | ||||||
4,795,760 | ICICI Bank Ltd. (Banks) | 66,080,541 | ||||||
204,962 | Info Edge India Ltd. (Media & Entertainment) | 14,823,617 | ||||||
1,654,816 | Infosys Ltd. (Software & Services) | 27,940,779 | ||||||
4,472,098 | Jio Financial Services Ltd. (Financial Services)* | 20,138,527 | ||||||
300,416 | Navin Fluorine International Ltd. (Materials) | 12,278,914 | ||||||
588,882 | Netweb Technologies India Ltd. (Technology Hardware & Equipment)* | 11,778,635 | ||||||
1,182,284 | SBI Life Insurance Co. Ltd. (Insurance)(a) | 20,340,492 | ||||||
2,184,782 | Sona Blw Precision Forgings Ltd. (Automobiles & Components)(a) | 16,331,066 | ||||||
1,715,548 | Sun Pharmaceutical Industries Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 30,820,116 | ||||||
2,463,197 | Tata Consumer Products Ltd. (Food, Beverage & Tobacco) | 32,618,308 | ||||||
266,142 | TeamLease Services Ltd. (Commercial & Professional Services)* | 10,560,494 | ||||||
22,944,409 | Zomato Ltd. (Consumer Services)* | 52,954,037 | ||||||
|
|
|||||||
487,661,514 | ||||||||
|
||||||||
Indonesia 2.8% |
| |||||||
67,989,900 | Bank Central Asia Tbk PT (Banks) | 40,881,280 | ||||||
152,427,600 | BFI Finance Indonesia Tbk PT (Financial Services) | 9,837,700 |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Indonesia (continued) |
| |||||||
242,516,000 | Map Aktif Adiperkasa PT (Consumer Discretionary Distribution & Retail) | $ | 11,782,758 | |||||
399,875,000 | Nusantara Sejahtera Raya Tbk PT (Media & Entertainment)(a) | 5,557,918 | ||||||
300,456,400 | Pakuwon Jati Tbk PT (Real Estate Management & Development) | 7,411,345 | ||||||
|
|
|||||||
75,471,001 | ||||||||
|
||||||||
Mexico 3.8% |
| |||||||
4,669,799 | Alsea SAB de CV (Consumer Services)* | 19,561,594 | ||||||
10,249,200 | America Movil SAB de CV, Series B (Telecommunication Services) | 9,758,151 | ||||||
1,962,599 | Arca Continental SAB de CV (Food, Beverage & Tobacco) | 19,146,246 | ||||||
2,684,200 | Banco del Bajio SA (Banks)(a) | 9,896,477 | ||||||
8,732,750 | Gentera SAB de CV (Financial Services) | 14,003,394 | ||||||
4,368,614 | Prologis Property Mexico SA de CV REIT (Equity Real Estate Investment Trusts (REITs)) | 17,228,876 | ||||||
3,375,300 | Wal-Mart de Mexico SAB de CV (Consumer Staples Distribution & Retail) | 12,594,263 | ||||||
|
|
|||||||
102,189,001 | ||||||||
|
||||||||
Peru 0.7% |
| |||||||
120,318 | Credicorp Ltd. (Banks) | 19,925,864 | ||||||
|
||||||||
Philippines 1.8% |
| |||||||
6,250,400 | BDO Unibank, Inc. (Banks) | 16,034,851 | ||||||
2,906,220 | Jollibee Foods Corp. (Consumer Services) | 11,816,869 | ||||||
107,112,700 | Monde Nissin Corp. (Food, Beverage & Tobacco)(a) | 19,752,117 | ||||||
|
|
|||||||
47,603,837 | ||||||||
|
||||||||
Poland 0.6% |
| |||||||
178,473 | Dino Polska SA (Consumer Staples Distribution & Retail)*(a) | 17,098,176 | ||||||
|
||||||||
Romania 0.6% |
| |||||||
507,589 | Societatea De Producere A Energiei Electrice in Hidrocentrale Hidroelectrica SA (Utilities)* | 14,662,086 | ||||||
|
||||||||
Russia 0.0% |
| |||||||
10,483,256 | Detsky Mir PJSC (Consumer Discretionary Distribution & Retail)*(b) | | ||||||
2,495,750 | Renaissance Insurance Group JSC (Insurance)(b) | |
The accompanying notes are an integral part of these financial statements. | 21 |
GOLDMAN SACHS EMERGING MARKETS EQUITY FUND
Schedule of Investments (continued)
April 30, 2024 (Unaudited) |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Russia (continued) |
| |||||||
4,327,745 | Sberbank of Russia PJSC (Banks)(b) | $ | | |||||
|
|
|||||||
| ||||||||
|
||||||||
Saudi Arabia 2.4% |
| |||||||
1,490,493 | Alinma Bank (Banks) | 13,221,466 | ||||||
331,245 | Co. for Cooperative Insurance (The) (Insurance) | 13,146,315 | ||||||
3,308,848 | Saudi Arabian Oil Co. (Energy)(a) |
26,512,854 | ||||||
1,214,263 | Saudi National Bank (The) (Banks) | 12,155,335 | ||||||
|
|
|||||||
65,035,970 | ||||||||
|
||||||||
Singapore 0.3% |
| |||||||
7,450,093 | Nanofilm Technologies International Ltd. (Materials) | 3,518,896 | ||||||
562,724 | TDCX, Inc. ADR (Commercial & Professional Services)* | 4,029,104 | ||||||
|
|
|||||||
7,548,000 | ||||||||
|
||||||||
Slovenia 0.7% |
| |||||||
845,510 | Nova Ljubljanska Banka dd, GDR (Banks) | 18,227,041 | ||||||
|
||||||||
South Africa 1.4% |
| |||||||
1,172,869 | Clicks Group Ltd. (Consumer Staples Distribution & Retail) | 18,167,045 | ||||||
1,552,394 | JSE Ltd. (Financial Services) | 7,088,410 | ||||||
20,600,993 | Old Mutual Ltd. (Insurance)(c) | 12,062,055 | ||||||
|
|
|||||||
37,317,510 | ||||||||
|
||||||||
South Korea 11.6% |
| |||||||
74,450 | HD Hyundai Marine Solution Co. Ltd. (Engineering & Construction)* | 4,492,533 | ||||||
123,928 | Hyundai Motor Co. (Automobiles & Components) | 22,291,666 | ||||||
243,974 | JYP Entertainment Corp. (Media & Entertainment) | 11,669,008 | ||||||
451,790 | KB Financial Group, Inc. (Banks) | 24,503,706 | ||||||
271,321 | LG Electronics, Inc. (Consumer Durables & Apparel) | 18,070,554 | ||||||
37,299 | NCSoft Corp. (Media & Entertainment) | 4,712,742 | ||||||
67,563 | Orion Corp. (Food, Beverage & Tobacco) | 4,521,575 | ||||||
26,638 | Samsung Biologics Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)*(a) | 14,972,091 | ||||||
470,986 | Samsung E&A Co. Ltd. (Capital Goods)* | 8,929,576 | ||||||
3,192,490 | Samsung Electronics Co. Ltd. (Technology Hardware & Equipment) | 177,459,786 |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
South Korea (continued) |
| |||||||
53,034 | Samsung SDI Co. Ltd. (Technology Hardware & Equipment) | $ | 16,412,388 | |||||
|
|
|||||||
308,035,625 | ||||||||
|
||||||||
Taiwan 15.0% |
| |||||||
3,064,589 | Chailease Holding Co. Ltd. (Financial Services) | 16,163,447 | ||||||
1,060,000 | Chroma ATE, Inc. (Technology Hardware & Equipment) | 8,609,021 | ||||||
2,205,000 | Delta Electronics, Inc. (Technology Hardware & Equipment) | 21,594,217 | ||||||
465,000 | Jentech Precision Industrial Co. Ltd. (Semiconductors & Semiconductor Equipment) | 13,834,870 | ||||||
971,000 | MediaTek, Inc. (Semiconductors & Semiconductor Equipment) | 29,276,798 | ||||||
837,000 | Merida Industry Co. Ltd. (Consumer Durables & Apparel) | 6,014,253 | ||||||
1,272,000 | Nien Made Enterprise Co. Ltd. (Consumer Durables & Apparel) | 14,865,047 | ||||||
10,604,883 | Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | 253,920,868 | ||||||
2,627,000 | Unimicron Technology Corp. (Technology Hardware & Equipment) | 14,527,378 | ||||||
12,775,000 | United Microelectronics Corp. (Semiconductors & Semiconductor Equipment) | 19,627,804 | ||||||
|
|
|||||||
398,433,703 | ||||||||
|
||||||||
Thailand 0.7% |
| |||||||
4,159,500 | PTT Exploration & Production PCL (Energy) | 17,400,422 | ||||||
|
||||||||
United Arab Emirates 0.3% |
| |||||||
2,708,564 | Abu Dhabi Islamic Bank PJSC (Banks) | 8,229,893 | ||||||
|
||||||||
United States 1.1% |
| |||||||
777,692 | GCC SAB de CV (Materials) | 8,851,591 | ||||||
5,453,700 | Samsonite International SA (Consumer Durables & Apparel)*(a) | 19,173,409 | ||||||
|
|
|||||||
28,025,000 | ||||||||
|
||||||||
TOTAL COMMON STOCKS (Cost $2,234,987,585) |
2,648,990,319 | |||||||
|
22 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EMERGING MARKETS EQUITY FUND
Shares |
Description | Rate | Value | |||||||||
Preferred Stock 0.7% | ||||||||||||
Brazil 0.7% | ||||||||||||
3,177,000 | Itau Unibanco Holding SA (Banks) | |||||||||||
(Cost $17,171,379) | 7.53 | % | $ | 19,187,058 | ||||||||
|
||||||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $2,252,158,964) |
2,668,177,377 | |||||||||||
|
||||||||||||
Shares | Dividend Rate | |||||||||||
Securities Lending Reinvestment Vehicle 0.3%(d) |
| |||||||||||
Goldman Sachs Financial Square Government Fund Institutional Shares |
|
|||||||||||
7,448,350 |
5.223% | 7,448,350 | ||||||||||
(Cost $7,448,350) | ||||||||||||
|
||||||||||||
TOTAL INVESTMENTS 100.4% (Cost $2,259,607,314) |
$ | 2,675,625,727 | ||||||||||
|
||||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS (0.4)% |
(10,288,613) | |||||||||||
|
||||||||||||
NET ASSETS 100.0% | $ | 2,665,337,114 | ||||||||||
|
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) | All or a portion of security is on loan. | |
(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 |
|||
Information Technology |
25.2 | % | ||
Financials |
22.1 | |||
Consumer Discretionary |
18.3 | |||
Communication Services |
8.3 | |||
Consumer Staples |
8.0 | |||
Industrials |
5.5 | |||
Health Care |
3.8 | |||
Materials |
2.8 | |||
Real Estate |
2.6 | |||
Energy |
2.0 | |||
Utilities |
1.1 | |||
Securities Lending Reinvestment Vehicle
|
|
0.3
|
| |
TOTAL INVESTMENTS |
100.0 | % |
The accompanying notes are an integral part of these financial statements. | 23 |
GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND
Schedule of Investments
April 30, 2024 (Unaudited)
|
Shares |
Description | Value | ||||||
Common Stocks 101.0% |
| |||||||
Brazil 7.8% |
| |||||||
19,200 | Caixa Seguridade Participacoes SA (Insurance) | $ | 57,904 | |||||
16,400 | Fleury SA (Health Care Equipment & Services) | 45,733 | ||||||
119 | MercadoLibre, Inc. (Consumer Discretionary Distribution & Retail)* | 173,585 | ||||||
7,726 | NU Holdings Ltd., Class A (Banks)* | 83,904 | ||||||
5,616 | Odontoprev SA (Health Care Equipment & Services) | 12,924 | ||||||
5,100 | PRIO SA (Energy) | 47,144 | ||||||
13,300 | Raia Drogasil SA (Consumer Staples Distribution & Retail) | 65,519 | ||||||
12,100 | Rumo SA (Transportation)* | 46,978 | ||||||
7,000 | Sao Martinho SA (Food, Beverage & Tobacco) | 38,541 | ||||||
32,300 | Sendas Distribuidora SA (Consumer Staples Distribution & Retail)* | 81,612 | ||||||
24,900 | TIM SA (Telecommunication Services) | 84,445 | ||||||
14,300 | TOTVS SA (Software & Services) | 75,843 | ||||||
5,900 | Vivara Participacoes SA (Consumer Durables & Apparel) | 25,179 | ||||||
|
|
|||||||
839,311 | ||||||||
|
||||||||
Egypt 0.3% |
| |||||||
19,343 | Commercial International Bank - Egypt (CIB), GDR (Banks) | 28,666 | ||||||
|
||||||||
Greece 3.5% |
| |||||||
3,147 | Hellenic Telecommunications Organization SA (Telecommunication Services) | 47,808 | ||||||
2,604 | JUMBO SA (Consumer Discretionary Distribution & Retail) | 81,091 | ||||||
1,053 | Mytilineos SA (Capital Goods) | 42,720 | ||||||
19,853 | National Bank of Greece SA (Banks)* | 160,175 | ||||||
12,049 | Piraeus Financial Holdings SA (Banks)* | 48,268 | ||||||
|
|
|||||||
380,062 | ||||||||
|
||||||||
India 26.6% |
| |||||||
1,209 | Amber Enterprises India Ltd. (Consumer Durables & Apparel)* | 55,512 | ||||||
1,476 | Apollo Hospitals Enterprise Ltd. (Health Care Equipment & Services) | 104,981 | ||||||
11,422 | Axis Bank Ltd. (Banks) | 159,429 | ||||||
804 | Bajaj Finance Ltd. (Financial Services) | 66,694 | ||||||
8,988 | Bharti Airtel Ltd. (Telecommunication Services) | 142,268 |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
India (continued) |
| |||||||
7,741 | CMS Info Systems Ltd. (Commercial & Professional Services) | $ | 38,428 | |||||
1,282 | Coforge Ltd. (Software & Services) | 78,066 | ||||||
1,731 | Computer Age Management Services Ltd. (Commercial & Professional Services) | 66,346 | ||||||
824 | Craftsman Automation Ltd. (Capital Goods) | 43,637 | ||||||
5,629 | Five-Star Business Finance Ltd. (Financial Services)* | 51,057 | ||||||
7,309 | Godrej Consumer Products Ltd. (Household & Personal Products) | 106,671 | ||||||
3,136 | Godrej Properties Ltd. (Real Estate Management & Development)* | 99,118 | ||||||
6,243 | Gokaldas Exports Ltd. (Consumer Durables & Apparel) | 65,813 | ||||||
16,450 | Hindalco Industries Ltd. (Materials) | 126,513 | ||||||
3,306 | Home First Finance Co. India Ltd. (Financial Services)(a) | 36,066 | ||||||
21,844 | ICICI Bank Ltd. (Banks) | 300,987 | ||||||
765 | Info Edge India Ltd. (Media & Entertainment) | 55,328 | ||||||
8,021 | Infosys Ltd. (Software & Services) | 135,431 | ||||||
18,304 | Jio Financial Services Ltd. (Financial Services)* | 82,426 | ||||||
6,249 | Kfin Technologies Ltd. (Financial Services)* | 55,897 | ||||||
1,570 | Navin Fluorine International Ltd. (Materials) | 64,171 | ||||||
2,968 | Netweb Technologies India Ltd. (Technology Hardware & Equipment)* | 59,365 | ||||||
2,768 | Reliance Industries Ltd. (Energy) | 97,169 | ||||||
4,092 | SBI Life Insurance Co. Ltd. (Insurance)(a) | 70,400 | ||||||
8,289 | Sona Blw Precision Forgings Ltd. (Automobiles & Components)(a) | 61,960 | ||||||
7,909 | Sun Pharmaceutical Industries Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 142,087 | ||||||
5,768 | Suven Pharmaceuticals Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)* | 45,492 | ||||||
12,648 | Tata Consumer Products Ltd. (Food, Beverage & Tobacco) | 167,488 | ||||||
986 | TeamLease Services Ltd. (Commercial & Professional Services)* | 39,124 |
24 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
India (continued) |
| |||||||
108,814 | Zomato Ltd. (Consumer Services)* | $ | 251,135 | |||||
|
|
|||||||
2,869,059 | ||||||||
|
||||||||
Indonesia 3.9% |
| |||||||
482,400 | Bank Central Asia Tbk PT (Banks) | 290,060 | ||||||
561,200 | BFI Finance Indonesia Tbk PT (Financial Services) | 36,220 | ||||||
1,067,100 | Map Aktif Adiperkasa PT (Consumer Discretionary Distribution & Retail) | 51,845 | ||||||
1,222,000 | Nusantara Sejahtera Raya Tbk PT (Media & Entertainment)(a) | 16,985 | ||||||
1,088,600 | Pakuwon Jati Tbk PT (Real Estate Management & Development) | 26,852 | ||||||
|
|
|||||||
421,962 | ||||||||
|
||||||||
Mexico 5.7% |
| |||||||
27,399 | Alsea SAB de CV (Consumer Services)* | 114,773 | ||||||
60,900 | America Movil SAB de CV, Series B (Telecommunication Services) | 57,982 | ||||||
9,827 | Arca Continental SAB de CV (Food, Beverage & Tobacco) | 95,868 | ||||||
36,300 | Bolsa Mexicana de Valores SAB de CV (Financial Services) | 68,189 | ||||||
12,600 | Grupo Financiero Banorte SAB de CV, Class O (Banks) | 124,707 | ||||||
18,904 | Prologis Property Mexico SA de CV REIT (Equity Real Estate Investment Trusts (REITs)) | 74,554 | ||||||
21,200 | Wal-Mart de Mexico SAB de CV (Consumer Staples Distribution & Retail) | 79,104 | ||||||
|
|
|||||||
615,177 | ||||||||
|
||||||||
Peru 1.0% |
| |||||||
618 | Credicorp Ltd. (Banks) | 102,347 | ||||||
|
||||||||
Philippines 1.9% |
| |||||||
27,260 | BDO Unibank, Inc. (Banks) | 69,933 | ||||||
12,220 | Jollibee Foods Corp. (Consumer Services) | 49,687 | ||||||
481,900 | Monde Nissin Corp. (Food, Beverage & Tobacco)(a) | 88,865 | ||||||
|
|
|||||||
208,485 | ||||||||
|
||||||||
Poland 0.8% |
| |||||||
862 | Dino Polska SA (Consumer Staples Distribution & Retail)*(a) | 82,582 | ||||||
|
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Romania 0.8% |
| |||||||
2,903 | Societatea De Producere A Energiei Electrice in Hidrocentrale Hidroelectrica SA (Utilities)* | $ | 83,855 | |||||
|
||||||||
Saudi Arabia 3.8% |
| |||||||
9,251 | Alinma Bank (Banks) | 82,061 | ||||||
2,281 | Co. for Cooperative Insurance (The) (Insurance) | 90,528 | ||||||
19,929 | Saudi Arabian Oil Co. (Energy)(a) | 159,685 | ||||||
7,294 | Saudi National Bank (The) (Banks) | 73,016 | ||||||
|
|
|||||||
405,290 | ||||||||
|
||||||||
Singapore 0.2% |
| |||||||
32,500 | Nanofilm Technologies International Ltd. (Materials) | 15,351 | ||||||
1,383 | TDCX, Inc. ADR (Commercial & Professional Services)* | 9,902 | ||||||
|
|
|||||||
25,253 | ||||||||
|
||||||||
Slovenia 0.7% |
| |||||||
3,567 | Nova Ljubljanska Banka dd, GDR (Banks) | 76,896 | ||||||
|
||||||||
South Africa 1.8% |
| |||||||
7,396 | Clicks Group Ltd. (Consumer Staples Distribution & Retail) | 114,560 | ||||||
6,930 | JSE Ltd. (Financial Services) | 31,643 | ||||||
82,190 | Old Mutual Ltd. (Insurance) | 48,123 | ||||||
|
|
|||||||
194,326 | ||||||||
|
||||||||
South Korea 15.7% |
| |||||||
755 | F&F Co. Ltd. (Consumer Durables & Apparel) | 35,739 | ||||||
318 | HD Hyundai Marine Solution Co. Ltd. (Engineering & Construction)* | 19,189 | ||||||
543 | Hyundai Motor Co. (Automobiles & Components) | 97,673 | ||||||
1,137 | JYP Entertainment Corp. (Media & Entertainment) | 54,381 | ||||||
2,070 | KB Financial Group, Inc. (Banks) | 112,270 | ||||||
964 | Kia Corp. (Automobiles & Components) | 81,673 | ||||||
1,432 | LG Electronics, Inc. (Consumer Durables & Apparel) | 95,374 | ||||||
172 | NCSoft Corp. (Media & Entertainment) | 21,732 | ||||||
671 | Orion Corp. (Food, Beverage & Tobacco) | 44,906 | ||||||
114 | Samsung Biologics Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)*(a) | 64,075 | ||||||
2,913 | Samsung E&A Co. Ltd. (Capital Goods)* | 55,229 |
The accompanying notes are an integral part of these financial statements. | 25 |
GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND
Schedule of Investments (continued)
April 30, 2024 (Unaudited)
|
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
South Korea (continued) |
| |||||||
16,386 | Samsung Electronics Co. Ltd. (Technology Hardware & Equipment) | $ | 910,843 | |||||
330 | Samsung SDI Co. Ltd. (Technology Hardware & Equipment) | 102,125 | ||||||
|
|
|||||||
1,695,209 | ||||||||
|
||||||||
Taiwan 22.7% |
| |||||||
18,260 | Chailease Holding Co. Ltd. (Financial Services) | 96,308 | ||||||
7,000 | Chroma ATE, Inc. (Technology Hardware & Equipment) | 56,852 | ||||||
14,000 | Delta Electronics, Inc. (Technology Hardware & Equipment) | 137,106 | ||||||
7,000 | E Ink Holdings, Inc. (Technology Hardware & Equipment) | 44,753 | ||||||
2,000 | Jentech Precision Industrial Co. Ltd. (Semiconductors & Semiconductor Equipment) | 59,505 | ||||||
6,000 | MediaTek, Inc. (Semiconductors & Semiconductor Equipment) | 180,907 | ||||||
6,000 | Nien Made Enterprise Co. Ltd. (Consumer Durables & Apparel) | 70,118 | ||||||
62,000 | Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | 1,484,514 | ||||||
19,000 | Unimicron Technology Corp. (Technology Hardware & Equipment) | 105,070 | ||||||
85,000 | United Microelectronics Corp. (Semiconductors & Semiconductor Equipment) | 130,596 | ||||||
4,000 | Yageo Corp. (Technology Hardware & Equipment) | 76,298 | ||||||
|
|
|||||||
2,442,027 | ||||||||
|
||||||||
Thailand 2.0% |
| |||||||
29,400 | Airports of Thailand PCL (Transportation) | 51,618 | ||||||
87,700 | Bangkok Dusit Medical Services PCL, Class F (Health Care Equipment & Services) | 68,483 | ||||||
23,900 | PTT Exploration & Production PCL (Energy) | 99,981 | ||||||
|
|
|||||||
220,082 | ||||||||
|
||||||||
United Arab Emirates 1.4% |
| |||||||
18,193 | Abu Dhabi Islamic Bank PJSC (Banks) | 55,279 | ||||||
69,496 | ADNOC Drilling Co. PJSC (Energy) | 73,036 | ||||||
63,523 | Emirates Central Cooling Systems Corp. (Utilities) | 27,499 | ||||||
|
|
|||||||
155,814 | ||||||||
|
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
United States 0.4% |
| |||||||
3,952 | GCC SAB de CV (Materials) | $ | 44,981 | |||||
|
||||||||
TOTAL COMMON STOCKS (Cost $9,373,700) |
10,891,384 | |||||||
|
Shares | Description | Rate | Value | |||||||||
Preferred Stocks 1.1% |
|
|||||||||||
Brazil 1.1% | ||||||||||||
13,500 | Itau Unibanco Holding SA (Banks) | 7.53 | % | 81,531 | ||||||||
28,560 | Marcopolo SA (Capital Goods) | 7.11 | 36,246 | |||||||||
|
||||||||||||
TOTAL PREFERRED STOCKS (Cost $110,105) |
|
117,777 | ||||||||||
|
||||||||||||
|
||||||||||||
TOTAL INVESTMENTS 102.1% (Cost $9,483,805) |
|
$ | 11,009,161 | |||||||||
|
||||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS (2.1)% |
|
(225,715 | ) | |||||||||
|
||||||||||||
NET ASSETS 100.0% |
|
$ | 10,783,446 | |||||||||
|
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. |
| ||
Investment Abbreviations: | ||
ADR | American Depositary Receipt | |
GDR | Global Depositary Receipt | |
REIT | Real Estate Investment Trust | |
|
Sector Name | % of Market Value |
|||
Information Technology |
33.1 | % | ||
Financials |
24.0 | |||
Consumer Discretionary |
12.1 | |||
Consumer Staples |
8.8 | |||
Health Care |
4.4 | |||
Communication Services |
4.3 | |||
Energy |
4.3 | |||
Industrials |
4.0 | |||
Materials |
2.2 | |||
Real Estate |
1.8 | |||
Utilities |
1.0 | |||
TOTAL INVESTMENTS |
100.0 | % |
26 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND
Schedule of Investments
April 30, 2024 (Unaudited)
|
Shares |
Description | Value | ||||||
Common Stocks 97.4% |
| |||||||
Brazil 4.6% |
| |||||||
24,263 | Caixa Seguridade Participacoes SA (Insurance) | $ | 73,173 | |||||
296 | MercadoLibre, Inc. (Consumer Discretionary Distribution & Retail)* | 431,775 | ||||||
16,593 | NU Holdings Ltd., Class A (Banks)* | 180,200 | ||||||
18,600 | Raia Drogasil SA (Consumer Staples Distribution & Retail) | 91,628 | ||||||
23,300 | Rumo SA (Transportation)* | 90,461 | ||||||
44,300 | TIM SA (Telecommunication Services) | 150,238 | ||||||
8,900 | Vivara Participacoes SA (Consumer Durables & Apparel) | 37,982 | ||||||
|
|
|||||||
1,055,457 | ||||||||
|
||||||||
China 29.2% |
| |||||||
77,127 | Alibaba Group Holding Ltd. (Consumer Discretionary Distribution & Retail) | 722,145 | ||||||
24,200 | ANTA Sports Products Ltd. (Consumer Durables & Apparel) | 273,968 | ||||||
9,000 | BYD Co. Ltd., Class H (Automobiles & Components) | 246,713 | ||||||
103,500 | China Merchants Bank Co. Ltd., Class H (Banks) | 448,244 | ||||||
38,099 | China Yangtze Power Co. Ltd., Class A (Utilities) | 135,458 | ||||||
9,960 | Contemporary Amperex Technology Co. Ltd., Class A (Capital Goods) | 278,099 | ||||||
11,251 | KE Holdings, Inc. ADR (Real Estate Management & Development) | 170,115 | ||||||
27,700 | Meituan, Class B (Consumer Services)*(a) | 378,230 | ||||||
20,000 | Midea Group Co. Ltd., Class A (Consumer Durables & Apparel) | 192,021 | ||||||
37,900 | NARI Technology Co. Ltd., Class A (Capital Goods) | 122,370 | ||||||
118,000 | PICC Property & Casualty Co. Ltd., Class H (Insurance) | 146,601 | ||||||
54,500 | Ping An Insurance Group Co. of China Ltd., Class H (Insurance) | 246,999 | ||||||
4,500 | Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care Equipment & Services) | 188,626 | ||||||
23,700 | Shenzhou International Group Holdings Ltd. (Consumer Durables & Apparel) | 232,952 | ||||||
14,000 | Silergy Corp. (Semiconductors & Semiconductor Equipment) | 185,936 | ||||||
34,800 | Tencent Holdings Ltd. (Media & Entertainment) | 1,527,135 | ||||||
7,865 | Tencent Music Entertainment Group ADR (Media & Entertainment)* | 98,706 |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
China (continued) |
| |||||||
94,000 | Weichai Power Co. Ltd., Class H (Capital Goods) | $ | 192,076 | |||||
12,900 | Will Semiconductor Co. Ltd. Shanghai, Class A (Semiconductors & Semiconductor Equipment) | 179,949 | ||||||
138,800 | Yunnan Aluminium Co. Ltd., Class A (Materials) | 273,420 | ||||||
39,550 | Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A (Capital Goods) | 119,187 | ||||||
6,300 | Zhongji Innolight Co. Ltd., Class A (Technology Hardware & Equipment) | 158,529 | ||||||
8,227 | ZTO Express Cayman, Inc. ADR (Transportation) | 172,685 | ||||||
|
|
|||||||
6,690,164 | ||||||||
|
||||||||
Egypt 0.6% |
| |||||||
88,619 | Commercial International Bank - Egypt (CIB), GDR (Banks) | 131,333 | ||||||
|
||||||||
Greece 2.8% |
| |||||||
6,048 | JUMBO SA (Consumer Discretionary Distribution & Retail) | 188,340 | ||||||
1,816 | Mytilineos SA (Capital Goods) | 73,675 | ||||||
39,893 | National Bank of Greece SA (Banks)* | 321,858 | ||||||
15,706 | Piraeus Financial Holdings SA (Banks)* | 62,918 | ||||||
|
|
|||||||
646,791 | ||||||||
|
||||||||
Hong Kong 0.5% |
| |||||||
3,567 | Hong Kong Exchanges & Clearing Ltd. (Financial Services) | 113,339 | ||||||
|
||||||||
India 19.2% |
| |||||||
3,780 | Apollo Hospitals Enterprise Ltd. (Health Care Equipment & Services) | 268,853 | ||||||
22,968 | Axis Bank Ltd. (Banks) | 320,590 | ||||||
2,866 | Bajaj Finance Ltd. (Financial Services) | 237,741 | ||||||
7,147 | Godrej Properties Ltd. (Real Estate Management & Development)* | 225,891 | ||||||
51,729 | ICICI Bank Ltd. (Banks) | 712,771 | ||||||
2,821 | Info Edge India Ltd. (Media & Entertainment) | 204,025 | ||||||
16,999 | Infosys Ltd. ADR (Software & Services) | 284,053 | ||||||
60,554 | Jio Financial Services Ltd. (Financial Services)* | 272,684 | ||||||
15,575 | SBI Life Insurance Co. Ltd. (Insurance)(a) | 267,959 |
The accompanying notes are an integral part of these financial statements. | 27 |
GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND
Schedule of Investments (continued)
April 30, 2024 (Unaudited)
|
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
India (continued) |
| |||||||
19,235 | Sona Blw Precision Forgings Ltd. (Automobiles & Components)(a) | $ | 143,780 | |||||
15,169 | Sun Pharmaceutical Industries Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 272,514 | ||||||
43,165 | Tata Consumer Products Ltd. (Food, Beverage & Tobacco) | 571,602 | ||||||
269,124 | Zomato Ltd. (Consumer Services)* | 621,119 | ||||||
|
|
|||||||
4,403,582 | ||||||||
|
||||||||
Indonesia 2.3% |
| |||||||
860,800 | Bank Central Asia Tbk PT (Banks) | 517,586 | ||||||
|
||||||||
Mexico 4.3% |
| |||||||
57,500 | Alsea SAB de CV (Consumer Services)* | 240,865 | ||||||
123,400 | America Movil SAB de CV, Series B (Telecommunication Services) | 117,488 | ||||||
22,899 | Arca Continental SAB de CV (Food, Beverage & Tobacco) | 223,392 | ||||||
23,400 | Banco del Bajio SA (Banks)(a) | 86,274 | ||||||
34,180 | Prologis Property Mexico SA de CV REIT (Equity Real Estate Investment Trusts (REITs)) | 134,799 | ||||||
46,201 | Wal-Mart de Mexico SAB de CV (Consumer Staples Distribution & Retail) | 172,390 | ||||||
|
|
|||||||
975,208 | ||||||||
|
||||||||
Peru 0.8% |
| |||||||
1,057 | Credicorp Ltd. (Banks) | 175,050 | ||||||
|
||||||||
Philippines 1.5% |
| |||||||
42,110 | BDO Unibank, Inc. (Banks) | 108,030 | ||||||
10,250 | Jollibee Foods Corp. (Consumer Services) | 41,677 | ||||||
1,046,300 | Monde Nissin Corp. (Food, Beverage & Tobacco)(a) | 192,943 | ||||||
|
|
|||||||
342,650 | ||||||||
|
||||||||
Romania 0.5% |
| |||||||
4,286 | Societatea De Producere A Energiei Electrice in Hidrocentrale Hidroelectrica SA (Utilities)* | 123,804 | ||||||
|
||||||||
Russia 0.0% |
| |||||||
96,162 | Detsky Mir PJSC (Consumer Discretionary Distribution & Retail)*(b) | | ||||||
16,753 | Renaissance Insurance Group JSC (Insurance)(b) | | ||||||
|
|
|||||||
| ||||||||
|
||||||||
Saudi Arabia 2.0% |
| |||||||
19,681 | Alinma Bank (Banks) | 174,581 |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Saudi Arabia (continued) |
| |||||||
4,794 | Co. for Cooperative Insurance (The) (Insurance) | $ | 190,262 | |||||
10,213 | Saudi National Bank (The) (Banks) | 102,237 | ||||||
|
|
|||||||
467,080 | ||||||||
|
||||||||
South Africa 1.8% |
| |||||||
19,775 | Clicks Group Ltd. (Consumer Staples Distribution & Retail) | 306,303 | ||||||
199,575 | Old Mutual Ltd. (Insurance) | 116,853 | ||||||
|
|
|||||||
423,156 | ||||||||
|
||||||||
South Korea 10.8% |
| |||||||
1,104 | Hyundai Motor Co. (Automobiles & Components) | 198,583 | ||||||
4,327 | KB Financial Group, Inc. (Banks) | 234,683 | ||||||
3,087 | LG Electronics, Inc. (Consumer Durables & Apparel) | 205,601 | ||||||
462 | NCSoft Corp. (Media & Entertainment) | 58,374 | ||||||
569 | Orion Corp. (Food, Beverage & Tobacco) | 38,080 | ||||||
27,987 | Samsung Electronics Co. Ltd. (Technology Hardware & Equipment) | 1,555,703 | ||||||
581 | Samsung SDI Co. Ltd. (Technology Hardware & Equipment) | 179,801 | ||||||
|
|
|||||||
2,470,825 | ||||||||
|
||||||||
Taiwan 16.2% |
| |||||||
37,731 | Chailease Holding Co. Ltd. (Financial Services) | 199,003 | ||||||
25,000 | Delta Electronics, Inc. (Technology Hardware & Equipment) | 244,833 | ||||||
13,000 | MediaTek, Inc. (Semiconductors & Semiconductor Equipment) | 391,965 | ||||||
13,000 | Nien Made Enterprise Co. Ltd. (Consumer Durables & Apparel) | 151,923 | ||||||
98,000 | Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | 2,346,489 | ||||||
30,000 | Unimicron Technology Corp. (Technology Hardware & Equipment) | 165,901 | ||||||
130,000 | United Microelectronics Corp. (Semiconductors & Semiconductor Equipment) | 199,735 | ||||||
|
|
|||||||
3,699,849 | ||||||||
|
||||||||
United Arab Emirates 0.3% |
| |||||||
22,869 | Abu Dhabi Islamic Bank PJSC (Banks) | 69,487 | ||||||
|
||||||||
TOTAL COMMON STOCKS (Cost $19,141,753) |
22,305,361 | |||||||
|
28 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND
Shares |
Description | Rate | Value | |||||||
Preferred Stock 0.9% | ||||||||||
Brazil 0.9% | ||||||||||
34,900 | Itau Unibanco Holding SA (Banks) | |||||||||
(Cost $179,077) | 7.53% | $ | 210,774 | |||||||
|
||||||||||
Shares | Dividend Rate | Value | ||||||||
Investment Company 1.3%(c) | ||||||||||
Goldman Sachs Financial Square Government Fund - Institutional Shares |
||||||||||
296,308 | 5.223% | 296,308 | ||||||||
(Cost $296,308) | ||||||||||
|
||||||||||
TOTAL INVESTMENTS 99.6% (Cost $19,617,138) |
$ | 22,812,443 | ||||||||
|
||||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES 0.4% | 80,450 | |||||||||
|
||||||||||
NET ASSETS 100.0% | $ | 22,892,893 | ||||||||
|
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 | |
REIT | Real Estate Investment Trust | |
|
Sector Name | % of Market Value |
|||
Information Technology |
25.8 | % | ||
Financials |
25.1 | |||
Consumer Discretionary |
18.9 | |||
Communication Services |
9.5 | |||
Consumer Staples |
7.0 | |||
Industrials |
4.6 | |||
Health Care |
3.2 | |||
Real Estate |
2.3 | |||
Investment Company |
1.3 | |||
Materials |
1.2 | |||
Utilities |
1.1 | |||
TOTAL INVESTMENTS |
100.0 | % |
The accompanying notes are an integral part of these financial statements. | 29 |
GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND
Schedule of Investments
April 30, 2024 (Unaudited) |
Shares |
Description | Value | ||||||
Common Stocks 97.8% |
| |||||||
Denmark 1.6% |
| |||||||
132,148 | Novo Nordisk A/S, Class B (Pharmaceuticals, Biotechnology & Life Sciences) | $ | 16,946,965 | |||||
|
||||||||
Finland 3.0% |
| |||||||
1,417,179 | Neste OYJ (Energy) | 32,126,204 | ||||||
|
||||||||
France 7.3% |
| |||||||
644,269 | BNP Paribas SA (Banks) | 46,362,815 | ||||||
276,260 | Vinci SA (Capital Goods) | 32,371,074 | ||||||
|
|
|||||||
78,733,889 | ||||||||
|
||||||||
Germany 3.0% |
| |||||||
931,536 | Infineon Technologies AG (Semiconductors & Semiconductor Equipment) | 32,327,133 | ||||||
|
||||||||
Hong Kong 3.0% |
| |||||||
4,472,400 | AIA Group Ltd. (Insurance) | 32,757,459 | ||||||
|
||||||||
Italy 2.1% |
| |||||||
327,600 | Moncler SpA (Consumer Durables & Apparel) | 22,303,721 | ||||||
|
||||||||
Japan 19.2% |
| |||||||
189,600 | Hoya Corp. (Health Care Equipment & Services) | 21,982,191 | ||||||
62,200 | Keyence Corp. (Technology Hardware & Equipment) | 27,353,685 | ||||||
1,206,600 | Nomura Research Institute Ltd. (Software & Services) | 29,197,184 | ||||||
1,856,100 | ORIX Corp. (Financial Services) | 37,985,860 | ||||||
658,400 | Shiseido Co. Ltd. (Household & Personal Products) | 17,624,221 | ||||||
707,000 | Sumitomo Mitsui Financial Group, Inc. (Banks) | 40,160,296 | ||||||
1,250,473 | Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 32,865,021 | ||||||
|
|
|||||||
207,168,458 | ||||||||
|
||||||||
Netherlands 6.9% |
| |||||||
624,383 | Aalberts NV (Capital Goods) | 29,686,805 | ||||||
1,449,277 | Koninklijke Ahold Delhaize NV (Consumer Staples Distribution & Retail) | 43,991,631 | ||||||
|
|
|||||||
73,678,436 | ||||||||
|
||||||||
Spain 10.3% |
| |||||||
3,022,776 | Banco Bilbao Vizcaya Argentaria SA (Banks) | 32,688,225 | ||||||
963,411 | Cellnex Telecom SA (Telecommunication Services)*(a) | 31,845,271 | ||||||
3,815,481 | Iberdrola SA (Utilities) | 46,783,835 | ||||||
|
|
|||||||
111,317,331 | ||||||||
|
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Sweden 2.3% |
| |||||||
2,385,482 | Hexagon AB, Class B (Technology Hardware & Equipment)(b) | $ | 24,954,464 | |||||
|
||||||||
Switzerland 9.8% |
| |||||||
192,258 | DSM-Firmenich AG (Materials)* | 21,562,609 | ||||||
38,043 | Lonza Group AG (Pharmaceuticals, Biotechnology & Life Sciences) | 20,999,495 | ||||||
721,078 | UBS Group AG (Financial Services) | 18,937,875 | ||||||
90,254 | Zurich Insurance Group AG (Insurance) | 43,687,121 | ||||||
|
|
|||||||
105,187,100 | ||||||||
|
||||||||
Taiwan 2.0% |
| |||||||
157,648 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Semiconductors & Semiconductor Equipment) | 21,651,376 | ||||||
|
||||||||
United Kingdom 15.9% |
| |||||||
432,257 | Ashtead Group PLC (Capital Goods) | 31,387,002 | ||||||
287,647 | AstraZeneca PLC (Pharmaceuticals, Biotechnology & Life Sciences) | 43,506,313 | ||||||
400,542 | Compass Group PLC (Consumer Services) | 11,140,567 | ||||||
5,819,419 | DS Smith PLC (Materials) | 25,352,483 | ||||||
785,118 | RELX PLC (Commercial & Professional Services) | 32,258,054 | ||||||
5,544,419 | Rentokil Initial PLC (Commercial & Professional Services) | 27,988,083 | ||||||
|
|
|||||||
171,632,502 | ||||||||
|
||||||||
United States 11.4% |
| |||||||
558,369 | Experian PLC (Commercial & Professional Services) | 22,521,227 | ||||||
115,402 | Ferguson PLC (Capital Goods) | 24,333,189 | ||||||
431,656 | Nestle SA (Food, Beverage & Tobacco) | 43,338,348 | ||||||
141,423 | Schneider Electric SE (Capital Goods) | 32,246,342 | ||||||
|
|
|||||||
122,439,106 | ||||||||
|
||||||||
TOTAL COMMON STOCKS (Cost $984,469,219) |
1,053,224,144 | |||||||
|
30 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND
Shares |
Dividend Rate | Value | ||||||
Investment Company 2.0%(c) |
| |||||||
Goldman Sachs Financial Square Government Fund - Institutional Shares |
||||||||
21,829,473 | 5.223% | $ | 21,829,473 | |||||
(Cost $21,829,473) |
| |||||||
|
||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $1,006,298,692) |
1,075,053,617 | |||||||
|
||||||||
|
||||||||
Securities Lending Reinvestment Vehicle 1.7%(c) |
| |||||||
Goldman Sachs Financial Square Government Fund Institutional Shares | ||||||||
18,450,680 | 5.223% | 18,450,680 | ||||||
(Cost $18,450,680) |
| |||||||
|
||||||||
TOTAL INVESTMENTS 101.5% (Cost $1,024,749,372) |
$ | 1,093,504,297 | ||||||
|
||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS (1.5)% |
(16,657,696 | ) | ||||||
|
||||||||
NET ASSETS 100.0% | $ | 1,076,846,601 | ||||||
|
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 | |
PLC | Public Limited Company | |
|
Sector Name | % of Market Value |
|||
Financials |
23.1 | % | ||
Industrials |
21.2 | |||
Health Care |
12.5 | |||
Information Technology |
12.4 | |||
Consumer Staples |
9.6 | |||
Materials |
4.3 | |||
Utilities |
4.3 | |||
Consumer Discretionary |
3.1 | |||
Energy |
2.9 | |||
Communication Services |
2.9 | |||
Investment Company |
2.0 | |||
Securities Lending Reinvestment Vehicle |
1.7 | |||
TOTAL INVESTMENTS |
100.0 | % |
The accompanying notes are an integral part of these financial statements. | 31 |
GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND
Schedule of Investments
April 30, 2024 (Unaudited) |
Shares |
Description | Value | ||||||
Common Stocks 97.1% |
| |||||||
Australia 6.0% |
| |||||||
930,611 | Rio Tinto PLC (Materials) | $ | 62,965,873 | |||||
2,767,487 | Transurban Group (Transportation) | 22,218,665 | ||||||
|
|
|||||||
85,184,538 | ||||||||
|
||||||||
Denmark 1.5% |
| |||||||
161,406 | Novo Nordisk A/S, Class B (Pharmaceuticals, Biotechnology & Life Sciences) | 20,699,078 | ||||||
|
||||||||
France 13.2% |
| |||||||
690,821 | BNP Paribas SA (Banks) | 49,712,785 | ||||||
232,511 | Gecina SA REIT (Equity Real Estate Investment Trusts (REITs)) | 23,739,794 | ||||||
51,273 | LVMH Moet Hennessy Louis Vuitton SE (Consumer Durables & Apparel) | 42,117,527 | ||||||
1,041,049 | Societe Generale SA (Banks) | 28,051,131 | ||||||
380,121 | Vinci SA (Capital Goods) | 44,541,103 | ||||||
|
|
|||||||
188,162,340 | ||||||||
|
||||||||
Germany 1.9% |
| |||||||
1,185,043 | Deutsche Telekom AG (Telecommunication Services) | 27,144,094 | ||||||
|
||||||||
Italy 3.0% |
| |||||||
4,391,833 | Enel SpA (Utilities) | 28,865,068 | ||||||
379,744 | UniCredit SpA (Banks) | 13,938,269 | ||||||
|
|
|||||||
42,803,337 | ||||||||
|
||||||||
Japan 9.6% |
| |||||||
2,276,700 | ORIX Corp. (Financial Services) | 46,593,613 | ||||||
761,400 | Sumitomo Mitsui Financial Group, Inc. (Banks) | 43,250,424 | ||||||
842,700 | Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 22,147,902 | ||||||
111,700 | Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment) | 24,500,939 | ||||||
|
|
|||||||
136,492,878 | ||||||||
|
||||||||
Netherlands 6.0% |
| |||||||
1,895,071 | Koninklijke Ahold Delhaize NV (Consumer Staples Distribution & Retail) | 57,523,347 | ||||||
7,500,237 | Koninklijke KPN NV (Telecommunication Services) | 27,256,865 | ||||||
|
|
|||||||
84,780,212 | ||||||||
|
||||||||
Singapore 3.8% |
| |||||||
1,175,350 | DBS Group Holdings Ltd. (Banks) | 29,921,365 | ||||||
3,487,900 | Singapore Exchange Ltd. (Financial Services) | 23,792,798 | ||||||
|
|
|||||||
53,714,163 | ||||||||
|
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Spain 5.2% |
| |||||||
2,096,393 | Banco Bilbao Vizcaya Argentaria SA (Banks) | $ | 22,670,342 | |||||
4,162,225 | Iberdrola SA (Utilities) | 51,035,466 | ||||||
|
|
|||||||
73,705,808 | ||||||||
|
||||||||
Switzerland 5.0% |
| |||||||
267,457 | DSM-Firmenich AG (Materials)* | 29,996,519 | ||||||
85,479 | Zurich Insurance Group AG (Insurance) | 41,375,800 | ||||||
|
|
|||||||
71,372,319 | ||||||||
|
||||||||
Taiwan 2.0% |
| |||||||
1,167,000 | Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | 27,942,378 | ||||||
|
||||||||
United Kingdom 18.4% |
| |||||||
395,298 | AstraZeneca PLC (Pharmaceuticals, Biotechnology & Life Sciences) | 59,788,416 | ||||||
594,619 | Coca-Cola Europacific Partners PLC (Food, Beverage & Tobacco) | 42,824,460 | ||||||
10,006,306 | DS Smith PLC (Materials) | 43,592,789 | ||||||
5,384,793 | HSBC Holdings PLC (Banks) | 46,675,141 | ||||||
3,172,394 | National Grid PLC (Utilities) | 41,612,812 | ||||||
515,356 | Unilever PLC (Household & Personal Products) | 26,659,785 | ||||||
|
|
|||||||
261,153,403 | ||||||||
|
||||||||
United States 21.5% |
| |||||||
8,702,337 | BP PLC (Energy) | 56,092,117 | ||||||
192,539 | Ferguson PLC (Capital Goods) | 40,597,978 | ||||||
432,524 | Nestle SA (Food, Beverage & Tobacco) | 43,425,495 | ||||||
435,027 | Sanofi SA (Pharmaceuticals, Biotechnology & Life Sciences) | 42,977,651 | ||||||
123,988 | Schneider Electric SE (Capital Goods) | 28,270,929 | ||||||
1,955,779 | Shell PLC (Energy) | 69,525,249 | ||||||
225,456 | Swiss Re AG (Insurance) | 24,508,286 | ||||||
|
|
|||||||
305,397,705 | ||||||||
|
||||||||
TOTAL COMMON STOCKS (Cost $1,241,561,785) |
1,378,552,253 | |||||||
|
32 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND
Shares |
Dividend Rate | Value | ||||||
Investment Company 2.6%(a) |
| |||||||
Goldman Sachs Financial Square Government Fund - Institutional Shares | ||||||||
37,156,654 | 5.223% | $ | 37,156,654 | |||||
(Cost $37,156,654) |
||||||||
|
||||||||
TOTAL INVESTMENTS 99.7% (Cost $1,278,718,439) |
$ | 1,415,708,907 | ||||||
|
||||||||
OTHER ASSETS IN EXCESS OF |
3,871,847 | |||||||
|
||||||||
NET ASSETS 100.0% |
$ | 1,419,580,754 | ||||||
|
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 | |
|
Sector Name | % of Market Value |
|||
Financials |
26.2 | % | ||
Consumer Staples |
12.0 | |||
Health Care |
10.3 | |||
Materials |
9.6 | |||
Industrials |
9.6 | |||
Energy |
8.9 | |||
Utilities |
8.6 | |||
Communication Services |
3.8 | |||
Information Technology |
3.7 | |||
Consumer Discretionary |
3.0 | |||
Investment Company |
2.6 | |||
Real Estate |
1.7 | |||
TOTAL INVESTMENTS |
100.0 | % |
The accompanying notes are an integral part of these financial statements. | 33 |
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
China Equity Fund | Emerging Markets Equity Fund |
Emerging Markets Equity ex. China Fund |
||||||||||||||
Assets: | ||||||||||||||||
Investments in unaffiliated issuers, at value (cost $33,144,932, $2,252,158,964 and $9,483,805, respectively)(a) |
$ | 36,815,368 | $ | 2,668,177,377 | $ | 11,009,161 | ||||||||||
Investments in affiliated issuers, at value (cost $22,669, $ and $, respectively) |
22,669 | | | |||||||||||||
Investments in affiliated securities lending reinvestment vehicle, at value which equals cost |
| 7,448,350 | | |||||||||||||
Cash |
999,808 | | | |||||||||||||
Foreign Currency, at value (cost $30,597, $11,793,390 and $63,156, respectively) |
30,106 | 11,765,080 | 62,130 | |||||||||||||
Receivables: |
||||||||||||||||
Investments sold |
280,167 | 19,784,296 | 35,883 | |||||||||||||
Reimbursement from investment adviser |
25,463 | 2,482 | | |||||||||||||
Fund shares sold |
2,850 | 629,676 | 100,000 | |||||||||||||
Dividends |
| 2,602,220 | 13,117 | |||||||||||||
Securities lending income |
| 26,261 | | |||||||||||||
Foreign tax reclaims |
| 203,873 | 281 | |||||||||||||
Other assets |
58,919 | 441,440 | 86,613 | |||||||||||||
| ||||||||||||||||
Total assets |
38,235,350 | 2,711,081,055 | 11,307,185 | |||||||||||||
| ||||||||||||||||
Liabilities: | ||||||||||||||||
Payables: |
||||||||||||||||
Investments purchased |
560,412 | 5,493,346 | 10,326 | |||||||||||||
Management fees |
29,880 | 1,978,322 | 257,717 | |||||||||||||
Distribution and Service fees and Transfer Agency fees |
3,924 | 94,735 | 439 | |||||||||||||
Fund shares redeemed |
2,524 | 2,732,055 | | |||||||||||||
Due to broker |
130 | | | |||||||||||||
Due to custodian |
| 10,126,409 | 14,559 | |||||||||||||
Foreign capital gains taxes |
| 17,584,111 | 98,262 | |||||||||||||
Payable upon return of securities loaned |
| 7,448,350 | | |||||||||||||
Accrued expenses |
134,003 | 286,613 | 142,436 | |||||||||||||
| ||||||||||||||||
Total liabilities |
730,873 | 45,743,941 | 523,739 | |||||||||||||
| ||||||||||||||||
Net Assets: | ||||||||||||||||
Paid-in capital |
84,874,480 | 3,290,140,150 | 9,485,802 | |||||||||||||
Total distributable earnings (loss) |
(47,370,003 | ) | (624,803,036 | ) | 1,297,644 | |||||||||||
| ||||||||||||||||
NET ASSETS |
$ | 37,504,477 | $ | 2,665,337,114 | $ | 10,783,446 | ||||||||||
Net Assets: |
||||||||||||||||
Class A |
$ | 7,808,313 | $ | 117,449,984 | $ | 82,976 | ||||||||||
Class C |
789,586 | 11,444,126 | 58,352 | |||||||||||||
Institutional |
7,234,404 | 1,885,643,009 | 6,709,941 | |||||||||||||
Service |
| 19,245,451 | | |||||||||||||
Investor |
124,074 | 83,981,971 | 59,129 | |||||||||||||
Class R6 |
487,162 | 120,177,037 | 59,261 | |||||||||||||
Class R |
| | 58,755 | |||||||||||||
Class P |
21,060,938 | 427,395,536 | 3,755,032 | |||||||||||||
Total Net Assets |
$ | 37,504,477 | $ | 2,665,337,114 | $ | 10,783,446 | ||||||||||
Shares Outstanding $0.001 par value (unlimited number of shares authorized): |
||||||||||||||||
Class A |
432,299 | 5,686,291 | 7,099 | |||||||||||||
Class C |
50,641 | 631,604 | 5,013 | |||||||||||||
Institutional |
369,732 | 84,923,215 | 573,164 | |||||||||||||
Service |
| 969,642 | | |||||||||||||
Investor |
6,378 | 3,808,769 | 5,053 | |||||||||||||
Class R6 |
24,996 | 5,388,577 | 5,062 | |||||||||||||
Class R |
| | 5,031 | |||||||||||||
Class P |
1,080,119 | 19,159,239 | 321,025 | |||||||||||||
Net asset value, offering and redemption price per share:(b) |
||||||||||||||||
Class A |
$ | 18.06 | $ | 20.65 | $ | 11.69 | ||||||||||
Class C |
15.59 | 18.12 | 11.64 | |||||||||||||
Institutional |
19.57 | 22.20 | 11.71 | |||||||||||||
Service |
| 19.85 | | |||||||||||||
Investor |
19.45 | 22.05 | 11.70 | |||||||||||||
Class R6 |
19.49 | 22.30 | 11.71 | |||||||||||||
Class R |
| | 11.68 | |||||||||||||
Class P |
19.50 | 22.31 | 11.70 |
(a) | Includes loaned securities having a market value of $, $6,709,336 and $ for China Equity Fund, Emerging Markets Equity Fund and Emerging Markets Equity ex. China Fund, respectively. |
34 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
Statements of Assets and Liabilities (continued)
April 30, 2024 (Unaudited) |
(b) | Maximum public offering price per share for Class A Shares of the China Equity Fund, Emerging Markets Equity Fund and Emerging Markets Equity ex. China Fund is $19.11, $21.85 and $12.37, 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. | 35 |
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
Statements of Assets and Liabilities (continued)
April 30, 2024 (Unaudited) |
ESG Emerging Markets |
International Equity ESG Fund |
International Equity Income Fund |
||||||||||||||
Assets: | ||||||||||||||||
Investments in unaffiliated issuers, at value (cost $19,320,830, $984,469,219 and $1,241,561,785, respectively)(a) |
$ | 22,516,135 | $ | 1,053,224,144 | $ | 1,378,552,253 | ||||||||||
Investments in affiliated issuers, at value (cost $296,308, $21,829,473 and $37,156,654, respectively) |
296,308 | 21,829,473 | 37,156,654 | |||||||||||||
Investments in affiliated securities lending reinvestment vehicle, at value which equals cost |
| 18,450,680 | | |||||||||||||
Cash |
46,351 | 1,403,630 | 3,017,649 | |||||||||||||
Foreign Currency, at value (cost $196,911, $101,372 and $180,027, respectively) |
146,602 | 99,010 | 179,062 | |||||||||||||
Receivables: |
||||||||||||||||
Investments sold |
45,443 | 85,550,598 | 51,992,214 | |||||||||||||
Reimbursement from investment adviser |
25,555 | 50,019 | 35,991 | |||||||||||||
Dividends |
19,621 | 3,020,565 | 1,625,375 | |||||||||||||
Foreign tax reclaims |
2,489 | 1,836,790 | 2,788,830 | |||||||||||||
Securities lending income |
| 25,374 | 16,578 | |||||||||||||
Fund shares sold |
| 2,546,991 | 2,281,480 | |||||||||||||
Other assets |
77,642 | 102,772 | 150,183 | |||||||||||||
| ||||||||||||||||
Total assets |
23,176,146 | 1,188,140,046 | 1,477,796,269 | |||||||||||||
| ||||||||||||||||
Liabilities: | ||||||||||||||||
Payables: |
||||||||||||||||
Foreign capital gains taxes |
165,949 | | | |||||||||||||
Investments purchased |
37,366 | 90,959,771 | 56,362,080 | |||||||||||||
Management fees |
17,006 | 732,026 | 887,946 | |||||||||||||
Fund shares redeemed |
5,792 | 1,056,059 | 798,232 | |||||||||||||
Distribution and Service fees and Transfer Agency fees |
1,364 | 71,176 | 91,410 | |||||||||||||
Payable upon return of securities loaned |
| 18,450,680 | | |||||||||||||
Accrued expenses |
55,776 | 23,733 | 75,847 | |||||||||||||
| ||||||||||||||||
Total liabilities |
283,253 | 111,293,445 | 58,215,515 | |||||||||||||
| ||||||||||||||||
Net Assets: | ||||||||||||||||
Paid-in capital |
89,420,451 | 1,034,733,486 | 1,257,112,283 | |||||||||||||
Total distributable earnings (loss) |
(66,527,558 | ) | 42,113,115 | 162,468,471 | ||||||||||||
| ||||||||||||||||
NET ASSETS |
$ | 22,892,893 | $ | 1,076,846,601 | $ | 1,419,580,754 | ||||||||||
Net Assets: |
||||||||||||||||
Class A |
$ | 1,813,528 | $ | 110,011,479 | $ | 69,246,040 | ||||||||||
Class C |
82,005 | 8,142,345 | 4,827,756 | |||||||||||||
Institutional |
14,560,548 | 651,200,360 | 863,219,397 | |||||||||||||
Service |
| 958,864 | | |||||||||||||
Investor |
824,765 | 115,657,715 | 354,774,737 | |||||||||||||
Class R6 |
13,665 | 97,400,375 | 70,806,884 | |||||||||||||
Class R |
191,743 | | 1,010,440 | |||||||||||||
Class P |
5,406,639 | 93,475,463 | 55,695,500 | |||||||||||||
Total Net Assets |
$ | 22,892,893 | $ | 1,076,846,601 | $ | 1,419,580,754 | ||||||||||
Shares Outstanding $0.001 par value (unlimited number of shares authorized): |
||||||||||||||||
Class A |
191,398 | 4,129,880 | 4,170,755 | |||||||||||||
Class C |
8,891 | 334,417 | 335,803 | |||||||||||||
Institutional |
1,535,718 | 23,784,058 | 48,893,149 | |||||||||||||
Service |
| 34,423 | | |||||||||||||
Investor |
87,031 | 4,254,240 | 21,408,526 | |||||||||||||
Class R6 |
1,439 | 3,579,035 | 4,016,514 | |||||||||||||
Class R |
20,442 | | 60,508 | |||||||||||||
Class P |
570,111 | 3,433,515 | 3,161,096 | |||||||||||||
Net asset value, offering and redemption price per share:(b) |
||||||||||||||||
Class A |
$ | 9.48 | $ | 26.64 | $ | 16.60 | ||||||||||
Class C |
9.22 | 24.35 | 14.38 | |||||||||||||
Institutional |
9.48 | 27.38 | 17.66 | |||||||||||||
Service |
| 27.86 | | |||||||||||||
Investor |
9.48 | 27.19 | 16.57 | |||||||||||||
Class R6 |
9.50 | 27.21 | 17.63 | |||||||||||||
Class R |
9.38 | | 16.70 | |||||||||||||
Class P |
9.48 | 27.22 | 17.62 |
(a) | Includes loaned securities having a market value of $, $16,664,330 and $ for ESG Emerging Markets Equity Fund, International Equity ESG Fund and International Equity Income Fund, respectively. |
36 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
Statements of Assets and Liabilities (continued)
April 30, 2024 (Unaudited) |
(b) | Maximum public offering price per share for Class A Shares of the ESG Emerging Markets Equity Fund, International Equity ESG Fund and International Equity Income Fund is $10.03, $28.19 and $17.57, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (NAV) or the original purchase price of the shares. |
The accompanying notes are an integral part of these financial statements. | 37 |
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
Statements of Operations
For the Six Months Ended April 30, 2024 (Unaudited) |
China Equity Fund | Emerging Markets Equity Fund |
Emerging Markets Equity ex. China Fund |
||||||||||||||
Investment income: | ||||||||||||||||
Dividends unaffiliated issuers (net of foreign withholding taxes of $7,331, $3,009,893 and $15,656, respectively) | $ | 153,042 | $ | 22,444,119 | $ | 94,030 | ||||||||||
Dividends affiliated issuers |
7,545 | 200,741 | 827 | |||||||||||||
Securities lending income, net of rebates received or paid to borrowers affiliated issuer | | 50,070 | | |||||||||||||
| ||||||||||||||||
Total Investment Income |
160,587 | 22,694,930 | 94,857 | |||||||||||||
| ||||||||||||||||
Expenses: | ||||||||||||||||
Management fees |
201,837 | 13,347,500 | 45,878 | |||||||||||||
Professional fees |
64,970 | 69,967 | 69,172 | |||||||||||||
Registration fees |
45,824 | 116,465 | 8,465 | |||||||||||||
Custody, accounting and administrative services |
36,595 | 803,442 | 48,453 | |||||||||||||
Printing and mailing costs |
13,916 | 106,453 | 20,944 | |||||||||||||
Distribution and/or Service (12b-1) fees(a) |
13,168 | 211,621 | 444 | |||||||||||||
Transfer Agency fees(a) |
11,815 | 630,457 | 1,987 | |||||||||||||
Trustee fees |
10,202 | 12,110 | 5,767 | |||||||||||||
Service fees Class C |
1,045 | 16,529 | 71 | |||||||||||||
Shareholder Administration fees Service Shares |
| 23,204 | | |||||||||||||
Other |
| 12,882 | 28,410 | |||||||||||||
| ||||||||||||||||
Total expenses |
399,372 | 15,350,630 | 229,591 | |||||||||||||
| ||||||||||||||||
Less expense reductions |
(153,838 | ) | (1,339,130 | ) | (174,893 | ) | ||||||||||
| ||||||||||||||||
Net expenses |
245,534 | 14,011,500 | 54,698 | |||||||||||||
| ||||||||||||||||
NET INVESTMENT INCOME (LOSS) |
(84,947 | ) | 8,683,430 | 40,159 | ||||||||||||
| ||||||||||||||||
Realized and Unrealized gain (loss): | ||||||||||||||||
Net realized gain (loss) from: |
||||||||||||||||
Investments unaffiliated issuers |
(6,399,558 | ) | (32,066,999 | ) | (20,519 | ) | ||||||||||
Futures contracts |
19,019 | | | |||||||||||||
Foreign currency transactions |
(4,840 | ) | (223,660 | ) | (2,379 | ) | ||||||||||
Net change in unrealized gain (loss) on: |
||||||||||||||||
Investments unaffiliated issuers (including the effects of the net change in foreign capital gains tax liability of $, $(12,698,870) and $(82,421), respectively) |
6,378,080 | 372,782,314 | 1,514,341 | |||||||||||||
Foreign currency translations |
262 | (63,832 | ) | (1,143 | ) | |||||||||||
| ||||||||||||||||
Net realized and unrealized gain (loss) |
(7,037 | ) | 340,427,823 | 1,490,300 | ||||||||||||
| ||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
$ | (91,984 | ) | $ | 349,111,253 | $ | 1,530,459 | |||||||||
|
(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 | ||||||||||||||||||||||||||||||||||||
China Equity Fund |
$10,033 | $3,135 | $ | $ | $6,019 | $627 | $1,391 | $ | $119 | $77 | $ | $3,582 | ||||||||||||||||||||||||||||||||||||
Emerging Markets Equity Fund |
$138,830 | $49,587 | $23,204 | $ | $83,298 | $9,917 | $376,814 | $3,713 | $72,423 | $17,663 | $ | $66,629 | ||||||||||||||||||||||||||||||||||||
Emerging Markets Equity ex. China Fund |
$88 | $213 | $ | $143 | $53 | $43 | $1,246 | $ | $43 | $9 | $43 | $550 |
38 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
Statements of Operations (continued)
For the Six Months Ended April 30, 2024 (Unaudited) |
ESG Emerging Markets Equity Fund |
International Equity ESG Fund |
International Equity Income Fund |
||||||||||||||
Investment income: | ||||||||||||||||
Dividends unaffiliated issuers (net of foreign withholding taxes of $29,053, $1,879,724 and $2,726,640, respectively) | $ | 191,463 | $ | 13,301,366 | $ | 25,476,043 | ||||||||||
Dividends affiliated issuers |
5,590 | 376,500 | 878,341 | |||||||||||||
Securities lending income, net of rebates received or paid to borrowers affiliated issuer | | 25,839 | 100,435 | |||||||||||||
| ||||||||||||||||
Total Investment Income |
197,053 | 13,703,705 | 26,454,819 | |||||||||||||
| ||||||||||||||||
Expenses: | ||||||||||||||||
Management fees |
114,209 | 4,440,652 | 4,871,572 | |||||||||||||
Professional fees |
74,038 | 56,594 | 57,726 | |||||||||||||
Registration fees |
47,943 | 77,214 | 107,745 | |||||||||||||
Custody, accounting and administrative services |
41,363 | 108,788 | 157,207 | |||||||||||||
Trustee fees |
10,183 | 11,393 | 11,397 | |||||||||||||
Printing and mailing costs |
7,252 | 50,568 | 99,678 | |||||||||||||
Transfer Agency fees(a) |
5,876 | 331,936 | 464,025 | |||||||||||||
Distribution and/or Service (12b-1) fees(a) |
3,080 | 176,167 | 109,395 | |||||||||||||
Service fees Class C |
98 | 10,387 | 5,593 | |||||||||||||
Shareholder Administration fees Service Shares |
| 1,186 | | |||||||||||||
Other |
2,532 | 11,774 | 8,674 | |||||||||||||
| ||||||||||||||||
Total expenses |
306,574 | 5,276,659 | 5,893,012 | |||||||||||||
| ||||||||||||||||
Less expense reductions |
(177,945 | ) | (491,851 | ) | (447,274 | ) | ||||||||||
| ||||||||||||||||
Net expenses |
128,629 | 4,784,808 | 5,445,738 | |||||||||||||
| ||||||||||||||||
NET INVESTMENT INCOME |
68,424 | 8,918,897 | 21,009,081 | |||||||||||||
| ||||||||||||||||
Realized and Unrealized gain (loss): | ||||||||||||||||
Net realized gain (loss) from: |
||||||||||||||||
Investments unaffiliated issuers |
(903,380 | ) | 5,640,265 | 19,870,492 | ||||||||||||
Forward foreign currency exchange contracts |
| 190 | (18,812 | ) | ||||||||||||
Foreign currency transactions |
2,453 | 163,234 | (20,347 | ) | ||||||||||||
Net change in unrealized gain (loss) on: |
||||||||||||||||
Investments unaffiliated issuers (including the effects of the net change in foreign capital gains tax liability of $(123,529), $ and $, respectively) |
3,945,863 | 120,566,561 | 140,136,288 | |||||||||||||
Foreign currency translations |
(1,392 | ) | (90,280 | ) | (61,479 | ) | ||||||||||
| ||||||||||||||||
Net realized and unrealized gain |
3,043,544 | 126,279,970 | 159,906,142 | |||||||||||||
| ||||||||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
$ | 3,111,968 | $ | 135,198,867 | $ | 180,915,223 | ||||||||||
|
(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 | ||||||||||||||||||||||||||||||||||||
ESG Emerging Markets Equity Fund |
$2,290 | $296 | $ | $494 | $1,374 | $59 | $2,916 | $ | $482 | $3 | $148 | $894 | ||||||||||||||||||||||||||||||||||||
International Equity ESG Fund |
$143,822 | $31,159 | $1,186 | $ | $86,293 | $6,232 | $123,304 | $190 | $86,844 | $14,778 | $ | $14,295 | ||||||||||||||||||||||||||||||||||||
International Equity Income Fund |
$90,443 | $16,779 | $ | $2,173 | $54,266 | $3,356 | $145,174 | $ | $243,382 | $9,141 | $652 | $8,054 |
The accompanying notes are an integral part of these financial statements. | 39 |
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
Statements of Changes in Net Assets
|
China Equity Fund | Emerging Markets Equity Fund | |||||||||||||||||||
For the
|
For the Fiscal
|
For the
|
For the Fiscal
|
|||||||||||||||||
From operations: | ||||||||||||||||||||
Net investment income (loss) |
$ | (84,947 | ) | $ | 235,529 | $ | 8,683,430 | $ | 29,092,374 | |||||||||||
Net realized loss |
(6,385,379 | ) | (13,634,350 | ) | (32,290,659 | ) | (314,742,255 | ) | ||||||||||||
Net change in unrealized gain |
6,378,342 | 20,759,741 | 372,718,482 | 562,564,843 | ||||||||||||||||
| ||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
(91,984 | ) | 7,360,920 | 349,111,253 | 276,914,962 | |||||||||||||||
| ||||||||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||
From distributable earnings: |
||||||||||||||||||||
Class A Shares |
(78,216 | ) | | (1,171,626 | ) | | ||||||||||||||
Class C Shares |
(838 | ) | | (54,328 | ) | | ||||||||||||||
Institutional Shares |
(79,737 | ) | (20,976 | ) | (25,625,540 | ) | (4,294,893 | ) | ||||||||||||
Service Shares |
| | (170,765 | ) | | |||||||||||||||
Investor Shares |
(1,342 | ) | (623 | ) | (1,299,258 | ) | (148,052 | ) | ||||||||||||
Class R6 Shares |
(6,706 | ) | (2,577 | ) | (1,579,416 | ) | (353,363 | ) | ||||||||||||
Class P Shares |
(366,992 | ) | (118,395 | ) | (6,102,843 | ) | (1,133,494 | ) | ||||||||||||
| ||||||||||||||||||||
Total distributions to shareholders |
(533,831 | ) | (142,571 | ) | (36,003,776 | ) | (5,929,802 | ) | ||||||||||||
| ||||||||||||||||||||
From share transactions: | ||||||||||||||||||||
Proceeds from sales of shares |
6,412,007 | 16,754,308 | 354,959,191 | 826,358,897 | ||||||||||||||||
Reinvestment of distributions |
524,821 | 140,777 | 33,534,119 | 5,557,410 | ||||||||||||||||
Cost of shares redeemed |
(18,563,232 | ) | (31,065,290 | ) | (637,715,514 | ) | (1,266,732,598 | ) | ||||||||||||
| ||||||||||||||||||||
Net decrease in net assets resulting from share transactions |
(11,626,404 | ) | (14,170,205 | ) | (249,222,204 | ) | (434,816,291 | ) | ||||||||||||
| ||||||||||||||||||||
TOTAL INCREASE (DECREASE) |
(12,252,219 | ) | (6,951,856 | ) | 63,885,273 | (163,831,131 | ) | |||||||||||||
| ||||||||||||||||||||
Net Assets: | ||||||||||||||||||||
Beginning of period |
$ | 49,756,696 | $ | 56,708,552 | $ | 2,601,451,841 | $ | 2,765,282,972 | ||||||||||||
| ||||||||||||||||||||
End of period |
$ | 37,504,477 | $ | 49,756,696 | $ | 2,665,337,114 | $ | 2,601,451,841 | ||||||||||||
|
40 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
Statements of Changes in Net Assets (continued)
|
Emerging Markets Equity ex. China Fund | ESG Emerging Markets Equity Fund | |||||||||||||||||||
For the
|
For the Period
|
For the
|
For the Fiscal
|
|||||||||||||||||
From operations: | ||||||||||||||||||||
Net investment income |
$ | 40,159 | $ | 82,884 | $ | 68,424 | $ | 306,086 | ||||||||||||
Net realized loss |
(22,898 | ) | (126,171 | ) | (900,927 | ) | (5,648,221 | ) | ||||||||||||
Net change in unrealized gain (loss) |
1,513,198 | (87,518 | ) | 3,944,471 | 8,608,994 | |||||||||||||||
| ||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
1,530,459 | (130,805 | ) | 3,111,968 | 3,266,859 | |||||||||||||||
| ||||||||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||
From distributable earnings: |
||||||||||||||||||||
Class A Shares |
(396 | ) | (129 | ) | (23,675 | ) | (223 | ) | ||||||||||||
Class C Shares |
| (129 | ) | (389 | ) | | ||||||||||||||
Institutional Shares |
(56,292 | ) | (11,750 | ) | (236,421 | ) | (66,147 | ) | ||||||||||||
Investor Shares |
(461 | ) | (112 | ) | (8,507 | ) | (3,402 | ) | ||||||||||||
Class R6 Shares |
(532 | ) | (134 | ) | (349 | ) | (190 | ) | ||||||||||||
Class R Shares |
(188 | ) | (129 | ) | (2,902 | ) | | |||||||||||||
Class P Shares |
(33,781 | ) | (134 | ) | (101,718 | ) | (58,578 | ) | ||||||||||||
| ||||||||||||||||||||
Total distributions to shareholders |
(91,650 | ) | (12,517 | ) | (373,961 | ) | (128,540 | ) | ||||||||||||
| ||||||||||||||||||||
From share transactions: | ||||||||||||||||||||
Proceeds from sales of shares |
1,618,799 | 8,459,845 | 2,177,031 | 13,006,177 | ||||||||||||||||
Reinvestment of distributions |
91,650 | 12,516 | 373,737 | 128,536 | ||||||||||||||||
Cost of shares redeemed |
(581,741 | ) | (113,110 | ) | (7,706,877 | ) | (18,038,073 | ) | ||||||||||||
| ||||||||||||||||||||
Net increase (decrease) in net assets resulting from share transactions | 1,128,708 | 8,359,251 | (5,156,109 | ) | (4,903,360 | ) | ||||||||||||||
| ||||||||||||||||||||
TOTAL INCREASE (DECREASE) |
2,567,517 | 8,215,929 | (2,418,102 | ) | (1,765,041 | ) | ||||||||||||||
| ||||||||||||||||||||
Net Assets: | ||||||||||||||||||||
Beginning of period |
$ | 8,215,929 | $ | | $ | 25,310,995 | $ | 27,076,036 | ||||||||||||
| ||||||||||||||||||||
End of period |
$ | 10,783,446 | $ | 8,215,929 | $ | 22,892,893 | $ | 25,310,995 | ||||||||||||
|
* | Commencement of operations. |
The accompanying notes are an integral part of these financial statements. | 41 |
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
Statements of Changes in Net Assets (continued)
|
International Equity ESG Fund | International Equity Income Fund | |||||||||||||||||||
For the
|
For the Fiscal
|
For the
|
For the Fiscal
|
|||||||||||||||||
From operations: | ||||||||||||||||||||
Net investment income |
$ | 8,918,897 | $ | 14,684,797 | $ | 21,009,081 | $ | 24,679,067 | ||||||||||||
Net realized gain (loss) |
5,803,689 | (21,040,619 | ) | 19,831,333 | (7,795,080 | ) | ||||||||||||||
Net change in unrealized gain |
120,476,281 | 38,086,589 | 140,074,809 | 36,084,160 | ||||||||||||||||
| ||||||||||||||||||||
Net increase in net assets resulting from operations |
135,198,867 | 31,730,767 | 180,915,223 | 52,968,147 | ||||||||||||||||
| ||||||||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||
From distributable earnings: |
||||||||||||||||||||
Class A Shares |
(1,671,550 | ) | (830,089 | ) | (706,999 | ) | (1,433,042 | ) | ||||||||||||
Class C Shares |
(67,969 | ) | | (32,176 | ) | (73,150 | ) | |||||||||||||
Institutional Shares |
(9,517,753 | ) | (2,890,896 | ) | (7,027,962 | ) | (11,619,052 | ) | ||||||||||||
Service Shares |
(10,514 | ) | (3,920 | ) | | | ||||||||||||||
Investor Shares |
(1,780,835 | ) | (862,387 | ) | (3,377,873 | ) | (5,086,390 | ) | ||||||||||||
Class R6 Shares |
(1,652,881 | ) | (591,041 | ) | (600,533 | ) | (1,062,104 | ) | ||||||||||||
Class R Shares |
| | (6,361 | ) | (13,644 | ) | ||||||||||||||
Class P Shares |
(1,569,940 | ) | (920,626 | ) | (556,986 | ) | (1,175,049 | ) | ||||||||||||
| ||||||||||||||||||||
Total distributions to shareholders |
(16,271,442 | ) | (6,098,959 | ) | (12,308,890 | ) | (20,462,431 | ) | ||||||||||||
| ||||||||||||||||||||
From share transactions: | ||||||||||||||||||||
Proceeds from sales of shares |
239,500,843 | 627,717,749 | 369,385,215 | 871,606,758 | ||||||||||||||||
Reinvestment of distributions |
12,269,837 | 5,682,821 | 12,197,435 | 20,239,545 | ||||||||||||||||
Cost of shares redeemed |
(232,969,850 | ) | (291,296,213 | ) | (205,114,353 | ) | (206,958,270 | ) | ||||||||||||
| ||||||||||||||||||||
Net increase in net assets resulting from share transactions |
18,800,830 | 342,104,357 | 176,468,297 | 684,888,033 | ||||||||||||||||
| ||||||||||||||||||||
TOTAL INCREASE |
137,728,255 | 367,736,165 | 345,074,630 | 717,393,749 | ||||||||||||||||
| ||||||||||||||||||||
Net Assets: | ||||||||||||||||||||
Beginning of period |
$ | 939,118,346 | $ | 571,382,181 | $ | 1,074,506,124 | $ | 357,112,375 | ||||||||||||
| ||||||||||||||||||||
End of period |
$ | 1,076,846,601 | $ | 939,118,346 | $ | 1,419,580,754 | $ | 1,074,506,124 | ||||||||||||
|
42 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS CHINA EQUITY FUND
China Equity Fund | |||||||||||||||||||||||||||||||||||||
Class A Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 18.09 | $ | 16.62 | $ | 35.80 | $ | 36.99 | $ | 25.87 | $ | 23.13 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment income (loss)(a) |
(0.06 | ) | 0.02 | (0.15 | ) | (0.15 | ) | (0.07 | ) | 0.04 | |||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
0.19 | 1.45 | (16.89 | ) | 0.93 | 11.35 | 4.23 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
0.13 | 1.47 | (17.04 | ) | 0.78 | 11.28 | 4.27 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.16 | ) | | | | (0.16 | ) | (0.04 | ) | ||||||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| | (2.14 | ) | (1.97 | ) | | (1.49 | ) | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total distributions |
(0.16 | ) | | (2.14 | ) | (1.97 | ) | (0.16 | ) | (1.53 | ) | ||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 18.06 | $ | 18.09 | $ | 16.62 | $ | 35.80 | $ | 36.99 | $ | 25.87 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total Return(b) |
0.75 | % | 8.91 | % | (50.53 | )% | 1.96 | % | 43.67 | % | 19.54 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 7,808 | $ | 9,149 | $ | 9,664 | $ | 22,002 | $ | 18,617 | $ | 13,397 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
1.47 | %(c) | 1.48 | % | 1.47 | % | 1.45 | % | 1.47 | % | 1.51 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
2.25 | %(c) | 1.92 | % | 1.81 | % | 1.77 | % | 2.11 | % | 2.10 | % | |||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets |
(0.69 | )%(c) | 0.11 | % | (0.55 | )% | (0.38 | )% | (0.24 | )% | 0.17 | % | |||||||||||||||||||||||||
Portfolio turnover rate(d) |
39 | % | 73 | % | 37 | % | 46 | % | 106 | % | 20 | % | |||||||||||||||||||||||||
|
(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 CHINA EQUITY FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
China Equity Fund | |||||||||||||||||||||||||||||||||||||
Class C Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 15.55 | $ | 14.39 | $ | 31.53 | $ | 33.03 | $ | 23.14 | $ | 20.95 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment loss(a) |
(0.11 | ) | (0.12 | ) | (0.36 | ) | (0.40 | ) | (0.26 | ) | (0.14 | ) | |||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
0.17 | 1.28 | (14.64 | ) | 0.87 | 10.15 | 3.82 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
0.06 | 1.16 | (15.00 | ) | 0.47 | 9.89 | 3.68 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.02 | ) | | | | | | ||||||||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| | (2.14 | ) | (1.97 | ) | | (1.49 | ) | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total distributions |
(0.02 | ) | | (2.14 | ) | (1.97 | ) | | (1.49 | ) | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 15.59 | $ | 15.55 | $ | 14.39 | $ | 31.53 | $ | 33.03 | $ | 23.14 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total Return(b) |
0.36 | % | 8.06 | % | (50.89 | )% | 1.22 | % | 42.60 | % | 18.66 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 790 | $ | 831 | $ | 1,042 | $ | 1,737 | $ | 973 | $ | 896 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
2.22 | %(c) | 2.23 | % | 2.22 | % | 2.20 | % | 2.21 | % | 2.27 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
3.01 | %(c) | 2.68 | % | 2.56 | % | 2.54 | % | 2.85 | % | 2.85 | % | |||||||||||||||||||||||||
Ratio of net investment loss to average net assets |
(1.46 | )%(c) | (0.67 | )% | (1.56 | )% | (1.17 | )% | (0.98 | )% | (0.63 | )% | |||||||||||||||||||||||||
Portfolio turnover rate(d) |
39 | % | 73 | % | 37 | % | 46 | % | 106 | % | 20 | % | |||||||||||||||||||||||||
|
(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 CHINA EQUITY FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
China Equity Fund | |||||||||||||||||||||||||||||||||||||
Institutional Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 19.63 | $ | 18.01 | $ | 38.50 | $ | 39.52 | $ | 27.63 | $ | 24.56 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment income (loss)(a) |
(0.03 | ) | 0.10 | 0.01 | 0.03 | 0.05 | 0.14 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
0.20 | 1.57 | (18.36 | ) | 0.92 | 12.09 | 4.50 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
0.17 | 1.67 | (18.35 | ) | 0.95 | 12.14 | 4.64 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.23 | ) | (0.05 | ) | | | (0.25 | ) | (0.08 | ) | |||||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| | (2.14 | ) | (1.97 | ) | | (1.49 | ) | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total distributions |
(0.23 | ) | (0.05 | ) | (2.14 | ) | (1.97 | ) | (0.25 | ) | (1.57 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 19.57 | $ | 19.63 | $ | 18.01 | $ | 38.50 | $ | 39.52 | $ | 27.63 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total Return(b) |
0.94 | % | 9.24 | % | (50.35 | )% | 2.28 | % | 44.13 | % | 19.98 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 7,234 | $ | 6,778 | $ | 8,320 | $ | 23,762 | $ | 10,824 | $ | 6,327 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
1.13 | %(c) | 1.16 | % | 1.15 | % | 1.15 | % | 1.15 | % | 1.15 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
1.90 | %(c) | 1.56 | % | 1.44 | % | 1.40 | % | 1.74 | % | 1.71 | % | |||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets |
(0.36 | )%(c) | 0.46 | % | 0.03 | % | 0.07 | % | 0.17 | % | 0.54 | % | |||||||||||||||||||||||||
Portfolio turnover rate(d) |
39 | % | 73 | % | 37 | % | 46 | % | 106 | % | 20 | % | |||||||||||||||||||||||||
|
(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 CHINA EQUITY FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
China Equity Fund | |||||||||||||||||||||||||||||||||||||
Investor Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 19.47 | $ | 17.87 | $ | 38.24 | $ | 39.28 | $ | 27.46 | $ | 24.41 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment income (loss)(a) |
(0.05 | ) | 0.08 | (0.06 | ) | (0.01 | ) | 0.01 | 0.09 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
0.21 | 1.56 | (18.17 | ) | 0.94 | 12.03 | 4.50 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
0.16 | 1.64 | (18.23 | ) | 0.93 | 12.04 | 4.59 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.18 | ) | (0.04 | ) | | | (0.22 | ) | (0.05 | ) | |||||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| | (2.14 | ) | (1.97 | ) | | (1.49 | ) | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total distributions |
(0.18 | ) | (0.04 | ) | (2.14 | ) | (1.97 | ) | (0.22 | ) | (1.54 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 19.45 | $ | 19.47 | $ | 17.87 | $ | 38.24 | $ | 39.28 | $ | 27.46 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total Return(b) |
0.89 | % | 9.19 | % | (50.40 | )% | 2.22 | % | 44.01 | % | 19.86 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 124 | $ | 262 | $ | 298 | $ | 636 | $ | 762 | $ | 226 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
1.22 | %(c) | 1.23 | % | 1.22 | % | 1.20 | % | 1.22 | % | 1.27 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
1.99 | %(c) | 1.68 | % | 1.56 | % | 1.49 | % | 1.86 | % | 1.85 | % | |||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets |
(0.54 | )%(c) | 0.37 | % | (0.20 | )% | (0.02 | )% | 0.04 | % | 0.35 | % | |||||||||||||||||||||||||
Portfolio turnover rate(d) |
39 | % | 73 | % | 37 | % | 46 | % | 106 | % | 20 | % | |||||||||||||||||||||||||
|
(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 CHINA EQUITY FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
China Equity Fund | |||||||||||||||||||||||||||||||||||||
Class R6 Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 19.56 | $ | 17.95 | $ | 38.37 | $ | 39.39 | $ | 27.54 | $ | 24.56 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment income (loss)(a) |
(0.03 | ) | 0.11 | (0.05 | ) | 0.03 | (0.02 | ) | 0.15 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
0.19 | 1.56 | (18.23 | ) | 0.92 | 12.13 | 4.48 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
0.16 | 1.67 | (18.28 | ) | 0.95 | 12.11 | 4.63 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.23 | ) | (0.06 | ) | | | (0.26 | ) | (0.16 | ) | |||||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| | (2.14 | ) | (1.97 | ) | | (1.49 | ) | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total distributions |
(0.23 | ) | (0.06 | ) | (2.14 | ) | (1.97 | ) | (0.26 | ) | (1.65 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 19.49 | $ | 19.56 | $ | 17.95 | $ | 38.37 | $ | 39.39 | $ | 27.54 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total Return(b) |
0.89 | % | 9.32 | % | (50.37 | )% | 2.29 | % | 44.15 | % | 19.96 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 487 | $ | 659 | $ | 734 | $ | 1,389 | $ | 631 | $ | 432 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
1.12 | %(c) | 1.15 | % | 1.14 | % | 1.14 | % | 1.14 | % | 1.15 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
1.88 | %(c) | 1.55 | % | 1.43 | % | 1.38 | % | 1.71 | % | 1.70 | % | |||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets |
(0.34 | )%(c) | 0.51 | % | (0.18 | )% | 0.08 | % | (0.07 | )% | 0.57 | % | |||||||||||||||||||||||||
Portfolio turnover rate(d) |
39 | % | 73 | % | 37 | % | 46 | % | 106 | % | 20 | % | |||||||||||||||||||||||||
|
(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. | 47 |
GOLDMAN SACHS CHINA EQUITY FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
China Equity Fund | |||||||||||||||||||||||||||||||||||||
Class P Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 19.57 | $ | 17.95 | $ | 38.39 | $ | 39.40 | $ | 27.55 | $ | 24.57 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment income (loss)(a) |
(0.03 | ) | 0.10 | (0.02 | ) | | (b) | 0.01 | 0.14 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
0.19 | 1.58 | (18.28 | ) | 0.96 | 12.10 | 4.49 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
0.16 | 1.68 | (18.30 | ) | 0.96 | 12.11 | 4.63 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.23 | ) | (0.06 | ) | | | (0.26 | ) | (0.16 | ) | |||||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| | (2.14 | ) | (1.97 | ) | | (1.49 | ) | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total distributions |
(0.23 | ) | (0.06 | ) | (2.14 | ) | (1.97 | ) | (0.26 | ) | (1.65 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 19.50 | $ | 19.57 | $ | 17.95 | $ | 38.39 | $ | 39.40 | $ | 27.55 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total Return(c) |
0.90 | % | 9.31 | % | (50.35 | )% | 2.26 | % | 44.17 | % | 19.98 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 21,061 | $ | 32,077 | $ | 36,651 | $ | 90,250 | $ | 56,345 | $ | 52,673 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
1.12 | %(d) | 1.15 | % | 1.14 | % | 1.14 | % | 1.14 | % | 1.15 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
1.87 | %(d) | 1.55 | % | 1.43 | % | 1.39 | % | 1.71 | % | 1.70 | % | |||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets |
(0.31 | )%(d) | 0.46 | % | (0.07 | )% | 0.01 | % | 0.04 | % | 0.55 | % | |||||||||||||||||||||||||
Portfolio turnover rate(e) |
39 | % | 73 | % | 37 | % | 46 | % | 106 | % | 20 | % | |||||||||||||||||||||||||
|
(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. |
48 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EMERGING MARKETS EQUITY FUND
Financial Highlights
Selected Data for a Share Outstanding Throughout Each Period |
Emerging Markets Equity Fund | |||||||||||||||||||||||||||||||||||||
Class A Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 18.37 | $ | 16.80 | $ | 28.53 | $ | 23.76 | $ | 20.35 | $ | 17.18 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment income (loss)(a) |
0.04 | 0.13 | 0.08 | (0.02 | ) | 0.11 | 0.07 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
2.45 | 1.44 | (11.63 | ) | 4.81 | 3.49 | 3.18 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
2.49 | 1.57 | (11.55 | ) | 4.79 | 3.60 | 3.25 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.21 | ) | | (0.18 | ) | (0.02 | ) | (0.19 | ) | (0.08 | ) | ||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 20.65 | $ | 18.37 | $ | 16.80 | $ | 28.53 | $ | 23.76 | $ | 20.35 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total Return(b) |
13.69 | % | 9.35 | % | (40.71 | )% | 20.11 | % | 17.77 | % | 19.03 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 117,450 | $ | 104,938 | $ | 165,155 | $ | 265,040 | $ | 247,765 | $ | 230,234 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
1.32 | %(c) | 1.33 | % | 1.31 | % | 1.34 | % | 1.49 | % | 1.55 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
1.48 | %(c) | 1.48 | % | 1.47 | % | 1.48 | % | 1.54 | % | 1.58 | % | |||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets |
0.38 | %(c) | 0.66 | % | 0.37 | % | (0.08 | )% | 0.51 | % | 0.39 | % | |||||||||||||||||||||||||
Portfolio turnover rate(d) |
16 | % | 32 | % | 51 | % | 52 | % | 31 | % | 33 | % | |||||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions and 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 EMERGING MARKETS EQUITY FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
Emerging Markets Equity Fund | |||||||||||||||||||||||||||||||||||||
Class C Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 16.06 | $ | 14.80 | $ | 25.23 | $ | 21.16 | $ | 18.12 | $ | 15.34 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment loss(a) |
(0.03 | ) | (0.01 | ) | (0.07 | ) | (0.21 | ) | (0.06 | ) | (0.06 | ) | |||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
2.16 | 1.27 | (10.28 | ) | 4.28 | 3.12 | 2.84 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
2.13 | 1.26 | (10.35 | ) | 4.07 | 3.06 | 2.78 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.07 | ) | | (0.08 | ) | | (0.02 | ) | | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 18.12 | $ | 16.06 | $ | 14.80 | $ | 25.23 | $ | 21.16 | $ | 18.12 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total Return(b) |
13.26 | % | 8.51 | % | (41.14 | )% | 19.23 | % | 16.85 | % | 18.12 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 11,444 | $ | 14,191 | $ | 18,128 | $ | 36,367 | $ | 23,425 | $ | 30,115 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
2.07 | %(c) | 2.08 | % | 2.06 | % | 2.09 | % | 2.24 | % | 2.30 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
2.23 | %(c) | 2.23 | % | 2.22 | % | 2.23 | % | 2.29 | % | 2.33 | % | |||||||||||||||||||||||||
Ratio of net investment loss to average net assets |
(0.40 | )%(c) | (0.07 | )% | (0.36 | )% | (0.81 | )% | (0.34 | )% | (0.33 | )% | |||||||||||||||||||||||||
Portfolio turnover rate(d) |
16 | % | 32 | % | 51 | % | 52 | % | 31 | % | 33 | % | |||||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions and 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. |
50 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EMERGING MARKETS EQUITY FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
Emerging Markets Equity Fund | |||||||||||||||||||||||||||||||||||||
Institutional Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 19.77 | $ | 18.07 | $ | 30.67 | $ | 25.54 | $ | 21.85 | $ | 18.43 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.07 | 0.21 | 0.17 | 0.07 | 0.21 | 0.17 | |||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
2.65 | 1.53 | (12.49 | ) | 5.15 | 3.73 | 3.40 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
2.72 | 1.74 | (12.32 | ) | 5.22 | 3.94 | 3.57 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.29 | ) | (0.04 | ) | (0.28 | ) | (0.09 | ) | (0.25 | ) | (0.15 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 22.20 | $ | 19.77 | $ | 18.07 | $ | 30.67 | $ | 25.54 | $ | 21.85 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total Return(b) |
13.89 | % | 9.65 | % | (40.52 | )% | 20.51 | % | 18.11 | % | 19.51 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 1,885,643 | $ | 1,804,776 | $ | 1,798,319 | $ | 2,699,332 | $ | 1,479,859 | $ | 940,632 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
1.02 | %(c) | 1.03 | % | 1.00 | % | 1.03 | % | 1.16 | % | 1.17 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
1.12 | %(c) | 1.12 | % | 1.10 | % | 1.11 | % | 1.17 | % | 1.19 | % | |||||||||||||||||||||||||
Ratio of net investment income to average net assets |
0.67 | %(c) | 1.00 | % | 0.70 | % | 0.24 | % | 0.93 | % | 0.84 | % | |||||||||||||||||||||||||
Portfolio turnover rate(d) |
16 | % | 32 | % | 51 | % | 52 | % | 31 | % | 33 | % | |||||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions and 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 EMERGING MARKETS EQUITY FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
Emerging Markets Equity Fund | |||||||||||||||||||||||||||||||||||||
Service Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 17.64 | $ | 16.17 | $ | 27.54 | $ | 22.97 | $ | 19.68 | $ | 16.60 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment income (loss)(a) |
0.02 | 0.09 | 0.04 | (0.07 | ) | 0.07 | 0.06 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
2.37 | 1.38 | (11.20 | ) | 4.64 | 3.38 | 3.06 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
2.39 | 1.47 | (11.16 | ) | 4.57 | 3.45 | 3.12 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.18 | ) | | (0.21 | ) | | (0.16 | ) | (0.04 | ) | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 19.85 | $ | 17.64 | $ | 16.17 | $ | 27.54 | $ | 22.97 | $ | 19.68 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total Return(b) |
13.59 | % | 9.09 | % | (40.80 | )% | 19.90 | % | 17.55 | % | 18.85 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 19,245 | $ | 17,321 | $ | 19,903 | $ | 32,940 | $ | 26,329 | $ | 24,183 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
1.52 | %(c) | 1.53 | % | 1.50 | % | 1.53 | % | 1.65 | % | 1.67 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
1.62 | %(c) | 1.62 | % | 1.60 | % | 1.61 | % | 1.67 | % | 1.69 | % | |||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets |
0.17 | %(c) | 0.49 | % | 0.19 | % | (0.26 | )% | 0.35 | % | 0.32 | % | |||||||||||||||||||||||||
Portfolio turnover rate(d) |
16 | % | 32 | % | 51 | % | 52 | % | 31 | % | 33 | % | |||||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions and 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. |
52 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EMERGING MARKETS EQUITY FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
Emerging Markets Equity Fund | |||||||||||||||||||||||||||||||||||||
Investor Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 19.62 | $ | 17.92 | $ | 30.43 | $ | 25.33 | $ | 21.66 | $ | 18.28 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.06 | 0.19 | 0.17 | 0.06 | 0.16 | 0.12 | |||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
2.64 | 1.53 | (12.42 | ) | 5.11 | 3.73 | 3.38 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
2.70 | 1.72 | (12.25 | ) | 5.17 | 3.89 | 3.50 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.27 | ) | (0.02 | ) | (0.26 | ) | (0.07 | ) | (0.22 | ) | (0.12 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 22.05 | $ | 19.62 | $ | 17.92 | $ | 30.43 | $ | 25.33 | $ | 21.66 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total Return(b) |
13.85 | % | 9.60 | % | (40.56 | )% | 20.43 | % | 18.02 | % | 19.31 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 83,982 | $ | 107,702 | $ | 140,457 | $ | 295,910 | $ | 147,386 | $ | 135,484 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
1.07 | %(c) | 1.08 | % | 1.06 | % | 1.08 | % | 1.24 | % | 1.30 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
1.23 | %(c) | 1.23 | % | 1.22 | % | 1.23 | % | 1.29 | % | 1.33 | % | |||||||||||||||||||||||||
Ratio of net investment income to average net assets |
0.60 | %(c) | 0.93 | % | 0.69 | % | 0.20 | % | 0.70 | % | 0.58 | % | |||||||||||||||||||||||||
Portfolio turnover rate(d) |
16 | % | 32 | % | 51 | % | 52 | % | 31 | % | 33 | % | |||||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions and 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 EMERGING MARKETS EQUITY FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
Emerging Markets Equity Fund | |||||||||||||||||||||||||||||||||||||
Class R6 Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 19.86 | $ | 18.15 | $ | 30.81 | $ | 25.65 | $ | 21.94 | $ | 18.51 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.07 | 0.21 | 0.14 | 0.07 | 0.16 | 0.17 | |||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
2.66 | 1.55 | (12.52 | ) | 5.19 | 3.80 | 3.41 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
2.73 | 1.76 | (12.38 | ) | 5.26 | 3.96 | 3.58 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.29 | ) | (0.05 | ) | (0.28 | ) | (0.10 | ) | (0.25 | ) | (0.15 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 22.30 | $ | 19.86 | $ | 18.15 | $ | 30.81 | $ | 25.65 | $ | 21.94 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total Return(b) |
13.89 | % | 9.64 | % | (40.51 | )% | 20.51 | % | 18.13 | % | 19.52 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 120,177 | $ | 112,783 | $ | 132,040 | $ | 141,786 | $ | 53,424 | $ | 25,387 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
1.01 | %(c) | 1.02 | % | 0.99 | % | 1.02 | % | 1.15 | % | 1.16 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
1.11 | %(c) | 1.11 | % | 1.09 | % | 1.10 | % | 1.16 | % | 1.18 | % | |||||||||||||||||||||||||
Ratio of net investment income to average net assets |
0.68 | %(c) | 1.00 | % | 0.59 | % | 0.22 | % | 0.71 | % | 0.82 | % | |||||||||||||||||||||||||
Portfolio turnover rate(d) |
16 | % | 32 | % | 51 | % | 52 | % | 31 | % | 33 | % | |||||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions and 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. |
54 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EMERGING MARKETS EQUITY FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
Emerging Markets Equity Fund | |||||||||||||||||||||||||||||||||||||
Class P Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended |
Year Ended October 31,
| ||||||||||||||||||||||||||||||||||||
April 30, 2024 (Unaudited) |
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 19.86 | $ | 18.15 | $ | 30.81 | $ | 25.65 | $ | 21.94 | $ | 18.51 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.07 | 0.21 | 0.18 | 0.08 | 0.19 | 0.17 | |||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
2.67 | 1.55 | (12.56 | ) | 5.18 | 3.77 | 3.41 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
2.74 | 1.76 | (12.38 | ) | 5.26 | 3.96 | 3.58 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.29 | ) | (0.05 | ) | (0.28 | ) | (0.10 | ) | (0.25 | ) | (0.15 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 22.31 | $ | 19.86 | $ | 18.15 | $ | 30.81 | $ | 25.65 | $ | 21.94 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total Return(b) |
13.89 | % | 9.67 | % | (40.51 | )% | 20.50 | % | 18.14 | % | 19.47 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 427,396 | $ | 439,740 | $ | 491,281 | $ | 963,360 | $ | 471,690 | $ | 389,019 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
1.01 | %(c) | 1.02 | % | 0.99 | % | 1.01 | % | 1.15 | % | 1.16 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
1.11 | %(c) | 1.11 | % | 1.09 | % | 1.10 | % | 1.15 | % | 1.18 | % | |||||||||||||||||||||||||
Ratio of net investment income to average net assets |
0.67 | %(c) | 1.00 | % | 0.72 | % | 0.27 | % | 0.86 | % | 0.82 | % | |||||||||||||||||||||||||
Portfolio turnover rate(d) |
16 | % | 32 | % | 51 | % | 52 | % | 31 | % | 33 | % | |||||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions and 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 EMERGING MARKETS EQUITY EX. CHINA FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout the Period |
Emerging Markets Equity ex. China Fund | |||||||||||||||||
Class A Shares | |||||||||||||||||
Six Months Ended April 30, 2024 (Unaudited) |
Period Ended October 31, 2023(a) |
||||||||||||||||
Per Share Data | |||||||||||||||||
Net asset value, beginning of period |
$ | 9.99 | $ | 10.00 | |||||||||||||
|
|||||||||||||||||
Net investment income(b) |
0.03 | 0.10 | |||||||||||||||
Net realized and unrealized gain (loss) |
1.74 | (0.08 | ) | ||||||||||||||
|
|||||||||||||||||
Total from investment operations |
1.77 | 0.02 | |||||||||||||||
|
|||||||||||||||||
Distributions to shareholders from net investment income |
(0.07 | ) | (0.03 | ) | |||||||||||||
|
|||||||||||||||||
Net asset value, end of period |
$ | 11.69 | $ | 9.99 | |||||||||||||
|
|||||||||||||||||
Total Return(c) |
17.74 | % | 0.17 | % | |||||||||||||
|
|||||||||||||||||
Net assets, end of period (in 000s) |
$ | 83 | $ | 58 | |||||||||||||
Ratio of net expenses to average net assets |
1.42 | %(d) | 1.41 | %(d) | |||||||||||||
Ratio of total expenses to average net assets |
4.84 | %(d) | 10.78 | %(d) | |||||||||||||
Ratio of net investment income to average net assets |
0.45 | %(d) | 1.03 | %(d) | |||||||||||||
Portfolio turnover rate(e) |
13 | % | 26 | % | |||||||||||||
|
(a) | Commenced operations on December 6, 2022. |
(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 EMERGING MARKETS EQUITY EX. CHINA FUND
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout the Period
|
Emerging Markets Equity ex. China Fund | |||||||||||||||||
Class C Shares | |||||||||||||||||
Six Months Ended April 30, 2024 (Unaudited) |
Period Ended October 31, 2023(a) |
||||||||||||||||
Per Share Data | |||||||||||||||||
Net asset value, beginning of period |
$ | 9.93 | $ | 10.00 | |||||||||||||
|
|||||||||||||||||
Net investment income (loss)(b) |
(0.02 | ) | 0.02 | ||||||||||||||
Net realized and unrealized gain (loss) |
1.73 | (0.06 | ) | ||||||||||||||
|
|||||||||||||||||
Total from investment operations |
1.71 | (0.04 | ) | ||||||||||||||
|
|||||||||||||||||
Distributions to shareholders from net investment income |
| (0.03 | ) | ||||||||||||||
|
|||||||||||||||||
Net asset value, end of period |
$ | 11.64 | $ | 9.93 | |||||||||||||
|
|||||||||||||||||
Total Return(c) |
17.34 | % | (0.54 | )% | |||||||||||||
|
|||||||||||||||||
Net assets, end of period (in 000s) |
$ | 58 | $ | 50 | |||||||||||||
Ratio of net expenses to average net assets |
2.17 | %(d) | 2.21 | %(d) | |||||||||||||
Ratio of total expenses to average net assets |
5.72 | %(d) | 11.66 | %(d) | |||||||||||||
Ratio of net investment income (loss) to average net assets |
(0.33 | )%(d) | 0.25 | %(d) | |||||||||||||
Portfolio turnover rate(e) |
13 | % | 26 | % | |||||||||||||
|
(a) | Commenced operations on December 6, 2022. |
(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. | 57 |
GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout the Period
|
Emerging Markets Equity ex. China Fund | |||||||||||||||||
Institutional Shares | |||||||||||||||||
Six Months Ended April 30, 2024 (Unaudited) |
Period Ended October 31, 2023(a) |
||||||||||||||||
Per Share Data | |||||||||||||||||
Net asset value, beginning of period |
$ | 10.03 | $ | 10.00 | |||||||||||||
|
|||||||||||||||||
Net investment income(b) |
0.05 | 0.13 | |||||||||||||||
Net realized and unrealized gain (loss) |
1.74 | (0.07 | ) | ||||||||||||||
|
|||||||||||||||||
Total from investment operations |
1.79 | 0.06 | |||||||||||||||
|
|||||||||||||||||
Distributions to shareholders from net investment income |
(0.11 | ) | (0.03 | ) | |||||||||||||
|
|||||||||||||||||
Net asset value, end of period |
$ | 11.71 | $ | 10.03 | |||||||||||||
|
|||||||||||||||||
Total Return(c) |
17.99 | % | 0.46 | % | |||||||||||||
|
|||||||||||||||||
Net assets, end of period (in 000s) |
$ | 6,710 | $ | 5,056 | |||||||||||||
Ratio of net expenses to average net assets |
1.06 | %(d) | 1.05 | %(d) | |||||||||||||
Ratio of total expenses to average net assets |
4.50 | %(d) | 10.46 | %(d) | |||||||||||||
Ratio of net investment income to average net assets |
0.79 | %(d) | 1.41 | %(d) | |||||||||||||
Portfolio turnover rate(e) |
13 | % | 26 | % | |||||||||||||
|
(a) | Commenced operations on December 6, 2022. |
(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. |
58 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout the Period
|
Emerging Markets Equity ex. China Fund | |||||||||||||||||
Investor Shares | |||||||||||||||||
Six Months Ended April 30, 2024 (Unaudited) |
Period Ended October 31, 2023(a) |
||||||||||||||||
Per Share Data | |||||||||||||||||
Net asset value, beginning of period |
$ | 10.01 | $ | 10.00 | |||||||||||||
|
|||||||||||||||||
Net investment income(b) |
0.04 | 0.12 | |||||||||||||||
Net realized and unrealized gain (loss) |
1.74 | (0.09 | ) | ||||||||||||||
|
|||||||||||||||||
Total from investment operations |
1.78 | 0.03 | |||||||||||||||
|
|||||||||||||||||
Distributions to shareholders from net investment income |
(0.09 | ) | (0.02 | ) | |||||||||||||
|
|||||||||||||||||
Net asset value, end of period |
$ | 11.70 | $ | 10.01 | |||||||||||||
|
|||||||||||||||||
Total Return(c) |
17.85 | % | 0.33 | % | |||||||||||||
|
|||||||||||||||||
Net assets, end of period (in 000s) |
$ | 59 | $ | 50 | |||||||||||||
Ratio of net expenses to average net assets |
1.17 | %(d) | 1.17 | %(d) | |||||||||||||
Ratio of total expenses to average net assets |
4.71 | %(d) | 10.62 | %(d) | |||||||||||||
Ratio of net investment income to average net assets |
0.67 | %(d) | 1.29 | %(d) | |||||||||||||
Portfolio turnover rate(e) |
13 | % | 26 | % | |||||||||||||
|
(a) | Commenced operations on December 6, 2022. |
(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. | 59 |
GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout the Period
|
Emerging Markets Equity ex. China Fund | |||||||||||||||||
Class R6 Shares | |||||||||||||||||
Six Months Ended April 30, 2024 (Unaudited) |
Period Ended October 31, 2023(a) |
||||||||||||||||
Per Share Data | |||||||||||||||||
Net asset value, beginning of period |
$ | 10.03 | $ | 10.00 | |||||||||||||
|
|||||||||||||||||
Net investment income(b) |
0.04 | 0.13 | |||||||||||||||
Net realized and unrealized gain (loss) |
1.75 | (0.07 | ) | ||||||||||||||
|
|||||||||||||||||
Total from investment operations |
1.79 | 0.06 | |||||||||||||||
|
|||||||||||||||||
Distributions to shareholders from net investment income |
(0.11 | ) | (0.03 | ) | |||||||||||||
|
|||||||||||||||||
Net asset value, end of period |
$ | 11.71 | $ | 10.03 | |||||||||||||
|
|||||||||||||||||
Total Return(c) |
17.99 | % | 0.48 | % | |||||||||||||
|
|||||||||||||||||
Net assets, end of period (in 000s) |
$ | 59 | $ | 50 | |||||||||||||
Ratio of net expenses to average net assets |
1.05 | %(d) | 1.04 | %(d) | |||||||||||||
Ratio of total expenses to average net assets |
4.59 | %(d) | 10.49 | %(d) | |||||||||||||
Ratio of net investment income to average net assets |
0.79 | %(d) | 1.42 | %(d) | |||||||||||||
Portfolio turnover rate(e) |
13 | % | 26 | % | |||||||||||||
|
(a) | Commenced operations on December 6, 2022. |
(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. |
60 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout the Period
|
Emerging Markets Equity ex. China Fund | |||||||||||||||||
Class R Shares | |||||||||||||||||
Six Months Ended April 30, 2024 (Unaudited) |
Period Ended October 31, 2023(a) |
||||||||||||||||
Per Share Data | |||||||||||||||||
Net asset value, beginning of period |
$ | 9.97 | $ | 10.00 | |||||||||||||
|
|||||||||||||||||
Net investment income(b) |
0.01 | 0.07 | |||||||||||||||
Net realized and unrealized gain (loss) |
1.74 | (0.07 | ) | ||||||||||||||
|
|||||||||||||||||
Total from investment operations |
1.75 | | (c) | ||||||||||||||
|
|||||||||||||||||
Distributions to shareholders from net investment income |
(0.04 | ) | (0.03 | ) | |||||||||||||
|
|||||||||||||||||
Net asset value, end of period |
$ | 11.68 | $ | 9.97 | |||||||||||||
|
|||||||||||||||||
Total Return(d) |
17.55 | % | (0.03 | )% | |||||||||||||
|
|||||||||||||||||
Net assets, end of period (in 000s) |
$ | 59 | $ | 50 | |||||||||||||
Ratio of net expenses to average net assets |
1.67 | %(e) | 1.67 | %(e) | |||||||||||||
Ratio of total expenses to average net assets |
5.21 | %(e) | 11.12 | %(e) | |||||||||||||
Ratio of net investment income to average net assets |
0.17 | %(e) | 0.79 | %(e) | |||||||||||||
Portfolio turnover rate(f) |
13 | % | 26 | % | |||||||||||||
|
(a) | Commenced operations on December 6, 2022. |
(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 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 EMERGING MARKETS EQUITY EX. CHINA FUND
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout the Period
|
Emerging Markets Equity ex. China Fund | |||||||||||||||||
Class P Shares | |||||||||||||||||
Six Months Ended April 30, 2024 (Unaudited) |
Period Ended October 31, 2023(a) |
||||||||||||||||
Per Share Data | |||||||||||||||||
Net asset value, beginning of period |
$ | 10.02 | $ | 10.00 | |||||||||||||
|
|||||||||||||||||
Net investment income(b) |
0.05 | 0.11 | |||||||||||||||
Net realized and unrealized gain (loss) |
1.74 | (0.06 | ) | ||||||||||||||
|
|||||||||||||||||
Total from investment operations |
1.79 | 0.05 | |||||||||||||||
|
|||||||||||||||||
Distributions to shareholders from net investment income |
(0.11 | ) | (0.03 | ) | |||||||||||||
|
|||||||||||||||||
Net asset value, end of period |
$ | 11.70 | $ | 10.02 | |||||||||||||
|
|||||||||||||||||
Total Return(c) |
17.90 | % | 0.48 | % | |||||||||||||
|
|||||||||||||||||
Net assets, end of period (in 000s) |
$ | 3,755 | $ | 2,902 | |||||||||||||
Ratio of net expenses to average net assets |
1.05 | %(d) | 1.04 | %(d) | |||||||||||||
Ratio of total expenses to average net assets |
4.46 | %(d) | 9.69 | %(d) | |||||||||||||
Ratio of net investment income to average net assets |
0.82 | %(d) | 1.20 | %(d) | |||||||||||||
Portfolio turnover rate(e) |
13 | % | 26 | % | |||||||||||||
|
(a) | Commenced operations on December 6, 2022. |
(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. |
62 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
ESG Emerging Markets Equity Fund | |||||||||||||||||||||||||||||||||||||
Class A Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended (Unaudited) |
Year Ended October 31, | ||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 8.45 | $ | 7.84 | $ | 14.02 | $ | 11.73 | $ | 9.95 | $ | 8.40 | |||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||
Net investment income (loss)(a) |
0.01 | 0.06 | 0.04 | (0.02 | ) | | (b) | 0.04 | |||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
1.14 | 0.55 | (5.28 | ) | 2.31 | 1.84 | 1.53 | ||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||
Total from investment operations |
1.15 | 0.61 | (5.24 | ) | 2.29 | 1.84 | 1.57 | ||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.12 | ) | | (b) | (0.04 | ) | | (0.06 | ) | (0.02 | ) | ||||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| | (0.90 | ) | | | | ||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||
Total distributions |
(0.12 | ) | | (b) | (0.94 | ) | | (0.06 | ) | (0.02 | ) | ||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 9.48 | $ | 8.45 | $ | 7.84 | $ | 14.02 | $ | 11.73 | $ | 9.95 | |||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||
Total Return(c) |
13.68 | % | 7.79 | % | (39.89 | )% | 19.52 | % | 18.46 | % | 18.74 | % | |||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 1,814 | $ | 1,841 | $ | 1,979 | $ | 4,072 | $ | 92 | $ | 50 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
1.38 | %(d) | 1.41 | % | 1.44 | % | 1.47 | % | 1.49 | % | 1.60 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
2.95 | %(d) | 3.04 | % | 2.89 | % | 3.64 | % | 6.33 | % | 7.73 | % | |||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets |
0.32 | %(d) | 0.62 | % | 0.39 | % | (0.17 | )% | 0.02 | % | 0.44 | % | |||||||||||||||||||||||||
Portfolio turnover rate(e) |
18 | % | 54 | % | 65 | % | 116 | % | 28 | % | 57 | % | |||||||||||||||||||||||||
|
(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. |
The accompanying notes are an integral part of these financial statements. | 63 |
GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
ESG Emerging Markets Equity Fund | |||||||||||||||||||||||||||||||||||||
Class C Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended (Unaudited)
|
Year Ended October 31, | ||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 8.19 | $ | 7.66 | $ | 13.77 | $ | 11.61 | $ | 9.87 | $ | 8.37 | |||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||
Net investment loss(a) |
(0.02 | ) | (0.01 | ) | (0.07 | ) | (0.14 | ) | (0.09 | ) | (0.03 | ) | |||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
1.09 | 0.54 | (5.14 | ) | 2.30 | 1.83 | 1.53 | ||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||
Total from investment operations |
1.07 | 0.53 | (5.21 | ) | 2.16 | 1.74 | 1.50 | ||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.04 | ) | | | | | | ||||||||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| | (0.90 | ) | | | | ||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||
Total distributions |
(0.04 | ) | | (0.90 | ) | | | | |||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 9.22 | $ | 8.19 | $ | 7.66 | $ | 13.77 | $ | 11.61 | $ | 9.87 | |||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||
Total Return(b) |
13.27 | % | 6.92 | % | (40.29 | )% | 18.60 | % | 17.58 | % | 17.92 | % | |||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 82 | $ | 74 | $ | 117 | $ | 137 | $ | 58 | $ | 49 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
2.13 | %(c) | 2.16 | % | 2.19 | % | 2.20 | % | 2.24 | % | 2.35 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
3.69 | %(c) | 3.80 | % | 3.65 | % | 3.64 | % | 6.94 | % | 8.49 | % | |||||||||||||||||||||||||
Ratio of net investment loss to average net assets |
(0.42 | )%(c) | (0.07 | )% | (0.64 | )% | (0.96 | )% | (0.84 | )% | (0.31 | )% | |||||||||||||||||||||||||
Portfolio turnover rate(d) |
18 | % | 54 | % | 65 | % | 116 | % | 28 | % | 57 | % | |||||||||||||||||||||||||
|
(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. |
64 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period
|
ESG Emerging Markets Equity Fund | |||||||||||||||||||||||||||||||||||||
Institutional Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended (Unaudited)
|
Year Ended October 31, | ||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 8.48 | $ | 7.87 | $ | 14.06 | $ | 11.77 | $ | 9.98 | $ | 8.41 | |||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.03 | 0.08 | 0.09 | 0.01 | 0.03 | 0.08 | |||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
1.12 | 0.57 | (5.31 | ) | 2.32 | 1.85 | 1.53 | ||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||
Total from investment operations |
1.15 | 0.65 | (5.22 | ) | 2.33 | 1.88 | 1.61 | ||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.15 | ) | (0.04 | ) | (0.07 | ) | (0.04 | ) | (0.09 | ) | (0.04 | ) | |||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| | (0.90 | ) | | | | ||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||
Total distributions |
(0.15 | ) | (0.04 | ) | (0.97 | ) | (0.04 | ) | (0.09 | ) | (0.04 | ) | |||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 9.48 | $ | 8.48 | $ | 7.87 | $ | 14.06 | $ | 11.77 | $ | 9.98 | |||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||
Total Return(b) |
13.69 | % | 8.20 | % | (39.66 | )% | 19.81 | % | 18.91 | % | 19.26 | % | |||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 14,561 | $ | 16,404 | $ | 10,245 | $ | 5,008 | $ | 8,631 | $ | 6,912 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
1.07 | %(c) | 1.08 | % | 1.10 | % | 1.14 | % | 1.14 | % | 1.21 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
2.60 | %(c) | 2.65 | % | 2.27 | % | 3.16 | % | 5.83 | % | 7.31 | % | |||||||||||||||||||||||||
Ratio of net investment income to average net assets |
0.62 | %(c) | 0.90 | % | 0.86 | % | 0.06 | % | 0.26 | % | 0.85 | % | |||||||||||||||||||||||||
Portfolio turnover rate(d) |
18 | % | 54 | % | 65 | % | 116 | % | 28 | % | 57 | % | |||||||||||||||||||||||||
|
(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. | 65 |
GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period
|
ESG Emerging Markets Equity Fund | |||||||||||||||||||||||||||||||||||||
Investor Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended (Unaudited)
|
Year Ended October 31, | ||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 8.47 | $ | 7.87 | $ | 14.06 | $ | 11.76 | $ | 9.97 | $ | 8.41 | |||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.03 | 0.08 | 0.06 | 0.01 | 0.02 | 0.06 | |||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
1.12 | 0.55 | (5.28 | ) | 2.32 | 1.85 | 1.53 | ||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||
Total from investment operations |
1.15 | 0.63 | (5.22 | ) | 2.33 | 1.87 | 1.59 | ||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.14 | ) | (0.03 | ) | (0.07 | ) | (0.03 | ) | (0.08 | ) | (0.03 | ) | |||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| | (0.90 | ) | | | | ||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||
Total distributions |
(0.14 | ) | (0.03 | ) | (0.97 | ) | (0.03 | ) | (0.08 | ) | (0.03 | ) | |||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 9.48 | $ | 8.47 | $ | 7.87 | $ | 14.06 | $ | 11.76 | $ | 9.97 | |||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||
Total Return(b) |
13.74 | % | 8.00 | % | (39.70 | )% | 19.82 | % | 18.79 | % | 19.03 | % | |||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 825 | $ | 503 | $ | 829 | $ | 1,088 | $ | 59 | $ | 50 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
1.13 | %(c) | 1.16 | % | 1.19 | % | 1.22 | % | 1.24 | % | 1.35 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
2.68 | %(c) | 2.75 | % | 2.64 | % | 3.33 | % | 5.94 | % | 7.49 | % | |||||||||||||||||||||||||
Ratio of net investment income to average net assets |
0.68 | %(c) | 0.93 | % | 0.61 | % | 0.08 | % | 0.15 | % | 0.69 | % | |||||||||||||||||||||||||
Portfolio turnover rate(d) |
18 | % | 54 | % | 65 | % | 116 | % | 28 | % | 57 | % | |||||||||||||||||||||||||
|
(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. |
66 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period
|
ESG Emerging Markets Equity Fund | |||||||||||||||||||||||||||||||||||||
Class R6 Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended (Unaudited)
|
Year Ended October 31, | ||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 8.49 | $ | 7.87 | $ | 14.07 | $ | 11.77 | $ | 9.98 | $ | 8.41 | |||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.03 | 0.09 | 0.11 | 0.02 | 0.03 | 0.08 | |||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
1.13 | 0.56 | (5.33 | ) | 2.32 | 1.85 | 1.53 | ||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||
Total from investment operations |
1.16 | 0.65 | (5.22 | ) | 2.34 | 1.88 | 1.61 | ||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.15 | ) | (0.03 | ) | (0.08 | ) | (0.04 | ) | (0.09 | ) | (0.04 | ) | |||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| | (0.90 | ) | | | | ||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||
Total distributions |
(0.15 | ) | (0.03 | ) | (0.98 | ) | (0.04 | ) | (0.09 | ) | (0.04 | ) | |||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 9.50 | $ | 8.49 | $ | 7.87 | $ | 14.07 | $ | 11.77 | $ | 9.98 | |||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||
Total Return(b) |
13.78 | % | 8.19 | % | (39.69 | )% | 19.90 | % | 18.92 | % | 19.26 | % | |||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 14 | $ | 19 | $ | 57 | $ | 17 | $ | 65 | $ | 50 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
1.06 | %(c) | 1.08 | % | 1.09 | % | 1.13 | % | 1.13 | % | 1.20 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
2.60 | %(c) | 3.00 | % | 2.05 | % | 3.00 | % | 5.84 | % | 7.34 | % | |||||||||||||||||||||||||
Ratio of net investment income to average net assets |
0.56 | %(c) | 0.97 | % | 1.09 | % | 0.13 | % | 0.26 | % | 0.84 | % | |||||||||||||||||||||||||
Portfolio turnover rate(d) |
18 | % | 54 | % | 65 | % | 116 | % | 28 | % | 57 | % | |||||||||||||||||||||||||
|
(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. | 67 |
GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period
|
ESG Emerging Markets Equity Fund | |||||||||||||||||||||||||||||||||||||
Class R Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended (Unaudited)
|
Year Ended October 31, | ||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 8.37 | $ | 7.78 | $ | 13.92 | $ | 11.68 | $ | 9.94 | $ | 8.39 | |||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||
Net investment income (loss)(a) |
0.01 | 0.04 | 0.02 | (0.07 | ) | (0.03 | ) | 0.01 | |||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
1.10 | 0.55 | (5.25 | ) | 2.31 | 1.83 | 1.55 | ||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||
Total from investment operations |
1.11 | 0.59 | (5.23 | ) | 2.24 | 1.80 | 1.56 | ||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.10 | ) | | (0.01 | ) | | (0.06 | ) | (0.01 | ) | |||||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| | (0.90 | ) | | | | ||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||
Total distributions |
(0.10 | ) | | (0.91 | ) | | (0.06 | ) | (0.01 | ) | |||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 9.38 | $ | 8.37 | $ | 7.78 | $ | 13.92 | $ | 11.68 | $ | 9.94 | |||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||
Total Return(b) |
13.39 | % | 7.58 | % | (40.03 | )% | 19.18 | % | 18.11 | % | 18.57 | % | |||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 192 | $ | 214 | $ | 199 | $ | 267 | $ | 255 | $ | 167 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
1.63 | %(c) | 1.65 | % | 1.69 | % | 1.72 | % | 1.74 | % | 1.92 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
3.21 | %(c) | 3.29 | % | 3.10 | % | 4.12 | % | 6.53 | % | 7.68 | % | |||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets |
0.12 | %(c) | 0.39 | % | 0.15 | % | (0.47 | )% | (0.34 | )% | 0.06 | % | |||||||||||||||||||||||||
Portfolio turnover rate(d) |
18 | % | 54 | % | 65 | % | 116 | % | 28 | % | 57 | % | |||||||||||||||||||||||||
|
(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. |
68 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period
|
ESG Emerging Markets Equity Fund | ||||||||||||||||||||||||||||||||
Class P Shares | ||||||||||||||||||||||||||||||||
Six Months Ended (Unaudited)
|
Year Ended October 31, | Period Ended October 31, 2020(a)
|
||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 8.48 | $ | 7.87 | $ | 14.07 | $ | 11.77 | $ | 10.87 | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Net investment income(b) |
0.03 | 0.09 | 0.08 | 0.02 | 0.03 | |||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
1.12 | 0.56 | (5.30 | ) | 2.32 | 0.87 | ||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Total from investment operations |
1.15 | 0.65 | (5.22 | ) | 2.34 | 0.90 | ||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.15 | ) | (0.04 | ) | (0.08 | ) | (0.04 | ) | | |||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| | (0.90 | ) | | | ||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Total distributions |
(0.15 | ) | (0.04 | ) | (0.98 | ) | (0.04 | ) | | |||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 9.48 | $ | 8.48 | $ | 7.87 | $ | 14.07 | $ | 11.77 | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Total Return(c) |
13.80 | % | 8.20 | % | (39.69 | )% | 19.92 | % | 8.28 | % | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 5,407 | $ | 6,256 | $ | 13,651 | $ | 20,156 | $ | 86 | ||||||||||||||||||||||
Ratio of net expenses to average net assets |
1.06 | %(d) | 1.08 | % | 1.10 | % | 1.13 | % | 1.08 | %(d) | ||||||||||||||||||||||
Ratio of total expenses to average net assets |
2.58 | %(d) | 2.73 | % | 2.46 | % | 3.46 | % | 6.51 | %(d) | ||||||||||||||||||||||
Ratio of net investment income to average net assets |
0.60 | %(d) | 1.02 | % | 0.73 | % | 0.17 | % | 0.30 | %(d) | ||||||||||||||||||||||
Portfolio turnover rate(e) |
18 | % | 54 | % | 65 | % | 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 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 INTERNATIONAL EQUITY ESG FUND
Financial Highlights Selected Data for a Share Outstanding Throughout Each Period
|
International Equity ESG Fund | |||||||||||||||||||||||||||||||||||||
Class A Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended (Unaudited)
|
Year Ended October 31, | ||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 23.61 | $ | 21.44 | $ | 30.27 | $ | 21.01 | $ | 20.67 | $ | 17.88 | |||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.18 | 0.42 | (b) | 0.29 | 0.23 | 0.04 | 0.28 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
3.22 | 1.94 | (7.31 | ) | 9.03 | 0.66 | 2.76 | ||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||
Total from investment operations |
3.40 | 2.36 | (7.02 | ) | 9.26 | 0.70 | 3.04 | ||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.37 | ) | (0.19 | ) | (0.33 | ) | | (c) | (0.36 | ) | (0.25 | ) | |||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| | (1.48 | ) | | | | ||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||
Total distributions |
(0.37 | ) | (0.19 | ) | (1.81 | ) | | (0.36 | ) | (0.25 | ) | ||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 26.64 | $ | 23.61 | $ | 21.44 | $ | 30.27 | $ | 21.01 | $ | 20.67 | |||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||
Total Return(d) |
14.47 | % | 11.02 | % | (24.50 | )% | 44.15 | % | 3.30 | % | 17.33 | % | |||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 110,011 | $ | 108,276 | $ | 87,228 | $ | 62,250 | $ | 33,927 | $ | 35,181 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
1.17 | %(e) | 1.18 | % | 1.18 | % | 1.18 | % | 1.20 | % | 1.26 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
1.31 | %(e) | 1.35 | % | 1.36 | % | 1.47 | % | 1.69 | % | 1.69 | % | |||||||||||||||||||||||||
Ratio of net investment income to average net assets |
1.34 | %(e) | 1.66 | %(b) | 1.19 | % | 0.82 | % | 0.21 | % | 1.52 | % | |||||||||||||||||||||||||
Portfolio turnover rate(f) |
28 | % | 23 | % | 35 | % | 39 | % | 55 | % | 41 | % | |||||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.08% 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. |
70 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
International Equity ESG Fund | |||||||||||||||||||||||||||||||||||
Class C Shares | |||||||||||||||||||||||||||||||||||
Six Months Ended April 30, 2024 (Unaudited)
|
Year Ended October 31,
|
||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 21.54 | $ | 19.54 | $ | 27.80 | $ | 19.44 | $ | 19.16 | $ | 16.49 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net investment income (loss)(a) |
0.08 | 0.20 | (b) | 0.12 | | (c) | (0.10 | ) | 0.13 | ||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
2.92 | 1.80 | (6.72 | ) | 8.36 | 0.60 | 2.58 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total from investment operations |
3.00 | 2.00 | (6.60 | ) | 8.36 | 0.50 | 2.71 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.19 | ) | | (0.18 | ) | | (0.22 | ) | (0.04 | ) | |||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| | (1.48 | ) | | | | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total distributions |
(0.19 | ) | | (1.66 | ) | | (0.22 | ) | (0.04 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 24.35 | $ | 21.54 | $ | 19.54 | $ | 27.80 | $ | 19.44 | $ | 19.16 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total Return(d) |
14.00 | % | 10.24 | % | (25.08 | )% | 43.08 | % | 2.53 | % | 16.49 | % | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 8,142 | $ | 7,639 | $ | 7,481 | $ | 8,953 | $ | 9,369 | $ | 10,400 | |||||||||||||||||||||||
Ratio of net expenses to average net assets |
1.92 | %(e) | 1.93 | % | 1.93 | % | 1.93 | % | 1.95 | % | 2.01 | % | |||||||||||||||||||||||
Ratio of total expenses to average net assets |
2.06 | %(e) | 2.10 | % | 2.11 | % | 2.23 | % | 2.44 | % | 2.44 | % | |||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets |
0.64 | %(e) | 0.86 | %(b) | 0.52 | % | (0.01 | )% | (0.54 | )% | 0.78 | % | |||||||||||||||||||||||
Portfolio turnover rate(f) |
28 | % | 23 | % | 35 | % | 39 | % | 55 | % | 41 | % | |||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.08% 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. | 71 |
GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
International Equity ESG Fund | |||||||||||||||||||||||||||||||||||
Institutional Shares | |||||||||||||||||||||||||||||||||||
Six Months Ended (Unaudited)
|
Year Ended October 31,
|
||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 24.30 | $ | 22.03 | $ | 31.04 | $ | 21.53 | $ | 21.17 | $ | 18.23 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.24 | 0.50 | (b) | 0.44 | 0.35 | 0.15 | 0.29 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
3.29 | 2.01 | (7.57 | ) | 9.23 | 0.63 | 2.89 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total from investment operations |
3.53 | 2.51 | (7.13 | ) | 9.58 | 0.78 | 3.18 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.45 | ) | (0.24 | ) | (0.40 | ) | (0.07 | ) | (0.42 | ) | (0.24 | ) | |||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| | (1.48 | ) | | | | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total distributions |
(0.45 | ) | (0.24 | ) | (1.88 | ) | (0.07 | ) | (0.42 | ) | (0.24 | ) | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 27.38 | $ | 24.30 | $ | 22.03 | $ | 31.04 | $ | 21.53 | $ | 21.17 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total Return(c) |
14.61 | % | 11.43 | % | (24.27 | )% | 44.62 | % | 3.62 | % | 17.76 | % | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 651,200 | $ | 530,652 | $ | 256,615 | $ | 111,615 | $ | 23,137 | $ | 7,660 | |||||||||||||||||||||||
Ratio of net expenses to average net assets |
0.86 | %(d) | 0.86 | % | 0.86 | % | 0.86 | % | 0.86 | % | 0.90 | % | |||||||||||||||||||||||
Ratio of total expenses to average net assets |
0.95 | %(d) | 0.98 | % | 0.98 | % | 1.09 | % | 1.33 | % | 1.31 | % | |||||||||||||||||||||||
Ratio of net investment income to average net assets |
1.79 | %(d) | 1.91 | %(b) | 1.77 | % | 1.20 | % | 0.72 | % | 1.49 | % | |||||||||||||||||||||||
Portfolio turnover rate(e) |
28 | % | 23 | % | 35 | % | 39 | % | 55 | % | 41 | % | |||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.08% of average net assets. |
(c) | Assumes investment at the NAV at the beginning of the 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 INTERNATIONAL EQUITY ESG FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
International Equity ESG Fund | |||||||||||||||||||||||||||||||||||
Service Shares | |||||||||||||||||||||||||||||||||||
Six Months Ended (Unaudited)
|
Year Ended October 31,
|
||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 24.65 | $ | 22.38 | $ | 31.63 | $ | 22.00 | $ | 21.63 | $ | 18.70 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.17 | 0.40 | (b) | 0.32 | 0.17 | 0.01 | 0.28 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
3.35 | 2.02 | (7.71 | ) | 9.46 | 0.70 | 2.88 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total from investment operations |
3.52 | 2.42 | (7.39 | ) | 9.63 | 0.71 | 3.16 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.31 | ) | (0.15 | ) | (0.38 | ) | | (0.34 | ) | (0.23 | ) | ||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| | (1.48 | ) | | | | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total distributions |
(0.31 | ) | (0.15 | ) | (1.86 | ) | | (0.34 | ) | (0.23 | ) | ||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 27.86 | $ | 24.65 | $ | 22.38 | $ | 31.63 | $ | 22.00 | $ | 21.63 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total Return(c) |
14.37 | % | 10.83 | % | (24.64 | )% | 43.90 | % | 3.16 | % | 17.20 | % | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 959 | $ | 893 | $ | 575 | $ | 260 | $ | 4 | $ | 4 | |||||||||||||||||||||||
Ratio of net expenses to average net assets |
1.36 | %(d) | 1.36 | % | 1.36 | % | 1.36 | % | 1.34 | % | 1.36 | % | |||||||||||||||||||||||
Ratio of total expenses to average net assets |
1.45 | %(d) | 1.48 | % | 1.48 | % | 1.58 | % | 1.79 | % | 1.75 | % | |||||||||||||||||||||||
Ratio of net investment income to average net assets |
1.22 | %(d) | 1.52 | %(b) | 1.27 | % | 0.57 | % | 0.07 | % | 1.44 | % | |||||||||||||||||||||||
Portfolio turnover rate(e) |
28 | % | 23 | % | 35 | % | 39 | % | 55 | % | 41 | % | |||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.08% of average net assets. |
(c) | Assumes investment at the NAV at the beginning of the 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. | 73 |
GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
International Equity ESG Fund | |||||||||||||||||||||||||||||||||||
Investor Shares | |||||||||||||||||||||||||||||||||||
Six Months Ended (Unaudited) |
Year Ended October 31,
|
||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 24.12 | $ | 21.88 | $ | 30.85 | $ | 21.41 | $ | 21.06 | $ | 18.20 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.22 | 0.50 | (b) | 0.46 | 0.34 | 0.09 | 0.36 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
3.28 | 1.97 | (7.55 | ) | 9.17 | 0.68 | 2.78 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total from investment operations |
3.50 | 2.47 | (7.09 | ) | 9.51 | 0.77 | 3.14 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.43 | ) | (0.23 | ) | (0.40 | ) | (0.07 | ) | (0.42 | ) | (0.28 | ) | |||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| | (1.48 | ) | | | | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total distributions |
(0.43 | ) | (0.23 | ) | (1.88 | ) | (0.07 | ) | (0.42 | ) | (0.28 | ) | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 27.19 | $ | 24.12 | $ | 21.88 | $ | 30.85 | $ | 21.41 | $ | 21.06 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total Return(c) |
14.59 | % | 11.31 | % | (24.30 | )% | 44.52 | % | 3.56 | % | 17.64 | % | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 115,658 | $ | 109,162 | $ | 78,730 | $ | 31,735 | $ | 1,298 | $ | 492 | |||||||||||||||||||||||
Ratio of net expenses to average net assets |
0.92 | %(d) | 0.93 | % | 0.93 | % | 0.93 | % | 0.95 | % | 1.00 | % | |||||||||||||||||||||||
Ratio of total expenses to average net assets |
1.06 | %(d) | 1.10 | % | 1.10 | % | 1.20 | % | 1.44 | % | 1.44 | % | |||||||||||||||||||||||
Ratio of net investment income to average net assets |
1.65 | %(d) | 1.93 | %(b) | 1.86 | % | 1.15 | % | 0.44 | % | 1.87 | % | |||||||||||||||||||||||
Portfolio turnover rate(e) |
28 | % | 23 | % | 35 | % | 39 | % | 55 | % | 41 | % | |||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.08% of average net assets. |
(c) | Assumes investment at the NAV at the beginning of the 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. |
74 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
International Equity ESG Fund | |||||||||||||||||||||||||||||||||||
Class R6 Shares | |||||||||||||||||||||||||||||||||||
Six Months Ended April 30, 2024 (Unaudited) |
Year Ended October 31, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 24.15 | $ | 21.90 | $ | 30.87 | $ | 21.41 | $ | 21.06 | $ | 18.23 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.23 | 0.51 | (b) | 0.44 | 0.36 | 0.14 | 0.45 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
3.28 | 1.99 | (7.53 | ) | 9.17 | 0.64 | 2.71 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total from investment operations |
3.51 | 2.50 | (7.09 | ) | 9.53 | 0.78 | 3.16 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.45 | ) | (0.25 | ) | (0.40 | ) | (0.07 | ) | (0.43 | ) | (0.33 | ) | |||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| | (1.48 | ) | | | | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total distributions |
(0.45 | ) | (0.25 | ) | (1.88 | ) | (0.07 | ) | (0.43 | ) | (0.33 | ) | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 27.21 | $ | 24.15 | $ | 21.90 | $ | 30.87 | $ | 21.41 | $ | 21.06 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total Return(c) |
14.66 | % | 11.42 | % | (24.27 | )% | 44.65 | % | 3.63 | % | 17.76 | % | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 97,400 | $ | 86,937 | $ | 50,922 | $ | 15,095 | $ | 1,981 | $ | 470 | |||||||||||||||||||||||
Ratio of net expenses to average net assets |
0.85 | %(d) | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.90 | % | |||||||||||||||||||||||
Ratio of total expenses to average net assets |
0.94 | %(d) | 0.97 | % | 0.97 | % | 1.08 | % | 1.32 | % | 1.31 | % | |||||||||||||||||||||||
Ratio of net investment income to average net assets |
1.71 | %(d) | 1.96 | %(b) | 1.81 | % | 1.23 | % | 0.69 | % | 2.35 | % | |||||||||||||||||||||||
Portfolio turnover rate(e) |
28 | % | 23 | % | 35 | % | 39 | % | 55 | % | 41 | % | |||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.08% of average net assets. |
(c) | Assumes investment at the NAV at the beginning of the 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. | 75 |
GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
International Equity ESG Fund | |||||||||||||||||||||||||||||||||||
Class P Shares | |||||||||||||||||||||||||||||||||||
Six Months Ended April 30, 2024 (Unaudited) |
Year Ended October 31, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 24.16 | $ | 21.91 | $ | 30.87 | $ | 21.42 | $ | 21.05 | $ | 18.23 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.23 | 0.50 | (b) | 0.39 | 0.33 | 0.11 | 0.36 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
3.28 | 1.99 | (7.47 | ) | 9.19 | 0.69 | 2.79 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total from investment operations |
3.51 | 2.49 | (7.08 | ) | 9.52 | 0.80 | 3.15 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.45 | ) | (0.24 | ) | (0.40 | ) | (0.07 | ) | (0.43 | ) | (0.33 | ) | |||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| | (1.48 | ) | | | | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total distributions |
(0.45 | ) | (0.24 | ) | (1.88 | ) | (0.07 | ) | (0.43 | ) | (0.33 | ) | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 27.22 | $ | 24.16 | $ | 21.91 | $ | 30.87 | $ | 21.42 | $ | 21.05 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total Return(c) |
14.64 | % | 11.39 | % | (24.25 | )% | 44.64 | % | 3.67 | % | 17.73 | % | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 93,475 | $ | 95,559 | $ | 89,831 | $ | 132,657 | $ | 64,838 | $ | 68,987 | |||||||||||||||||||||||
Ratio of net expenses to average net assets |
0.85 | %(d) | 0.85 | % | 0.85 | % | 0.85 | % | 0.86 | % | 0.89 | % | |||||||||||||||||||||||
Ratio of total expenses to average net assets |
0.94 | %(d) | 0.97 | % | 0.98 | % | 1.09 | % | 1.30 | % | 1.29 | % | |||||||||||||||||||||||
Ratio of net investment income to average net assets |
1.70 | %(d) | 1.93 | %(b) | 1.52 | % | 1.16 | % | 0.55 | % | 1.88 | % | |||||||||||||||||||||||
Portfolio turnover rate(e) |
28 | % | 23 | % | 35 | % | 39 | % | 55 | % | 41 | % | |||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.08% of average net assets. |
(c) | Assumes investment at the NAV at the beginning of the 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. |
76 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
International Equity Income Fund | |||||||||||||||||||||||||||||||||||
Class A Shares | |||||||||||||||||||||||||||||||||||
Six Months Ended April 30, 2024 (Unaudited) |
Year Ended October 31, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 14.42 | $ | 12.47 | $ | 15.13 | $ | 11.54 | $ | 13.50 | $ | 13.25 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.22 | 0.43 | 0.39 | 0.39 | 0.23 | 0.37 | |||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
2.11 | 1.87 | (2.64 | ) | 3.53 | (1.69 | ) | 1.53 | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total from investment operations |
2.33 | 2.30 | (2.25 | ) | 3.92 | (1.46 | ) | 1.90 | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.15 | ) | (0.34 | ) | (0.41 | ) | (0.33 | ) | (0.50 | ) | (0.36 | ) | |||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| (0.01 | ) | | | | (1.29 | ) | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total distributions |
(0.15 | ) | (0.35 | ) | (0.41 | ) | (0.33 | ) | (0.50 | ) | (1.65 | ) | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 16.60 | $ | 14.42 | $ | 12.47 | $ | 15.13 | $ | 11.54 | $ | 13.50 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total Return(b) |
16.20 | % | 18.38 | % | (15.16 | )% | 34.07 | % | (11.23 | )% | (16.95 | )% | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 69,246 | $ | 68,183 | $ | 32,121 | $ | 20,086 | $ | 13,669 | $ | 16,711 | |||||||||||||||||||||||
Ratio of net expenses to average net assets |
1.16 | %(c) | 1.19 | % | 1.19 | % | 1.20 | % | 1.23 | % | 1.25 | % | |||||||||||||||||||||||
Ratio of total expenses to average net assets |
1.26 | %(c) | 1.29 | % | 1.42 | % | 1.69 | % | 1.92 | % | 2.16 | % | |||||||||||||||||||||||
Ratio of net investment income to average net assets |
2.83 | %(c) | 2.86 | % | 2.80 | % | 2.71 | % | 1.87 | % | 2.99 | % | |||||||||||||||||||||||
Portfolio turnover rate(d) |
19 | % | 18 | % | 12 | % | 28 | % | 51 | % | 27 | % | |||||||||||||||||||||||
|
(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. | 77 |
GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
International Equity Income Fund | |||||||||||||||||||||||||||||||||||
Class C Shares | |||||||||||||||||||||||||||||||||||
Six Months Ended April 30, 2024 (Unaudited) |
Year Ended October 31, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 12.51 | $ | 10.87 | $ | 13.24 | $ | 10.14 | $ | 11.89 | $ | 11.88 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.15 | 0.26 | 0.24 | 0.25 | 0.13 | 0.25 | |||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
1.82 | 1.66 | (2.30 | ) | 3.09 | (1.50 | ) | 1.34 | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total from investment operations |
1.97 | 1.92 | (2.06 | ) | 3.34 | (1.37 | ) | 1.59 | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.10 | ) | (0.27 | ) | (0.31 | ) | (0.24 | ) | (0.38 | ) | (0.29 | ) | |||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| (0.01 | ) | | | | (1.29 | ) | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total distributions |
(0.10 | ) | (0.28 | ) | (0.31 | ) | (0.24 | ) | (0.38 | ) | (1.58 | ) | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 14.38 | $ | 12.51 | $ | 10.87 | $ | 13.24 | $ | 10.14 | $ | 11.89 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total Return(b) |
15.73 | % | 17.52 | % | (15.76 | )% | 33.02 | % | (11.88 | )% | 16.01 | % | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 4,828 | $ | 3,899 | $ | 1,653 | $ | 2,149 | $ | 1,514 | $ | 1,638 | |||||||||||||||||||||||
Ratio of net expenses to average net assets |
1.91 | %(c) | 1.94 | % | 1.94 | % | 1.95 | % | 1.97 | % | 2.00 | % | |||||||||||||||||||||||
Ratio of total expenses to average net assets |
2.01 | %(c) | 2.04 | % | 2.19 | % | 2.44 | % | 2.67 | % | 2.91 | % | |||||||||||||||||||||||
Ratio of net investment income to average net assets |
2.27 | %(c) | 2.04 | % | 1.92 | % | 1.92 | % | 1.19 | % | 2.24 | % | |||||||||||||||||||||||
Portfolio turnover rate(d) |
19 | % | 18 | % | 12 | % | 28 | % | 51 | % | 27 | % | |||||||||||||||||||||||
|
(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. |
78 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
International Equity Income Fund | |||||||||||||||||||||||||||||||||||
Institutional Shares | |||||||||||||||||||||||||||||||||||
Six Months Ended April 30, 2024 (Unaudited)
|
Year Ended October 31, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 15.32 | $ | 13.22 | $ | 16.01 | $ | 12.20 | $ | 14.26 | $ | 13.88 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.29 | 0.50 | 0.41 | 0.47 | 0.31 | 0.42 | |||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
2.22 | 1.99 | (2.75 | ) | 3.71 | (1.80 | ) | 1.63 | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total from investment operations |
2.51 | 2.49 | (2.34 | ) | 4.18 | (1.49 | ) | 2.05 | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.17 | ) | (0.38 | ) | (0.45 | ) | (0.37 | ) | (0.57 | ) | (0.38 | ) | |||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| (0.01 | ) | | | | (1.29 | ) | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total distributions |
(0.17 | ) | (0.39 | ) | (0.45 | ) | (0.37 | ) | (0.57 | ) | (1.67 | ) | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 17.66 | $ | 15.32 | $ | 13.22 | $ | 16.01 | $ | 12.20 | $ | 14.26 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total Return(b) |
16.41 | % | 18.80 | % | (14.87 | )% | 34.45 | % | (10.86 | )% | 17.29 | % | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 863,219 | $ | 615,042 | $ | 207,340 | $ | 24,118 | $ | 10,051 | $ | 5,232 | |||||||||||||||||||||||
Ratio of net expenses to average net assets |
0.83 | %(c) | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.88 | % | |||||||||||||||||||||||
Ratio of total expenses to average net assets |
0.89 | %(c) | 0.92 | % | 1.03 | % | 1.30 | % | 1.55 | % | 1.79 | % | |||||||||||||||||||||||
Ratio of net investment income to average net assets |
3.49 | %(c) | 3.17 | % | 2.87 | % | 3.05 | % | 2.36 | % | 3.13 | % | |||||||||||||||||||||||
Portfolio turnover rate(d) |
19 | % | 18 | % | 12 | % | 28 | % | 51 | % | 27 | % | |||||||||||||||||||||||
|
(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. | 79 |
GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
International Equity Income Fund | |||||||||||||||||||||||||||||||||||
Investor Shares | |||||||||||||||||||||||||||||||||||
Six Months Ended April 30, 2024 (Unaudited)
|
Year Ended October 31, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 14.39 | $ | 12.44 | $ | 15.09 | $ | 11.52 | $ | 13.51 | $ | 13.25 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.26 | 0.46 | 0.40 | 0.42 | 0.29 | 0.34 | |||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
2.09 | 1.88 | (2.61 | ) | 3.51 | (1.72 | ) | 1.59 | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total from investment operations |
2.35 | 2.34 | (2.21 | ) | 3.93 | (1.43 | ) | 1.93 | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.17 | ) | (0.38 | ) | (0.44 | ) | (0.36 | ) | (0.56 | ) | (0.38 | ) | |||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| (0.01 | ) | | | | (1.29 | ) | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total distributions |
(0.17 | ) | (0.39 | ) | (0.44 | ) | (0.36 | ) | (0.56 | ) | (1.67 | ) | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 16.57 | $ | 14.39 | $ | 12.44 | $ | 15.09 | $ | 11.52 | $ | 13.51 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total Return(b) |
16.39 | % | 18.70 | % | (14.91 | )% | 34.25 | % | (10.99 | )% | 17.21 | % | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 354,775 | $ | 285,524 | $ | 60,051 | $ | 20,450 | $ | 8,958 | $ | 3,515 | |||||||||||||||||||||||
Ratio of net expenses to average net assets |
0.91 | %(c) | 0.94 | % | 0.94 | % | 0.95 | % | 0.98 | % | 1.09 | % | |||||||||||||||||||||||
Ratio of total expenses to average net assets |
1.01 | %(c) | 1.04 | % | 1.16 | % | 1.43 | % | 1.71 | % | 1.98 | % | |||||||||||||||||||||||
Ratio of net investment income to average net assets |
3.28 | %(c) | 3.07 | % | 2.95 | % | 2.92 | % | 2.39 | % | 2.67 | % | |||||||||||||||||||||||
Portfolio turnover rate(d) |
19 | % | 18 | % | 12 | % | 28 | % | 51 | % | 27 | % | |||||||||||||||||||||||
|
(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. |
80 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
International Equity Income Fund | |||||||||||||||||||||||||||||||||||
Class R6 Shares | |||||||||||||||||||||||||||||||||||
Six Months Ended April 30, 2024 (Unaudited)
|
Year Ended October 31, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 15.30 | $ | 13.20 | $ | 15.99 | $ | 12.18 | $ | 14.25 | $ | 13.87 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.29 | 0.51 | 0.42 | 0.47 | 0.28 | 0.49 | |||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
2.21 | 1.99 | (2.76 | ) | 3.72 | (1.78 | ) | 1.57 | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total from investment operations |
2.50 | 2.50 | (2.34 | ) | 4.19 | (1.50 | ) | 2.06 | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.17 | ) | (0.39 | ) | (0.45 | ) | (0.38 | ) | (0.57 | ) | (0.39 | ) | |||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| (0.01 | ) | | | | (1.29 | ) | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total distributions |
(0.17 | ) | (0.40 | ) | (0.45 | ) | (0.38 | ) | (0.57 | ) | (1.68 | ) | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 17.63 | $ | 15.30 | $ | 13.20 | $ | 15.99 | $ | 12.18 | $ | 14.25 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total Return(b) |
16.44 | % | 18.83 | % | (14.89 | )% | 34.52 | % | (10.93 | )% | 17.41 | % | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 70,807 | $ | 51,429 | $ | 22,020 | $ | 6,050 | $ | 2,304 | $ | 332 | |||||||||||||||||||||||
Ratio of net expenses to average net assets |
0.82 | %(c) | 0.84 | % | 0.84 | % | 0.84 | % | 0.84 | % | 0.86 | % | |||||||||||||||||||||||
Ratio of total expenses to average net assets |
0.88 | %(c) | 0.92 | % | 1.03 | % | 1.29 | % | 1.59 | % | 1.80 | % | |||||||||||||||||||||||
Ratio of net investment income to average net assets |
3.45 | %(c) | 3.23 | % | 2.90 | % | 3.03 | % | 2.22 | % | 3.74 | % | |||||||||||||||||||||||
Portfolio turnover rate(d) |
19 | % | 18 | % | 12 | % | 28 | % | 51 | % | 27 | % | |||||||||||||||||||||||
|
(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. | 81 |
GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
International Equity Income Fund |
|||||||||||||||||||||||||||||||||||
Class R Shares | |||||||||||||||||||||||||||||||||||
Six Months Ended April 30, 2024 (Unaudited)
|
Year Ended October 31, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 14.50 | $ | 12.53 | $ | 15.19 | $ | 11.60 | $ | 13.55 | $ | 13.32 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.23 | 0.36 | 0.34 | 0.41 | 0.24 | 0.36 | |||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
2.09 | 1.92 | (2.64 | ) | 3.48 | (1.74 | ) | 1.52 | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total from investment operations |
2.32 | 2.28 | (2.30 | ) | 3.89 | (1.50 | ) | 1.88 | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.12 | ) | (0.30 | ) | (0.36 | ) | (0.30 | ) | (0.45 | ) | (0.36 | ) | |||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| (0.01 | ) | | | | (1.29 | ) | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total distributions |
(0.12 | ) | (0.31 | ) | (0.36 | ) | (0.30 | ) | (0.45 | ) | (1.65 | ) | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 16.70 | $ | 14.50 | $ | 12.53 | $ | 15.19 | $ | 11.60 | $ | 13.55 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total Return(b) |
16.09 | % | 18.14 | % | (15.36 | )% | 33.62 | % | (11.44 | )% | (16.63 | )% | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 1,010 | $ | 832 | $ | 514 | $ | 620 | $ | 173 | $ | 73 | |||||||||||||||||||||||
Ratio of net expenses to average net assets |
1.41 | %(c) | 1.44 | % | 1.44 | % | 1.44 | % | 1.48 | % | 1.50 | % | |||||||||||||||||||||||
Ratio of total expenses to average net assets |
1.51 | %(c) | 1.54 | % | 1.69 | % | 1.91 | % | 2.19 | % | 2.40 | % | |||||||||||||||||||||||
Ratio of net investment income to average net assets |
2.87 | %(c) | 2.42 | % | 2.39 | % | 2.79 | % | 1.96 | % | 2.90 | % | |||||||||||||||||||||||
Portfolio turnover rate(d) |
19 | % | 18 | % | 12 | % | 28 | % | 51 | % | 27 | % | |||||||||||||||||||||||
|
(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. |
82 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
International Equity Income Fund | |||||||||||||||||||||||||||||||||||
Class P Shares | |||||||||||||||||||||||||||||||||||
Six Months Ended April 30, 2024 (Unaudited)
|
Year Ended October 31, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 15.29 | $ | 13.20 | $ | 15.98 | $ | 12.17 | $ | 14.23 | $ | 13.86 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.28 | 0.50 | 0.44 | 0.47 | 0.30 | 0.44 | |||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
2.22 | 1.98 | (2.77 | ) | 3.72 | (1.79 | ) | 1.61 | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total from investment operations |
2.50 | 2.48 | (2.33 | ) | 4.19 | (1.49 | ) | 2.05 | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.17 | ) | (0.38 | ) | (0.45 | ) | (0.38 | ) | (0.57 | ) | (0.39 | ) | |||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| (0.01 | ) | | | | (1.29 | ) | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total distributions |
(0.17 | ) | (0.39 | ) | (0.45 | ) | (0.38 | ) | (0.57 | ) | (1.68 | ) | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 17.62 | $ | 15.29 | $ | 13.20 | $ | 15.98 | $ | 12.17 | $ | 14.23 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total Return(b) |
16.45 | % | 18.84 | % | (14.90 | )% | 34.55 | % | (10.89 | )% | 17.34 | % | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 55,696 | $ | 49,599 | $ | 33,413 | $ | 28,616 | $ | 20,799 | $ | 32,643 | |||||||||||||||||||||||
Ratio of net expenses to average net assets |
0.82 | %(c) | 0.84 | % | 0.84 | % | 0.84 | % | 0.84 | % | 0.85 | % | |||||||||||||||||||||||
Ratio of total expenses to average net assets |
0.89 | %(c) | 0.92 | % | 1.06 | % | 1.32 | % | 1.51 | % | 1.76 | % | |||||||||||||||||||||||
Ratio of net investment income to average net assets |
3.32 | %(c) | 3.21 | % | 2.95 | % | 3.05 | % | 2.33 | % | 3.37 | % | |||||||||||||||||||||||
Portfolio turnover rate(d) |
19 | % | 18 | % | 12 | % | 28 | % | 51 | % | 27 | % | |||||||||||||||||||||||
|
(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. | 83 |
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
1. ORGANIZATION |
Goldman Sachs Trust (the Trust) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the Act), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the Funds or individually a Fund), along with their corresponding share classes and respective diversification status under the Act:
Fund | Share Classes Offered | Diversified/ Non-Diversified | ||
Goldman Sachs China Equity Fund | A, C, Institutional, Investor, R6 and P |
Diversified | ||
Goldman Sachs Emerging Markets Equity Fund | A, C, Institutional, Service, Investor, R6 and P |
Non-Diversified | ||
Goldman Sachs Emerging Markets Equity ex. China Fund | A, C, Institutional, Investor, R6, R and P |
Non-Diversified | ||
Goldman Sachs ESG Emerging Markets Equity Fund | A, C, Institutional, Investor, R6, R and P |
Non-Diversified | ||
Goldman Sachs International Equity ESG Fund | A, C, Institutional, Service, Investor, R6 and P |
Diversified | ||
Goldman Sachs International Equity Income Fund | 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. 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
84 |
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
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 | ||
China Equity Fund | Annually | Annually | ||
Emerging Markets Equity Fund | Annually | Annually | ||
Emerging Markets Equity ex. China Fund | Annually | Annually | ||
ESG Emerging Markets Equity Fund | Annually | Annually | ||
International Equity ESG Fund | Annually | Annually | ||
International Equity Income Fund | 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:
85 |
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited) |
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
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. With respect to the Funds investments that do not have readily available market quotations, the Trustees have designated GSAM as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the Valuation Designee). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.
A. Level 1 and Level 2 Fair Value Investments The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:
Equity Securities Equity securities traded on a United States (U.S.) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.
Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under the Valuation Procedures and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.
Underlying Funds (including Money Market Funds) Underlying funds (Underlying Funds) include exchange-traded funds (ETFs) and other investment companies. Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds shares will correspondingly fluctuate in value. 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.
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,
86 |
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
if any, is reported separately on the Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a 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.
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 the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a 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, 2024:
China Equity Fund | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
|
||||||||||||
Assets |
||||||||||||
Common Stock and/or Other Equity Investments(a) |
||||||||||||
Asia |
$ | 3,949,658 | $ | 32,865,710 | $ | | ||||||
Investment Company |
22,669 | | | |||||||||
|
||||||||||||
Total |
$ | 3,972,327 | $ | 32,865,710 | $ | | ||||||
|
87 |
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited) |
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
Emerging Markets Equity Fund | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
|
||||||||||||
Assets |
||||||||||||
Common Stock and/or Other Equity Investments(a) |
||||||||||||
Africa |
$ | 37,317,510 | $ | 12,644,099 | $ | | ||||||
Asia |
102,474,247 | 2,080,782,260 | | |||||||||
Europe |
65,122,810 | 55,458,264 | | |||||||||
North America |
111,040,592 | 19,173,409 | | |||||||||
South America |
164,977,128 | 19,187,058 | | |||||||||
Securities Lending Reinvestment Vehicle |
7,448,350 | | | |||||||||
|
||||||||||||
Total |
$ | 488,380,637 | $ | 2,187,245,090 | $ | | ||||||
|
||||||||||||
Emerging Markets Equity ex. China Fund | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
|
||||||||||||
Assets |
||||||||||||
Common Stock and/or Other Equity Investments(a) |
||||||||||||
Africa |
$ | 194,326 | $ | 28,666 | $ | | ||||||
Asia |
304,479 | 8,138,702 | | |||||||||
Europe |
325,121 | 298,274 | | |||||||||
North America |
660,158 | | | |||||||||
South America |
941,658 | 117,777 | | |||||||||
|
||||||||||||
Total |
$ | 2,425,742 | $ | 8,583,419 | $ | | ||||||
|
||||||||||||
ESG Emerging Markets Equity Fund | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
|
||||||||||||
Assets |
||||||||||||
Common Stock and/or Other Equity Investments(a) |
||||||||||||
Africa |
$ | 423,156 | $ | 131,333 | $ | | ||||||
Asia |
1,038,534 | 17,736,028 | | |||||||||
Europe |
634,002 | 136,593 | | |||||||||
North America |
975,208 | | | |||||||||
South America |
1,230,507 | 210,774 | | |||||||||
Investment Company |
296,308 | | | |||||||||
|
||||||||||||
Total |
$ | 4,597,715 | $ | 18,214,728 | $ | | ||||||
|
||||||||||||
International Equity ESG Fund | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
|
||||||||||||
Assets |
||||||||||||
Common Stock and/or Other Equity Investments(a) |
||||||||||||
Asia |
$ | 21,651,376 | $ | 239,925,917 | $ | | ||||||
Europe |
| 669,207,745 | | |||||||||
North America |
| 122,439,106 | | |||||||||
Investment Company |
21,829,473 | | | |||||||||
Securities Lending Reinvestment Vehicle |
18,450,680 | | | |||||||||
|
||||||||||||
Total |
$ | 61,931,529 | $ | 1,031,572,768 | $ | | ||||||
|
88 |
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
International Equity Income Fund | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
|
||||||||||||
Assets |
||||||||||||
Common Stock and/or Other Equity Investments(a) |
||||||||||||
Asia |
$ | | $ | 218,149,419 | $ | | ||||||
Europe |
42,824,460 | 726,996,131 | | |||||||||
North America |
| 305,397,705 | | |||||||||
Oceania |
| 85,184,538 | | |||||||||
Investment Company |
37,156,654 | | | |||||||||
|
||||||||||||
Total |
$ | 79,981,114 | $ | 1,335,727,793 | $ | | ||||||
|
(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. INVESTMENTS IN DERIVATIVES |
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, 2024. 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:
China Equity Fund | ||||||||||
Risk | Statement of Operations | Net Realized Gain (Loss) |
Net Change in Unrealized Gain (Loss) |
|||||||
Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on Update condition | $ | 19,019 | $ | | |||||
International Equity ESG Fund | ||||||||||
Risk | Statement of Operations | Net Realized Gain (Loss) |
Net Change in Gain (Loss) |
|||||||
Currency | Net realized gain (loss) from forward currency exchange contracts/Net change in unrealized gain (loss) on forward currency exchange contracts | 190 | | |||||||
International Equity Income Fund | ||||||||||
Risk | Statement of Operations | Net Realized Gain (Loss) |
Net Change in Gain (Loss) |
|||||||
Currency | Net realized gain (loss) from forward currency exchange contracts/Net change in unrealized gain (loss) on forward currency exchange contracts | (18,812 | ) | |
89 |
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited)
|
4. INVESTMENTS IN DERIVATIVES (continued) |
For the six months ended April 30, 2024, the relevant values for each derivative type were as follows:
Average number of Contracts or Notional Amounts(a) | ||||||
|
| |||||
Fund | Futures Contracts | Forward Contracts | ||||
| ||||||
China Equity Fund |
26 | | ||||
| ||||||
International Equity ESG Fund |
| 23,607,522 | ||||
| ||||||
International Equity Income Fund |
| 3,947,415 | ||||
|
(a) | Amounts disclosed represent average number of futures contracts, and notional amounts for forward contracts, 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, 2024. |
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, 2024, 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 Rate^ | |||||||
| ||||||||||||||
China Equity Fund |
1.00% | 0.90% | 0.86% | 0.84% | 0.82% | 1.00% | 1.00% | |||||||
| ||||||||||||||
Emerging Markets Equity Fund |
1.02 | 1.02 | 0.92 | 0.87 | 0.85 | 0.99 | 0.90(1) | |||||||
| ||||||||||||||
Emerging Markets Equity ex. China Fund |
0.90 | 0.90 | 0.81 | 0.77 | 0.75 | 0.90 | 0.90 | |||||||
| ||||||||||||||
ESG Emerging Markets Equity Fund |
0.98 | 0.98 | 0.88 | 0.84 | 0.82 | 0.98 | 0.91(2) | |||||||
| ||||||||||||||
International Equity ESG Fund |
0.85 | 0.77 | 0.73 | 0.71 | 0.70 | 0.85 | 0.82(3) | |||||||
| ||||||||||||||
International Equity Income Fund |
0.80 | 0.72 | 0.68 | 0.67 | 0.66 | 0.78 | 0.78 | |||||||
|
^ | Effective Net Management Rate includes the impact of management fee waivers of affiliated Underlying Funds, if any. The Effective Net Management Rate may not correlate to the Contractual Management Rate as a result of management fee waivers that may be in effect from time to time. |
(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, 2025, and prior to such date GSAM may not terminate the arrangement without approval of the Trustees. |
(2) | GSAM agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.91% as an annual percentage of average daily net assets of the Fund. This waiver will be effective through at least February 28, 2025, 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, 2025, 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, 2024, GSAM waived $226, $6,098, $29, $171, $12,102 and $26,807 of the China Equity, Emerging Markets Equity, Emerging Markets Equity ex. China, ESG Emerging Markets Equity, International Equity ESG and International Equity Income Funds management fees, respectively.
90 |
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
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 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. |
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, 2024, Goldman Sachs retained the following amounts:
Front End Sales Charge
|
Contingent Deferred Sales Charge
|
|||||||
Fund | Class A | Class C | ||||||
|
||||||||
China Equity Fund |
$ | 26 | $ | | ||||
|
||||||||
Emerging Markets Equity Fund |
649 | | ||||||
|
||||||||
International Equity ESG Fund |
1,013 | 117 | ||||||
|
||||||||
International Equity Income Fund |
4,005 | | ||||||
|
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
91 |
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited) |
5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
as follows: 0.15% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional and Service Shares.
For the six months ended April 30, 2024, the transfer agency fee waivers were as follows:
China Equity Fund | Emerging Markets Equity Fund |
Emerging Markets Equity ex. China Fund |
ESG Emerging Markets Equity Fund |
International Equity ESG Fund |
International Equity Income Fund | |||||||
| ||||||||||||
Transfer Agency Waivers (Class A, Class C, Investor, and Class R Shares) * | %(a) | 0.06% | 0.01%(b) | 0.05% | 0.05% | 0.03% | ||||||
|
* | These arrangements will remain in effect through at least February 28, 2025, 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, 2024, the waiver was 0.04%. |
(b) | Prior to February 28, 2024, the waiver was 0.00%. |
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, Emerging Markets Equity ex. China, ESG Emerging Markets Equity, International Equity ESG and International Equity Income Funds are 0.054%, 0.104%, 0.124%, 0.124%, 0.004% and 0.014%, respectively. These Other Expense limitations will remain in place through at least February 28, 2025 and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. Prior to February 28, 2024, the Other Expense limitation was 0.114% for China Equity. 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, 2024, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:
Fund | Management Fee Waiver |
Transfer Agency Waiver/Credits |
Other Expense Reimbursements |
Total Expense Reductions | ||||||||||||
|
||||||||||||||||
China Equity Fund |
$ | 226 | $ | 1,236 | $ | 152,376 | $ | 153,838 | ||||||||
|
||||||||||||||||
Emerging Markets Equity Fund |
1,269,176 | 66,255 | 3,699 | 1,339,130 | ||||||||||||
|
||||||||||||||||
Emerging Markets Equity ex. China Fund |
29 | 5 | 174,859 | 174,893 | ||||||||||||
|
||||||||||||||||
ESG Emerging Markets Equity Fund |
8,329 | 688 | 168,928 | 177,945 | ||||||||||||
|
||||||||||||||||
International Equity ESG Fund |
144,467 | 59,790 | 287,594 | 491,851 | ||||||||||||
|
||||||||||||||||
International Equity Income Fund |
26,807 | 60,331 | 360,136 | 447,274 | ||||||||||||
|
G. Line of Credit Facility As of April 30, 2024, the Funds participated in a $1,150,000,000 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, 2024, the Funds did not have any borrowings under the facility. Prior to April 16, 2024 the facility was $1,110,000,000.
92 |
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
H. Other Transactions with Affiliates For the six months ended April 30, 2024, Goldman Sachs earned $303 and $3 in brokerage commissions from portfolio transactions, on behalf of the Emerging Markets Equity and ESG Emerging Markets Equity, respectively.
The following table provides information about the Funds investments in the Underlying Fund as of and for the six months ended April 30, 2024:
China Equity Fund |
| |||||||||||||||||||||||
Underlying Fund | Beginning value as of October 31, 2023 |
Purchases at Cost | Proceeds from Sales | Ending value as of April 30, 2024 |
Shares as of April 30, 2024 |
Dividend Income | ||||||||||||||||||
|
||||||||||||||||||||||||
Goldman Sachs Financial Square Government Fund - Institutional Shares |
|
|||||||||||||||||||||||
$ | 72,364 | $ | 7,897,057 | $ | (7,946,752 | ) | $ | 22,669 | 22,669 | $ | 7,545 | |||||||||||||
|
||||||||||||||||||||||||
Emerging Markets Equity Fund |
| |||||||||||||||||||||||
Underlying Fund | Beginning value as of October 31, 2023 |
Purchases at Cost | Proceeds from Sales | Ending value as of April 30, 2024 |
Shares as of April 30, 2024 |
Dividend Income | ||||||||||||||||||
|
||||||||||||||||||||||||
Goldman Sachs Financial Square Government Fund - Institutional Shares |
|
|||||||||||||||||||||||
| 243,676,486 | (243,676,486 | ) | | | 200,741 | ||||||||||||||||||
|
||||||||||||||||||||||||
Emerging Markets Equity ex. China Fund |
| |||||||||||||||||||||||
Underlying Fund | Beginning value as of October 31, 2023 |
Purchases at Cost | Proceeds from Sales | Ending value as of April 30, 2024 |
Shares as of April 30, 2024 |
Dividend Income | ||||||||||||||||||
|
||||||||||||||||||||||||
Goldman Sachs Financial Square Government Fund - Institutional Shares |
|
|||||||||||||||||||||||
29,365 | 1,044,221 | (1,073,586 | ) | | | 827 | ||||||||||||||||||
|
||||||||||||||||||||||||
ESG Emerging Markets Equity Fund |
| |||||||||||||||||||||||
Underlying Fund | Beginning value as of October 31, 2023 |
Purchases at Cost | Proceeds from Sales | Ending value as of April 30, 2024 |
Shares as of April 30, 2024 |
Dividend Income | ||||||||||||||||||
|
||||||||||||||||||||||||
Goldman Sachs Financial Square Government Fund - Institutional Shares |
|
|||||||||||||||||||||||
359,954 | 4,202,175 | (4,265,821 | ) | 296,308 | 296,308 | 5,590 | ||||||||||||||||||
|
||||||||||||||||||||||||
International Equity ESG Fund |
| |||||||||||||||||||||||
Underlying Fund | Beginning value as of October 31, 2023 |
Purchases at Cost | Proceeds from Sales | Ending value as of April 30, 2024 |
Shares as of April 30, 2024 |
Dividend Income | ||||||||||||||||||
|
||||||||||||||||||||||||
Goldman Sachs Financial Square Government Fund - Institutional Shares |
|
|||||||||||||||||||||||
15,842,119 | 219,064,241 | (213,076,887 | ) | 21,829,473 | 21,829,473 | 376,500 | ||||||||||||||||||
|
||||||||||||||||||||||||
International Equity Income Fund |
| |||||||||||||||||||||||
Underlying Fund | Beginning value as of October 31, 2023 |
Purchases at Cost | Proceeds from Sales | Ending value as of April 30, 2024 |
Shares as of April 30, 2024 |
Dividend Income | ||||||||||||||||||
|
||||||||||||||||||||||||
Goldman Sachs Financial Square Government Fund - Institutional Shares |
|
|||||||||||||||||||||||
15,186,704 | 320,614,284 | (298,644,334 | ) | 37,156,654 | 37,156,654 | 878,341 | ||||||||||||||||||
|
93 |
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited) |
5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
As of April 30, 2024, The Goldman Sachs Group, Inc. was the beneficial owner of the following Funds:
Fund | Class A | Class C | Class R | Class R6 | Institutional | Investor | ||||||||
| ||||||||||||||
China Equity Fund |
% | % | % | % | % | 5% | ||||||||
| ||||||||||||||
Emerging Markets Equity Fund |
| 9 | | | | | ||||||||
| ||||||||||||||
Emerging Markets Equity ex. China Fund |
71 | 100 | 100 | 100 | 83 | 100 | ||||||||
|
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, 2024, were as follows:
Fund | Purchases | Sales | ||||||
|
||||||||
China Equity Fund |
$ | 15,376,153 | $ | 27,306,314 | ||||
|
||||||||
Emerging Markets Equity Fund |
441,113,234 | 715,514,388 | ||||||
|
||||||||
Emerging Markets Equity ex. China Fund |
2,434,275 | 1,373,292 | ||||||
|
||||||||
ESG Emerging Markets Equity Fund |
4,233,003 | 9,828,108 | ||||||
|
||||||||
International Equity ESG Fund |
292,827,558 | 288,920,639 | ||||||
|
||||||||
International Equity Income Fund |
389,793,289 | 228,050,339 | ||||||
|
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. 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
94 |
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
7. SECURITIES LENDING (continued) |
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, 2024, are disclosed as Payable upon return of securities loaned on the Statements of Assets and Liabilities, where applicable.
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, 2024 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, 2024
|
||||||||||||
Fund | Earnings of GSAL Relating to Securities Loaned |
Amounts Received from Lending to Goldman Sachs |
Amounts Payable to Goldman Sachs Upon Return of Securities Loaned as of April 30, 2024 |
|||||||||
|
||||||||||||
Emerging Markets Equity Fund |
$ | 5,563 | $ | 7,136 | $ | | ||||||
|
||||||||||||
International Equity ESG Fund |
2,910 | 1,071 | | |||||||||
|
||||||||||||
International Equity Income Fund |
11,159 | 1,508 | | |||||||||
|
The following table provides information about the Funds investments in the Government Money Market Fund for the six months ended April 30, 2024.
Fund | Beginning value as of October 31, 2023 |
Purchases at Cost |
Proceeds from Sales |
Ending value as of April 30, 2024 |
||||||||||||
|
||||||||||||||||
Emerging Markets Equity Fund |
$ | 7,590,000 | $ | 40,464,798 | $ | (40,606,448 | ) | $ | 7,448,350 | |||||||
|
||||||||||||||||
International Equity ESG Fund |
| 79,763,660 | (61,312,980 | ) | 18,450,680 | |||||||||||
|
||||||||||||||||
International Equity Income Fund |
| 133,420,045 | (133,420,045 | ) | | |||||||||||
|
8. TAX INFORMATION |
As of the Funds most recent fiscal year end, October 31, 2023, the Funds capital loss carryforwards on a tax basis were as follows:
China Equity Fund | Emerging Markets Equity Fund |
Emerging Markets Equity ex. China Fund |
ESG Emerging Markets Equity Fund |
International Equity ESG Fund |
International Equity Income Fund |
|||||||||||||||||||
|
||||||||||||||||||||||||
Capital loss carryforwards: |
||||||||||||||||||||||||
Perpetual Short-Term |
$ | (17,032,647 | ) | $ | (479,193,131 | ) | $ | (103,660 | ) | $ | (35,099,294 | ) | $ | (4,520,910 | ) | $ | | |||||||
Perpetual Long-Term |
(21,902,881 | ) | (460,034,438 | ) | | (32,502,024 | ) | (25,475,155 | ) | (5,642,831) | ||||||||||||||
|
||||||||||||||||||||||||
Total capital loss carryforwards |
(38,935,528 | ) | (939,227,569 | ) | (103,660 | ) | (67,601,318 | ) | (29,996,065 | ) | (5,642,831) | |||||||||||||
|
95 |
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited) |
8. TAX INFORMATION (continued) |
As of April 30, 2024, the Funds aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
China Equity Fund | Emerging Markets Equity Fund |
Emerging Markets Equity ex. China Fund |
||||||||||||||
|
||||||||||||||||
Tax Cost |
$ | 38,818,803 | $ | 2,318,670,751 | $ | 9,503,704 | ||||||||||
|
||||||||||||||||
Gross unrealized gain |
5,417,355 | 634,196,108 | 1,914,594 | |||||||||||||
Gross unrealized loss |
(7,398,121 | ) | (277,241,132 | ) | (409,137 | ) | ||||||||||
|
||||||||||||||||
Net unrealized gain (loss) |
$ | (1,980,766 | ) | $ | 356,954,976 | $ | 1,505,457 | |||||||||
|
||||||||||||||||
ESG Emerging Markets Equity Fund |
International Equity ESG Fund |
International Equity Income Fund |
||||||||||||||
|
||||||||||||||||
Tax Cost |
$ | 20,697,217 | $ | 1,035,967,785 | $ | 1,284,331,198 | ||||||||||
|
||||||||||||||||
Gross unrealized gain |
4,004,622 | 128,145,006 | 157,839,118 | |||||||||||||
Gross unrealized loss |
(1,889,396 | ) | (70,608,494 | ) | (26,461,409 | ) | ||||||||||
|
||||||||||||||||
Net unrealized gain (loss) |
$ | 2,115,226 | $ | 57,536,512 | $ | 131,377,709 | ||||||||||
|
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 and underlying fund 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:
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 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.
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,
96 |
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
9. OTHER RISKS (continued) |
financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a 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.
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.
Liquidity Risk A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors interests because of unusual market conditions, declining prices of the securities sold, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect 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, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact a Fund and
97 |
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited) |
9. OTHER RISKS (continued) |
its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.
Mid-Cap and Small-Cap Risk Investments in mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.
Non-Diversification Risk Emerging Markets Equity, Emerging Markets Equity ex. China 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.
Sector Risk To the extent a Fund focuses its investments in securities of issuers in one or more sectors (such as the financial services or telecommunications sectors), the Fund may be subjected, to a greater extent than if its investments were diversified across different sectors, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that sector, such as: adverse economic, business, political, environmental or other 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.
98 |
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
12. SUMMARY OF SHARE TRANSACTIONS |
Share activity is as follows:
China Equity Fund
|
||||||||||||||||
For the Six Months Ended April 30, 2024 (Unaudited) |
For the Fiscal Year Ended October 31, 2023 |
|||||||||||||||
|
|
|||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|||||||||||||||
Class A Shares |
||||||||||||||||
Shares sold |
232,529 | $ | 3,953,842 | 522,132 | $ | 11,471,241 | ||||||||||
Reinvestment of distributions |
4,481 | 76,127 | | | ||||||||||||
Shares redeemed |
(310,362 | ) | (5,319,824 | ) | (598,072 | ) | (13,094,268) | |||||||||
|
||||||||||||||||
(73,352 | ) | (1,289,855 | ) | (75,940 | ) | (1,623,027) | ||||||||||
|
||||||||||||||||
Class C Shares |
||||||||||||||||
Shares sold |
23,236 | 337,695 | 11,389 | 203,717 | ||||||||||||
Reinvestment of distributions |
57 | 838 | | | ||||||||||||
Shares redeemed |
(26,101 | ) | (382,775 | ) | (30,345 | ) | (515,271) | |||||||||
|
||||||||||||||||
(2,808 | ) | (44,242 | ) | (18,956 | ) | (311,554) | ||||||||||
|
||||||||||||||||
Institutional Shares |
||||||||||||||||
Shares sold |
112,961 | 2,036,563 | 103,103 | 2,374,978 | ||||||||||||
Reinvestment of distributions |
4,205 | 77,290 | 884 | 20,319 | ||||||||||||
Shares redeemed |
(92,699 | ) | (1,738,516 | ) | (220,681 | ) | (4,918,187) | |||||||||
|
||||||||||||||||
24,467 | 375,337 | (116,694 | ) | (2,522,890) | ||||||||||||
|
||||||||||||||||
Investor Shares |
||||||||||||||||
Shares sold |
859 | 15,268 | 3,861 | 91,757 | ||||||||||||
Reinvestment of distributions |
73 | 1,342 | 27 | 623 | ||||||||||||
Shares redeemed |
(8,023 | ) | (148,600 | ) | (7,101 | ) | (151,354) | |||||||||
|
||||||||||||||||
(7,091 | ) | (131,990 | ) | (3,213 | ) | (58,974) | ||||||||||
|
||||||||||||||||
Class R6 Shares |
||||||||||||||||
Shares sold |
3,159 | 59,223 | 8,701 | 195,854 | ||||||||||||
Reinvestment of distributions |
366 | 6,706 | 113 | 2,578 | ||||||||||||
Shares redeemed |
(12,232 | ) | (228,763 | ) | (16,014 | ) | (347,809) | |||||||||
|
||||||||||||||||
(8,707 | ) | (162,834 | ) | (7,200 | ) | (149,377) | ||||||||||
|
||||||||||||||||
Class P Shares |
||||||||||||||||
Shares sold |
543 | 9,416 | 118,908 | 2,416,761 | ||||||||||||
Reinvestment of distributions |
19,788 | 362,518 | 5,118 | 117,257 | ||||||||||||
Shares redeemed |
(579,650 | ) | (10,744,754 | ) | (526,005 | ) | (12,038,401) | |||||||||
|
||||||||||||||||
(559,319 | ) | (10,372,820 | ) | (401,979 | ) | (9,504,383) | ||||||||||
|
||||||||||||||||
NET DECREASE IN SHARES |
(626,810 | ) | $ | (11,626,404 | ) | (623,982 | ) | $ | (14,170,205) | |||||||
|
99 |
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited) |
12. SUMMARY OF SHARE TRANSACTIONS (continued) |
Emerging Markets Equity Fund
|
||||||||||||||||
For the Six Months Ended April 30, 2024 (Unaudited) |
For the Fiscal Year Ended October 31, 2023 |
|||||||||||||||
|
|
|||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|||||||||||||||
Class A Shares |
||||||||||||||||
Shares sold |
1,061,850 | $ | 21,085,817 | 2,218,109 | $ | 43,698,783 | ||||||||||
Reinvestment of distributions |
56,617 | 1,093,268 | | | ||||||||||||
Shares redeemed |
(1,145,378 | ) | (22,612,869 | ) | (6,335,950 | ) | (120,458,719) | |||||||||
|
||||||||||||||||
(26,911 | ) | (433,784 | ) | (4,117,841 | ) | (76,759,936) | ||||||||||
|
||||||||||||||||
Class C Shares |
||||||||||||||||
Shares sold |
49,218 | 850,440 | 79,616 | 1,376,192 | ||||||||||||
Reinvestment of distributions |
2,972 | 50,502 | | | ||||||||||||
Shares redeemed |
(304,216 | ) | (5,301,307 | ) | (421,037 | ) | (7,164,658) | |||||||||
|
||||||||||||||||
(252,026 | ) | (4,400,365 | ) | (341,421 | ) | (5,788,466) | ||||||||||
|
||||||||||||||||
Institutional Shares |
||||||||||||||||
Shares sold |
11,869,465 | 254,939,350 | 26,437,597 | 554,154,884 | ||||||||||||
Reinvestment of distributions |
1,122,121 | 23,272,793 | 193,789 | 3,928,108 | ||||||||||||
Shares redeemed |
(19,351,338 | ) | (415,603,073 | ) | (34,887,257 | ) | (726,294,309) | |||||||||
|
||||||||||||||||
(6,359,752 | ) | (137,390,930 | ) | (8,255,871 | ) | (168,211,317) | ||||||||||
|
||||||||||||||||
Service Shares |
||||||||||||||||
Shares sold |
69,171 | 1,327,210 | 108,541 | 2,041,057 | ||||||||||||
Reinvestment of distributions |
9,127 | 169,482 | | | ||||||||||||
Shares redeemed |
(90,526 | ) | (1,742,517 | ) | (357,862 | ) | (6,786,729) | |||||||||
|
||||||||||||||||
(12,228 | ) | (245,825 | ) | (249,321 | ) | (4,745,672) | ||||||||||
|
||||||||||||||||
Investor Shares |
||||||||||||||||
Shares sold |
1,202,516 | 25,911,141 | 2,138,571 | 44,825,723 | ||||||||||||
Reinvestment of distributions |
62,500 | 1,287,501 | 7,304 | 147,033 | ||||||||||||
Shares redeemed |
(2,944,348 | ) | (62,836,165 | ) | (4,495,027 | ) | (92,863,166) | |||||||||
|
||||||||||||||||
(1,679,332 | ) | (35,637,523 | ) | (2,349,152 | ) | (47,890,410) | ||||||||||
|
||||||||||||||||
Class R6 Shares |
||||||||||||||||
Shares sold |
612,990 | 13,176,239 | 2,647,769 | 56,176,690 | ||||||||||||
Reinvestment of distributions |
74,890 | 1,559,955 | 17,157 | 349,131 | ||||||||||||
Shares redeemed |
(979,128 | ) | (21,032,234 | ) | (4,260,913 | ) | (88,077,469) | |||||||||
|
||||||||||||||||
(291,248 | ) | (6,296,040 | ) | (1,595,987 | ) | (31,551,648) | ||||||||||
|
||||||||||||||||
Class P Shares |
||||||||||||||||
Shares sold |
1,778,064 | 37,668,994 | 5,959,069 | 124,085,568 | ||||||||||||
Reinvestment of distributions |
292,736 | 6,100,618 | 55,655 | 1,133,138 | ||||||||||||
Shares redeemed |
(5,050,177 | ) | (108,587,349 | ) | (10,944,800 | ) | (225,087,548) | |||||||||
|
||||||||||||||||
(2,979,377 | ) | (64,817,737 | ) | (4,930,076 | ) | (99,868,842) | ||||||||||
|
||||||||||||||||
NET DECREASE IN SHARES |
(11,600,874 | ) | $ | (249,222,204 | ) | (21,839,669 | ) | $ | (434,816,291) | |||||||
|
100 |
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
12. SUMMARY OF SHARE TRANSACTIONS (continued) |
Emerging Markets Equity ex. China Fund
|
||||||||||||||||
For the Six Months Ended April 30, 2024 (Unaudited) |
For the Fiscal Year Ended October 31, 2023 |
|||||||||||||||
|
|
|||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|||||||||||||||
Class A Shares |
||||||||||||||||
Shares sold |
1,473 | $ | 17,409 | 6,781 | $ | 69,250 | ||||||||||
Reinvestment of distributions |
35 | 396 | 13 | 129 | ||||||||||||
Shares redeemed |
(184 | ) | (2,001 | ) | (1,019 | ) | (11,000) | |||||||||
|
||||||||||||||||
1,324 | 15,804 | 5,775 | 58,379 | |||||||||||||
|
||||||||||||||||
Class C Shares |
||||||||||||||||
Shares sold |
| | 5,000 | 50,000 | ||||||||||||
Reinvestment of distributions |
| | 13 | 129 | ||||||||||||
Shares redeemed |
| | | | ||||||||||||
|
||||||||||||||||
| | 5,013 | 50,129 | |||||||||||||
|
||||||||||||||||
Institutional Shares |
||||||||||||||||
Shares sold |
69,633 | 785,753 | 503,103 | 5,043,855 | ||||||||||||
Reinvestment of distributions |
5,081 | 56,292 | 1,211 | 11,750 | ||||||||||||
Shares redeemed |
(5,864 | ) | (70,561 | ) | | | ||||||||||
|
||||||||||||||||
68,850 | 771,484 | 504,314 | 5,055,605 | |||||||||||||
|
||||||||||||||||
Investor Shares |
||||||||||||||||
Shares sold |
| | 5,000 | 50,000 | ||||||||||||
Reinvestment of distributions |
41 | 462 | 12 | 112 | ||||||||||||
Shares redeemed |
| | | | ||||||||||||
|
||||||||||||||||
41 | 462 | 5,012 | 50,112 | |||||||||||||
|
||||||||||||||||
Class R6 Shares |
||||||||||||||||
Shares sold |
| | 5,000 | 50,000 | ||||||||||||
Reinvestment of distributions |
48 | 532 | 14 | 133 | ||||||||||||
Shares redeemed |
| | | | ||||||||||||
|
||||||||||||||||
48 | 532 | 5,014 | 50,133 | |||||||||||||
|
||||||||||||||||
Class R Shares |
||||||||||||||||
Shares sold |
| | 5,000 | 50,000 | ||||||||||||
Reinvestment of distributions |
18 | 188 | 13 | 129 | ||||||||||||
Shares redeemed |
| | | | ||||||||||||
|
||||||||||||||||
18 | 188 | 5,013 | 50,129 | |||||||||||||
|
||||||||||||||||
Class P Shares |
||||||||||||||||
Shares sold |
71,370 | 815,637 | 299,259 | 3,146,740 | ||||||||||||
Reinvestment of distributions |
3,051 | 33,780 | 14 | 134 | ||||||||||||
Shares redeemed |
(43,099 | ) | (509,179 | ) | (9,570 | ) | (102,110) | |||||||||
|
||||||||||||||||
31,322 | 340,238 | 289,703 | 3,044,764 | |||||||||||||
|
||||||||||||||||
NET INCREASE IN SHARES |
101,603 | $ | 1,128,708 | 819,844 | $ | 8,359,251 | ||||||||||
|
101 |
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited) |
12. SUMMARY OF SHARE TRANSACTIONS (continued) |
ESG Emerging Markets Equity Fund
|
||||||||||||||||
For the Six Months Ended April 30, 2024 (Unaudited) |
For the Fiscal Year Ended October 31, 2023 |
|||||||||||||||
|
|
|||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|||||||||||||||
Class A Shares |
||||||||||||||||
Shares sold |
1,909 | $ | 17,268 | 3,872 | $ | 34,558 | ||||||||||
Reinvestment of distributions |
2,669 | 23,462 | 25 | 222 | ||||||||||||
Shares redeemed |
(30,926 | ) | (279,976 | ) | (38,471 | ) | (347,514) | |||||||||
|
||||||||||||||||
(26,348 | ) | (239,246 | ) | (34,574 | ) | (312,734) | ||||||||||
|
||||||||||||||||
Class C Shares |
||||||||||||||||
Shares sold |
| | 148 | 1,248 | ||||||||||||
Reinvestment of distributions |
46 | 389 | | | ||||||||||||
Shares redeemed |
(133 | ) | (1,182 | ) | (6,441 | ) | (58,844) | |||||||||
|
||||||||||||||||
(87 | ) | (793 | ) | (6,293 | ) | (57,596) | ||||||||||
|
||||||||||||||||
Institutional Shares |
||||||||||||||||
Shares sold |
136,864 | 1,254,856 | 1,243,398 | 10,600,148 | ||||||||||||
Reinvestment of distributions |
26,926 | 236,409 | 7,551 | 66,144 | ||||||||||||
Shares redeemed |
(563,267 | ) | (5,032,838 | ) | (617,221 | ) | (5,437,178) | |||||||||
|
||||||||||||||||
(399,477 | ) | (3,541,573 | ) | 633,728 | 5,229,114 | |||||||||||
|
||||||||||||||||
Investor Shares |
||||||||||||||||
Shares sold |
31,613 | 288,163 | 24,183 | 212,037 | ||||||||||||
Reinvestment of distributions |
969 | 8,507 | 388 | 3,402 | ||||||||||||
Shares redeemed |
(4,991 | ) | (44,870 | ) | (70,491 | ) | (658,695) | |||||||||
|
||||||||||||||||
27,591 | 251,800 | (45,920 | ) | (443,256) | ||||||||||||
|
||||||||||||||||
Class R6 Shares |
||||||||||||||||
Shares sold |
401 | 3,609 | 1,547 | 14,102 | ||||||||||||
Reinvestment of distributions |
40 | 350 | 22 | 189 | ||||||||||||
Shares redeemed |
(1,297 | ) | (11,757 | ) | (6,474 | ) | (57,807) | |||||||||
|
||||||||||||||||
(856 | ) | (7,798 | ) | (4,905 | ) | (43,516) | ||||||||||
|
||||||||||||||||
Class R Shares |
||||||||||||||||
Shares sold |
3,433 | 30,566 | 6,434 | 56,526 | ||||||||||||
Reinvestment of distributions |
333 | 2,902 | | | ||||||||||||
Shares redeemed |
(8,853 | ) | (78,626 | ) | (6,430 | ) | (58,794) | |||||||||
|
||||||||||||||||
(5,087 | ) | (45,158 | ) | 4 | (2,268) | |||||||||||
|
||||||||||||||||
Class P Shares |
||||||||||||||||
Shares sold |
65,562 | 582,570 | 226,923 | 2,087,558 | ||||||||||||
Reinvestment of distributions |
11,572 | 101,718 | 6,687 | 58,579 | ||||||||||||
Shares redeemed |
(244,859 | ) | (2,257,629 | ) | (1,229,915 | ) | (11,419,241) | |||||||||
|
||||||||||||||||
(167,725 | ) | (1,573,341 | ) | (996,305 | ) | (9,273,104) | ||||||||||
|
||||||||||||||||
NET DECREASE IN SHARES |
(571,989 | ) | $ | (5,156,109 | ) | (454,265 | ) | $ | (4,903,360) | |||||||
|
102 |
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
12. SUMMARY OF SHARE TRANSACTIONS (continued) |
International Equity ESG Fund
|
||||||||||||||||
For the Six Months Ended April 30, 2024 (Unaudited) |
For the Fiscal Year Ended October 31, 2023 |
|||||||||||||||
|
|
|||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|||||||||||||||
Class A Shares |
||||||||||||||||
Shares sold |
309,082 | $ | 8,123,519 | 1,520,008 | $ | 37,886,745 | ||||||||||
Reinvestment of distributions |
47,226 | 1,226,923 | 26,816 | 627,502 | ||||||||||||
Shares redeemed |
(811,715 | ) | (21,386,743 | ) | (1,030,328 | ) | (25,899,474) | |||||||||
|
||||||||||||||||
(455,407 | ) | (12,036,301 | ) | 516,496 | 12,614,773 | |||||||||||
|
||||||||||||||||
Class C Shares |
||||||||||||||||
Shares sold |
16,558 | 404,658 | 75,202 | 1,755,235 | ||||||||||||
Reinvestment of distributions |
2,614 | 62,232 | | | ||||||||||||
Shares redeemed |
(39,493 | ) | (951,303 | ) | (103,344 | ) | (2,384,435) | |||||||||
|
||||||||||||||||
(20,321 | ) | (484,413 | ) | (28,142 | ) | (629,200) | ||||||||||
|
||||||||||||||||
Institutional Shares |
||||||||||||||||
Shares sold |
6,727,404 | 182,280,568 | 15,925,342 | 422,982,651 | ||||||||||||
Reinvestment of distributions |
229,772 | 6,128,037 | 112,666 | 2,705,106 | ||||||||||||
Shares redeemed |
(5,012,618 | ) | (135,097,418 | ) | (5,845,609 | ) | (149,458,170) | |||||||||
|
||||||||||||||||
1,944,558 | 53,311,187 | 10,192,399 | 276,229,587 | |||||||||||||
|
||||||||||||||||
Service Shares |
||||||||||||||||
Shares sold |
2,614 | 72,511 | 22,136 | 574,768 | ||||||||||||
Reinvestment of distributions |
374 | 10,169 | 154 | 3,753 | ||||||||||||
Shares redeemed |
(4,784 | ) | (130,587 | ) | (11,785 | ) | (314,573) | |||||||||
|
||||||||||||||||
(1,796 | ) | (47,907 | ) | 10,505 | 263,948 | |||||||||||
|
||||||||||||||||
Investor Shares |
||||||||||||||||
Shares sold |
977,008 | 26,439,369 | 3,527,560 | 91,064,905 | ||||||||||||
Reinvestment of distributions |
67,228 | 1,780,835 | 36,154 | 862,275 | ||||||||||||
Shares redeemed |
(1,316,005 | ) | (35,560,204 | ) | (2,636,677 | ) | (68,563,752) | |||||||||
|
||||||||||||||||
(271,769 | ) | (7,340,000 | ) | 927,037 | 23,363,428 | |||||||||||
|
||||||||||||||||
Class R6 Shares |
||||||||||||||||
Shares sold |
686,154 | 18,395,648 | 2,172,795 | 56,434,224 | ||||||||||||
Reinvestment of distributions |
56,269 | 1,491,701 | 23,609 | 563,559 | ||||||||||||
Shares redeemed |
(762,821 | ) | (20,732,896 | ) | (921,763 | ) | (23,560,158) | |||||||||
|
||||||||||||||||
(20,398 | ) | (845,547 | ) | 1,274,641 | 33,437,625 | |||||||||||
|
||||||||||||||||
Class P Shares |
||||||||||||||||
Shares sold |
139,553 | 3,784,570 | 648,259 | 17,019,221 | ||||||||||||
Reinvestment of distributions |
59,198 | 1,569,941 | 38,568 | 920,626 | ||||||||||||
Shares redeemed |
(720,544 | ) | (19,110,699 | ) | (832,326 | ) | (21,115,651) | |||||||||
|
||||||||||||||||
(521,793 | ) | (13,756,188 | ) | (145,499 | ) | (3,175,804) | ||||||||||
|
||||||||||||||||
NET INCREASE IN SHARES |
653,074 | $ | 18,800,831 | 12,747,437 | $ | 342,104,357 | ||||||||||
|
103 |
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited) |
12. SUMMARY OF SHARE TRANSACTIONS (continued) |
International Equity Income Fund
|
||||||||||||||||
For the Six Months Ended April 30, 2024 (Unaudited) |
For the Fiscal Year Ended October 31, 2023 |
|||||||||||||||
|
|
|||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|||||||||||||||
Class A Shares |
||||||||||||||||
Shares sold |
741,256 | $ | 11,618,673 | 3,075,301 | $ | 46,164,191 | ||||||||||
Reinvestment of distributions |
44,299 | 684,423 | 94,779 | 1,409,114 | ||||||||||||
Shares redeemed |
(1,343,402 | ) | (21,231,687 | ) | (1,018,054 | ) | (15,262,818) | |||||||||
|
||||||||||||||||
(557,847 | ) | (8,928,591 | ) | 2,152,026 | 32,310,487 | |||||||||||
|
||||||||||||||||
Class C Shares |
||||||||||||||||
Shares sold |
42,774 | 587,565 | 183,122 | 2,391,125 | ||||||||||||
Reinvestment of distributions |
2,400 | 32,176 | 5,619 | 73,161 | ||||||||||||
Shares redeemed |
(21,085 | ) | (292,350 | ) | (29,083 | ) | (374,861) | |||||||||
|
||||||||||||||||
24,089 | 327,391 | 159,658 | 2,089,425 | |||||||||||||
|
||||||||||||||||
Institutional Shares |
||||||||||||||||
Shares sold |
12,953,480 | 220,683,085 | 30,764,963 | 486,910,614 | ||||||||||||
Reinvestment of distributions |
422,857 | 6,939,084 | 724,273 | 11,420,083 | ||||||||||||
Shares redeemed |
(4,619,855 | ) | (77,635,864 | ) | (7,033,646 | ) | (110,702,242) | |||||||||
|
||||||||||||||||
8,756,482 | 149,986,305 | 24,455,590 | 387,628,455 | |||||||||||||
|
||||||||||||||||
Investor Shares |
||||||||||||||||
Shares sold |
7,282,176 | 114,072,702 | 18,931,206 | 282,880,284 | ||||||||||||
Reinvestment of distributions |
219,342 | 3,377,872 | 341,949 | 5,086,390 | ||||||||||||
Shares redeemed |
(5,930,019 | ) | (92,107,566 | ) | (4,262,870 | ) | (62,834,181) | |||||||||
|
||||||||||||||||
1,571,499 | 25,343,008 | 15,010,285 | 225,132,493 | |||||||||||||
|
||||||||||||||||
Class R6 Shares |
||||||||||||||||
Shares sold |
1,207,305 | 20,399,965 | 2,334,027 | 36,819,574 | ||||||||||||
Reinvestment of distributions |
36,662 | 600,533 | 67,543 | 1,062,104 | ||||||||||||
Shares redeemed |
(588,622 | ) | (9,931,701 | ) | (708,322 | ) | (11,162,120) | |||||||||
|
||||||||||||||||
655,345 | 11,068,797 | 1,693,248 | 26,719,558 | |||||||||||||
|
||||||||||||||||
Class R Shares |
||||||||||||||||
Shares sold |
8,969 | 148,476 | 21,868 | 332,020 | ||||||||||||
Reinvestment of distributions |
409 | 6,361 | 913 | 13,644 | ||||||||||||
Shares redeemed |
(6,220 | ) | (97,087 | ) | (6,440 | ) | (95,644) | |||||||||
|
||||||||||||||||
3,158 | 57,750 | 16,341 | 250,020 | |||||||||||||
|
||||||||||||||||
Class P Shares |
||||||||||||||||
Shares sold |
111,016 | 1,874,749 | 1,048,719 | 16,108,950 | ||||||||||||
Reinvestment of distributions |
34,025 | 556,986 | 75,170 | 1,175,049 | ||||||||||||
Shares redeemed |
(227,333 | ) | (3,818,098 | ) | (412,744 | ) | (6,526,404) | |||||||||
|
||||||||||||||||
(82,292 | ) | (1,386,363 | ) | 711,145 | 10,757,595 | |||||||||||
|
||||||||||||||||
NET INCREASE IN SHARES |
10,370,434 | $ | 176,468,297 | 44,198,293 | $ | 684,888,033 | ||||||||||
|
104 |
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
Voting Results of Special Meeting of Shareholders (Unaudited)
A Special Meeting of Shareholders (the Meeting) of the Goldman Sachs Trust (the Trust) was held on November 16, 2023 to consider and elect nominees to the Trusts Board of Trustees. At the Meeting, Cheryl K. Beebe, Lawrence Hughes, John F. Killian, Steven D. Krichmar, Michael Latham, and Lawrence W. Stranghoener were elected to the Trusts Board of Trustees. In addition, at the Meeting, John G. Chou, Eileen H. Dowling, and Paul C. Wirth, each of whom was previously appointed to the Trusts Board of Trustees rather than elected by shareholders, were elected. In electing the nominees, the Trusts shareholders voted as follows:
Proposal Election of Trustees |
For | Withheld | ||||
Cheryl K. Beebe |
169,452,067,796 | 5,900,273,020 | ||||
John G. Chou |
173,279,757,273 | 2,072,583,543 | ||||
Eileen H. Dowling |
173,287,456,218 | 2,064,884,598 | ||||
Lawrence Hughes |
173,486,691,901 | 1,865,648,915 | ||||
John F. Killian |
173,511,167,174 | 1,841,173,642 | ||||
Steven D. Krichmar |
173,484,256,228 | 1,868,084,588 | ||||
Michael Latham |
173,498,020,286 | 1,854,320,530 | ||||
Lawrence W. Stranghoener |
173,455,949,165 | 1,896,391,651 | ||||
Paul C. Wirth |
173,324,070,424 | 2,028,270,391 |
105 |
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 13-14, 2024, 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, 2023 through December 31, 2023 (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.
106 |
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
Fund Expenses Six Month Period Ended April 30, 2024 (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, 2023 through April 30, 2024, which represents a period of 182 days of a 366 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 | Emerging Markets Equity ex. China Fund | ||||||||||||||||
Share Class | Beginning Account Value 11/1/23 |
Ending Account Value 4/30/24 |
Expenses Paid for the 6 months |
Beginning Account Value 11/1/23 |
Ending Account Value 4/30/24 |
Expenses Paid for the 6 months |
Beginning Account Value 11/1/23 |
Ending Account Value 4/30/24 |
Expenses Paid for the 6 months | |||||||||
Class A | ||||||||||||||||||
Actual |
$1,000.00 | $1,007.52 | $7.34 | $1,000.00 | $1,136.95 | $7.01 | $1,000.00 | $1,177.42 | $7.69 | |||||||||
Hypothetical 5% return |
1,000.00 | 1,017.55+ |
7.37 | 1,000.00 | 1,018.30+ |
6.62 | 1,000.00 | 1,017.80+ |
7.12 | |||||||||
Class C | ||||||||||||||||||
Actual |
1,000.00 | 1,003.62 | 11.06 | 1,000.00 | 1,132.63 | 10.98 | 1,000.00 | 1,173.39 | 11.73 | |||||||||
Hypothetical 5% return |
1,000.00 | 1,013.82+ |
11.12 | 1,000.00 | 1,014.57+ |
10.37 | 1,000.00 | 1,014.07+ |
10.87 | |||||||||
Institutional | ||||||||||||||||||
Actual |
1,000.00 | 1,009.39 | 5.65 | 1,000.00 | 1,138.90 | 5.42 | 1,000.00 | 1,179.92 | 5.75 | |||||||||
Hypothetical 5% return |
1,000.00 | 1,019.24+ |
5.67 | 1,000.00 | 1,019.79+ |
5.12 | 1,000.00 | 1,019.59+ |
5.32 | |||||||||
Service | ||||||||||||||||||
Actual |
N/A | N/A | N/A | 1,000.00 | 1,135.89 | 8.07 | N/A | N/A | N/A | |||||||||
Hypothetical 5% return |
N/A | N/A | N/A | 1,000.00 | 1,017.30+ |
7.62 | N/A | N/A | N/A | |||||||||
Investor | ||||||||||||||||||
Actual |
1,000.00 | 1,008.88 | 6.09 | 1,000.00 | 1,138.49 | 5.69 | 1,000.00 | 1,178.55 | 6.34 | |||||||||
Hypothetical 5% return |
1,000.00 | 1,018.80+ |
6.12 | 1,000.00 | 1,019.54+ |
5.37 | 1,000.00 | 1,019.05+ |
5.87 | |||||||||
Class R6 | ||||||||||||||||||
Actual |
1,000.00 | 1,008.94 | 5.59 | 1,000.00 | 1,138.87 | 5.37 | 1,000.00 | 1,179.85 | 5.69 | |||||||||
Hypothetical 5% return |
1,000.00 | 1,019.29+ |
5.62 | 1,000.00 | 1,019.84+ |
5.07 | 1,000.00 | 1,019.64+ |
5.27 | |||||||||
Class R | ||||||||||||||||||
Actual |
N/A | N/A | N/A | N/A | N/A | N/A | 1,000.00 | 1,175.48 | 9.03 | |||||||||
Hypothetical 5% return |
N/A | N/A | N/A | N/A | N/A | N/A | 1,000.00 | 1,016.56+ |
8.37 | |||||||||
Class P | ||||||||||||||||||
Actual |
1,000.00 | 1,009.03 | 5.59 | 1,000.00 | 1,138.87 | 5.37 | 1,000.00 | 1,179.00 | 5.69 | |||||||||
Hypothetical 5% return |
1,000.00 | 1,019.29+ |
5.62 | 1,000.00 | 1,019.84+ |
5.07 | 1,000.00 | 1,019.64+ |
5.27 |
* | 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, 2024. 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. |
+ | Hypothetical expenses are based on each Funds actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses. |
107
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
Fund Expenses Six Month Period Ended April 30, 2024 (Unaudited) (continued)
ESG Emerging Markets Equity Fund | International Equity ESG Fund | International Equity Income Fund | ||||||||||||||||
Share Class | Beginning Account Value 11/1/23 |
Ending Account Value 4/30/24 |
Expenses Paid for the 6 months |
Beginning Account Value 11/1/23 |
Ending Account Value 4/30/24 |
Expenses Paid for the 6 months |
Beginning Account Value 11/1/23 |
Ending Account Value 4/30/24 |
Expenses Paid for the 6 months | |||||||||
Class A | ||||||||||||||||||
Actual |
$1,000.00 | $ 1,136.81 | $7.33 | $1,000.00 | $ 1,144.67 | $6.24 | $1,000.00 | $ 1,162.03 | $6.24 | |||||||||
Hypothetical 5% return |
1,000.00 | 1,018.00+ | 6.92 | 1,000.00 | 1,019.05+ | 5.87 | 1,000.00 | 1,019.10+ | 5.82 | |||||||||
Class C | ||||||||||||||||||
Actual |
1,000.00 | 1,132.69 | 11.29 | 1,000.00 | 1,140.02 | 10.22 | 1,000.00 | 1,157.29 | 10.24 | |||||||||
Hypothetical 5% return |
1,000.00 | 1,014.27+ | 10.67 | 1,000.00 | 1,015.32+ | 9.62 | 1,000.00 | 1,015.37+ | 9.57 | |||||||||
Institutional | ||||||||||||||||||
Actual |
1,000.00 | 1,136.90 | 5.68 | 1,000.00 | 1,146.05 | 4.59 | 1,000.00 | 1,164.10 | 4.47 | |||||||||
Hypothetical 5% return |
1,000.00 | 1,019.54+ | 5.37 | 1,000.00 | 1,020.59+ | 4.32 | 1,000.00 | 1,020.74+ | 4.17 | |||||||||
Service | ||||||||||||||||||
Actual |
N/A | N/A | N/A | 1,000.00 | 1,143.71 | 7.25 | N/A | N/A | N/A | |||||||||
Hypothetical 5% return |
N/A | N/A | N/A | 1,000.00 | 1,018.10+ | 6.82 | N/A | N/A | N/A | |||||||||
Investor | ||||||||||||||||||
Actual |
1,000.00 | 1,137.44 | 6.01 | 1,000.00 | 1,145.89 | 4.91 | 1,000.00 | 1,163.88 | 4.90 | |||||||||
Hypothetical 5% return |
1,000.00 | 1,019.24+ | 5.67 | 1,000.00 | 1,020.29+ | 4.62 | 1,000.00 | 1,020.34+ | 4.57 | |||||||||
Class R6 | ||||||||||||||||||
Actual |
1,000.00 | 1,137.85 | 5.63 | 1,000.00 | 1,146.59 | 4.54 | 1,000.00 | 1,164.38 | 4.41 | |||||||||
Hypothetical 5% return |
1,000.00 | 1,019.59+ | 5.32 | 1,000.00 | 1,020.64+ | 4.27 | 1,000.00 | 1,020.79+ | 4.12 | |||||||||
Class R | ||||||||||||||||||
Actual |
1,000.00 | 1,133.87 | 8.65 | N/A | N/A | N/A | 1,000.00 | 1,160.89 | 7.58 | |||||||||
Hypothetical 5% return |
1,000.00 | 1,016.76+ | 8.17 | N/A | N/A | N/A | 1,000.00 | 1,017.85+ | 7.07 | |||||||||
Class P | ||||||||||||||||||
Actual |
1,000.00 | 1,138.02 | 5.63 | 1,000.00 | 1,146.43 | 4.54 | 1,000.00 | 1,164.48 | 4.41 | |||||||||
Hypothetical 5% return |
1,000.00 | 1,019.59+ | 5.32 | 1,000.00 | 1,020.64+ | 4.27 | 1,000.00 | 1,020.79+ | 4.12 |
* | 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, 2024. 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. |
+ | Hypothetical expenses are based on each Funds actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses. 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 | ||||||||||||||||||||||||||
China Equity Fund |
1.47 | % | 2.22 | % | 1.13 | % | N/A | 1.22 | % | 1.12 | % | N/A | 1.12 | % | ||||||||||||||||||||
Emerging Markets Equity Fund |
1.32 | 2.07 | 1.02 | 1.52 | % | 1.07 | 1.01 | N/A | 1.01 | |||||||||||||||||||||||||
Emerging Markets Equity ex. China Fund |
1.42 | 2.17 | 1.06 | N/A | 1.17 | 1.05 | 1.67 | % | 1.05 | |||||||||||||||||||||||||
ESG Emerging Markets Equity Fund |
1.38 | 2.13 | 1.07 | N/A | 1.13 | 1.06 | 1.63 | 1.06 | ||||||||||||||||||||||||||
International Equity ESG Fund |
1.17 | 1.92 | 0.86 | 1.36 | 0.92 | 0.85 | N/A | 0.85 | ||||||||||||||||||||||||||
International Equity Income Fund |
1.16 | 1.91 | 0.83 | N/A | 0.91 | 0.82 | 1.41 | 0.82 |
108
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 $2.56 trillion in assets under supervision as of March 31, 2024, Goldman Sachs Asset Management has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. Goldman Sachs Asset Management leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.
Money Market
Financial Square FundsSM
∎ | Financial Square Treasury Solutions Fund1 |
∎ | Financial Square Government Fund1 |
∎ | Financial Square Money Market Fund2 |
∎ | Financial Square Prime Obligations Fund2 |
∎ | Financial Square Treasury Instruments Fund1 |
∎ | Financial Square Treasury Obligations Fund1 |
∎ | Financial Square Federal Instruments Fund1 |
Investor FundsSM
∎ | Investor Money Market Fund3 |
∎ | Investor Tax-Exempt Money Market Fund3 |
Fixed Income
Short Duration and Government
∎ | Enhanced Income Fund |
∎ | Short-Term Conservative Income Fund |
∎ | Short Duration Government Fund |
∎ | Short Duration Bond Fund |
∎ | Government Income Fund |
∎ | Inflation Protected Securities Fund |
∎ | U.S. Mortgages Fund |
Multi-Sector
∎ | Bond Fund |
∎ | Core Fixed Income Fund |
∎ | Global Core Fixed Income Fund |
∎ | Dynamic Bond Fund6 |
∎ | 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 |
∎ | High Yield Fund |
∎ | High Yield Floating Rate Fund |
∎ | Emerging Markets Debt Fund |
∎ | Emerging Markets Credit Fund |
∎ | Short Duration High Yield Fund4 |
Fundamental Equity
∎ | Equity Income Fund |
∎ | Small Cap Growth Fund |
∎ | Small Cap Value Fund |
∎ | Small/Mid Cap Value Fund |
∎ | Mid Cap Value Fund |
∎ | Large Cap Value Fund |
∎ | Focused Value Fund |
∎ | Large Cap Core Fund |
∎ | Strategic Growth Fund |
∎ | Small/Mid Cap Growth Fund |
∎ | Enhanced Core Equity Fund5 |
∎ | Technology Opportunities Fund |
∎ | Mid Cap Growth Fund |
∎ | Rising Dividend Growth Fund |
∎ | U.S. Equity ESG Fund |
∎ | Income Builder Fund |
Tax-Advantaged Equity
∎ | U.S. Tax-Managed Equity Fund |
∎ | International Tax-Managed Equity Fund |
∎ | U.S. Equity Dividend and Premium Fund |
∎ | International Equity Dividend and Premium Fund |
Equity Insights
∎ | Small Cap Equity Insights Fund |
∎ | U.S. Equity Insights Fund |
∎ | Small Cap Growth Insights Fund |
∎ | Large Cap Growth Insights Fund |
∎ | Large Cap Value Insights Fund |
∎ | Small Cap Value Insights Fund |
∎ | International Small Cap Insights Fund |
∎ | International Equity Insights Fund |
∎ | Emerging Markets Equity Insights Fund |
Fundamental Equity International
∎ | International Equity Income Fund |
∎ | International Equity ESG Fund |
∎ | China Equity Fund |
∎ | Emerging Markets Equity Fund |
∎ | Emerging Markets Equity ex. China Fund |
∎ | ESG Emerging Markets Equity Fund |
Alternative
∎ | Clean Energy Income Fund |
∎ | Real Estate Securities Fund |
∎ | Commodity Strategy Fund |
∎ | Global Real Estate Securities Fund |
∎ | Absolute Return Tracker Fund |
∎ | Managed Futures Strategy Fund |
∎ | MLP Energy Infrastructure Fund |
∎ | Energy Infrastructure Fund |
∎ | Multi-Strategy 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 |
∎ | Enhanced Dividend Global Equity Portfolio |
∎ | Tax-Advantaged Global Equity Portfolio |
∎ | Strategic Factor Allocation Fund |
∎ | Strategic Volatility Premium Fund |
∎ | Goldman Sachs 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 April 17, 2024, the Goldman Sachs Long Short Credit Strategies Fund was renamed the Goldman Sachs Short Duration High Yield Fund. |
5 | Effective after the close of business on February 13, 2024, the Goldman Sachs Flexible Cap Fund was renamed the Goldman Sachs Enhanced Core Equity Fund. |
6 | Effective after the close of business on June 17, 2024, the Goldman Sachs Strategic Income Fund was renamed the Goldman Sachs Dynamic Bond Fund. |
Financial Square FundsSM and Investor FundsSM and 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. |
109 |
TRUSTEES TRUSTEES (continued) Gregory G. Weaver, Chair Michael Latham Cheryl K. Beebe James A. McNamara Dwight L. Bush Lawrence W. Stranghoener Kathryn A. Cassidy Paul C. Wirth John G. Chou Joaquin Delgado OFFICERS Eileen H. Dowling James A. McNamara, President Lawrence Hughes Joseph F. DiMaria, Principal Financial Officer, John F. Killian Principal Accounting Officer and Treasurer Steven D. Krichmar Robert Griffith, Secretary GOLDMAN SACHS & CO. LLC GOLDMAN SACHS ASSET MANAGEMENT, L.P. Distributor and Transfer Agent 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) website 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 website 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 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). 2024 Goldman Sachs. All rights reserved. 374635-OTU-06/2024 EQINTEMESAR-24
Goldman Sachs Funds Semi-Annual Report April 30, 2024 Goldman Sachs International Equity Insights Funds Goldman Sachs Emerging Markets Equity Insights Fund Goldman Sachs International Equity Insights Fund Goldman Sachs International Small Cap Insights Fund Goldman Sachs Asset Management
Goldman Sachs International Equity Insights Funds
∎ | GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND |
∎ |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND |
∎ |
GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND |
3 | ||||
6 | ||||
12 | ||||
37 | ||||
42 | ||||
42 | ||||
49 | ||||
57 | ||||
63 | ||||
81 |
Effective January 24, 2023, open-end mutual funds and exchange-traded funds are required to provide shareholders with streamlined annual and semi-annual shareholder reports (Tailored Shareholder Reports). Funds will be required to prepare a separate Tailored Shareholder Report for each share class of a fund that highlights key information to investors. Other information, including financial statements, will no longer appear in a funds shareholder report, but will be available online, delivered free of charge upon request, and filed with the Securities and Exchange Commission on a semi-annual basis on Form N-CSR. The new requirements have a compliance date of July 24, 2024.
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, 2024 (the Reporting Period). A streamlined annual shareholder report covering the 12 months ending October 31, 2024 will be provided to Fund shareholders, per new SEC requirements with a compliance date of July 24, 2024.
Emerging Markets Equities
| The emerging markets equity markets, as measured by the MSCI* Emerging Markets Index (net), returned 15.40% during the Reporting Period, performing strongly but lagging developed international equity markets overall. |
| As the Reporting Period began in November 2023, the MSCI Emerging Markets Index generated a strong positive return, supported by the view that developed markets interest rates had reached their peak. All individual country constituents within the MSCI Emerging Markets Index posted positive returns, although China struggled as consumer confidence remained weak amid ongoing property market troubles. |
| In December 2023, the MSCI Emerging Markets Index rose solidly, as emerging markets equity markets proved beneficiaries of the widening view that U.S. interest rates were likely to fall more quickly than previously anticipated. A series of lower than consensus expected inflation reports in Europe and the U.S. were key drivers of such rate expectations. Adding to positive sentiment for emerging markets equities were high consensus earnings growth forecasts for emerging markets for 2024 and 2025. |
| The MSCI Emerging Markets Index gained modestly for the first quarter of 2024 overall, falling in January but then posting positive returns in February and March, buoyed by global macroeconomic data that showed encouraging signs. |
| Chinas equity market stabilized somewhat, as the National Peoples Congress announced positive fiscal and monetary support and travel data around the Lunar New Year demonstrated encouraging activity levels in line with pre-pandemic totals. |
| India maintained strong positive returns from 2023 into 2024, as both domestic and foreign investor flows boosted its equity market and as investors continued to see value in the countrys long-term, domestically-driven growth story. |
| Latin American equity markets saw divergent fortunes. Brazil significantly underperformed the MSCI Emerging Markets Index, as larger stocks disappointed on poor dividend payouts and on poor performance of commodity-related stocks, which are a large component of Brazils index. On the other hand, Mexico performed well, as the supply-chain diversification trend attracted investment. |
| Taiwan and South Korea posted strong returns toward the end of the quarter, as semiconductor prices showed signs of recovery from the post-pandemic slump and as the improving forecast for chip demand, in part driven by artificial intelligence (AI)- related products, boosted earnings forecasts. |
| Egypt saw the largest underperformance, as the International Monetary Fund announced it would tie payments of an $8 billion financial program to improvements in currency access. This led to a sharp decline in the local currency, which contributed to poor performance of its equity market. |
| The MSCI Emerging Markets Index was virtually flat in April 2024, albeit modestly positive. |
| Asia was the best performing emerging markets region, mainly driven by China, while Latin America continued to be the weakest region, with major markets, such as Brazil and Mexico, posting declines. |
| Overall, emerging markets currencies struggled as U.S. interest rate views changed rapidly during the month. In turn, rate cut hopes in the emerging markets were also pushed back, with some countries, such as Indonesia, hiking interest rates to defend its currency. |
*Source: MSCI
3 |
MARKET REVIEW
| The main driver of returns was improvement in risk appetite for China, as indicated by positive flows into the Chinese equity market from both domestic and foreign investors. These flows were likely driven by attractive valuations in the context of earnings forecasts and historical averages; better than expected economic activity data; and supportive policy measures in financial markets and the real estate sector. India also had a strong month. |
| In Taiwan, the key theme for the month continued to be the AI supply chain. Strong AI-driven demand was positive but a slower recovery in semiconductor demand outside of AI meant the overall Taiwan market consolidated for the month following a strong rally in the first quarter of 2024. Separately, South Koreas equity market meaningfully corrected. |
| All 11 sectors of the MSCI Emerging Markets Index posted positive returns during the Reporting Period overall. During the Reporting Period as a whole, the best performing sectors within the MSCI Emerging Markets Index were information technology, utilities and energy. The weakest performing sectors were health care, consumer staples and real estate. |
| The best performing countries within the MSCI Emerging Markets Index during the Reporting Period were Peru, Colombia, Turkey, Taiwan and India. The weakest performing countries were Egypt, Hong Kong, Czech Republic and Thailand, each of which posted negative total returns for the Reporting Period. United Arab Emirates generated a modestly positive return but was also among the weakest constituents in the MSCI Emerging Markets Index during the Reporting Period. |
| 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 4.76%, 31.12%, 25.83%, 6.57% and 13.14%, respectively. |
International Equities
| Developed international equity markets, as represented by the MSCI EAFE Index (net), returned 18.63%, during the Reporting Period, only modestly underperforming the U.S. equity market, as represented by the 20.98% return of the S&P 500 Index. |
| As the Reporting Period began in November 2023, international equities performed strongly. Indeed, November was the MSCI EAFE Indexs highest returning month of calendar year 2023, as waning inflation numbers globally indicated towards a peaking of central bank tightening cycles. |
| After a strong November, international equities continued to perform well in December 2023, with the late-year rally fueled by expectations of interest rate cuts in 2024 amid falling inflation numbers and the fizzling out of the higher for longer narrative. |
| The MSCI EAFE Index posted solid positive returns for the first quarter of 2024. While continuing to temper interest rate cut expectations, markets welcomed positive readouts both from corporate earnings reports and macroeconomic indicators. |
| European equities gained, with economically-sensitive sectors, such as industrials and consumer discretionary, leading the regions equity market, as Europe demonstrated economic resilience and an improving outlook. Its Purchasing Managers Index (PMI) rose to 49.9 in March, approaching expansionary territory. On the other hand, interest rate-sensitive sectors, such as real estate and utilities, suffered from the European Central Banks (ECB) cautionary guidance, which diminished expectations of imminent interest rate cuts. However, inflation continued to approach the ECBs 2% target, cooling to 2.6% in February. |
| Similarly, in the U.K., inflation fell to 3.4% in February, its lowest level since September 2021. Nonetheless, the U.K. equity market lagged those of other developed markets, though remaining in positive territory. The U.K. market was challenged somewhat by underwhelming corporate earnings as well as by poor economic data signaling that the U.K. had entered a technical recession in the fourth quarter of 2023. (A technical recession is two successive quarters of negative economic growth.) |
| Japanese equity markets carried their strong 2023 momentum into the first months of 2024, as it was the best performing major geography for the first quarter, with its leading stock index surpassing all-time highs for the first time in 34 years. Japan may have reached an inflection point in its economic cycle with the return of inflation and wage growth, a positive development, particularly for foreign investors who have seen Japan as an opportunity to rotate out of China. The Bank of Japan (BoJ) put an end to its negative interest rate policy, in place for eight years. Inflation as well as a weaker yen were tailwinds for Japanese corporate earnings, which, in turn, surprised to the upside. |
4 |
MARKET REVIEW
| International equities, as measured by the MSCI EAFE Index, then fell in April 2024. Despite positive macroeconomic indicators, particularly in Europe, international developed markets declined as expectations of interest rate cuts meaningfully diminished. |
| European equities decline was largely attributable to the return of the higher for longer narrative. However, the regions inflation reading was widely expected to be 2.4% in April, remaining stable relative to March and thus fueling expectations that the first ECB interest rate cut may come in June 2024. Moreover, the regions first quarter Gross Domestic Product expanded by 0.3% quarter-over-quarter and its PMI reached an 11-month high at 51.4, entering expansionary territory. |
| The U.K. equity market was the best performing major region in April, posting a positive total return. The MSCI EAFE Value Index significantly outperformed the MSCI EAFE Growth Index in the month, which presented a tailwind for the U.K. equity market, which is heavily weighted toward segments such as financials, energy and resources. U.K. equity market performance was also buoyed by sterling weakness and a recovery in commodity prices. |
| The Japanese equity market declined in April. After an especially strong first quarter of 2024, the Japanese equity market saw some correction in April. This was most prevalent in the form of profit taking from large-cap and semiconductor stocks. Also, after putting an end to its negative rate policy in the first calendar quarter, the BoJ did not take any further action during its April meeting. Despite positive wage growth, there were concerns that imported inflation due to the interest rate differential between Japan and other developed markets may weaken domestic consumption. |
| All 11 sectors in the MSCI EAFE Index posted positive returns during the Reporting Period. The best performing sectors within the MSCI EAFE Index during the Reporting Period were information technology, industrials and financials. The weakest performing sectors were consumer staples, utilities and energy. |
| The best performing countries within the MSCI EAFE Index during the Reporting Period were the Netherlands, Israel, Denmark, Sweden and Italy. The weakest performing country during the Reporting Period was Hong Kong, the only constituent of the MSCI EAFE Index to post a negative absolute return during the Reporting Period. Portugal, Norway, Finland and Switzerland each generated a positive return but were also among the weakest performing countries in the MSCI EAFE Index during the Reporting Period. |
Fund Changes and Highlights
No material changes were made to the Funds during the Reporting Period.
5 |
Goldman Sachs Emerging Markets Equity Insights Fund
as of April 30, 2024
PERFORMANCE REVIEW |
November 1, 2023-April 30, 2024 | Fund Total Return (based on NAV)1 |
MSCI®* Emerging Markets Standard Index (Net, USD, Unhedged)2 |
||||
Class A |
17.73% | 15.40% | ||||
Class C |
17.31 | 15.40 | ||||
Institutional |
18.08 | 15.40 | ||||
Investor |
18.00 | 15.40 | ||||
Class R6 |
17.96 | 15.40 | ||||
Class R |
17.64 | 15.40 | ||||
Class P |
17.97 | 15.40 |
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, 2024, the MSCI® Emerging Markets Standard Index (Net, USD, Unhedged) consists of the following 25 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 04/30/243 |
Holding |
% of Net Assets |
Line of Business | Country | |||
Taiwan Semiconductor Manufacturing Co. Ltd. |
7.2% | Semiconductors & Semiconductor Equipment | Taiwan | |||
Samsung Electronics Co. Ltd. |
4.6 | Technology Hardware, Storage & Peripherals | South Korea | |||
Tencent Holdings Ltd. |
4.3 | Interactive Media & Services | China | |||
Alibaba Group Holding Ltd. |
1.9 | Broadline Retail | China | |||
Itau Unibanco Holding SA |
1.9 | Banks | Brazil | |||
CTBC Financial Holding Co. Ltd. |
1.6 | Banks | Taiwan | |||
Bharat Petroleum Corp. Ltd. |
1.6 | Oil, Gas & Consumable Fuels | India | |||
ICICI Bank Ltd. ADR |
1.5 | Banks | India | |||
MediaTek, Inc. |
1.4 | Semiconductors & Semiconductor Equipment | Taiwan | |||
Vale SA ADR |
1.3 | Metals & Mining | Brazil |
3 | The top 10 holdings may not be representative of the Funds future investments. |
*Source: MSCI
6 |
FUND BASICS
FUND VS. BENCHMARK SECTOR ALLOCATIONS4 |
As of April 30, 2024 |
4 | 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. 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. |
*Source: MSCI |
7 |
FUND BASICS
Goldman Sachs International Equity Insights Fund
as of April 30, 2024
PERFORMANCE REVIEW |
November 1, 2023-April 30, 2024 | Fund Total Return (based on NAV)1 |
MSCI®*EAFE Standard Index (Net, USD, Unhedged)2 |
||||
Class A |
18.55% | 18.63% | ||||
Class C |
18.14 | 18.63 | ||||
Institutional |
18.75 | 18.63 | ||||
Service |
18.50 | 18.63 | ||||
Investor |
18.67 | 18.63 | ||||
Class R6 |
18.86 | 18.63 | ||||
Class R |
18.41 | 18.63 | ||||
Class P |
18.81 | 18.63 |
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, 2024, 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 04/30/243 |
Holding |
% of Net Assets |
Line of Business | Country | |||
Novo Nordisk A/S, Class B |
3.7% | Pharmaceuticals | Denmark | |||
ASML Holding NV |
3.4 | Semiconductors & Semiconductor Equipment | Netherlands | |||
Nestle SA |
1.8 | Food Products | United States | |||
Roche Holding AG |
1.6 | Pharmaceuticals | United States | |||
ABB Ltd. |
1.5 | Electrical Equipment | Switzerland | |||
AstraZeneca PLC ADR |
1.4 | Pharmaceuticals | United Kingdom | |||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen |
1.4 | Insurance | Germany | |||
Industria de Diseno Textil SA |
1.3 | Specialty Retail | Spain | |||
Honda Motor Co. Ltd. |
1.3 | Automobiles | Japan | |||
BHP Group Ltd. |
1.3 | Metals & Mining | Australia |
3 | The top 10 holdings may not be representative of the Funds future investments. |
*Source: MSCI |
8 |
FUND BASICS
FUND VS. BENCHMARK SECTOR ALLOCATIONS4 |
As of April 30, 2024 |
4 | 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 2.0% of the Funds net assets at April 30, 2024. 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. |
*Source: MSCI |
9 |
FUND BASICS
Goldman Sachs International Small Cap Insights Fund
as of April 30, 2024
PERFORMANCE REVIEW |
November 1, 2023-April 30, 2024 | Fund Total Return (based on NAV)1 |
MSCI®*EAFE Small Cap Index (Net, USD, Unhedged)2 | ||
Class A |
18.80% | 17.32% | ||
Class C |
18.38 | 17.32 | ||
Institutional |
19.02 | 17.32 | ||
Investor |
19.05 | 17.32 | ||
Class R6 |
19.06 | 17.32 | ||
Class P |
18.97 | 17.32 |
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 4/30/243 |
Holding |
% of Net Assets |
Line of Business | Country | |||
Tokyu Fudosan Holdings Corp. |
1.1% | Real Estate Management & Development | Japan | |||
Sojitz Corp. |
1.1 | Trading Companies & Distributors | Japan | |||
Unipol Gruppo SpA |
1.1 | Insurance | Italy | |||
IHI Corp. |
1.1 | Machinery | Japan | |||
Sumitomo Forestry Co. Ltd. |
1.0 | Household Durables | Japan | |||
NGK Insulators Ltd. |
1.0 | Machinery | Japan | |||
Nexans SA |
1.0 | Electrical Equipment | France | |||
Cargotec OYJ, Class B |
1.0 | Machinery | Finland | |||
Yangzijiang Shipbuilding Holdings Ltd. |
1.0 | Machinery | China | |||
Bankinter SA |
1.0 | Banks | Spain |
3 | The top 10 holdings may not be representative of the Funds future investments. |
*Source: MSCI |
10 |
FUND BASICS
FUND VS. BENCHMARK SECTOR ALLOCATIONS4 |
As of April 30, 2024 |
4 | 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 1.7% of the Funds net assets at April 30, 2024. 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. |
*Source: MSCI |
11 |
GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND
Shares |
Description | Value | ||||||
Common Stocks 94.0% |
| |||||||
Brazil 2.6% |
| |||||||
45,200 | Banco Bradesco SA (Banks) | $ | 107,590 | |||||
216,800 | Banco do Brasil SA (Banks) | 1,144,832 | ||||||
1,033,900 | BB Seguridade Participacoes SA (Insurance) | 6,411,351 | ||||||
51,600 | Cia de Saneamento de Minas Gerais Copasa MG (Utilities) | 194,571 | ||||||
84,000 | CPFL Energia SA (Utilities) | 516,042 | ||||||
1,687,000 | CSN Mineracao SA (Materials) | 1,604,934 | ||||||
57,325 | Embraer SA ADR (Capital Goods)* | 1,464,654 | ||||||
629,850 | Petroleo Brasileiro SA ADR | |||||||
(Energy) | 10,688,554 | |||||||
78,100 | Porto Seguro SA (Insurance) | 450,617 | ||||||
240,000 | Telefonica Brasil SA (Telecommunication Services) | 2,188,037 | ||||||
1,993,600 | Vale SA ADR (Materials) | 24,262,112 | ||||||
|
|
|||||||
49,033,294 | ||||||||
|
||||||||
Chile 0.9% |
| |||||||
96,768,580 | Banco de Chile (Banks) | 10,734,705 | ||||||
79,271 | Banco de Credito e Inversiones SA (Banks) | 2,312,033 | ||||||
23,916 | Banco Santander Chile ADR (Banks) | 430,010 | ||||||
43,399,775 | Cia Sud Americana de Vapores SA (Transportation) | 3,385,910 | ||||||
7,868,391 | Colbun SA (Utilities) | 1,010,462 | ||||||
|
|
|||||||
17,873,120 | ||||||||
|
||||||||
China 25.4% |
| |||||||
3,969,600 | Alibaba Group Holding Ltd. (Consumer Discretionary Distribution & Retail) | 37,167,621 | ||||||
28,200 | BOC Aviation Ltd. (Capital Goods)(a) | 224,295 | ||||||
10,590,000 | Bosideng International Holdings Ltd. (Consumer Durables & Apparel) | 6,130,208 | ||||||
252,000 | Brilliance China Automotive Holdings Ltd. (Automobiles & Components) | 209,257 | ||||||
2,793,000 | CGN Power Co. Ltd., Class H (Utilities)(a) |
936,516 | ||||||
988,800 | Chifeng Jilong Gold Mining Co. Ltd., Class A (Materials)* | 2,421,793 | ||||||
2,630,000 | China Cinda Asset Management Co. Ltd., Class H (Financial Services) | 237,007 | ||||||
12,941,000 | China CITIC Bank Corp. Ltd., Class H (Banks) | 7,570,919 | ||||||
4,010,000 | China Communications Services Corp. Ltd., Class H (Capital Goods) | 1,916,968 | ||||||
3,331,000 | China Construction Bank Corp., Class H (Banks) | 2,155,127 | ||||||
863,100 | China CSSC Holdings Ltd., Class A (Capital Goods) | 4,329,396 | ||||||
6,110,400 | China Gas Holdings Ltd. (Utilities) | 5,721,359 |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
China (continued) |
| |||||||
2,586,000 | China Hongqiao Group Ltd. (Materials) | $ | 3,568,370 | |||||
3,054,000 | China Lesso Group Holdings Ltd. (Capital Goods) | 1,280,194 | ||||||
2,734,000 | China Medical System Holdings Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 2,441,051 | ||||||
607,000 | China Nonferrous Mining Corp. Ltd. (Materials) | 548,697 | ||||||
235,000 | China Overseas Land & Investment Ltd. (Real Estate Management & Development) | 432,135 | ||||||
612,000 | China Rare Earth Resources And Technology Co. Ltd., Class A (Materials) | 2,364,912 | ||||||
1,494,000 | China Resources Land Ltd. (Real Estate Management & Development) | 5,372,181 | ||||||
842,000 | China Resources Power Holdings Co. Ltd. (Utilities) | 2,093,933 | ||||||
4,865,200 | China Taiping Insurance Holdings Co. Ltd. (Insurance) | 4,448,331 | ||||||
8,306,000 | CITIC Ltd. (Capital Goods) | 7,860,818 | ||||||
269,200 | CMOC Group Ltd., Class A (Materials) | 330,433 | ||||||
4,386,000 | CMOC Group Ltd., Class H (Materials) | 4,114,989 | ||||||
238,097 | Contemporary Amperex Technology Co. Ltd., Class A (Capital Goods) | 6,648,049 | ||||||
6,766,000 | CSPC Pharmaceutical Group Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 5,555,781 | ||||||
2,678,000 | Dongfeng Motor Group Co. Ltd., Class H (Automobiles & Components) | 971,158 | ||||||
11,573,000 | Geely Automobile Holdings Ltd. (Automobiles & Components) | 13,928,784 | ||||||
1,308,321 | Gree Electric Appliances, Inc. of Zhuhai, Class A (Consumer Durables & Apparel) | 7,577,145 | ||||||
926,000 | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H (Health Care Equipment & Services) | 2,463,242 | ||||||
426,500 | H World Group Ltd. (Consumer Services) | 1,586,867 | ||||||
128,972 | H World Group Ltd. ADR (Consumer Services) | 4,734,562 | ||||||
834,490 | Huayu Automotive Systems Co. Ltd., Class A (Automobiles & Components) | 1,891,468 | ||||||
1,335,921 | JD.com, Inc., Class A (Consumer Discretionary Distribution & Retail) | 19,248,447 | ||||||
1,048,000 | Jiangsu Expressway Co. Ltd., Class H (Transportation) | 1,027,791 |
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) |
| |||||||
China (continued) |
| |||||||
4,499,300 | Jizhong Energy Resources Co. Ltd., Class A (Energy) | $ | 4,645,091 | |||||
1,031,197 | Jointown Pharmaceutical Group Co. Ltd., Class A (Health Care Equipment & Services) | 1,164,776 | ||||||
37,800 | Kanzhun Ltd. ADR (Media & Entertainment) | 748,062 | ||||||
764,600 | Kuaishou Technology (Media & Entertainment)*(a) | 5,360,389 | ||||||
3,360,000 | Kunlun Energy Co. Ltd. (Utilities) | 3,257,114 | ||||||
854,300 | Li Auto, Inc., Class A (Automobiles & Components)* | 11,192,953 | ||||||
1,547,460 | Meituan, Class B (Consumer Services)*(a) |
21,129,841 | ||||||
765,000 | NetEase, Inc. (Media & Entertainment) | 14,339,650 | ||||||
838,200 | New Oriental Education & Technology Group, Inc. (Consumer Services)* | 6,660,308 | ||||||
102,900 | PDD Holdings, Inc. ADR (Consumer Discretionary Distribution & Retail)* | 12,881,022 | ||||||
16,288,000 | Peoples Insurance Co. Group of China Ltd. (The), Class H (Insurance) | 5,346,134 | ||||||
6,064,000 | PetroChina Co. Ltd., Class H (Energy) | 5,650,080 | ||||||
765,000 | Qingdao Port International Co. Ltd., Class H (Transportation)(a) | 500,697 | ||||||
175,000 | Sany Heavy Equipment International Holdings Co. Ltd. (Capital Goods) | 122,969 | ||||||
1,870,551 | Shandong Sun Paper Industry JSC Ltd., Class A (Materials) | 4,009,069 | ||||||
6,868,300 | Shanghai Construction Group Co. Ltd., Class A (Capital Goods) | 2,266,158 | ||||||
9,120,145 | Shanghai International Port Group Co. Ltd., Class A (Transportation) | 7,052,041 | ||||||
1,038,500 | Shenzhen Energy Group Co. Ltd., Class A (Utilities) | 1,033,736 | ||||||
7,972 | Shenzhen Goodix Technology Co. Ltd., Class A (Semiconductors & Semiconductor Equipment)* | 67,163 | ||||||
98,186 | Shenzhen SC New Energy Technology Corp., Class A (Semiconductors & Semiconductor Equipment) | 926,808 | ||||||
598,600 | Shenzhou International Group Holdings Ltd. (Consumer Durables & Apparel) | 5,883,767 | ||||||
9,566,000 | Shougang Fushan Resources Group Ltd. (Materials) | 3,644,207 |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
China (continued) |
| |||||||
1,002,467 | Sichuan Kelun Pharmaceutical Co. Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences) | $ | 4,686,107 | |||||
352,400 | Sinomine Resource Group Co. Ltd., Class A (Materials) | 1,720,521 | ||||||
1,365,000 | Sinopec Engineering Group Co. Ltd., Class H (Capital Goods) | 881,186 | ||||||
3,359,500 | Sinotruk Hong Kong Ltd. (Capital Goods) | 8,360,823 | ||||||
122,900 | Sunny Optical Technology Group Co. Ltd. (Technology Hardware & Equipment) | 594,556 | ||||||
1,880,300 | Tencent Holdings Ltd. (Media & Entertainment) | 82,513,582 | ||||||
2,671,200 | Tongcheng Travel Holdings Ltd. (Consumer Services)* | 7,030,276 | ||||||
1,488,000 | Topsports International Holdings Ltd. (Consumer Discretionary Distribution & Retail)(a) | 1,033,378 | ||||||
294,700 | Trip.com Group Ltd. (Consumer Services)* | 14,354,058 | ||||||
4,403,000 | Uni-President China Holdings Ltd. (Food, Beverage & Tobacco) | 3,382,723 | ||||||
134,878 | Universal Scientific Industrial Shanghai Co. Ltd., Class A (Technology Hardware & Equipment) | 274,038 | ||||||
1,019,700 | Vipshop Holdings Ltd. ADR (Consumer Discretionary Distribution & Retail) | 15,336,288 | ||||||
5,369,500 | Weichai Power Co. Ltd., Class A (Capital Goods) | 12,859,780 | ||||||
1,726,000 | Weichai Power Co. Ltd., Class H (Capital Goods) | 3,526,844 | ||||||
826,200 | Western Mining Co. Ltd., Class A (Materials) | 2,274,277 | ||||||
2,959,000 | Xiaomi Corp., Class B (Technology Hardware & Equipment)*(a) | 6,450,406 | ||||||
606,000 | Xinyi Solar Holdings Ltd. (Semiconductors & Semiconductor Equipment) | 416,968 | ||||||
1,118,000 | Xtep International Holdings Ltd. (Consumer Durables & Apparel) | 706,600 | ||||||
421,580 | Yintai Gold Co. Ltd., Class A (Materials)* | 1,067,655 | ||||||
3,469,700 | Yutong Bus Co. Ltd., Class A (Capital Goods) | 12,228,743 | ||||||
3,478,250 | Zhongjin Gold Corp. Ltd., Class A (Materials) | 6,251,152 | ||||||
351,800 | Zhuzhou CRRC Times Electric Co. Ltd., Class H (Capital Goods) | 1,260,857 |
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, 2024 (Unaudited) |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
China (continued) |
| |||||||
1,538,446 | Zijin Mining Group Co. Ltd., Class A (Materials) | $ | 3,697,526 | |||||
3,388,000 | Zijin Mining Group Co. Ltd., Class H (Materials) | 7,390,825 | ||||||
496,600 | Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H (Capital Goods) | 377,021 | ||||||
|
|
|||||||
486,068,029 | ||||||||
|
||||||||
Czech Republic 0.1% |
| |||||||
29,187 | Komercni Banka AS (Banks)* | 1,075,390 | ||||||
51,456 | Moneta Money Bank AS (Banks)(a) | 207,450 | ||||||
|
|
|||||||
1,282,840 | ||||||||
|
||||||||
Greece 0.0% |
| |||||||
7,648 | Motor Oil Hellas Corinth Refineries SA (Energy) | 221,679 | ||||||
21,600 | Star Bulk Carriers Corp. (Transportation) | 525,312 | ||||||
|
|
|||||||
746,991 | ||||||||
|
||||||||
Hong Kong 0.3% |
| |||||||
14,829,000 | Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 5,067,051 | ||||||
1,384,000 | United Laboratories International Holdings Ltd. (The) (Pharmaceuticals, Biotechnology & Life Sciences) | 1,632,981 | ||||||
|
|
|||||||
6,700,032 | ||||||||
|
||||||||
India 18.6% |
| |||||||
224,611 | ABB India Ltd. (Capital Goods) | 17,587,724 | ||||||
17,620 | Action Construction Equipment Ltd. (Capital Goods) | 318,740 | ||||||
32,511 | Adani Enterprises Ltd. (Capital Goods) | 1,187,959 | ||||||
781,045 | Adani Ports & Special Economic Zone Ltd. (Transportation) | 12,373,345 | ||||||
576,058 | Adani Power Ltd. (Utilities)* | 4,213,762 | ||||||
81,307 | Ajanta Pharma Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 2,156,503 | ||||||
14,057 | Alkem Laboratories Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 813,919 | ||||||
146,497 | Ashoka Buildcon Ltd. (Capital Goods)* | 305,273 | ||||||
163,484 | Axis Bank Ltd. (Banks) | 2,281,926 | ||||||
4,496,343 | Bank of Baroda (Banks) | 15,118,134 | ||||||
3,829,394 | Bharat Electronics Ltd. (Capital Goods) | 10,708,416 | ||||||
4,065,646 | Bharat Petroleum Corp. Ltd. (Energy) | 29,584,008 | ||||||
19,316 | Ceat Ltd. (Automobiles & Components) | 593,731 | ||||||
318,025 | Cipla Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 5,323,832 |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
India (continued) |
| |||||||
31,262 | Cochin Shipyard Ltd. (Capital Goods)(a) |
$ | 487,759 | |||||
173,882 | Cummins India Ltd. (Capital Goods) | 6,808,170 | ||||||
233,870 | Dr Reddys Laboratories Ltd. ADR (Pharmaceuticals, Biotechnology & Life Sciences) | 17,182,429 | ||||||
18,330 | Eicher Motors Ltd. (Automobiles & Components) | 1,009,133 | ||||||
185,134 | Equitas Small Finance Bank Ltd. (Banks)(a) |
215,111 | ||||||
165,835 | Federal Bank Ltd. (Banks) | 322,109 | ||||||
83,764 | General Insurance Corp. of India (Insurance)(a) | 346,212 | ||||||
29,977 | Global Health Ltd. (Health Care Equipment & Services)* | 517,503 | ||||||
58,655 | Godawari Power and Ispat Ltd. (Materials) | 624,289 | ||||||
64,141 | Hero MotoCorp Ltd. (Automobiles & Components) | 3,481,065 | ||||||
108,373 | Hindustan Aeronautics Ltd. (Capital Goods) | 5,114,296 | ||||||
624,788 | Hindustan Petroleum Corp. Ltd. (Energy) | 3,706,071 | ||||||
112,292 | Hindustan Zinc Ltd. (Materials) | 572,916 | ||||||
1,024,260 | ICICI Bank Ltd. ADR (Banks) | 28,197,878 | ||||||
25,504 | ICICI Securities Ltd. (Financial Services)(a) |
231,163 | ||||||
780,662 | IDBI Bank Ltd. (Banks) | 843,669 | ||||||
3,142,615 | IDFC Ltd. (Financial Services)* | 4,570,767 | ||||||
34,245 | IndiaMart InterMesh Ltd. (Capital Goods)(a) | 1,082,037 | ||||||
559,145 | Indian Bank (Banks) | 3,668,619 | ||||||
3,001,634 | Indian Oil Corp. Ltd. (Energy) | 6,061,452 | ||||||
662,381 | ITD Cementation India Ltd. (Capital Goods) | 2,997,350 | ||||||
2,397,032 | Jamna Auto Industries Ltd. (Capital Goods) | 3,995,489 | ||||||
44,829 | JB Chemicals & Pharmaceuticals Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 1,023,037 | ||||||
220,040 | Jindal Saw Ltd. (Materials) | 1,455,928 | ||||||
8,450 | Jindal Stainless Ltd. (Materials) | 71,470 | ||||||
97,207 | JSW Energy Ltd. (Utilities) | 733,145 | ||||||
1,263,849 | JSW Steel Ltd. (Materials) | 13,315,846 | ||||||
356,423 | KNR Constructions Ltd. (Capital Goods) | 1,131,174 | ||||||
30,847 | Larsen & Toubro Ltd. (Capital Goods) | 1,325,987 | ||||||
536,827 | Lupin Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 10,570,145 | ||||||
19,644 | Mahanagar Gas Ltd. (Utilities) | 339,535 | ||||||
28,333 | Max Healthcare Institute Ltd. (Health Care Equipment & Services) | 284,717 |
14 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
India (continued) |
| |||||||
38,826 | Motilal Oswal Financial Services Ltd. (Financial Services) | $ | 1,104,171 | |||||
2,045 | MRF Ltd. (Automobiles & Components) | 3,255,160 | ||||||
96,747 | Narayana Hrudayalaya Ltd. (Health Care Equipment & Services) | 1,490,941 | ||||||
1,984,474 | NCC Ltd. (Capital Goods) | 5,740,599 | ||||||
118,559 | NMDC Ltd. (Materials) | 359,788 | ||||||
2,604,653 | NTPC Ltd. (Utilities) | 11,319,656 | ||||||
1,615,486 | Petronet LNG Ltd. (Energy) | 5,996,365 | ||||||
2,387,472 | Power Finance Corp. Ltd. (Financial Services) | 12,584,967 | ||||||
13,371 | Power Grid Corp. of India Ltd. (Utilities) | 48,226 | ||||||
890,806 | PTC India Ltd. (Utilities) | 2,390,561 | ||||||
160,599 | Rail Vikas Nigam Ltd. (Capital Goods) | 548,382 | ||||||
2,041 | Reliance Industries Ltd. (Energy) | 71,648 | ||||||
6,381 | Shree Cement Ltd. (Materials) | 1,868,160 | ||||||
1,146,935 | South Indian Bank Ltd. (The) (Banks) | 421,859 | ||||||
1,882,629 | State Bank of India (Banks) | 18,596,526 | ||||||
106,120 | Sun Pharmaceutical Industries Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 1,906,464 | ||||||
322,287 | Tata Consultancy Services Ltd. (Software & Services) | 14,709,218 | ||||||
2,948 | Tata Investment Corp. Ltd. (Financial Services) | 233,930 | ||||||
52,550 | Tata Motors Ltd. (Automobiles & Components) | 633,704 | ||||||
1,351,844 | Tata Motors Ltd., Class A (Automobiles & Components) | 11,026,815 | ||||||
209,605 | Torrent Pharmaceuticals Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 6,621,284 | ||||||
141,411 | Trent Ltd. (Consumer Discretionary Distribution & Retail) | 7,464,368 | ||||||
52,012 | Triveni Turbine Ltd. (Capital Goods) | 334,735 | ||||||
537,977 | Varun Beverages Ltd. (Food, Beverage & Tobacco) | 9,516,712 | ||||||
303,525 | Welspun Corp. Ltd. (Materials) | 2,045,231 | ||||||
907,684 | Zydus Lifesciences Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 10,367,384 | ||||||
|
|
|||||||
355,510,597 | ||||||||
|
||||||||
Indonesia 2.5% |
| |||||||
2,080,900 | AKR Corporindo Tbk PT (Energy) | 214,361 | ||||||
18,293,700 | Aneka Tambang Tbk (Materials) | 1,838,883 | ||||||
2,652,600 | Astra International Tbk PT (Capital Goods) | 837,042 |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Indonesia (continued) |
| |||||||
19,135,200 | Bank Central Asia Tbk PT (Banks) | $ | 11,505,701 | |||||
39,526,800 | Bank Mandiri Persero Tbk PT (Banks) | 16,707,075 | ||||||
756,400 | Bank Negara Indonesia Persero Tbk PT (Banks) | 243,362 | ||||||
8,246,200 | Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT (Banks) | 514,754 | ||||||
22,175,900 | Bank Pembangunan Daerah Jawa Timur Tbk PT (Banks) | 811,480 | ||||||
38,035,600 | Bank Rakyat Indonesia Persero Tbk PT (Banks) | 11,513,512 | ||||||
551,200 | Indocement Tunggal Prakarsa Tbk PT (Materials) | 262,179 | ||||||
719,300 | Indofood CBP Sukses Makmur Tbk PT (Food, Beverage & Tobacco) | 480,794 | ||||||
19,649,700 | Perusahaan Gas Negara Tbk PT (Utilities) | 1,774,420 | ||||||
1,456,400 | Telkom Indonesia Persero Tbk PT (Telecommunication Services) | 282,336 | ||||||
226,900 | United Tractors Tbk PT (Energy) | 345,817 | ||||||
|
|
|||||||
47,331,716 | ||||||||
|
||||||||
Kuwait 0.3% |
| |||||||
406,820 | Agility Global PLC (Transportation)* | | ||||||
203,410 | Agility Public Warehousing Co. KSC (Transportation) | 208,061 | ||||||
418,747 | Burgan Bank SAK (Banks) | 245,239 | ||||||
23,921 | Humansoft Holding Co. KSC (Consumer Services) | 224,933 | ||||||
1,596,801 | Kuwait Finance House KSCP (Banks) | 3,724,980 | ||||||
225,913 | National Bank of Kuwait SAKP (Banks) | 633,128 | ||||||
220,299 | National Investments Co. KSCP (Financial Services) | 181,350 | ||||||
|
|
|||||||
5,217,691 | ||||||||
|
||||||||
Luxembourg 0.0% |
| |||||||
275 | Reinet Investments SCA (Financial Services) | 6,463 | ||||||
|
||||||||
Mexico 2.3% |
| |||||||
802,193 | Arca Continental SAB de CV (Food, Beverage & Tobacco) | 7,825,839 | ||||||
223,072 | Coca-Cola Femsa SAB de CV ADR (Food, Beverage & Tobacco) | 22,117,589 | ||||||
29,808 | FIBRA Macquarie Mexico REIT (Equity Real Estate Investment Trusts (REITs))(a) | 53,628 | ||||||
11,400 | Gruma SAB de CV, Class B (Food, Beverage & Tobacco) | 223,904 |
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, 2024 (Unaudited) |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Mexico (continued) |
| |||||||
1,135,206 | Grupo Financiero Banorte SAB de CV, Class O (Banks) | $ | 11,235,595 | |||||
575,186 | Grupo Financiero Inbursa SAB de CV, Class O (Banks)* | 1,593,864 | ||||||
203,635 | Kimberly-Clark de Mexico SAB de CV, Class A (Household & Personal Products) | 423,894 | ||||||
40,440 | Promotora y Operadora de Infraestructura SAB de CV (Transportation) | 406,247 | ||||||
|
|
|||||||
43,880,560 | ||||||||
|
||||||||
Peru 0.1% |
| |||||||
13,700 | Credicorp Ltd. (Banks) | 2,268,857 | ||||||
|
||||||||
Philippines 0.6% |
| |||||||
173,100 | Aboitiz Power Corp. (Utilities) | 111,018 | ||||||
930,379 | Bank of the Philippine Islands (Banks) | 2,053,426 | ||||||
962,960 | BDO Unibank, Inc. (Banks) | 2,470,389 | ||||||
622,990 | International Container Terminal Services, Inc. (Transportation) | 3,569,587 | ||||||
146,650 | Jollibee Foods Corp. (Consumer Services) | 596,288 | ||||||
1,632,960 | Metropolitan Bank & Trust Co. (Banks) | 1,975,875 | ||||||
|
|
|||||||
10,776,583 | ||||||||
|
||||||||
Poland 2.0% |
| |||||||
8,149 | Alior Bank SA (Banks)* | 207,598 | ||||||
256,870 | Bank Pekao SA (Banks) | 10,634,496 | ||||||
5,511 | Budimex SA (Capital Goods) | 932,258 | ||||||
14,901 | Grupa Kety SA (Materials) | 3,087,707 | ||||||
1,786,939 | Powszechny Zaklad Ubezpieczen SA (Insurance) | 22,490,222 | ||||||
|
|
|||||||
37,352,281 | ||||||||
|
||||||||
Qatar 0.3% |
| |||||||
859,217 | Commercial Bank PSQC (The) (Banks) | 980,041 | ||||||
10,067 | Qatar Electricity & Water Co. QSC (Utilities) | 42,232 | ||||||
290,887 | Qatar Gas Transport Co. Ltd. (Energy) | 318,871 | ||||||
348,385 | Qatar Islamic Bank (Banks) | 1,749,563 | ||||||
809,936 | Qatar National Bank QPSC (Banks) | 3,083,658 | ||||||
|
|
|||||||
6,174,365 | ||||||||
|
||||||||
Russia 0.0% |
| |||||||
106,118 | PhosAgro PJSC, GDR (Materials)*(b) | | ||||||
683 | PhosAgro PJSC NPV (Materials)(b) | | ||||||
18,426 | Polyus PJSC, GDR (Materials)*(b) | | ||||||
2,789,380 | Sberbank of Russia PJSC (Banks)(b) | |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Russia (continued) |
| |||||||
274,080,000 | VTB Bank PJSC (Banks)*(b) | $ | | |||||
|
|
|||||||
| ||||||||
|
||||||||
Saudi Arabia 3.8% |
| |||||||
227,836 | Al Hammadi Holding (Health Care Equipment & Services) | 3,369,190 | ||||||
339,564 | Al Rajhi Bank (Banks) | 7,222,276 | ||||||
4,561 | Aldrees Petroleum and Transport Services Co. (Energy) | 203,598 | ||||||
1,518,872 | Alinma Bank (Banks) | 13,473,203 | ||||||
1,199,113 | Arab National Bank (Banks) | 9,855,935 | ||||||
118,788 | Bank AlBilad (Banks) | 1,129,119 | ||||||
151,919 | Banque Saudi Fransi (Banks) | 1,482,412 | ||||||
207,791 | Bawan Co. (Capital Goods) | 2,626,058 | ||||||
45,169 | Bupa Arabia for Cooperative Insurance Co. (Insurance) | 2,904,805 | ||||||
3,555 | Mouwasat Medical Services Co. (Health Care Equipment & Services) | 127,391 | ||||||
1,046 | National Co. for Learning & Education (Consumer Services) | 42,112 | ||||||
27,873 | National Medical Care Co. (Health Care Equipment & Services) | 1,365,726 | ||||||
1,512,789 | Riyad Bank (Banks) | 11,154,441 | ||||||
136,267 | Saudi Arabian Mining Co. (Materials)* | 1,836,918 | ||||||
953,945 | Saudi Awwal Bank (Banks) | 10,352,124 | ||||||
18,498 | Saudi Cement Co. (Materials) | 226,379 | ||||||
438,008 | Saudi Chemical Co. Holding (Health Care Equipment & Services) | 940,107 | ||||||
103,971 | Saudi Investment Bank (The) (Banks) 467,030 |
| ||||||
225,937 | Saudi National Bank (The) (Banks) | 2,261,734 | ||||||
24,250 | Saudi Steel Pipe Co. (Materials)* | 531,077 | ||||||
135,306 | Sustained Infrastructure Holding Co. (Transportation) | 1,369,078 | ||||||
|
|
|||||||
72,940,713 | ||||||||
|
||||||||
South Africa 1.4% |
| |||||||
39,474 | African Rainbow Minerals Ltd. (Materials) | 407,772 | ||||||
6,104,315 | FirstRand Ltd. (Financial Services) | 21,073,024 | ||||||
303,568 | Investec Ltd. (Financial Services) | 1,934,835 | ||||||
1,874,806 | Old Mutual Ltd. (Insurance) | 1,097,715 | ||||||
280,598 | Standard Bank Group Ltd. (Banks) | 2,635,030 | ||||||
29,498 | Sun International Ltd. (Consumer Services) | 57,722 | ||||||
|
|
|||||||
27,206,098 | ||||||||
|
16 | 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 Korea 12.7% |
| |||||||
13,802 | Advanced Process Systems Corp. (Semiconductors & Semiconductor Equipment) | $ | 345,774 | |||||
5,447 | Chong Kun Dang Pharmaceutical Corp. (Pharmaceuticals, Biotechnology & Life Sciences) | 408,852 | ||||||
9,926 | Daewoong Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 800,688 | ||||||
5,580 | Daishin Securities Co. Ltd. (Financial Services) | 63,219 | ||||||
11,986 | Daou Technology, Inc. (Financial Services) | 170,486 | ||||||
169,918 | DB Insurance Co. Ltd. (Insurance) | 11,918,881 | ||||||
134,429 | GS Holdings Corp. (Capital Goods) | 4,346,325 | ||||||
40,826 | HAESUNG DS Co. Ltd. (Semiconductors & Semiconductor Equipment) | 1,460,594 | ||||||
76,304 | Hana Financial Group, Inc. (Banks) | 3,218,259 | ||||||
164,969 | Hankook Tire & Technology Co. Ltd. (Automobiles & Components) | 7,000,015 | ||||||
48,222 | Hanmi Science Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 1,177,886 | ||||||
113,058 | Hanmi Semiconductor Co. Ltd. (Semiconductors & Semiconductor Equipment) | 10,766,141 | ||||||
7,259 | Hanwha Aerospace Co. Ltd. (Capital Goods) | 1,102,618 | ||||||
133,151 | Hanwha General Insurance Co. Ltd. (Insurance) | 484,252 | ||||||
177,840 | HD Korea Shipbuilding & Offshore Engineering Co. Ltd. (Capital Goods)* | 16,791,021 | ||||||
86,591 | HDC Hyundai Development Co.-Engineering & Construction, Class E (Capital Goods) | 1,098,209 | ||||||
27,736 | Hyundai Engineering & Construction Co. Ltd. (Capital Goods) | 706,580 | ||||||
4,188 | Hyundai Glovis Co. Ltd. (Transportation) | 548,252 | ||||||
46,608 | Hyundai Marine & Fire Insurance Co. Ltd. (Insurance) | 1,052,132 | ||||||
103,863 | Industrial Bank of Korea (Banks) | 1,044,190 | ||||||
247,944 | JB Financial Group Co. Ltd. (Banks) | 2,378,984 | ||||||
102,410 | KB Financial Group, Inc. (Banks) | 5,554,405 | ||||||
256,787 | Kia Corp. (Automobiles & Components) | 21,755,667 |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
South Korea (continued) |
| |||||||
3,285 | KoMiCo Ltd. (Semiconductors & Semiconductor Equipment) | $ | 215,012 | |||||
150,069 | Korea Aerospace Industries Ltd. (Capital Goods) | 5,587,830 | ||||||
73,039 | Korea Investment Holdings Co. Ltd. (Financial Services) | 3,530,235 | ||||||
47,927 | Korean Reinsurance Co. (Insurance) | 283,280 | ||||||
100,411 | KT Corp. (Telecommunication Services) | 2,510,471 | ||||||
13,198 | LIG Nex1 Co. Ltd. (Capital Goods) | 1,527,941 | ||||||
292,199 | Meritz Financial Group, Inc. (Financial Services) | 16,707,199 | ||||||
24,193 | NAVER Corp. (Media & Entertainment) | 3,191,046 | ||||||
17,028 | Poongsan Corp. (Materials) | 795,669 | ||||||
2,910 | POSCO Holdings, Inc. (Materials) | 840,061 | ||||||
18,944 | PSK, Inc. (Semiconductors & Semiconductor Equipment) | 400,519 | ||||||
24,893 | Samsung Card Co. Ltd. (Financial Services) | 701,177 | ||||||
1,567,504 | Samsung Electronics Co. Ltd. (Technology Hardware & Equipment) | 87,132,278 | ||||||
42,088 | Samsung Fire & Marine Insurance Co. Ltd. (Insurance) | 9,420,376 | ||||||
11,682 | Samsung Life Insurance Co. Ltd. (Insurance) | 736,117 | ||||||
102,281 | Samsung Securities Co. Ltd. (Financial Services) | 2,797,989 | ||||||
445 | SeAH Steel Holdings Corp. (Materials) | 74,343 | ||||||
116,438 | Shinhan Financial Group Co. Ltd. (Banks) | 3,912,003 | ||||||
156,316 | Shinsung E&G Co. Ltd. (Semiconductors & Semiconductor Equipment)* | 241,548 | ||||||
18,655 | SK Hynix, Inc. (Semiconductors & Semiconductor Equipment) | 2,302,133 | ||||||
45,350 | Systems Technology, Inc. (Semiconductors & Semiconductor Equipment) | 1,157,708 | ||||||
171,042 | Worldex Industry & Trading Co. Ltd. (Semiconductors & Semiconductor Equipment) | 2,924,808 | ||||||
14,609 | Yuhan Corp. (Pharmaceuticals, Biotechnology & Life Sciences) | 759,923 | ||||||
|
|
|||||||
241,943,096 | ||||||||
|
||||||||
Taiwan 16.8% |
| |||||||
48,000 | Advanced Wireless Semiconductor Co. (Semiconductors & Semiconductor Equipment)* | 202,043 | ||||||
222,455 | Advantech Co. Ltd. (Technology Hardware & Equipment) | 2,587,468 |
The accompanying notes are an integral part of these financial statements. | 17 |
GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND
Schedule of Investments (continued)
April 30, 2024 (Unaudited) |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Taiwan (continued) |
| |||||||
28,000 | AIC, Inc. (Technology Hardware & Equipment) | $ | 267,686 | |||||
1,083,000 | Ardentec Corp. (Semiconductors & Semiconductor Equipment) | 2,418,768 | ||||||
1,135,000 | ASE Technology Holding Co. Ltd. (Semiconductors & Semiconductor Equipment) | 5,105,908 | ||||||
112,000 | ASROCK, Inc. (Technology Hardware & Equipment) | 770,299 | ||||||
68,000 | Brighton-Best International Taiwan, Inc. (Capital Goods) | 72,674 | ||||||
381,000 | Cheng Shin Rubber Industry Co. Ltd. (Automobiles & Components) | 550,061 | ||||||
1,707,000 | Chicony Electronics Co. Ltd. (Technology Hardware & Equipment) | 10,567,371 | ||||||
148,000 | Chicony Power Technology Co. Ltd. (Capital Goods)* | 786,367 | ||||||
23,000 | China Motor Corp. (Automobiles & Components) | 100,746 | ||||||
576,000 | Chong Hong Construction Co. Ltd. (Real Estate Management & Development) | 2,264,234 | ||||||
11,849,000 | Compal Electronics, Inc. (Technology Hardware & Equipment) | 12,924,406 | ||||||
30,085,000 | CTBC Financial Holding Co. Ltd. (Banks) | 31,400,292 | ||||||
142,000 | Darfon Electronics Corp. (Technology Hardware & Equipment) | 274,590 | ||||||
178,000 | Delta Electronics, Inc. (Technology Hardware & Equipment) | 1,743,207 | ||||||
47,000 | Elan Microelectronics Corp. (Semiconductors & Semiconductor Equipment) | 236,562 | ||||||
188,000 | FocalTech Systems Co. Ltd. (Semiconductors & Semiconductor Equipment)* | 484,319 | ||||||
130,000 | Genesys Logic, Inc. (Semiconductors & Semiconductor Equipment) | 374,325 | ||||||
326,000 | Getac Holdings Corp. (Technology Hardware & Equipment) | 1,045,146 | ||||||
457,000 | Global Mixed Mode Technology, Inc. (Semiconductors & Semiconductor Equipment) | 4,025,159 | ||||||
1,444,000 | Goldsun Building Materials Co. Ltd. (Materials) | 2,127,750 | ||||||
1,082,000 | Hon Hai Precision Industry Co. Ltd. (Technology Hardware & Equipment) | 5,150,699 |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Taiwan (continued) |
| |||||||
772,000 | Inventec Corp. (Technology Hardware & Equipment) | $ | 1,238,456 | |||||
959,000 | ITE Technology, Inc. (Semiconductors & Semiconductor Equipment) | 4,873,508 | ||||||
66,000 | Keystone Microtech Corp. (Semiconductors & Semiconductor Equipment) | 599,123 | ||||||
2,878,000 | King Yuan Electronics Co. Ltd. (Semiconductors & Semiconductor Equipment) | 8,374,412 | ||||||
118,000 | Kings Town Bank Co. Ltd. (Banks) | 203,298 | ||||||
494,000 | Lite-On Technology Corp. (Technology Hardware & Equipment) | 1,495,230 | ||||||
131,000 | Longwell Co. (Capital Goods) | 314,540 | ||||||
910,000 | MediaTek, Inc. (Semiconductors & Semiconductor Equipment) | 27,437,576 | ||||||
147,000 | MPI Corp. (Semiconductors & Semiconductor Equipment) | 1,972,967 | ||||||
72,000 | Orient Semiconductor Electronics Ltd. (Semiconductors & Semiconductor Equipment) | 139,587 | ||||||
126,000 | Pegatron Corp. (Technology Hardware & Equipment) | 375,786 | ||||||
98,000 | Pixart Imaging, Inc. (Semiconductors & Semiconductor Equipment) | 472,969 | ||||||
1,594,000 | Powertech Technology, Inc. (Semiconductors & Semiconductor Equipment) | 8,488,638 | ||||||
1,952,000 | Quanta Computer, Inc. (Technology Hardware & Equipment) | 15,319,771 | ||||||
64,000 | Shin Zu Shing Co. Ltd. (Capital Goods) | 339,839 | ||||||
75,000 | Shinkong Insurance Co. Ltd. (Insurance) | 221,869 | ||||||
5,764,000 | Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | 138,011,884 | ||||||
89,000 | Test Research, Inc. (Technology Hardware & Equipment) | 288,564 | ||||||
113,000 | Topco Scientific Co. Ltd. (Semiconductors & Semiconductor Equipment) | 863,730 | ||||||
378,000 | Visual Photonics Epitaxy Co. Ltd. (Semiconductors & Semiconductor Equipment) | 1,781,488 | ||||||
4,031,000 | Wistron Corp. (Technology Hardware & Equipment) | 13,802,391 | ||||||
140,000 | Wiwynn Corp. (Technology Hardware & Equipment) | 9,959,472 | ||||||
|
|
|||||||
322,055,178 | ||||||||
|
18 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Thailand 0.9% |
| |||||||
528,900 | Bumrungrad Hospital PCL (Health Care Equipment & Services) | $ | 3,490,872 | |||||
4,143,000 | Krung Thai Bank PCL (Banks) | 1,873,717 | ||||||
306,500 | PTT Exploration & Production PCL (Energy) | 1,282,180 | ||||||
4,803,400 | PTT PCL (Energy) | 4,353,194 | ||||||
2,047,000 | SCB X PCL (Banks) | 5,861,957 | ||||||
|
|
|||||||
16,861,920 | ||||||||
|
||||||||
Turkey 1.5% |
| |||||||
298,870 | Aygaz AS (Utilities) | 1,807,824 | ||||||
569,466 | Enka Insaat ve Sanayi AS (Capital Goods) | 675,209 | ||||||
109,825 | KOC Holding AS (Capital Goods) | 766,728 | ||||||
185,404 | Migros Ticaret AS (Consumer Staples Distribution & Retail) | 2,530,351 | ||||||
3,594,921 | Turkiye Is Bankasi AS, Class C (Banks) | 1,521,830 | ||||||
3,549,497 | Turkiye Petrol Rafinerileri AS (Energy) | 21,459,462 | ||||||
|
|
|||||||
28,761,404 | ||||||||
|
||||||||
United Arab Emirates 0.7% |
| |||||||
471,484 | Abu Dhabi Islamic Bank PJSC (Banks) | 1,432,590 | ||||||
573,081 | Abu Dhabi National Oil Co. for Distribution PJSC (Consumer Discretionary Distribution & Retail) | 544,543 | ||||||
385,623 | Air Arabia PJSC (Transportation) | 280,774 | ||||||
225,328 | Dubai Islamic Bank PJSC (Banks) | 341,099 | ||||||
37,155 | Emaar Development PJSC (Real Estate Management & Development)* | 84,570 | ||||||
2,251,350 | Emirates NBD Bank PJSC (Banks) | 10,420,363 | ||||||
28,474 | National Marine Dredging Co. (Capital Goods) | 206,681 | ||||||
|
|
|||||||
13,310,620 | ||||||||
|
||||||||
United Kingdom 0.2% |
| |||||||
140,959 | Anglogold Ashanti PLC (Materials) | 3,241,860 | ||||||
|
||||||||
TOTAL COMMON STOCKS (Cost $1,537,134,514) |
1,796,544,308 | |||||||
|
Shares |
Description |
Rate |
Value |
|||||||||||
Preferred Stocks 3.7% |
| |||||||||||||
Brazil 3.1% |
| |||||||||||||
5,853,400 | Itau Unibanco Holding SA (Banks) | 7.53 | % | 35,350,811 |
Shares |
Description | Rate | Value | |||||||||||||
Preferred Stocks (continued) |
| |||||||||||||||
Brazil (continued) |
| |||||||||||||||
2,676,400 | Petroleo Brasileiro SA (Energy) | 8.43 | % | $ | 21,658,192 | |||||||||||
300,400 | Randon SA Implementos e Participacoes (Capital Goods) | 5.44 | 618,433 | |||||||||||||
|
|
|||||||||||||||
57,627,436 | ||||||||||||||||
|
||||||||||||||||
South Korea 0.6% |
| |||||||||||||||
284,543 | Mirae Asset Securities Co. Ltd., N.A. (Financial Services) | 4.12 | 749,043 | |||||||||||||
199,295 | Samsung Electronics Co. Ltd. (Technology Hardware & Equipment) | 2.22 | 9,305,307 | |||||||||||||
8,168 | Samsung Fire & Marine Insurance Co. Ltd. (Insurance) | 6.56 | 1,439,834 | |||||||||||||
|
|
|||||||||||||||
11,494,184 | ||||||||||||||||
|
||||||||||||||||
TOTAL PREFERRED STOCKS (Cost $70,797,561) |
69,121,620 | |||||||||||||||
|
Shares |
Dividend Rate |
Value |
||||||
Investment Company 0.3%(c) | ||||||||
Goldman Sachs Financial Square Government Fund - Institutional Shares |
||||||||
6,414,871 | 5.223% | 6,414,871 | ||||||
(Cost $6,414,871)
|
||||||||
|
||||||||
TOTAL INVESTMENTS 98.0% (Cost $1,614,346,946) |
$ | 1,872,080,799 | ||||||
|
||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES 2.0% |
39,145,586 | |||||||
|
||||||||
NET ASSETS 100.0% | $ | 1,911,226,385 | ||||||
|
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. |
The accompanying notes are an integral part of these financial statements. | 19 |
GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND
Schedule of Investments (continued)
April 30, 2024 (Unaudited) |
| ||
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 |
25.6 | % | ||
Information Technology |
22.6 | |||
Consumer Discretionary |
13.3 | |||
Industrials |
10.5 | |||
Energy |
6.2 | |||
Communication Services |
6.0 | |||
Materials |
5.6 | |||
Health Care |
5.0 | |||
Consumer Staples |
2.5 | |||
Utilities |
2.0 | |||
Real Estate |
0.4 | |||
Investment Company |
0.3 | |||
TOTAL INVESTMENTS |
100.0 | % |
ADDITIONAL INVESTMENT INFORMATION |
FUTURES CONTRACTS At April 30, 2024, the Fund had the following futures contracts:
Description | Number of Contracts |
Expiration Date |
Notional Amount |
Unrealized Appreciation/ (Depreciation) |
||||||
Long position contracts: |
||||||||||
MSCI Emerging Markets Index |
565 | 06/21/24 | $ 29,436,500 | $ | (194,130) |
20 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND
Schedule of Investments
April 30, 2024 (Unaudited) |
Shares |
Description | Value | ||||||
Common Stocks 94.6% |
| |||||||
Australia 6.7% |
| |||||||
886,861 | AMP Ltd. (Financial Services) | $ | 624,204 | |||||
793,617 | BHP Group Ltd. (Materials) | 21,765,836 | ||||||
154,293 | Brambles Ltd. (Commercial & Professional Services) | 1,451,536 | ||||||
228,809 | Challenger Ltd. (Financial Services) | 985,802 | ||||||
46,128 | Cochlear Ltd. (Health Care Equipment & Services) | 9,622,671 | ||||||
155,859 | Coles Group Ltd. (Consumer Staples Distribution & Retail) | 1,625,488 | ||||||
54,074 | Commonwealth Bank of Australia (Banks) | 3,961,977 | ||||||
903,749 | Deterra Royalties Ltd. (Materials) | 2,860,727 | ||||||
714,090 | Dexus REIT (Equity Real Estate Investment Trusts (REITs)) | 3,243,550 | ||||||
530,321 | Fortescue Ltd. (Materials) | 8,789,779 | ||||||
1,225,382 | Glencore PLC (Materials) | 7,129,965 | ||||||
2,490,534 | Insurance Australia Group Ltd. (Insurance) | 10,318,227 | ||||||
605,834 | National Australia Bank Ltd. (Banks) | 13,132,988 | ||||||
335,917 | Northern Star Resources Ltd. (Materials) | 3,184,068 | ||||||
129,870 | Reece Ltd. (Capital Goods) | 2,303,850 | ||||||
19,586 | Rio Tinto Ltd. (Materials) | 1,630,032 | ||||||
17,670 | Rio Tinto PLC ADR (Materials) | 1,198,556 | ||||||
3,087,108 | Scentre Group REIT (Equity Real Estate Investment Trusts (REITs)) | 6,251,551 | ||||||
641,605 | Suncorp Group Ltd. (Insurance) | 6,852,610 | ||||||
40,577 | Temple & Webster Group Ltd. (Consumer Discretionary Distribution & Retail)* | 296,141 | ||||||
85,555 | Westpac Banking Corp. (Banks) | 1,420,756 | ||||||
12,987 | WiseTech Global Ltd. (Software & Services) | 765,098 | ||||||
60,675 | Woolworths Group Ltd. (Consumer Staples Distribution & Retail) | 1,244,877 | ||||||
|
|
|||||||
110,660,289 | ||||||||
|
||||||||
Austria 0.5% |
| |||||||
58,158 | BAWAG Group AG (Banks)*(a) | 3,472,662 | ||||||
76,348 | Erste Group Bank AG (Banks) | 3,560,498 | ||||||
42,172 | Raiffeisen Bank International AG (Banks) | 778,869 | ||||||
|
|
|||||||
7,812,029 | ||||||||
|
||||||||
Belgium 0.1% |
| |||||||
19,160 | KBC Group NV (Banks) | 1,423,285 | ||||||
31,861 | Umicore SA (Materials) | 705,729 | ||||||
|
|
|||||||
2,129,014 | ||||||||
|
||||||||
China 0.6% |
| |||||||
82,174 | Prosus NV (Consumer Discretionary Distribution & Retail)* | 2,749,539 |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
China (continued) |
| |||||||
1,156,700 | Wilmar International Ltd. (Food, Beverage & Tobacco) | $ | 2,718,908 | |||||
3,885,000 | Yangzijiang Shipbuilding Holdings Ltd. (Capital Goods) | 4,986,837 | ||||||
|
|
|||||||
10,455,284 | ||||||||
|
||||||||
Denmark 5.6% |
| |||||||
66,187 | Genmab A/S (Pharmaceuticals, Biotechnology & Life Sciences)* | 18,375,505 | ||||||
7,147 | Jyske Bank A/S (Banks) | 578,263 | ||||||
477,530 | Novo Nordisk A/S, Class B (Pharmaceuticals, Biotechnology & Life Sciences) | 61,239,550 | ||||||
63,917 | Pandora A/S (Consumer Durables & Apparel) | 9,728,164 | ||||||
44,697 | Sydbank AS (Banks) | 2,272,819 | ||||||
|
|
|||||||
92,194,301 | ||||||||
|
||||||||
Finland 0.5% |
| |||||||
30,928 | Kesko OYJ, Class B (Consumer Staples Distribution & Retail) | 528,014 | ||||||
99,006 | Kone OYJ, Class B (Capital Goods) | 4,826,246 | ||||||
18,903 | Konecranes OYJ (Capital Goods) | 993,454 | ||||||
156,795 | Nordea Bank Abp (Banks) | 1,837,365 | ||||||
38,647 | Wartsila OYJ Abp (Capital Goods) | 712,941 | ||||||
|
|
|||||||
8,898,020 | ||||||||
|
||||||||
France 9.3% |
| |||||||
37,993 | Air Liquide SA (Materials) | 7,430,622 | ||||||
8,448 | Airbus SE (Capital Goods) | 1,390,185 | ||||||
1,275,279 | CGG SA (Energy)* | 533,588 | ||||||
105,449 | Cie de Saint-Gobain SA (Capital Goods) | 8,339,186 | ||||||
29,376 | Coface SA (Insurance) | 452,056 | ||||||
141,501 | Danone SA (Food, Beverage & Tobacco) | 8,856,173 | ||||||
41,103 | Dassault Aviation SA (Capital Goods) | 8,798,050 | ||||||
257,183 | Dassault Systemes (Software & Services) | 10,094,933 | ||||||
39,854 | Edenred SE (Financial Services) | 1,891,148 | ||||||
105,753 | Eiffage SA (Capital Goods) | 11,283,685 | ||||||
68,431 | Engie SA (Utilities)*(b) | 1,188,005 | ||||||
11,902 | EssilorLuxottica SA (Health Care Equipment & Services) | 2,537,884 | ||||||
14,142 | Eurazeo SE (Financial Services)* | 1,273,878 | ||||||
40,271 | Getlink SE (Transportation) | 685,562 | ||||||
6,154 | Hermes International SCA (Consumer Durables & Apparel) | 14,732,620 | ||||||
33,862 | Ipsen SA (Pharmaceuticals, | |||||||
Biotechnology & Life Sciences) | 4,118,853 | |||||||
189,543 | Legrand SA (Capital Goods) | 19,478,698 |
The accompanying notes are an integral part of these financial statements. | 21 |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND
Schedule of Investments (continued)
April 30, 2024 (Unaudited) |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
France (continued) |
| |||||||
6,206 | LVMH Moet Hennessy Louis Vuitton SE (Consumer Durables & Apparel) | $ | 5,097,836 | |||||
11,347 | Nexans SA (Capital Goods) | 1,208,418 | ||||||
60,964 | Orange SA (Telecommunication Services) | 678,547 | ||||||
121,298 | Rexel SA (Capital Goods) | 3,144,025 | ||||||
56,900 | Safran SA (Capital Goods) | 12,337,748 | ||||||
78,508 | Societe Generale SA (Banks) | 2,115,403 | ||||||
87,042 | Thales SA (Capital Goods) | 14,628,930 | ||||||
106,252 | TotalEnergies SE (Energy) | 7,713,763 | ||||||
323,057 | Valeo SE (Automobiles & Components) | 4,094,266 | ||||||
|
|
|||||||
154,104,062 | ||||||||
|
||||||||
Georgia 0.0% |
| |||||||
8,810 | Bank of Georgia Group PLC (Banks) | 589,910 | ||||||
|
||||||||
Germany 6.7% |
| |||||||
11,278 | adidas AG (Consumer Durables & Apparel) | 2,717,809 | ||||||
29,974 | Bechtle AG (Software & Services) | 1,446,535 | ||||||
25,396 | Brenntag SE (Capital Goods) | 2,026,688 | ||||||
53,978 | Commerzbank AG (Banks) | 802,229 | ||||||
11,684 | Continental AG (Automobiles & Components) | 757,255 | ||||||
15,715 | CTS Eventim AG & Co. KGaA (Media & Entertainment) | 1,389,659 | ||||||
618,289 | Deutsche Telekom AG (Telecommunication Services) | 14,162,266 | ||||||
141,676 | GEA Group AG (Capital Goods)* | 5,718,041 | ||||||
31,459 | Hannover Rueck SE (Insurance) | 7,803,220 | ||||||
30,085 | Henkel AG & Co. KGaA (Household & Personal Products) | 2,163,368 | ||||||
26,099 | HOCHTIEF AG (Capital Goods) | 2,748,207 | ||||||
74,816 | Knorr-Bremse AG (Capital Goods) | 5,551,764 | ||||||
27,278 | Merck KGaA (Pharmaceuticals, Biotechnology & Life Sciences) | 4,334,520 | ||||||
19,327 | MTU Aero Engines AG (Capital Goods) | 4,656,205 | ||||||
53,214 | Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen (Insurance) | 23,403,983 | ||||||
36,016 | Nemetschek SE (Software & Services) | 3,182,708 | ||||||
519 | Rational AG (Capital Goods) | 442,706 | ||||||
2,920 | Rheinmetall AG (Capital Goods) | 1,609,052 | ||||||
84,798 | RWE AG (Utilities) | 2,953,984 | ||||||
81,144 | SAP SE (Software & Services) | 14,651,940 | ||||||
34,281 | Scout24 SE (Media & Entertainment)(a) |
2,518,202 |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Germany (continued) |
| |||||||
26,881 | Siemens AG (Capital Goods) | $ | 5,035,716 | |||||
132,517 | TeamViewer SE (Software & Services)*(a) | 1,748,262 | ||||||
|
|
|||||||
111,824,319 | ||||||||
|
||||||||
Hong Kong 0.7% |
| |||||||
147,000 | AIA Group Ltd. (Insurance) | 1,076,681 | ||||||
717,000 | Swire Pacific Ltd., Class A (Real Estate Management & Development) | 6,072,064 | ||||||
272,000 | Techtronic Industries Co. Ltd. (Capital Goods) | 3,758,850 | ||||||
|
|
|||||||
10,907,595 | ||||||||
|
||||||||
Ireland 0.0% |
| |||||||
48,210 | Bank of Ireland Group PLC (Banks) | 514,373 | ||||||
|
||||||||
Israel 0.1% |
| |||||||
37,715 | Plus500 Ltd. (Financial Services) | 1,020,180 | ||||||
|
||||||||
Italy 2.2% |
| |||||||
221,729 | Azimut Holding SpA (Financial Services) | 5,843,106 | ||||||
46,954 | Banca Generali SpA (Financial Services) | 1,838,999 | ||||||
735,550 | Banca Mediolanum SpA (Financial Services) | 7,959,812 | ||||||
231,663 | Banca Monte dei Paschi di Siena SpA (Banks)* | 1,117,375 | ||||||
777,371 | Banco BPM SpA (Banks) | 5,103,939 | ||||||
68,908 | Brembo NV (Automobiles & Components) | 876,640 | ||||||
65,373 | Prysmian SpA (Capital Goods) | 3,547,034 | ||||||
144,973 | UniCredit SpA (Banks) | 5,321,144 | ||||||
480,928 | Unipol Gruppo SpA (Insurance) | 4,311,381 | ||||||
|
|
|||||||
35,919,430 | ||||||||
|
||||||||
Japan 23.8% |
| |||||||
164,500 | Aisin Corp. (Automobiles & Components) | 6,256,964 | ||||||
259,000 | Asahi Group Holdings Ltd. (Food, Beverage & Tobacco) | 8,860,127 | ||||||
36,900 | Asahi Intecc Co. Ltd. (Health Care Equipment & Services) | 540,684 | ||||||
65,100 | Astellas Pharma, Inc. (Pharmaceuticals, Biotechnology & Life Sciences) | 624,823 | ||||||
170,700 | Brother Industries Ltd. (Technology Hardware & Equipment) | 3,019,507 | ||||||
278,500 | Canon, Inc. (Technology Hardware & Equipment) | 7,537,683 | ||||||
48,800 | Central Japan Railway Co. (Transportation) | 1,115,958 | ||||||
164,100 | Chubu Electric Power Co., Inc. (Utilities) | 2,106,382 |
22 | 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) |
| |||||||
90,400 | Dai Nippon Printing Co. Ltd. (Commercial & Professional Services) | $ | 2,633,002 | |||||
73,200 | Dai-ichi Life Holdings, Inc. (Insurance) | 1,695,388 | ||||||
76,100 | Daiichi Sankyo Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 2,561,352 | ||||||
424,600 | Daiwa House Industry Co. Ltd. (Real Estate Management & Development) | 11,947,783 | ||||||
1,191,300 | ENEOS Holdings, Inc. (Energy) | 5,504,062 | ||||||
21,600 | Exedy Corp. (Automobiles & Components) | 395,469 | ||||||
529,500 | Fujitsu Ltd. (Software & Services) | 8,179,797 | ||||||
25,200 | Hitachi Ltd. (Capital Goods) | 2,324,969 | ||||||
1,929,100 | Honda Motor Co. Ltd. (Automobiles & Components) | 21,948,492 | ||||||
8,200 | Hoya Corp. (Health Care Equipment & Services) | 950,707 | ||||||
369,100 | IHI Corp. (Capital Goods) | 8,837,788 | ||||||
49,600 | Inpex Corp. (Energy) | 742,998 | ||||||
94,700 | Isuzu Motors Ltd. (Automobiles & Components) | 1,200,119 | ||||||
215,800 | JFE Holdings, Inc. (Materials) | 3,220,971 | ||||||
43,100 | Kamigumi Co. Ltd. (Transportation) | 930,770 | ||||||
60,500 | Kandenko Co. Ltd. (Capital Goods) | 674,860 | ||||||
40,800 | Kawasaki Heavy Industries Ltd. (Capital Goods) | 1,263,089 | ||||||
27,700 | KDDI Corp. (Telecommunication Services) | 768,642 | ||||||
21,100 | Kinden Corp. (Capital Goods) | 402,612 | ||||||
50,300 | Kirin Holdings Co. Ltd. (Food, Beverage & Tobacco) | 734,259 | ||||||
61,300 | Kobe Bussan Co. Ltd. (Consumer Staples Distribution & Retail) | 1,323,913 | ||||||
68,900 | Kokuyo Co. Ltd. (Commercial & Professional Services) | 1,177,099 | ||||||
45,300 | Komatsu Ltd. (Capital Goods) | 1,352,483 | ||||||
176,500 | Konica Minolta, Inc. (Technology Hardware & Equipment) | 586,887 | ||||||
72,400 | Kurita Water Industries Ltd. (Capital Goods) | 2,867,336 | ||||||
716,500 | Mazda Motor Corp. (Automobiles & Components) | 8,110,404 | ||||||
47,400 | Mitsubishi Electric Corp. (Capital Goods) | 826,178 | ||||||
1,368,400 | Mitsubishi HC Capital, Inc. (Financial Services) | 8,861,823 | ||||||
210,000 | Mitsubishi Heavy Industries Ltd. (Capital Goods) | 1,877,635 | ||||||
111,200 | Mitsubishi UFJ Financial Group, Inc. (Banks) | 1,107,703 |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Japan (continued) |
| |||||||
384,600 | Mitsui Fudosan Co. Ltd. (Real Estate Management & Development) | $ | 3,914,098 | |||||
697,800 | Mizuho Financial Group, Inc. (Banks) | 13,487,851 | ||||||
863,700 | MS&AD Insurance Group Holdings, Inc. (Insurance) | 15,528,502 | ||||||
38,600 | NEC Corp. (Software & Services) | 2,794,717 | ||||||
644,800 | NGK Insulators Ltd. (Capital Goods) | 8,783,656 | ||||||
11,100 | Nippn Corp. (Food, Beverage & Tobacco) | 171,294 | ||||||
283,200 | Nippon Steel Corp. (Materials) | 6,349,039 | ||||||
6,847,400 | Nippon Telegraph & Telephone Corp. (Telecommunication Services) | 7,392,880 | ||||||
78,600 | Nippon Yusen KK (Transportation) | 2,231,491 | ||||||
212,700 | Nisshin Seifun Group, Inc. (Food, Beverage & Tobacco) | 2,774,647 | ||||||
187,500 | Nissin Foods Holdings Co. Ltd. (Food, Beverage & Tobacco) | 5,003,541 | ||||||
525,200 | Nomura Holdings, Inc. (Financial Services) | 2,988,381 | ||||||
446,400 | Nomura Real Estate Holdings, Inc. (Real Estate Management & Development) | 12,497,922 | ||||||
16,600 | Nomura Research Institute Ltd. (Software & Services) | 401,685 | ||||||
19,800 | NS United Kaiun Kaisha Ltd. (Transportation) | 599,137 | ||||||
770,500 | ORIX Corp. (Financial Services) | 15,768,603 | ||||||
50,100 | Osaka Gas Co. Ltd. (Utilities) | 1,114,018 | ||||||
124,000 | Otsuka Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 5,301,851 | ||||||
2,057,700 | Panasonic Holdings Corp. (Consumer Durables & Apparel) | 17,960,543 | ||||||
256,600 | Renesas Electronics Corp. (Semiconductors & Semiconductor Equipment) | 4,166,094 | ||||||
274,500 | Santen Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 2,651,420 | ||||||
280,600 | SCSK Corp. (Software & Services) | 5,101,084 | ||||||
260,100 | Seiko Epson Corp. (Technology Hardware & Equipment) | 4,278,642 | ||||||
45,600 | Sekisui Chemical Co. Ltd. (Consumer Durables & Apparel) | 663,391 | ||||||
704,000 | Sekisui House Ltd. (Consumer Durables & Apparel) | 16,178,171 | ||||||
130,500 | SKY Perfect JSAT Holdings, Inc. (Media & Entertainment) | 767,954 | ||||||
93,400 | SoftBank Group Corp. (Telecommunication Services) | 4,593,468 |
The accompanying notes are an integral part of these financial statements. | 23 |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND
Schedule of Investments (continued)
April 30, 2024 (Unaudited) |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Japan (continued) |
| |||||||
216,600 | Sojitz Corp. (Capital Goods) | $ | 5,576,770 | |||||
245,400 | Sompo Holdings, Inc. (Insurance) | 4,856,498 | ||||||
14,200 | Sony Group Corp. (Consumer Durables & Apparel) | 1,173,649 | ||||||
687,400 | Sumitomo Electric Industries Ltd. (Automobiles & Components) | 10,624,674 | ||||||
45,000 | Sumitomo Forestry Co. Ltd. (Consumer Durables & Apparel) | 1,386,436 | ||||||
151,700 | Sumitomo Heavy Industries Ltd. (Capital Goods) | 4,227,382 | ||||||
101,400 | Sumitomo Realty & Development Co. Ltd. (Real Estate Management & Development) | 3,508,838 | ||||||
289,100 | Takashimaya Co. Ltd. (Consumer Discretionary Distribution & Retail) | 4,098,079 | ||||||
223,100 | Tokai Tokyo Financial Holdings, Inc. (Financial Services) | 817,557 | ||||||
36,800 | Tokio Marine Holdings, Inc. (Insurance) | 1,163,115 | ||||||
85,200 | Tokyo Century Corp. (Financial Services) | 848,024 | ||||||
51,200 | Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment) | 11,230,511 | ||||||
27,200 | Tokyo Steel Manufacturing Co. Ltd. (Materials) | 288,533 | ||||||
878,500 | Tokyu Fudosan Holdings Corp. (Real Estate Management & Development) | 6,436,115 | ||||||
38,600 | Toyo Tire Corp. (Automobiles & Components) | 730,278 | ||||||
69,600 | Toyota Boshoku Corp. (Automobiles & Components) | 1,029,268 | ||||||
20,400 | Toyota Industries Corp. (Capital Goods) | 1,938,548 | ||||||
894,500 | Toyota Motor Corp. (Automobiles & Components) | 20,402,289 | ||||||
47,100 | Toyota Tsusho Corp. (Capital Goods) | 2,994,615 | ||||||
114,700 | Trend Micro, Inc. (Software & Services) | 5,652,211 | ||||||
26,000 | Unicharm Corp. (Household & Personal Products) | 772,542 | ||||||
133,000 | USS Co. Ltd. (Consumer Discretionary Distribution & Retail) | 1,016,026 | ||||||
172,300 | Yokogawa Electric Corp. (Technology Hardware & Equipment) | 3,807,108 | ||||||
33,200 | Zensho Holdings Co. Ltd. (Consumer Services) | 1,286,806 | ||||||
|
|
|||||||
394,400,670 | ||||||||
|
||||||||
Netherlands 6.5% |
| |||||||
23,651 | Aalberts NV (Capital Goods) | 1,124,506 |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Netherlands (continued) |
| |||||||
589,317 | ABN AMRO Bank NV (Banks)(a)(b) | $ | 9,440,015 | |||||
1,378 | Adyen NV (Financial Services)*(a) | 1,650,844 | ||||||
21,384 | ASM International NV (Semiconductors & Semiconductor Equipment) | 13,451,368 | ||||||
65,267 | ASML Holding NV (Semiconductors & Semiconductor Equipment) | 56,848,398 | ||||||
39,940 | BE Semiconductor Industries NV (Semiconductors & Semiconductor Equipment) | 5,299,005 | ||||||
37,570 | Euronext NV (Financial Services)(a) | 3,383,209 | ||||||
717,249 | ING Groep NV (Banks) | 11,339,907 | ||||||
164,675 | Koninklijke Ahold Delhaize NV (Consumer Staples Distribution & Retail) | 4,998,577 | ||||||
|
|
|||||||
107,535,829 | ||||||||
|
||||||||
New Zealand 0.3% |
| |||||||
72,909 | Xero Ltd. (Software & Services)* | 5,660,525 | ||||||
|
||||||||
Norway 0.9% |
| |||||||
200,414 | Aker Solutions ASA (Energy) | 755,420 | ||||||
80,891 | DNB Bank ASA (Banks) | 1,409,862 | ||||||
107,324 | Hoegh Autoliners ASA (Transportation) | 1,126,490 | ||||||
95,323 | Kongsberg Gruppen ASA (Capital Goods) | 6,729,153 | ||||||
181,794 | Mowi ASA (Food, Beverage & Tobacco) | 3,191,739 | ||||||
86,969 | Norsk Hydro ASA (Materials) | 534,458 | ||||||
30,172 | Salmar ASA (Food, Beverage & Tobacco) | 1,898,154 | ||||||
|
|
|||||||
15,645,276 | ||||||||
|
||||||||
Portugal 0.2% |
| |||||||
71,705 | Galp Energia SGPS SA (Energy) | 1,540,307 | ||||||
87,415 | Jeronimo Martins SGPS SA (Consumer Staples Distribution & Retail) | 1,798,279 | ||||||
|
|
|||||||
3,338,586 | ||||||||
|
||||||||
Singapore 1.3% |
| |||||||
307,532 | Hafnia Ltd. (Energy) | 2,318,714 | ||||||
493,200 | Keppel Ltd. (Capital Goods) | 2,466,943 | ||||||
963,300 | Oversea-Chinese Banking Corp. Ltd. (Banks) | 10,000,570 | ||||||
901,700 | Singapore Technologies Engineering Ltd. (Capital Goods) | 2,648,730 | ||||||
662,100 | Singapore Telecommunications Ltd. (Telecommunication Services) | 1,148,263 |
24 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Singapore (continued) |
| |||||||
130,900 | United Overseas Bank Ltd. (Banks) | $ | 2,904,776 | |||||
|
|
|||||||
21,487,996 | ||||||||
|
||||||||
South Africa 0.1% |
| |||||||
36,002 | Anglo American PLC (Materials) | 1,176,455 | ||||||
|
||||||||
Spain 2.4% |
| |||||||
57,627 | Amadeus IT Group SA (Consumer Services) | 3,657,815 | ||||||
1,418,056 | Banco de Sabadell SA (Banks) | 2,708,777 | ||||||
677,418 | Banco Santander SA (Banks)(b) | 3,296,068 | ||||||
889,437 | Bankinter SA (Banks) | 7,030,258 | ||||||
483,851 | Industria de Diseno Textil SA (Consumer Discretionary Distribution & Retail)(b) | 22,030,198 | ||||||
1,182,474 | Unicaja Banco SA (Banks)(a) | 1,544,613 | ||||||
|
|
|||||||
40,267,729 | ||||||||
|
||||||||
Sweden 2.7% |
| |||||||
108,474 | AAK AB (Food, Beverage & Tobacco) | 2,790,119 | ||||||
78,882 | Alfa Laval AB (Capital Goods) | 3,358,382 | ||||||
154,791 | Atlas Copco AB, Class A (Capital Goods) | 2,711,333 | ||||||
77,096 | Atlas Copco AB, Class B (Capital Goods) | 1,155,995 | ||||||
77,015 | Essity AB, Class B (Household & Personal Products) | 1,921,506 | ||||||
86,277 | Hexagon AB, Class B (Technology Hardware & Equipment) | 902,541 | ||||||
61,080 | Hexpol AB (Materials) | 691,129 | ||||||
53,678 | Indutrade AB (Capital Goods) | 1,234,895 | ||||||
161,370 | Investor AB, Class A (Financial Services) | 3,930,409 | ||||||
729,353 | Investor AB, Class B (Financial Services) | 17,863,868 | ||||||
33,444 | Saab AB, Class B (Capital Goods) | 2,647,720 | ||||||
182,505 | SSAB AB, Class A (Materials)(b) | 1,024,789 | ||||||
310,236 | SSAB AB, Class B (Materials) | 1,735,945 | ||||||
83,527 | Trelleborg AB, Class B (Capital Goods) | 2,943,695 | ||||||
|
|
|||||||
44,912,326 | ||||||||
|
||||||||
Switzerland 5.9% |
| |||||||
520,600 | ABB Ltd. (Capital Goods) | 25,295,141 | ||||||
184,325 | Aryzta AG (Food, Beverage & Tobacco)* | 348,971 | ||||||
3,864 | Belimo Holding AG (Capital Goods) | 1,787,824 | ||||||
49,958 | Julius Baer Group Ltd. (Financial Services) | 2,680,665 | ||||||
35,053 | Lonza Group AG (Pharmaceuticals, Biotechnology & Life Sciences) | 19,349,034 |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Switzerland (continued) |
| |||||||
222,135 | Novartis AG (Pharmaceuticals, Biotechnology & Life Sciences) | $ | 21,559,880 | |||||
15,566 | Sika AG (Materials) | 4,427,929 | ||||||
12,527 | Sonova Holding AG (Health Care Equipment & Services) | 3,462,867 | ||||||
25,329 | Temenos AG (Software & Services) | 1,575,651 | ||||||
609,191 | UBS Group AG (Financial Services) | 15,999,355 | ||||||
2,729 | VAT Group AG (Capital Goods)(a) | 1,358,663 | ||||||
|
|
|||||||
97,845,980 | ||||||||
|
||||||||
United Kingdom 7.9% |
| |||||||
62,032 | 3i Group PLC (Financial Services) | 2,216,246 | ||||||
310,532 | AstraZeneca PLC ADR (Pharmaceuticals, Biotechnology & Life Sciences) | 23,563,168 | ||||||
1,548,938 | Aviva PLC (Insurance) | 8,993,372 | ||||||
48,040 | Babcock International Group PLC (Capital Goods) | 303,999 | ||||||
391,985 | BAE Systems PLC (Capital Goods) | 6,519,580 | ||||||
228,289 | Barclays PLC (Banks) | 575,584 | ||||||
349,715 | Beazley PLC (Insurance) | 2,893,461 | ||||||
47,596 | Bellway PLC (Consumer Durables & Apparel) | 1,495,741 | ||||||
17,859 | Berkeley Group Holdings PLC (Consumer Durables & Apparel) | 1,048,781 | ||||||
27,592 | British American Tobacco PLC (Food, Beverage & Tobacco) | 809,999 | ||||||
61,575 | Bytes Technology Group PLC (Software & Services) | 374,521 | ||||||
67,043 | Compass Group PLC (Consumer Services) | 1,864,716 | ||||||
263,019 | Direct Line Insurance Group PLC (Insurance) | 610,642 | ||||||
846,980 | HSBC Holdings PLC (Banks) | 7,341,584 | ||||||
52,850 | Imperial Brands PLC (Food, Beverage & Tobacco) | 1,207,631 | ||||||
373,883 | Kingfisher PLC (Consumer Discretionary Distribution & Retail) | 1,151,681 | ||||||
37,903 | Lancashire Holdings Ltd. (Insurance) | 288,906 | ||||||
1,059,875 | M&G PLC (Financial Services) | 2,653,429 | ||||||
964,361 | Man Group PLC (Financial Services) | 3,092,614 | ||||||
268,373 | Melrose Industries PLC (Capital Goods) | 2,108,428 | ||||||
700,371 | National Grid PLC (Utilities) | 9,186,881 | ||||||
2,018,216 | NatWest Group PLC (Banks) | 7,617,522 | ||||||
57,800 | Next PLC (Consumer Discretionary Distribution & Retail) | 6,482,731 | ||||||
180,500 | Pearson PLC (Consumer Services) | 2,190,159 |
The accompanying notes are an integral part of these financial statements. | 25 |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND
Schedule of Investments (continued)
April 30, 2024 (Unaudited) |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
United Kingdom (continued) |
| |||||||
9,744 | Reckitt Benckiser Group PLC (Household & Personal Products) | $ | 544,758 | |||||
158,412 | Redrow PLC (Consumer Durables & Apparel) | 1,273,626 | ||||||
61,575 | RELX PLC (Commercial & Professional Services) | 2,529,925 | ||||||
1,584,606 | Rolls-Royce Holdings PLC (Capital Goods)* | 8,125,902 | ||||||
156,420 | Rotork PLC (Capital Goods) | 628,799 | ||||||
300,381 | Sage Group PLC (The) (Software & Services) | 4,355,796 | ||||||
371,883 | Smiths Group PLC (Capital Goods) | 7,497,152 | ||||||
378,927 | Standard Chartered PLC (Banks) | 3,255,567 | ||||||
1,746,877 | Taylor Wimpey PLC (Consumer Durables & Apparel) | 2,862,474 | ||||||
1,038,946 | Tesco PLC (Consumer Staples Distribution & Retail) | 3,835,862 | ||||||
36,543 | Unilever PLC (Household & Personal Products) | 1,890,304 | ||||||
|
|
|||||||
131,391,541 | ||||||||
|
||||||||
United States 9.6% |
| |||||||
440,068 | BP PLC ADR (Energy) | 17,061,436 | ||||||
43,294 | Carnival PLC ADR (Consumer Services)* | 580,140 | ||||||
90,836 | CRH PLC (Materials) | 7,032,523 | ||||||
52,652 | Ferguson PLC (Capital Goods) | 11,101,983 | ||||||
28,979 | GSK PLC ADR (Pharmaceuticals, Biotechnology & Life Sciences) | 1,200,890 | ||||||
200,119 | Holcim AG (Materials)* | 16,751,517 | ||||||
290,828 | Nestle SA (Food, Beverage & Tobacco) | 29,199,189 | ||||||
167,071 | Reliance Worldwide Corp. Ltd. (Capital Goods) | 548,383 | ||||||
111,940 | Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences) | 26,822,416 | ||||||
138,974 | Sanofi SA (Pharmaceuticals, Biotechnology & Life Sciences) | 13,729,667 | ||||||
94,124 | Schneider Electric SE (Capital Goods) | 21,461,536 | ||||||
366,241 | Shell PLC (Energy) | 13,087,190 | ||||||
44,042 | Signify NV (Capital Goods)(a) | 1,201,090 | ||||||
28,310 | Tenaris SA (Energy) | 470,150 | ||||||
|
|
|||||||
160,248,110 | ||||||||
|
||||||||
TOTAL COMMON STOCKS (Cost $1,381,194,542) |
1,570,939,829 | |||||||
|
Shares |
Description | Rate | Value | |||||||||||||
Preferred Stocks 1.6% |
| |||||||||||||||
Germany 1.6% |
| |||||||||||||||
22,121 | Bayerische Motoren Werke AG (Automobiles & Components) | 8.82 | % | $ | 2,272,971 | |||||||||||
215,215 | Henkel AG & Co. KGaA (Household & Personal Products) | 2.49 | 17,097,066 | |||||||||||||
101,786 | Porsche Automobil Holding SE (Automobiles & Components) | 5.37 | 5,186,153 | |||||||||||||
18,343 | Volkswagen AG (Automobiles & Components) | 7.66 | 2,247,112 | |||||||||||||
|
||||||||||||||||
TOTAL PREFERRED STOCKS (Cost $26,253,332) |
|
26,803,302 | ||||||||||||||
|
||||||||||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $1,407,447,874) |
|
1,597,743,131 | ||||||||||||||
|
||||||||||||||||
Shares |
Dividend Rate |
|||||||||||||||
Securities Lending Reinvestment Vehicle 2.0%(c) |
| |||||||||||||||
Goldman Sachs Financial Square Government Fund Institutional Shares |
|
|||||||||||||||
32,519,185 | 5.223% | 32,519,185 | ||||||||||||||
(Cost $32,519,185) |
|
|||||||||||||||
|
||||||||||||||||
TOTAL INVESTMENTS 98.2% (Cost $1,439,967,059) |
|
$ | 1,630,262,316 | |||||||||||||
|
||||||||||||||||
OTHER ASSETS IN EXCESS OF |
|
29,477,610 | ||||||||||||||
|
||||||||||||||||
NET ASSETS 100.0% |
|
$ | 1,659,739,926 | |||||||||||||
|
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 | |
PLC | Public Limited Company | |
REIT | Real Estate Investment Trust | |
|
26 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND
Sector Name | % of Market Value |
|||
|
||||
Financials |
20.0% | |||
Industrials |
18.5 | |||
Health Care |
13.7 | |||
Consumer Discretionary |
12.8 | |||
Information Technology |
10.9 | |||
Consumer Staples |
6.6 | |||
Materials |
6.0 | |||
Real Estate |
3.3 | |||
Energy |
3.1 | |||
Communication Services |
2.1 | |||
Utilities |
1.0 | |||
Securities Lending Reinvestment Vehicle |
2.0 | |||
|
||||
TOTAL INVESTMENTS |
100.0% | |||
|
ADDITIONAL INVESTMENT INFORMATION |
FUTURES CONTRACTS At April 30, 2024, 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 |
260 | 06/21/24 | $ | 13,587,811 | $ | 21,244 | ||||||||||
FTSE 100 Index |
51 | 06/21/24 | 5,199,172 | 307,503 | ||||||||||||
Hang Seng Index |
11 | 05/30/24 | 1,245,791 | 51,635 | ||||||||||||
MSCI Singapore Index |
19 | 05/30/24 | 421,882 | 957 | ||||||||||||
SPI 200 Index |
17 | 06/20/24 | 2,115,796 | (14,587) | ||||||||||||
TOPIX Index |
41 | 06/13/24 | 7,141,173 | 335,006 | ||||||||||||
Total Futures Contracts |
$ | 701,758 |
The accompanying notes are an integral part of these financial statements. | 27 |
GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND
Shares |
Description | Value | ||||||
Common Stocks 96.1% |
| |||||||
Australia 7.4% |
| |||||||
7,730,744 | AMP Ltd. (Financial Services) | $ | 5,441,172 | |||||
89,407 | Audinate Group Ltd. (Technology Hardware & Equipment)* |
1,073,398 | ||||||
348,149 | BWP Trust REIT (Equity Real Estate Investment Trusts (REITs)) | 796,700 | ||||||
651,388 | Capricorn Metals Ltd. (Materials)* | 2,062,037 | ||||||
3,568,283 | Centuria Industrial REIT (Equity Real Estate Investment Trusts (REITs)) | 7,285,953 | ||||||
3,498,413 | Cettire Ltd. (Consumer Discretionary Distribution & Retail)* | 6,650,161 | ||||||
1,194,544 | Challenger Ltd. (Financial Services) | 5,146,582 | ||||||
3,223,858 | Charter Hall Group REIT (Equity Real Estate Investment Trusts (REITs)) | 24,482,712 | ||||||
4,929,855 | Charter Hall Retail REIT (Equity Real Estate Investment Trusts (REITs)) | 10,519,107 | ||||||
6,621,850 | Deterra Royalties Ltd. (Materials) | 20,960,805 | ||||||
45,821 | Dicker Data Ltd. (Technology Hardware & Equipment) | 315,659 | ||||||
610,775 | Downer EDI Ltd. (Commercial & Professional Services) | 1,833,580 | ||||||
3,282,109 | Emerald Resources NL (Materials)* | 7,388,346 | ||||||
5,939,437 | Evolution Mining Ltd. (Materials) | 15,316,522 | ||||||
1,729,753 | Genesis Minerals Ltd. (Materials)* | 1,934,317 | ||||||
8,398,904 | Gold Road Resources Ltd. (Materials) | 8,691,484 | ||||||
3,092,515 | GrainCorp Ltd., Class A (Consumer Staples Distribution & Retail) | 16,992,301 | ||||||
567,197 | Helia Group Ltd. (Financial Services) | 1,455,850 | ||||||
52,315 | HUB24 Ltd. (Financial Services) | 1,344,158 | ||||||
1,972,516 | IGO Ltd. (Materials) | 9,824,480 | ||||||
42,561 | Jumbo Interactive Ltd. (Consumer Services) | 432,606 | ||||||
1,156,189 | National Storage REIT (Equity Real Estate Investment Trusts (REITs)) | 1,594,301 | ||||||
102,655 | Neuren Pharmaceuticals Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)* | 1,260,395 | ||||||
175,036 | New Hope Corp. Ltd. (Energy) | 509,183 | ||||||
625,405 | Nick Scali Ltd. (Consumer Discretionary Distribution & Retail) | 6,270,037 |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Australia (continued) |
| |||||||
2,906,565 | Perenti Ltd. (Materials) | $ | 1,784,047 | |||||
6,582,238 | Perseus Mining Ltd. (Materials) | 9,627,991 | ||||||
303,328 | Premier Investments Ltd. (Consumer Discretionary Distribution & Retail) | 5,834,712 | ||||||
168,520 | Pro Medicus Ltd. (Health Care Equipment & Services) | 12,039,931 | ||||||
12,684,964 | Ramelius Resources Ltd. (Materials) | 16,826,749 | ||||||
26,952,862 | Red 5 Ltd. (Materials)* | 7,719,951 | ||||||
19,194,455 | Resolute Mining Ltd. (Materials)* | 5,214,443 | ||||||
581,891 | Sandfire Resources Ltd. (Materials)* | 3,504,743 | ||||||
376,637 | SmartGroup Corp. Ltd. (Commercial & Professional Services) | 2,309,411 | ||||||
78,499 | Stanmore Resources Ltd. (Materials) | 167,784 | ||||||
1,970,686 | Technology One Ltd. (Software & Services) | 20,410,823 | ||||||
1,351,775 | Temple & Webster Group Ltd. (Consumer Discretionary Distribution & Retail)* | 9,865,600 | ||||||
267,364 | Ventia Services Group Pty Ltd. (Capital Goods) | 622,249 | ||||||
4,045,435 | Waypoint REIT Ltd. REIT (Equity Real Estate Investment Trusts (REITs)) | 6,070,265 | ||||||
1,706,927 | West African Resources Ltd. (Materials)* | 1,446,371 | ||||||
9,908,108 | Westgold Resources Ltd. (Materials) | 14,155,026 | ||||||
|
|
|||||||
277,181,942 | ||||||||
|
||||||||
Austria 1.0% |
| |||||||
527,874 | BAWAG Group AG (Banks)*(a) | 31,519,789 | ||||||
107,599 | Kontron AG (Software & Services) | 2,166,025 | ||||||
181,083 | Raiffeisen Bank International AG (Banks) | 3,344,396 | ||||||
|
|
|||||||
37,030,210 | ||||||||
|
||||||||
Belgium 0.1% |
| |||||||
66,559 | Colruyt Group NV (Consumer Staples Distribution & Retail) | 3,084,201 | ||||||
20,059 | KBC Ancora (Banks) | 966,596 | ||||||
11,641 | Melexis NV (Semiconductors & Semiconductor Equipment) | 972,793 | ||||||
|
|
|||||||
5,023,590 | ||||||||
|
||||||||
China 1.0% |
| |||||||
28,680,200 | Yangzijiang Shipbuilding Holdings Ltd. (Capital Goods) | 36,814,279 | ||||||
|
||||||||
Denmark 1.4% |
| |||||||
38,281 | cBrain A/S (Software & Services) | 1,525,962 |
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) |
| |||||||
Denmark (continued) |
| |||||||
112,503 | D/S Norden A/S (Transportation) | $ | 4,743,668 | |||||
32,283 | Jyske Bank A/S (Banks) | 2,612,012 | ||||||
77,974 | NKT A/S (Capital Goods)* | 6,468,282 | ||||||
687,498 | Sydbank AS (Banks) | 34,958,908 | ||||||
|
|
|||||||
50,308,832 | ||||||||
|
||||||||
Finland 2.3% |
| |||||||
466,907 | Cargotec OYJ, Class B (Capital Goods)* | 36,824,982 | ||||||
265,832 | Huhtamaki OYJ (Materials) | 10,201,710 | ||||||
40,756 | Kemira OYJ (Materials) | 887,492 | ||||||
678,347 | Konecranes OYJ (Capital Goods) | 35,650,782 | ||||||
156,813 | Tokmanni Group Corp. (Consumer Discretionary Distribution & Retail) | 2,379,731 | ||||||
|
|
|||||||
85,944,697 | ||||||||
|
||||||||
France 3.6% |
| |||||||
37,103 | Alten SA (Software & Services) | 4,360,356 | ||||||
176,554 | Cie Plastic Omnium SE (Automobiles & Components) |
2,150,423 | ||||||
694,951 | Coface SA (Insurance) | 10,694,326 | ||||||
32,845 | ICADE REIT (Equity Real Estate Investment Trusts (REITs)) | 873,265 | ||||||
253,313 | IPSOS SA (Media & Entertainment) | 16,951,105 | ||||||
34,403 | Mercialys SA REIT (Equity Real Estate Investment Trusts (REITs)) | 372,384 | ||||||
348,210 | Nexans SA (Capital Goods) | 37,083,221 | ||||||
246,433 | Rubis SCA (Utilities) | 8,528,130 | ||||||
1,974 | Sopra Steria Group (Software & Services) | 432,224 | ||||||
40,168 | SPIE SA (Commercial & Professional Services) | 1,460,535 | ||||||
2,296 | Trigano SA (Automobiles & Components) | 349,039 | ||||||
2,744,923 | Valeo SE (Automobiles & Components) | 34,787,804 | ||||||
458,844 | Verallia SA (Materials)(a) | 17,672,476 | ||||||
|
|
|||||||
135,715,288 | ||||||||
|
||||||||
Georgia 0.3% |
| |||||||
136,614 | Bank of Georgia Group PLC (Banks) | 9,147,549 | ||||||
|
||||||||
Germany 3.8% |
| |||||||
1,412,381 | AIXTRON SE (Semiconductors & Semiconductor Equipment) | 32,817,981 | ||||||
81,264 | CompuGroup Medical SE & Co. KgaA (Health Care Equipment & Services) | 2,434,337 | ||||||
199,046 | CTS Eventim AG & Co. KGaA (Media & Entertainment) | 17,601,399 | ||||||
816,314 | Deutz AG (Capital Goods)* | 4,715,944 | ||||||
153,502 | Duerr AG (Capital Goods) | 3,926,824 |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Germany (continued) |
| |||||||
135,062 | Gerresheimer AG (Pharmaceuticals, Biotechnology & Life Sciences) | $ | 14,545,775 | |||||
404,607 | Hensoldt AG (Capital Goods) | 15,940,299 | ||||||
377,507 | Kloeckner & Co. SE (Capital Goods) | 2,675,655 | ||||||
18,384 | SAF-Holland SE (Automobiles & Components) | 354,158 | ||||||
27,452 | SMA Solar Technology AG (Semiconductors & Semiconductor Equipment)* | 1,439,857 | ||||||
115,319 | Softwareone Holding AG (Technology Hardware & Equipment)* | 1,960,970 | ||||||
73,890 | SUESS MicroTec SE (Semiconductors & Semiconductor Equipment) | 3,657,138 | ||||||
2,025,090 | TeamViewer SE (Software & Services)*(a) | 26,716,477 | ||||||
123,903 | Wacker Chemie AG (Materials) | 13,263,576 | ||||||
|
|
|||||||
142,050,390 | ||||||||
|
||||||||
Guernsey 0.0% |
| |||||||
984,098 | Balanced Commercial Property Trust Ltd. REIT (Equity Real Estate Investment Trusts (REITs)) | 956,691 | ||||||
|
||||||||
Hong Kong 0.9% |
| |||||||
30,094 | Hong Kong Resources Holdings Co. Ltd. (Consumer Discretionary Distribution & Retail)* | 3,655 | ||||||
3,965,500 | Kerry Properties Ltd. (Real Estate Management & Development) | 7,687,582 | ||||||
725,000 | Luk Fook Holdings International Ltd. (Consumer Discretionary Distribution & Retail) | 1,738,087 | ||||||
24,963,000 | Pacific Basin Shipping Ltd. (Transportation) | 8,643,634 | ||||||
12,268,000 | United Laboratories International Holdings Ltd. (The) (Pharmaceuticals, Biotechnology & Life Sciences) | 14,475,007 | ||||||
1,424,500 | Yue Yuen Industrial Holdings Ltd. (Consumer Durables & Apparel) | 2,522,158 | ||||||
|
|
|||||||
35,070,123 | ||||||||
|
||||||||
Israel 3.0% |
| |||||||
88,576 | Airport City Ltd. (Real Estate Management & Development)* | 1,360,981 | ||||||
341,428 | Alony Hetz Properties & Investments Ltd. (Real Estate Management & Development) | 2,204,087 |
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, 2024 (Unaudited) |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Israel (continued) |
| |||||||
310,779 | Amot Investments Ltd. (Real Estate Management & Development) | $ | 1,303,444 | |||||
6,688,436 | Bezeq The Israeli Telecommunication Corp. Ltd. (Telecommunication Services) | 8,308,594 | ||||||
14,596 | Big Shopping Centers Ltd. (Real Estate Management & Development)* | 1,501,510 | ||||||
51,654 | Camtek Ltd. (Semiconductors & Semiconductor Equipment) | 4,203,311 | ||||||
99,350 | Clal Insurance Enterprises Holdings Ltd. (Insurance)* | 1,656,663 | ||||||
14,226 | Delek Group Ltd. (Energy) | 1,671,026 | ||||||
12,462 | Elco Ltd. (Capital Goods) | 381,961 | ||||||
10,970 | Enlight Renewable Energy Ltd. (Utilities)* | 176,938 | ||||||
22,850 | Fattal Holdings 1998 Ltd. (Consumer Services)* | 2,772,254 | ||||||
7,650 | FIBI Holdings Ltd. (Banks) | 318,610 | ||||||
148,261 | First International Bank Of Israel Ltd. (The) (Banks) | 5,884,931 | ||||||
20,415 | Fox Wizel Ltd. (Consumer Discretionary Distribution & Retail) | 1,620,955 | ||||||
211,479 | G City Ltd. (Real Estate Management & Development)* | 612,144 | ||||||
762,384 | Harel Insurance Investments & Financial Services Ltd. (Insurance) | 6,950,505 | ||||||
107,134 | Israel Canada T.R Ltd. (Real Estate Management & Development) | 395,992 | ||||||
11,117 | Israel Corp. Ltd. (Materials)(b) | 2,649,271 | ||||||
23,279 | Melisron Ltd. (Real Estate Management & Development) | 1,596,941 | ||||||
2,136,482 | Mivne Real Estate KD Ltd. (Real Estate Management & Development) | 5,135,545 | ||||||
80,702 | Nova Ltd. (Semiconductors & Semiconductor Equipment)* | 13,657,263 | ||||||
33,626 | OPC Energy Ltd. (Utilities)* | 252,616 | ||||||
47,479 | Perion Network Ltd. (Media & Entertainment)* | 592,132 | ||||||
898,112 | Phoenix Holdings Ltd. (The) (Insurance) | 8,579,333 | ||||||
1,194,363 | Plus500 Ltd. (Financial Services) | 32,307,184 | ||||||
91,643 | Shapir Engineering and Industry Ltd. (Capital Goods)* | 499,952 | ||||||
661,801 | Shufersal Ltd. (Consumer Staples Distribution & Retail) | 4,357,335 | ||||||
19,356 | Strauss Group Ltd. (Food, Beverage & Tobacco) | 355,561 | ||||||
66,988 | Tower Semiconductor Ltd. (Semiconductors & Semiconductor Equipment)* | 2,167,758 | ||||||
|
|
|||||||
113,474,797 | ||||||||
|
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Italy 4.3% |
| |||||||
1,216,989 | Azimut Holding SpA (Financial Services) | $ | 32,070,661 | |||||
440,251 | Banca Generali SpA (Financial Services) | 17,242,861 | ||||||
2,996,876 | Banca Mediolanum SpA (Financial Services)(b) | 32,430,930 | ||||||
1,344,955 | BFF Bank SpA (Financial Services)(a) | 17,259,310 | ||||||
1,111,550 | Brembo NV (Automobiles & Components) | 14,141,015 | ||||||
90,856 | dAmico International Shipping SA (Energy) | 652,551 | ||||||
64,342 | De Longhi SpA (Consumer Durables & Apparel) | 2,109,935 | ||||||
415,339 | Fincantieri SpA (Capital Goods)*(b) | 315,151 | ||||||
349,772 | Iveco Group NV (Capital Goods) | 4,385,696 | ||||||
189,359 | Pirelli & C SpA (Automobiles & Components)(a) | 1,197,309 | ||||||
4,400,730 | Unipol Gruppo SpA (Insurance) | 39,451,272 | ||||||
|
|
|||||||
161,256,691 | ||||||||
|
||||||||
Japan 36.1% |
| |||||||
10,941 | Activia Properties, Inc. REIT (Equity Real Estate Investment Trusts (REITs)) | 27,155,013 | ||||||
269,700 | Aica Kogyo Co. Ltd. (Materials) | 6,251,441 | ||||||
741,600 | Air Water, Inc. (Materials) | 11,135,279 | ||||||
87,900 | Airtrip Corp. (Consumer Services) | 789,070 | ||||||
773,900 | Alfresa Holdings Corp. (Health Care Equipment & Services) | 11,468,799 | ||||||
40,500 | Aozora Bank Ltd. (Banks)(b) | 629,246 | ||||||
40,700 | Artience Co. Ltd. (Materials) | 754,273 | ||||||
231,000 | Casio Computer Co. Ltd. (Consumer Durables & Apparel) | 1,924,526 | ||||||
228,600 | Central Glass Co. Ltd. (Capital Goods) | 4,059,536 | ||||||
1,290,700 | Chiyoda Corp. (Capital Goods)* | 3,559,070 | ||||||
749,800 | Chugoku Electric Power Co., Inc. (The) (Utilities) | 5,147,527 | ||||||
2,262,000 | Citizen Watch Co. Ltd. (Technology Hardware & Equipment) | 15,026,438 | ||||||
124,000 | Cosmo Energy Holdings Co. Ltd. (Energy) | 5,927,879 | ||||||
37,900 | Daiichikosho Co. Ltd. (Media & Entertainment) | 442,384 | ||||||
3,581 | Daiwa House REIT Investment Corp. REIT (Equity Real Estate Investment Trusts (REITs)) | 6,015,279 | ||||||
1,195 | Daiwa Securities Living Investments Corp. REIT (Equity Real Estate Investment Trusts (REITs)) | 811,416 | ||||||
1,096,700 | DCM Holdings Co. Ltd. (Consumer Discretionary Distribution & Retail) | 10,153,581 |
30 | 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) |
| |||||||
72,400 | DIC Corp. (Materials) | $ | 1,353,126 | |||||
498,000 | Doutor Nichires Holdings Co. Ltd. (Consumer Services) | 6,668,956 | ||||||
88,300 | Dowa Holdings Co. Ltd. (Materials) | 3,306,570 | ||||||
53,700 | DTS Corp. (Software & Services) | 1,464,974 | ||||||
680,800 | Exedy Corp. (Automobiles & Components) | 12,464,587 | ||||||
13,800 | Ezaki Glico Co. Ltd. (Food, Beverage & Tobacco) | 356,260 | ||||||
175,100 | Ferrotec Holdings Corp. (Semiconductors & Semiconductor Equipment) | 3,324,547 | ||||||
28,600 | Food & Life Cos. Ltd. (Consumer Services) | 540,564 | ||||||
5,791 | Frontier Real Estate Investment Corp. REIT (Equity Real Estate Investment Trusts (REITs)) | 16,834,994 | ||||||
108,500 | Fuji Oil Holdings, Inc. (Food, Beverage & Tobacco) | 1,596,906 | ||||||
282,300 | Fuji Soft, Inc. (Software & Services) | 11,047,475 | ||||||
56,800 | Geo Holdings Corp. (Consumer Discretionary Distribution & Retail) | 714,374 | ||||||
467,100 | Glory Ltd. (Capital Goods) | 8,416,332 | ||||||
714,100 | GS Yuasa Corp. (Capital Goods) | 13,473,242 | ||||||
23,400 | G-Tekt Corp. (Automobiles & Components) | 319,261 | ||||||
1,848,000 | H2O Retailing Corp. (Consumer Staples Distribution & Retail) | 20,881,005 | ||||||
336,700 | Hazama Ando Corp. (Capital Goods) | 2,510,454 | ||||||
71,300 | Heiwa Corp. (Consumer Services) | 893,176 | ||||||
132,800 | Heiwado Co. Ltd. (Consumer Staples Distribution & Retail) | 2,047,765 | ||||||
123,300 | Hirata Corp. (Capital Goods) | 5,516,264 | ||||||
958,000 | HIS Co. Ltd. (Consumer Services)*(b) | 10,644,662 | ||||||
98,600 | Horiba Ltd. (Technology Hardware & Equipment) | 9,566,085 | ||||||
1,646,600 | IHI Corp. (Capital Goods) | 39,426,446 | ||||||
1,960,900 | Iino Kaiun Kaisha Ltd. (Transportation) | 15,762,000 | ||||||
61,600 | Inabata & Co. Ltd. (Capital Goods) | 1,255,712 | ||||||
51,300 | Iriso Electronics Co. Ltd. (Technology Hardware & Equipment) | 1,003,156 | ||||||
194,900 | Jaccs Co. Ltd. (Financial Services) | 7,004,104 | ||||||
98,400 | Japan Aviation Electronics Industry Ltd. (Technology Hardware & Equipment) | 1,580,808 |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Japan (continued) |
| |||||||
6,069 | Japan Excellent, Inc. REIT (Equity Real Estate Investment Trusts (REITs)) | $ | 4,957,738 | |||||
469,500 | Japan Material Co. Ltd. (Semiconductors & Semiconductor Equipment) | 6,623,700 | ||||||
2,225,500 | JTEKT Corp. (Automobiles & Components) | 17,227,150 | ||||||
347,900 | Kaga Electronics Co. Ltd. (Technology Hardware & Equipment) | 13,705,115 | ||||||
843,200 | Kamigumi Co. Ltd. (Transportation) | 18,209,400 | ||||||
1,148,600 | Kandenko Co. Ltd. (Capital Goods) | 12,812,301 | ||||||
722,500 | Kanematsu Corp. (Capital Goods) | 11,747,721 | ||||||
236,700 | Kansai Paint Co. Ltd. (Materials) | 3,081,402 | ||||||
74,800 | Kawasaki Heavy Industries Ltd. (Capital Goods) | 2,315,663 | ||||||
17,600 | Keiyo Bank Ltd. (The) (Banks) | 86,533 | ||||||
1,234,200 | Kobe Steel Ltd. (Materials) | 15,064,081 | ||||||
215,300 | Kohnan Shoji Co. Ltd. (Consumer Discretionary Distribution & Retail) | 6,080,168 | ||||||
1,042,800 | Kokuyo Co. Ltd. (Commercial & Professional Services) | 17,815,374 | ||||||
9,459,000 | Konica Minolta, Inc. (Technology Hardware & Equipment) | 31,452,473 | ||||||
58,800 | Krosaki Harima Corp. (Materials) | 1,271,037 | ||||||
19,300 | KYB Corp. (Automobiles & Components) | 658,881 | ||||||
16,900 | Kyoei Steel Ltd. (Materials) | 240,593 | ||||||
611,400 | Kyoritsu Maintenance Co. Ltd. (Consumer Services) | 13,038,505 | ||||||
106,300 | Life Corp. (Consumer Staples Distribution & Retail) | 2,655,508 | ||||||
130,400 | Lintec Corp. (Materials) | 2,599,651 | ||||||
240,300 | Mani, Inc. (Health Care Equipment & Services) | 2,783,885 | ||||||
201,300 | Maruha Nichiro Corp. (Food, Beverage & Tobacco) | 3,926,459 | ||||||
220,800 | Menicon Co. Ltd. (Health Care Equipment & Services) | 2,130,419 | ||||||
446,100 | Mimasu Semiconductor Industry Co. Ltd. (Semiconductors & Semiconductor Equipment) | 10,289,575 | ||||||
289,300 | Mitsubishi Logisnext Co. Ltd. (Capital Goods) | 2,853,253 | ||||||
4,062,800 | Mitsubishi Motors Corp. (Automobiles & Components) | 12,874,363 | ||||||
101,300 | Mitsubishi Research Institute, Inc. (Software & Services) | 3,149,408 |
The accompanying notes are an integral part of these financial statements. | 31 |
GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND
Schedule of Investments (continued)
April 30, 2024 (Unaudited) |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Japan (continued) |
| |||||||
131,300 | Mitsubishi Shokuhin Co. Ltd. (Consumer Staples Distribution & Retail) | $ | 4,655,683 | |||||
1,248 | Mitsui Fudosan Logistics Park, Inc. REIT (Equity Real Estate Investment Trusts (REITs)) | 3,580,321 | ||||||
280,500 | Mitsui Mining & Smelting Co. Ltd. (Materials) | 8,795,611 | ||||||
2,182,500 | Mizuho Leasing Co. Ltd. (Financial Services) | 15,590,550 | ||||||
472,800 | Modec, Inc. (Energy) | 9,328,036 | ||||||
4,303 | Mori Trust Reit, Inc. REIT (Equity Real Estate Investment Trusts (REITs)) | 1,996,447 | ||||||
277,700 | Morinaga & Co. Ltd. (Food, Beverage & Tobacco) | 4,487,841 | ||||||
99,100 | Musashi Seimitsu Industry Co. Ltd. (Automobiles & Components) | 1,050,100 | ||||||
79,500 | Nakanishi, Inc. (Health Care Equipment & Services) | 1,221,273 | ||||||
1,148,600 | NEC Networks & System Integration Corp. (Software & Services) | 19,080,600 | ||||||
2,725,900 | NGK Insulators Ltd. (Capital Goods) | 37,133,016 | ||||||
40,300 | Nichias Corp. (Capital Goods) | 1,104,611 | ||||||
133,200 | Nichirei Corp. (Food, Beverage & Tobacco) | 3,334,877 | ||||||
583,100 | Nikkon Holdings Co. Ltd. (Transportation) | 11,445,154 | ||||||
650,500 | Nippn Corp. (Food, Beverage & Tobacco) | 10,038,464 | ||||||
286,900 | Nippon Light Metal Holdings Co. Ltd. (Materials) | 3,404,356 | ||||||
147,400 | Nippon Shinyaku Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 4,078,600 | ||||||
107,800 | Nippon Shokubai Co. Ltd. (Materials) | 1,024,649 | ||||||
228,000 | Nisshin Oillio Group Ltd. (The) (Food, Beverage & Tobacco) | 7,324,411 | ||||||
2,183,200 | Nisshin Seifun Group, Inc. (Food, Beverage & Tobacco) | 28,479,590 | ||||||
139,300 | Nisshinbo Holdings, Inc. (Capital Goods) | 1,056,035 | ||||||
113,000 | NOK Corp. (Automobiles & Components) | 1,635,339 | ||||||
14,300 | Noritake Co. Ltd./Nagoya Japan (Capital Goods) | 375,396 | ||||||
502,700 | NS Solutions Corp. (Software & Services) | 16,373,753 | ||||||
804,800 | NS United Kaiun Kaisha Ltd. (Transportation) | 24,352,790 | ||||||
782,000 | Okamura Corp. (Commercial & Professional Services) | 11,842,785 | ||||||
2,250,000 | Okasan Securities Group, Inc. (Financial Services) | 10,778,532 |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Japan (continued) |
| |||||||
1,872,000 | Oki Electric Industry Co. Ltd. (Technology Hardware & Equipment) | $ | 13,378,674 | |||||
655,200 | Optorun Co. Ltd. (Semiconductors & Semiconductor Equipment) | 8,049,015 | ||||||
3,542 | Orix JREIT, Inc. REIT (Equity Real Estate Investment Trusts (REITs)) | 3,733,552 | ||||||
155,600 | OSG Corp. (Capital Goods) | 2,006,665 | ||||||
35,100 | Pacific Industrial Co. Ltd. (Automobiles & Components) | 362,030 | ||||||
36,000 | PALTAC Corp. (Consumer Discretionary Distribution & Retail) | 1,089,610 | ||||||
248,600 | Pigeon Corp. (Household & Personal Products) | 2,265,996 | ||||||
91,900 | Rakus Co. Ltd. (Software & Services) | 928,932 | ||||||
223,600 | Raysum Co. Ltd. (Real Estate Management & Development) | 5,149,514 | ||||||
35,100 | Resonac Holdings Corp. (Materials) | 761,071 | ||||||
198,000 | Ryobi Ltd. (Capital Goods) | 3,439,238 | ||||||
13,500 | Ryoyo Ryosan Holdings, Inc. (Technology Hardware & Equipment) | 237,961 | ||||||
204,200 | Saizeriya Co. Ltd. (Consumer Services) | 6,895,314 | ||||||
153,900 | SAMTY Co. Ltd. (Real Estate Management & Development) | 2,625,360 | ||||||
1,778,500 | Santen Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 17,178,687 | ||||||
64,400 | Sawai Group Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 2,399,896 | ||||||
139,200 | Seiko Group Corp. (Consumer Durables & Apparel) | 3,682,007 | ||||||
22,800 | Seria Co. Ltd. (Consumer Discretionary Distribution & Retail) | 386,488 | ||||||
443,500 | Shibaura Mechatronics Corp. (Semiconductors & Semiconductor Equipment)(b) | 16,892,005 | ||||||
970,200 | Shikoku Electric Power Co., Inc. (Utilities) | 8,040,680 | ||||||
34,900 | Shinagawa Refractories Co. Ltd. (Materials) | 425,297 | ||||||
5,000,600 | SKY Perfect JSAT Holdings, Inc. (Media & Entertainment) | 29,427,044 | ||||||
1,570,800 | Sojitz Corp. (Capital Goods) | 40,443,170 | ||||||
1,236,600 | Sumitomo Forestry Co. Ltd. (Consumer Durables & Apparel) | 38,099,272 | ||||||
964,900 | Sumitomo Heavy Industries Ltd. (Capital Goods) | 26,888,600 | ||||||
743,300 | Sumitomo Mitsui Construction Co. Ltd. (Capital Goods) | 1,914,307 |
32 | 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) |
| |||||||
821,300 | Sumitomo Osaka Cement Co. Ltd. (Materials) | $ | 20,391,352 | |||||
130,800 | Sun Frontier Fudousan Co. Ltd. (Real Estate Management & Development) | 1,626,813 | ||||||
426,000 | Suzuken Co. Ltd. (Health Care Equipment & Services) | 12,581,373 | ||||||
44,100 | SWCC Corp. (Capital Goods) | 1,162,787 | ||||||
356,400 | Taikisha Ltd. (Capital Goods) | 10,511,892 | ||||||
2,064,700 | Takashimaya Co. Ltd. (Consumer Discretionary Distribution & Retail) | 29,267,740 | ||||||
177,900 | Takeuchi Manufacturing Co. Ltd. (Capital Goods) | 6,748,320 | ||||||
156,800 | Toa Corp. (Capital Goods) | 1,083,382 | ||||||
50,100 | Toagosei Co. Ltd. (Materials) | 503,974 | ||||||
863,900 | Tohoku Electric Power Co., Inc. (Utilities) | 6,669,359 | ||||||
569,600 | Tokai Rika Co. Ltd. (Automobiles & Components) | 7,755,898 | ||||||
2,553,400 | Tokai Tokyo Financial Holdings, Inc. (Financial Services) | 9,357,011 | ||||||
1,150,800 | Tokyo Century Corp. (Financial Services) | 11,454,292 | ||||||
28,300 | Tokyo Kiraboshi Financial Group, Inc. (Banks) | 840,049 | ||||||
39,400 | Tokyo Seimitsu Co. Ltd. (Semiconductors & Semiconductor Equipment) | 2,563,868 | ||||||
2,015,100 | Tokyo Steel Manufacturing Co. Ltd. (Materials) | 21,375,834 | ||||||
904,500 | Tokyo Tatemono Co. Ltd. (Real Estate Management & Development) | 15,050,863 | ||||||
5,621,900 | Tokyu Fudosan Holdings Corp. (Real Estate Management & Development) | 41,187,473 | ||||||
3,637 | Tokyu REIT, Inc. REIT (Equity Real Estate Investment Trusts (REITs)) | 3,742,218 | ||||||
261,200 | Towa Corp. (Semiconductors & Semiconductor Equipment) | 15,042,665 | ||||||
217,700 | Towa Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 3,918,672 | ||||||
106,600 | Toyo Construction Co. Ltd. (Capital Goods) | 863,726 | ||||||
844,700 | Toyo Seikan Group Holdings Ltd. (Materials) | 13,056,820 | ||||||
1,919,500 | Toyo Tire Corp. (Automobiles & Components) | 36,315,227 | ||||||
1,538,500 | Toyoda Gosei Co. Ltd. (Automobiles & Components) | 29,786,444 | ||||||
2,030,700 | Toyota Boshoku Corp. (Automobiles & Components) | 30,030,667 | ||||||
19,100 | Tsubakimoto Chain Co. (Capital Goods) | 657,575 |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Japan (continued) |
| |||||||
28,200 | WingArc1st, Inc. (Software & Services) | $ | 477,608 | |||||
|
|
|||||||
1,345,168,025 | ||||||||
|
||||||||
Netherlands 2.2% |
| |||||||
497,092 | Aalberts NV (Capital Goods) | 23,634,649 | ||||||
73,143 | Alfen NV (Capital Goods)*(a)(b) | 3,152,312 | ||||||
192,942 | AMG Critical Materials NV (Materials) | 4,528,410 | ||||||
3,649,761 | Koninklijke BAM Groep NV (Capital Goods) | 14,877,901 | ||||||
350,804 | Koninklijke Vopak NV (Energy) | 13,930,971 | ||||||
245,002 | TKH Group NV (Capital Goods)* | 10,553,219 | ||||||
303,151 | Van Lanschot Kempen NV (Financial Services) | 10,738,812 | ||||||
|
|
|||||||
81,416,274 | ||||||||
|
||||||||
Norway 2.8% |
| |||||||
4,456,801 | Aker Solutions ASA (Energy) | 16,799,009 | ||||||
1,901,899 | Europris ASA (Consumer Discretionary Distribution & Retail)*(a) | 11,970,004 | ||||||
2,848,356 | Hoegh Autoliners ASA (Transportation) | 29,896,804 | ||||||
661,493 | Leroy Seafood Group ASA (Food, Beverage & Tobacco) | 2,915,860 | ||||||
7,751,129 | MPC Container Ships ASA (Transportation)(b) | 12,459,117 | ||||||
133,456 | Schibsted ASA, Class A (Media & Entertainment) | 3,818,006 | ||||||
347,694 | Schibsted ASA, Class B (Media & Entertainment) | 9,740,502 | ||||||
201,908 | Stolt-Nielsen Ltd. (Transportation) | 8,633,596 | ||||||
919,251 | Wallenius Wilhelmsen ASA (Transportation) | 9,259,196 | ||||||
|
|
|||||||
105,492,094 | ||||||||
|
||||||||
Portugal 0.3% |
| |||||||
864,004 | Mota-Engil SGPS SA (Capital Goods) | 3,739,230 | ||||||
23,374 | Navigator Co. SA (The) (Materials) | 103,239 | ||||||
6,745,290 | Sonae SGPS SA (Consumer Staples Distribution & Retail) | 6,753,842 | ||||||
|
|
|||||||
10,596,311 | ||||||||
|
||||||||
Singapore 1.0% |
| |||||||
4,693,326 | Hafnia Ltd. (Energy) | 35,386,498 | ||||||
21,909 | Kenon Holdings Ltd. (Utilities) | 493,607 | ||||||
|
|
|||||||
35,880,105 | ||||||||
|
||||||||
Spain 3.1% |
| |||||||
13,741,737 | Banco de Sabadell SA (Banks) | 26,249,530 | ||||||
4,638,026 | Bankinter SA (Banks) | 36,659,730 | ||||||
3,340,916 | Inmobiliaria Colonial Socimi SA REIT (Equity Real Estate Investment Trusts (REITs)) | 19,540,018 |
The accompanying notes are an integral part of these financial statements. | 33 |
GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND
Schedule of Investments (continued)
April 30, 2024 (Unaudited) |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Spain (continued) |
| |||||||
5,155 | Laboratorios Farmaceuticos Rovi SA (Pharmaceuticals, Biotechnology & Life Sciences) | $ | 463,770 | |||||
2,265,904 | Merlin Properties Socimi SA REIT (Equity Real Estate Investment Trusts (REITs))(b) | 25,489,505 | ||||||
5,755,901 | Unicaja Banco SA (Banks)(a) | 7,518,678 | ||||||
|
|
|||||||
115,921,231 | ||||||||
|
||||||||
Sweden 6.2% |
| |||||||
960,160 | AAK AB (Food, Beverage & Tobacco) | 24,696,799 | ||||||
13,812 | AddTech AB, Class B (Capital Goods) | 287,147 | ||||||
2,328,685 | Arjo AB, Class B (Health Care Equipment & Services) | 9,773,498 | ||||||
71,991 | Axfood AB (Consumer Staples Distribution & Retail) | 1,862,368 | ||||||
1,913,931 | Betsson AB, Class B (Consumer Services)* | 21,155,427 | ||||||
37,362 | BoneSupport Holding AB (Pharmaceuticals, Biotechnology & Life Sciences)*(a) | 759,238 | ||||||
673,710 | Bravida Holding AB (Commercial & Professional Services)(a) | 4,555,555 | ||||||
1,799,630 | Elekta AB, Class B (Health Care Equipment & Services) | 12,814,863 | ||||||
3,859,275 | Fortnox AB (Software & Services) | 22,487,762 | ||||||
411,398 | Hemnet Group AB (Media & Entertainment) | 10,691,698 | ||||||
1,085,641 | Hexatronic Group AB (Capital Goods)(b) | 3,309,706 | ||||||
1,450,848 | Hexpol AB (Materials) | 16,416,551 | ||||||
557,285 | Inwido AB (Capital Goods) | 6,863,730 | ||||||
85,521 | JM AB (Consumer Durables & Apparel)(b) | 1,448,283 | ||||||
362,736 | Lindab International AB (Capital Goods) | 7,286,746 | ||||||
82,069 | Loomis AB (Commercial & Professional Services) | 2,097,419 | ||||||
63,924 | MEKO AB (Consumer Discretionary Distribution & Retail) | 653,138 | ||||||
490,877 | Mycronic AB (Technology Hardware & Equipment) | 17,084,492 | ||||||
21,656 | Sectra AB, Class B (Health Care Equipment & Services)* | 426,112 | ||||||
49,707 | SSAB AB, Class A (Materials) | 279,111 | ||||||
3,814,592 | SSAB AB, Class B (Materials)(b) | 21,344,784 | ||||||
3,718,930 | Storskogen Group AB, Class B (Capital Goods) | 1,992,440 | ||||||
33,474 | Thule Group AB (Consumer Durables & Apparel)(a) | 944,963 | ||||||
896,281 | Trelleborg AB, Class B (Capital Goods) | 31,587,122 |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
Sweden (continued) |
| |||||||
439,269 | Truecaller AB, Class B (Software & Services)*(b) | $ | 1,395,789 | |||||
193,509 | Vitrolife AB (Pharmaceuticals, Biotechnology & Life Sciences) | 2,890,233 | ||||||
530,664 | Wihlborgs Fastigheter AB (Real Estate Management & Development)(b) |
4,444,653 | ||||||
|
|
|||||||
229,549,627 | ||||||||
|
||||||||
Switzerland 3.1% |
| |||||||
573,071 | Accelleron Industries AG (Capital Goods) | 22,280,296 | ||||||
6,363,479 | Aryzta AG (Food, Beverage & Tobacco)* | 12,047,566 | ||||||
51,308 | Belimo Holding AG (Capital Goods) | 23,739,561 | ||||||
28,847 | Burckhardt Compression Holding AG (Capital Goods) | 18,373,351 | ||||||
117,781 | DKSH Holding AG (Capital Goods) | 7,674,824 | ||||||
85,404 | Galenica AG (Health Care Equipment & Services)(a) | 6,534,971 | ||||||
37,788 | Huber + Suhner AG (Capital Goods) | 3,006,023 | ||||||
33,946 | Implenia AG (Capital Goods) | 1,241,286 | ||||||
5,695 | Inficon Holding AG (Technology Hardware & Equipment) | 7,918,324 | ||||||
1,325 | Kardex Holding AG (Capital Goods) | 350,572 | ||||||
2,033 | Komax Holding AG (Capital Goods) | 349,740 | ||||||
12,411 | Landis+Gyr Group AG (Technology Hardware & Equipment)* | 918,216 | ||||||
92,134 | Stadler Rail AG (Capital Goods) | 2,733,353 | ||||||
49,024 | Sulzer AG (Capital Goods) | 5,937,795 | ||||||
35,912 | Zehnder Group AG (Capital Goods) | 2,093,786 | ||||||
|
|
|||||||
115,199,664 | ||||||||
|
||||||||
United Kingdom 10.4% |
| |||||||
9,264 | 4imprint Group PLC (Media & Entertainment) | 715,998 | ||||||
680,289 | B&M European Value Retail SA (Consumer Discretionary Distribution & Retail) | 4,390,295 | ||||||
3,390,172 | Babcock International Group PLC (Capital Goods) | 21,453,121 | ||||||
3,588,959 | Beazley PLC (Insurance) | 29,694,217 | ||||||
1,028,676 | Bellway PLC (Consumer Durables & Apparel) | 32,326,936 | ||||||
33,051 | Big Yellow Group PLC REIT (Equity Real Estate Investment Trusts (REITs)) | 444,613 | ||||||
94,358 | Bodycote PLC (Capital Goods) | 811,640 | ||||||
2,505,807 | Breedon Group PLC (Materials) | 11,259,399 |
34 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
United Kingdom (continued) |
| |||||||
4,525,703 | British Land Co. PLC (The) REIT (Equity Real Estate Investment Trusts (REITs)) | $ | 21,823,609 | |||||
799,602 | Britvic PLC (Food, Beverage & Tobacco) | 8,817,803 | ||||||
941,582 | Bytes Technology Group PLC (Software & Services) | 5,727,040 | ||||||
153,503 | Chemring Group PLC (Capital Goods) | 719,286 | ||||||
89,385 | Clarkson PLC (Transportation) | 4,339,197 | ||||||
30,349 | Computacenter PLC (Software & Services) | 973,004 | ||||||
140,569 | Dunelm Group PLC (Consumer Discretionary Distribution & Retail) | 1,770,855 | ||||||
283,238 | Frasers Group PLC (Consumer Discretionary Distribution & Retail)* | 2,882,396 | ||||||
31,375 | Games Workshop Group PLC (Consumer Durables & Apparel) | 3,877,770 | ||||||
994,263 | Grainger PLC (Real Estate Management & Development) | 3,186,708 | ||||||
180,174 | Greggs PLC (Consumer Services) | 6,097,442 | ||||||
380,441 | Harbour Energy PLC (Energy) | 1,359,499 | ||||||
1,617,246 | IG Group Holdings PLC (Financial Services) | 15,090,938 | ||||||
40,866 | IMI PLC (Capital Goods) | 890,173 | ||||||
2,844,080 | Inchcape PLC (Consumer Discretionary Distribution & Retail) | 28,346,723 | ||||||
186,355 | Indivior PLC (Pharmaceuticals, Biotechnology & Life Sciences)* | 3,345,327 | ||||||
301,689 | Investec PLC (Financial Services) | 1,910,985 | ||||||
878,496 | Lancashire Holdings Ltd. (Insurance) | 6,696,121 | ||||||
20,423 | Liontrust Asset Management PLC (Financial Services) | 172,257 | ||||||
10,345,824 | Man Group PLC (Financial Services) | 33,178,067 | ||||||
771,773 | Mitie Group PLC (Commercial & Professional Services) | 1,128,312 | ||||||
144,072 | Pagegroup PLC (Commercial & Professional Services) | 800,613 | ||||||
1,074,911 | Paragon Banking Group PLC (Financial Services) | 9,586,175 | ||||||
1,296,223 | Playtech PLC (Consumer Services)* | 8,584,387 | ||||||
343,220 | Primary Health Properties PLC REIT (Equity Real Estate Investment Trusts (REITs)) | 392,848 | ||||||
5,430,258 | QinetiQ Group PLC (Capital Goods) | 23,174,671 | ||||||
331,960 | Redde Northgate PLC (Transportation) | 1,587,432 |
Shares |
Description | Value | ||||||
Common Stocks (continued) |
| |||||||
United Kingdom (continued) |
| |||||||
1,769,746 | Redrow PLC (Consumer Durables & Apparel) | $ | 14,228,681 | |||||
15,882 | Renishaw PLC (Technology Hardware & Equipment) | 818,905 | ||||||
501,690 | Rotork PLC (Capital Goods) | 2,016,763 | ||||||
4,199,868 | Serco Group PLC (Commercial & Professional Services) | 9,614,237 | ||||||
1,889,731 | Serica Energy PLC (Energy) | 4,375,814 | ||||||
244,142 | Shaftesbury Capital PLC REIT (Equity Real Estate Investment Trusts (REITs)) | 408,670 | ||||||
461,332 | Spectris PLC (Technology Hardware & Equipment) | 19,082,148 | ||||||
185,705 | Subsea 7 SA (Energy)* | 2,987,577 | ||||||
1,119,556 | TP ICAP Group PLC (Financial Services) | 2,898,127 | ||||||
311,446 | Trainline PLC (Consumer Services)*(a) | 1,161,275 | ||||||
1,109,576 | Travis Perkins PLC (Capital Goods) | 10,385,978 | ||||||
1,635,729 | Tritax Big Box REIT PLC REIT (Equity Real Estate Investment Trusts (REITs)) | 3,089,626 | ||||||
5,080,287 | UK Commercial Property REIT Ltd. REIT (Equity Real Estate Investment Trusts (REITs)) | 4,264,026 | ||||||
263,307 | UNITE Group PLC (The) REIT (Equity Real Estate Investment Trusts (REITs)) | 3,043,972 | ||||||
37,330 | Vesuvius PLC (Capital Goods) | 222,888 | ||||||
622,252 | Vistry Group PLC (Consumer Durables & Apparel)* | 9,243,320 | ||||||
102,210 | Yellow Cake PLC (Capital Goods)*(a) |
820,550 | ||||||
|
|
|||||||
386,218,414 | ||||||||
|
||||||||
United States 1.8% |
| |||||||
242,503 | Burford Capital Ltd. (Financial Services) | 3,757,444 | ||||||
404,486 | Carnival PLC ADR (Consumer Services)* | 5,420,112 | ||||||
6,658,455 | Reliance Worldwide Corp. Ltd. (Capital Goods) | 21,855,299 | ||||||
1,303,145 | Signify NV (Capital Goods)(a) | 35,538,691 | ||||||
|
|
|||||||
66,571,546 | ||||||||
|
||||||||
TOTAL COMMON STOCKS (Cost $3,260,731,618) |
3,581,988,370 | |||||||
|
Shares |
Description |
Rate |
Value |
|||||||
Preferred Stocks 0.5% |
| |||||||||
Germany 0.5% |
| |||||||||
354,029 | FUCHS SE (Materials) | 2.44% | 16,532,908 |
The accompanying notes are an integral part of these financial statements. | 35 |
GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND
Schedule of Investments (continued)
April 30, 2024 (Unaudited) |
Shares |
Description | Rate | Value | |||||||
Preferred Stocks (continued) |
| |||||||||
Germany (continued) |
| |||||||||
19,227 | Jungheinrich AG (Capital Goods) |
1.95% | $ | 714,937 | ||||||
|
||||||||||
TOTAL PREFERRED STOCKS (Cost $14,954,128) |
17,247,845 | |||||||||
|
||||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $3,275,685,746) |
3,599,236,215 | |||||||||
|
Shares |
Dividend Rate |
|||||||||||||
Securities Lending Reinvestment Vehicle 1.7%(c) |
| |||||||||||||
Goldman Sachs Financial Square Government |
| |||||||||||||
64,496,978 | 5.223% | 64,496,978 | ||||||||||||
(Cost $64,496,978) |
| |||||||||||||
|
||||||||||||||
TOTAL INVESTMENTS 98.3% (Cost $3,340,182,724) |
$ | 3,663,733,193 | ||||||||||||
|
||||||||||||||
OTHER ASSETS IN EXCESS OF |
63,050,662 | |||||||||||||
|
||||||||||||||
NET ASSETS 100.0% | $ | 3,726,783,855 | ||||||||||||
|
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 | |
PLC | Public Limited Company | |
REIT | Real Estate Investment Trust | |
|
Sector Name | % of Market Value |
|||
|
||||
Industrials |
25.8% | |||
Financials |
14.7 | |||
Consumer Discretionary |
14.5 | |||
Information Technology |
10.8 | |||
Materials |
9.8 | |||
Real Estate |
8.0 | |||
Consumer Staples |
4.8 | |||
Health Care |
3.8 | |||
Communication Services |
2.7 | |||
Energy |
2.5 | |||
Utilities |
0.8 | |||
Securities Lending Reinvestment Vehicle |
1.8 | |||
|
||||
TOTAL INVESTMENTS | 100.0% | |||
|
ADDITIONAL INVESTMENT INFORMATION |
FUTURES CONTRACTS At April 30, 2024, 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 |
573 | 06/21/24 | $ | 29,945,445 | $ | (687,075) | ||||||||||
FTSE 100 Index |
139 | 06/21/24 | 14,170,293 | 460,497 | ||||||||||||
Hang Seng Index |
15 | 05/30/24 | 1,698,806 | 70,418 | ||||||||||||
MSCI Singapore Index |
68 | 05/30/24 | 1,509,893 | 3,425 | ||||||||||||
SPI 200 Index |
57 | 06/20/24 | 7,094,140 | (148,698) | ||||||||||||
TOPIX Index |
135 | 06/13/24 | 23,513,616 | 6,373 | ||||||||||||
|
||||||||||||||||
Total Futures Contracts | $ | (295,060) | ||||||||||||||
|
36 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
Emerging Markets Equity Insights Fund |
International Equity Insights Fund |
International Small Cap Insights Fund |
||||||||||||||
Assets: | ||||||||||||||||
Investments in unaffiliated issuers, at value (cost $1,607,932,075, $1,407,447,874 and $3,275,685,746, respectively)(a) |
$ | 1,865,665,928 | $ | 1,597,743,131 | $ | 3,599,236,215 | ||||||||||
Investments in affiliated issuers, at value (cost $6,414,871, $ and $, respectively) |
6,414,871 | | | |||||||||||||
Investments in affiliated securities lending reinvestment vehicle, at value which equals cost |
| 32,519,185 | 64,496,978 | |||||||||||||
Cash |
39,348,665 | 7,146,945 | 11,599,181 | |||||||||||||
Foreign Currency, at value (cost $9,955,381, $42,798,122 and $85,272,634, respectively) |
9,941,737 | 42,566,146 | 84,281,946 | |||||||||||||
Receivables: |
||||||||||||||||
Investments sold |
67,939,758 | 40,689,690 | 68,232,884 | |||||||||||||
Dividends |
4,717,146 | 8,875,679 | 25,090,231 | |||||||||||||
Collateral on certain derivative contracts |
850,164 | | 4,850,492 | |||||||||||||
Fund shares sold |
801,761 | 1,490,489 | 3,668,512 | |||||||||||||
Foreign tax reclaims |
335,354 | 7,666,462 | 9,610,133 | |||||||||||||
Reimbursement from investment adviser |
171,055 | 73,697 | 133,848 | |||||||||||||
Securities lending income |
12,926 | 11,831 | 77,575 | |||||||||||||
Other assets |
95,841 | 92,344 | 145,031 | |||||||||||||
| ||||||||||||||||
Total assets |
1,996,295,206 | 1,738,875,599 | 3,871,423,026 | |||||||||||||
| ||||||||||||||||
Liabilities: | ||||||||||||||||
Variation margin on futures contracts |
392,393 | 36,488 | 72,686 | |||||||||||||
Payables: |
||||||||||||||||
Investments purchased |
71,588,258 | 44,303,075 | 66,486,160 | |||||||||||||
Foreign capital gains taxes |
9,840,590 | | | |||||||||||||
Management fees |
1,561,345 | 1,069,928 | 2,482,974 | |||||||||||||
Fund shares redeemed |
1,452,532 | 935,355 | 10,819,147 | |||||||||||||
Distribution and Service fees and Transfer Agency fees |
84,684 | 92,005 | 154,127 | |||||||||||||
Payable upon return of securities loaned |
| 32,519,185 | 64,496,978 | |||||||||||||
Due to broker |
| 7,566 | | |||||||||||||
Accrued expenses |
149,019 | 172,071 | 127,099 | |||||||||||||
| ||||||||||||||||
Total liabilities |
85,068,821 | 79,135,673 | 144,639,171 | |||||||||||||
| ||||||||||||||||
Net Assets: | ||||||||||||||||
Paid-in capital |
2,059,881,854 | 1,504,189,110 | 3,752,821,670 | |||||||||||||
Total distributable earnings (loss) |
(148,655,469 | ) | 155,550,816 | (26,037,815 | ) | |||||||||||
| ||||||||||||||||
NET ASSETS |
$ | 1,911,226,385 | $ | 1,659,739,926 | $ | 3,726,783,855 | ||||||||||
Net Assets: |
||||||||||||||||
Class A |
$ | 30,486,324 | $ | 75,413,912 | $ | 70,122,892 | ||||||||||
Class C |
3,346,176 | 6,254,325 | 8,310,370 | |||||||||||||
Institutional |
1,226,849,748 | 785,298,092 | 3,057,203,589 | |||||||||||||
Service |
| 2,547,016 | | |||||||||||||
Investor |
62,352,735 | 91,418,333 | 78,481,599 | |||||||||||||
Class R6 |
506,406,842 | 299,842,167 | 476,907,943 | |||||||||||||
Class R |
22,535,366 | 6,258,107 | | |||||||||||||
Class P |
59,249,194 | 392,707,974 | 35,757,462 | |||||||||||||
Total Net Assets |
$ | 1,911,226,385 | $ | 1,659,739,926 | $ | 3,726,783,855 | ||||||||||
Shares Outstanding $0.001 par value (unlimited number of shares authorized): |
||||||||||||||||
Class A |
3,536,293 | 5,372,347 | 5,551,948 | |||||||||||||
Class C |
392,748 | 453,270 | 677,998 | |||||||||||||
Institutional |
143,068,506 | 54,128,051 | 242,962,305 | |||||||||||||
Service |
| 178,884 | | |||||||||||||
Investor |
7,281,391 | 6,634,013 | 6,260,086 | |||||||||||||
Class R6 |
59,119,113 | 20,684,394 | 37,801,508 | |||||||||||||
Class R |
2,673,270 | 460,484 | | |||||||||||||
Class P |
6,917,824 | 27,117,483 | 2,834,699 | |||||||||||||
Net asset value, offering and redemption price per share:(b) |
||||||||||||||||
Class A |
$ | 8.62 | $ | 14.04 | $ | 12.63 | ||||||||||
Class C |
8.52 | 13.80 | 12.26 | |||||||||||||
Institutional |
8.58 | 14.51 | 12.58 | |||||||||||||
Service |
| 14.24 | | |||||||||||||
Investor |
8.56 | 13.78 | 12.54 | |||||||||||||
Class R6 |
8.57 | 14.50 | 12.62 | |||||||||||||
Class R |
8.43 | 13.59 | | |||||||||||||
Class P |
8.56 | 14.48 | 12.61 |
The accompanying notes are an integral part of these financial statements. | 37 |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
Statements of Assets and Liabilities (continued)
April 30, 2024 (Unaudited) |
(a) | Includes loaned securities having a market value of $, $30,185,084 and $60,422,077 for Emerging Markets Equity Insights Fund, International Equity Insights Fund and International Small Cap Insights Fund, respectively. |
(b) | 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 $9.12, $14.86 and $13.37, 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. |
38 | 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, 2023 (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 $3,442,923, |
||||||||||||||||
$2,803,347 and $8,710,306, respectively) |
$ | 26,347,327 | $ | 24,612,651 | $ | 65,940,487 | ||||||||||
Dividends affiliated issuers |
56,311 | 23,075 | 1,148 | |||||||||||||
Securities lending income, net of rebates received or paid to borrowers affiliated issuer |
27,866 | 22,578 | 436,961 | |||||||||||||
| ||||||||||||||||
Total Investment Income |
26,431,504 | 24,658,304 | 66,378,596 | |||||||||||||
| ||||||||||||||||
Expenses: | ||||||||||||||||
Management fees |
9,077,928 | 6,171,562 | 14,141,922 | |||||||||||||
Custody, accounting and administrative services |
705,051 | 214,139 | 418,804 | |||||||||||||
Transfer Agency fees(a) |
398,275 | 372,226 | 759,738 | |||||||||||||
Distribution and/or Service (12b-1) fees(a) |
103,142 | 136,220 | 126,368 | |||||||||||||
Professional fees |
81,597 | 77,011 | 76,324 | |||||||||||||
Registration fees |
70,910 | 82,954 | 105,823 | |||||||||||||
Printing and mailing costs |
49,642 | 12,050 | 214,849 | |||||||||||||
Trustee fees |
11,610 | 11,390 | 12,681 | |||||||||||||
Service fees Class C |
4,205 | 8,168 | 12,503 | |||||||||||||
Shareholder meeting expense |
| | 2,846 | |||||||||||||
Shareholder Administration fees Service Shares |
| 3,068 | | |||||||||||||
Other |
119 | 5,871 | 34,750 | |||||||||||||
| ||||||||||||||||
Total expenses |
10,502,479 | 7,094,659 | 15,906,608 | |||||||||||||
| ||||||||||||||||
Less expense reductions |
(631,741 | ) | (380,353 | ) | (620,620 | ) | ||||||||||
| ||||||||||||||||
Net expenses |
9,870,738 | 6,714,306 | 15,285,988 | |||||||||||||
| ||||||||||||||||
NET INVESTMENT INCOME |
16,560,766 | 17,943,998 | 51,092,608 | |||||||||||||
| ||||||||||||||||
Realized and Unrealized gain (loss): | ||||||||||||||||
Net realized gain (loss) from: |
||||||||||||||||
Investments unaffiliated issuers |
70,922,960 | 78,886,834 | 161,169,764 | |||||||||||||
Futures contracts |
1,620,521 | 1,312,843 | 7,731,604 | |||||||||||||
Foreign currency transactions |
(938,347 | ) | 35,221 | 1,356,803 | ||||||||||||
Forward foreign currency exchange contracts |
(128,677 | ) | | | ||||||||||||
Net change in unrealized gain (loss) on: |
||||||||||||||||
Investments unaffiliated issuers (including the effects of the net change in foreign capital gains tax liability of $6,495,995, $ and $, respectively) |
209,008,105 | 164,394,250 | 349,868,256 | |||||||||||||
Futures contracts |
(194,130 | ) | 686,299 | 1,861,355 | ||||||||||||
Foreign currency translations |
520 | (46,643 | ) | (793,556 | ) | |||||||||||
| ||||||||||||||||
Net realized and unrealized gain |
280,290,952 | 245,268,804 | 521,194,226 | |||||||||||||
| ||||||||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
$ | 296,851,718 | $ | 263,212,802 | $ | 572,286,834 | ||||||||||
|
(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 |
||||||||||||||||||||||||||||||||||||
Emerging Markets Equity Insights Fund |
$35,667 | $12,616 | $ | $54,859 | $21,400 | $2,523 | $234,341 | $ | $41,923 | $72,574 | $16,458 | $9,056 | ||||||||||||||||||||||||||||||||||||
International Equity Insights Fund |
$93,938 | $24,505 | $3,068 | $14,709 | $56,363 | $4,901 | $148,827 | $491 | $56,347 | $42,674 | $4,413 | $58,210 | ||||||||||||||||||||||||||||||||||||
International Small Cap Insights Fund |
$88,860 | $37,508 | $ | $ | $53,316 | $7,502 | $561,153 | $ | $60,287 | $72,058 | $ | $5,422 |
The accompanying notes are an integral part of these financial statements. | 39 |
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, 2024 (Unaudited) |
For the Fiscal Year Ended October 31, 2023 |
For the Six Months Ended April 30, 2024 (Unaudited) |
For the Fiscal Year Ended October 31, 2023 |
|||||||||||||||||
From operations: | ||||||||||||||||||||
Net investment income |
$ | 16,560,766 | $ | 44,831,788 | $ | 17,943,998 | $ | 41,963,742 | ||||||||||||
Net realized gain (loss) |
71,476,457 | (79,645,622 | ) | 80,234,898 | 62,052,922 | |||||||||||||||
Net change in unrealized gain |
208,814,495 | 240,570,276 | 165,033,906 | 162,158,919 | ||||||||||||||||
| ||||||||||||||||||||
Net increase in net assets resulting from operations |
296,851,718 | 205,756,442 | 263,212,802 | 266,175,583 | ||||||||||||||||
| ||||||||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||
From distributable earnings: |
||||||||||||||||||||
Class A Shares |
(987,303 | ) | (648,747 | ) | (1,901,154 | ) | (2,661,485 | ) | ||||||||||||
Class C Shares |
(92,251 | ) | (50,511 | ) | (113,202 | ) | (214,926 | ) | ||||||||||||
Institutional Shares |
(44,413,798 | ) | (27,005,939 | ) | (20,182,549 | ) | (26,688,204 | ) | ||||||||||||
Service Shares |
| | (56,767 | ) | (69,208 | ) | ||||||||||||||
Investor Shares |
(1,997,983 | ) | (1,951,545 | ) | (1,916,004 | ) | (2,637,002 | ) | ||||||||||||
Class R6 Shares |
(17,515,640 | ) | (12,780,576 | ) | (7,577,922 | ) | (16,439,891 | ) | ||||||||||||
Class R Shares |
(738,041 | ) | (384,153 | ) | (141,376 | ) | (194,401 | ) | ||||||||||||
Class P Shares |
(2,787,818 | ) | (1,800,643 | ) | (10,730,751 | ) | (13,005,096 | ) | ||||||||||||
| ||||||||||||||||||||
Total distributions to shareholders |
(68,532,834 | ) | (44,622,114 | ) | (42,619,725 | ) | (61,910,213 | ) | ||||||||||||
| ||||||||||||||||||||
From share transactions: | ||||||||||||||||||||
Proceeds from sales of shares |
215,782,716 | 543,708,456 | 170,980,619 | 275,247,102 | ||||||||||||||||
Reinvestment of distributions |
59,020,622 | 39,227,947 | 29,400,825 | 44,885,211 | ||||||||||||||||
Cost of shares redeemed |
(305,267,007 | ) | (564,060,858 | ) | (243,942,599 | ) | (621,302,000 | ) | ||||||||||||
| ||||||||||||||||||||
Net increase (decrease) in net assets resulting from share transactions | (30,463,669 | ) | 18,875,545 | (43,561,155 | ) | (301,169,687 | ) | |||||||||||||
| ||||||||||||||||||||
TOTAL INCREASE (DECREASE) |
197,855,215 | 180,009,873 | 177,031,922 | (96,904,317 | ) | |||||||||||||||
| ||||||||||||||||||||
Net Assets: | ||||||||||||||||||||
Beginning of period |
$ | 1,713,371,170 | $ | 1,533,361,297 | $ | 1,482,708,004 | $ | 1,579,612,321 | ||||||||||||
| ||||||||||||||||||||
End of period |
$ | 1,911,226,385 | $ | 1,713,371,170 | $ | 1,659,739,926 | $ | 1,482,708,004 | ||||||||||||
|
40 | 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, 2024 (Unaudited) |
For the Fiscal Year Ended October 31, 2023 |
|||||||||||||
From operations: | ||||||||||||||
Net investment income |
$ | 51,092,608 | $ | 81,502,859 | ||||||||||
Net realized gain (loss) |
170,258,171 | (15,791,068 | ) | |||||||||||
Net change in unrealized gain |
350,936,055 | 240,681,019 | ||||||||||||
|
||||||||||||||
Net increase in net assets resulting from operations |
572,286,834 | 306,392,810 | ||||||||||||
|
||||||||||||||
Distributions to shareholders: | ||||||||||||||
From distributable earnings: |
||||||||||||||
Class A Shares |
(1,857,791 | ) | (1,933,210 | ) | ||||||||||
Class C Shares |
(192,065 | ) | (224,982 | ) | ||||||||||
Institutional Shares |
(82,101,317 | ) | (68,595,559 | ) | ||||||||||
Investor Shares |
(2,363,189 | ) | (2,541,993 | ) | ||||||||||
Class R6 Shares |
(14,626,286 | ) | (15,528,105 | ) | ||||||||||
Class P Shares |
(1,174,223 | ) | (1,171,633 | ) | ||||||||||
|
||||||||||||||
Total distributions to shareholders |
(102,314,871 | ) | (89,995,482 | ) | ||||||||||
|
||||||||||||||
From share transactions: | ||||||||||||||
Proceeds from sales of shares |
505,665,866 | 787,848,859 | ||||||||||||
Reinvestment of distributions |
98,971,715 | 87,292,254 | ||||||||||||
Cost of shares redeemed |
(345,262,324 | ) | (878,910,381 | ) | ||||||||||
|
||||||||||||||
Net increase (decrease) in net assets resulting from share transactions |
259,375,257 | (3,769,268 | ) | |||||||||||
|
||||||||||||||
TOTAL INCREASE |
729,347,220 | 212,628,060 | ||||||||||||
|
||||||||||||||
Net Assets: | ||||||||||||||
Beginning of period |
$ | 2,997,436,635 | $ | 2,784,808,575 | ||||||||||
|
||||||||||||||
End of period |
$ | 3,726,783,855 | $ | 2,997,436,635 | ||||||||||
|
The accompanying notes are an integral part of these financial statements. | 41 |
GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND
(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. |
42 | 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 |
Emerging Markets Equity Insights Fund | |||||||||||||||||||||||||||||||||||||
Class C Shares | |||||||||||||||||||||||||||||||||||||
Six Months Ended | |||||||||||||||||||||||||||||||||||||
April 30, 2024 | Year Ended October 31, | ||||||||||||||||||||||||||||||||||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 7.47 | $ | 6.75 | $ | 11.69 | $ | 10.10 | $ | 9.19 | $ | 8.83 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.03 | 0.11 | 0.14 | 0.09 | 0.04 | 0.08 | |||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
1.24 | 0.71 | (3.13 | ) | 1.50 | 0.94 | 0.36 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total from investment operations |
1.27 | 0.82 | (2.99 | ) | 1.59 | 0.98 | 0.44 | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.22 | ) | (0.10 | ) | (0.08 | ) | | (0.07 | ) | (0.08 | ) | ||||||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| | (1.87 | ) | | | | ||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total distributions |
(0.22 | ) | (0.10 | ) | (1.95 | ) | | (0.07 | ) | (0.08 | ) | ||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 8.52 | $ | 7.47 | $ | 6.75 | $ | 11.69 | $ | 10.10 | $ | 9.19 | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Total Return(b) |
17.31 | % | 12.03 | % | (30.36 | )% | 15.74 | % | 10.65 | % | 5.09 | % | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 3,346 | $ | 3,279 | $ | 3,163 | $ | 5,817 | $ | 5,905 | $ | 8,303 | |||||||||||||||||||||||||
Ratio of net expenses to average net assets |
2.15 | %(c) | 2.17 | % | 2.21 | % | 2.21 | % | 2.21 | % | 2.23 | % | |||||||||||||||||||||||||
Ratio of total expenses to average net assets |
2.26 | %(c) | 2.26 | % | 2.26 | % | 2.26 | % | 2.28 | % | 2.31 | % | |||||||||||||||||||||||||
Ratio of net investment income to average net assets |
0.72 | %(c) | 1.44 | % | 1.56 | % | 0.74 | % | 0.41 | % | 0.85 | % | |||||||||||||||||||||||||
Portfolio turnover rate(d) |
79 | % | 165 | % | 167 | % | 189 | % | 178 | % | 165 | % | |||||||||||||||||||||||||
|
(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 EMERGING MARKETS EQUITY INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
Emerging Markets Equity Insights Fund | |||||||||||||||||||||||||||||||||||
Institutional Shares | |||||||||||||||||||||||||||||||||||
Six Months Ended | |||||||||||||||||||||||||||||||||||
April 30, 2024 | Year Ended October 31, | ||||||||||||||||||||||||||||||||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 7.56 | $ | 6.85 | $ | 11.86 | $ | 10.24 | $ | 9.33 | $ | 8.99 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.07 | 0.19 | 0.24 | 0.23 | 0.14 | 0.19 | |||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
1.27 | 0.72 | (3.17 | ) | 1.52 | 0.96 | 0.35 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total from investment operations |
1.34 | 0.91 | (2.93 | ) | 1.75 | 1.10 | 0.54 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.32 | ) | (0.20 | ) | (0.21 | ) | (0.13 | ) | (0.19 | ) | (0.20 | ) | |||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| | (1.87 | ) | | | | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total distributions |
(0.32 | ) | (0.20 | ) | (2.08 | ) | (0.13 | ) | (0.19 | ) | (0.20 | ) | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 8.58 | $ | 7.56 | $ | 6.85 | $ | 11.86 | $ | 10.24 | $ | 9.33 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total Return(b) |
18.08 | % | 13.28 | % | (29.64 | )% | 17.07 | % | 11.90 | % | 6.18 | % | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 1,226,850 | $ | 1,074,796 | $ | 925,443 | $ | 1,029,785 | $ | 961,138 | $ | 938,157 | |||||||||||||||||||||||
Ratio of net expenses to average net assets |
1.07 | %(c) | 1.09 | % | 1.09 | % | 1.09 | % | 1.09 | % | 1.10 | % | |||||||||||||||||||||||
Ratio of total expenses to average net assets |
1.14 | %(c) | 1.15 | % | 1.13 | % | 1.14 | % | 1.16 | % | 1.18 | % | |||||||||||||||||||||||
Ratio of net investment income to average net assets |
1.84 | %(c) | 2.49 | % | 2.76 | % | 1.88 | % | 1.53 | % | 2.01 | % | |||||||||||||||||||||||
Portfolio turnover rate(d) |
79 | % | 165 | % | 167 | % | 189 | % | 178 | % | 165 | % | |||||||||||||||||||||||
|
(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 EMERGING MARKETS EQUITY INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
Emerging Markets Equity Insights Fund | |||||||||||||||||||||||||||||||||||
Investor Shares | |||||||||||||||||||||||||||||||||||
Six Months Ended | |||||||||||||||||||||||||||||||||||
April 30, 2024 | Year Ended October 31, | ||||||||||||||||||||||||||||||||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 7.55 | $ | 6.84 | $ | 11.83 | $ | 10.22 | $ | 9.32 | $ | 8.97 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.07 | 0.19 | 0.22 | 0.22 | 0.13 | 0.18 | |||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
1.25 | 0.71 | (3.14 | ) | 1.51 | 0.95 | 0.36 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total from investment operations |
1.32 | 0.90 | (2.92 | ) | 1.73 | 1.08 | 0.54 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.31 | ) | (0.19 | ) | (0.20 | ) | (0.12 | ) | (0.18 | ) | (0.19 | ) | |||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| | (1.87 | ) | | | | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total distributions |
(0.31 | ) | (0.19 | ) | (2.07 | ) | (0.12 | ) | (0.18 | ) | (0.19 | ) | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 8.56 | $ | 7.55 | $ | 6.84 | $ | 11.83 | $ | 10.22 | $ | 9.32 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total Return(b) |
18.00 | % | 13.16 | % | (29.69 | )% | 16.96 | % | 11.76 | % | 6.06 | % | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 62,353 | $ | 48,549 | $ | 64,188 | $ | 103,200 | $ | 89,556 | $ | 118,727 | |||||||||||||||||||||||
Ratio of net expenses to average net assets |
1.14 | %(c) | 1.17 | % | 1.21 | % | 1.21 | % | 1.22 | % | 1.23 | % | |||||||||||||||||||||||
Ratio of total expenses to average net assets |
1.25 | %(c) | 1.27 | % | 1.26 | % | 1.26 | % | 1.28 | % | 1.31 | % | |||||||||||||||||||||||
Ratio of net investment income to average net assets |
1.80 | %(c) | 2.44 | % | 2.51 | % | 1.78 | % | 1.39 | % | 1.92 | % | |||||||||||||||||||||||
Portfolio turnover rate(d) |
79 | % | 165 | % | 167 | % | 189 | % | 178 | % | 165 | % | |||||||||||||||||||||||
|
(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 EMERGING MARKETS EQUITY INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
Emerging Markets Equity Insights Fund | |||||||||||||||||||||||||||||||||||
Class R6 Shares | |||||||||||||||||||||||||||||||||||
Six Months Ended | |||||||||||||||||||||||||||||||||||
April 30, 2024 | Year Ended October 31, | ||||||||||||||||||||||||||||||||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 7.56 | $ | 6.84 | $ | 11.85 | $ | 10.23 | $ | 9.33 | $ | 8.98 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.08 | 0.20 | 0.24 | 0.23 | 0.14 | 0.17 | |||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
1.25 | 0.72 | (3.17 | ) | 1.52 | 0.95 | 0.38 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total from investment operations |
1.33 | 0.92 | (2.93 | ) | 1.75 | 1.09 | 0.55 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.32 | ) | (0.20 | ) | (0.21 | ) | (0.13 | ) | (0.19 | ) | (0.20 | ) | |||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| | (1.87 | ) | | | | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total distributions |
(0.32 | ) | (0.20 | ) | (2.08 | ) | (0.13 | ) | (0.19 | ) | (0.20 | ) | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 8.57 | $ | 7.56 | $ | 6.84 | $ | 11.85 | $ | 10.23 | $ | 9.33 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total Return(b) |
17.96 | % | 13.29 | % | (29.55 | )% | 17.10 | % | 11.81 | % | 6.32 | % | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 506,407 | $ | 487,451 | $ | 417,309 | $ | 572,973 | $ | 465,604 | $ | 491,306 | |||||||||||||||||||||||
Ratio of net expenses to average net assets |
1.06 | %(c) | 1.08 | % | 1.08 | % | 1.08 | % | 1.08 | % | 1.09 | % | |||||||||||||||||||||||
Ratio of total expenses to average net assets |
1.13 | %(c) | 1.14 | % | 1.13 | % | 1.13 | % | 1.15 | % | 1.17 | % | |||||||||||||||||||||||
Ratio of net investment income to average net assets |
1.85 | %(c) | 2.52 | % | 2.72 | % | 1.90 | % | 1.53 | % | 1.89 | % | |||||||||||||||||||||||
Portfolio turnover rate(d) |
79 | % | 165 | % | 167 | % | 189 | % | 178 | % | 165 | % | |||||||||||||||||||||||
|
(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 EMERGING MARKETS EQUITY INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
Emerging Markets Equity Insights Fund | |||||||||||||||||||||||||||||||||||
Class R Shares | |||||||||||||||||||||||||||||||||||
Six Months Ended | |||||||||||||||||||||||||||||||||||
April 30, 2024 | Year Ended October 31, | ||||||||||||||||||||||||||||||||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 7.42 | $ | 6.72 | $ | 11.66 | $ | 10.08 | $ | 9.20 | $ | 8.86 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.05 | 0.15 | 0.18 | 0.13 | 0.08 | 0.12 | |||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
1.23 | 0.70 | (3.10 | ) | 1.52 | 0.95 | 0.36 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total from investment operations |
1.28 | 0.85 | (2.92 | ) | 1.65 | 1.03 | 0.48 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.27 | ) | (0.15 | ) | (0.15 | ) | (0.07 | ) | (0.15 | ) | (0.14 | ) | |||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| | (1.87 | ) | | | | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total distributions |
(0.27 | ) | (0.15 | ) | (2.02 | ) | (0.07 | ) | (0.15 | ) | (0.14 | ) | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 8.43 | $ | 7.42 | $ | 6.72 | $ | 11.66 | $ | 10.08 | $ | 9.20 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total Return(b) |
17.64 | % | 12.61 | % | (30.08 | )% | 16.43 | % | 11.19 | % | 5.52 | % | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 22,535 | $ | 19,937 | $ | 17,352 | $ | 24,710 | $ | 29,635 | $ | 27,790 | |||||||||||||||||||||||
Ratio of net expenses to average net assets |
1.64 | %(c) | 1.67 | % | 1.71 | % | 1.71 | % | 1.72 | % | 1.73 | % | |||||||||||||||||||||||
Ratio of total expenses to average net assets |
1.75 | %(c) | 1.76 | % | 1.76 | % | 1.76 | % | 1.78 | % | 1.82 | % | |||||||||||||||||||||||
Ratio of net investment income to average net assets |
1.26 | %(c) | 1.92 | % | 2.08 | % | 1.11 | % | 0.91 | % | 1.27 | % | |||||||||||||||||||||||
Portfolio turnover rate(d) |
79 | % | 165 | % | 167 | % | 189 | % | 178 | % | 165 | % | |||||||||||||||||||||||
|
(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. | 47 |
GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
Emerging Markets Equity Insights Fund | |||||||||||||||||||||||||||||||||||
Class P Shares | |||||||||||||||||||||||||||||||||||
Six Months Ended | |||||||||||||||||||||||||||||||||||
April 30, 2024 | Year Ended October 31, | ||||||||||||||||||||||||||||||||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 7.56 | $ | 6.84 | $ | 11.85 | $ | 10.23 | $ | 9.33 | $ | 8.98 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.07 | 0.20 | 0.25 | 0.24 | 0.14 | 0.18 | |||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
1.25 | 0.72 | (3.18 | ) | 1.51 | 0.95 | 0.37 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total from investment operations |
1.32 | 0.92 | (2.93 | ) | 1.75 | 1.09 | 0.55 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.32 | ) | (0.20 | ) | (0.21 | ) | (0.13 | ) | (0.19 | ) | (0.20 | ) | |||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| | (1.87 | ) | | | | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total distributions |
(0.32 | ) | (0.20 | ) | (2.08 | ) | (0.13 | ) | (0.19 | ) | (0.20 | ) | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 8.56 | $ | 7.56 | $ | 6.84 | $ | 11.85 | $ | 10.23 | $ | 9.33 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total Return(b) |
17.97 | % | 13.27 | % | (29.55 | )% | 17.10 | % | 11.80 | % | 6.33 | % | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 59,249 | $ | 53,221 | $ | 78,229 | $ | 139,870 | $ | 112,229 | $ | 125,429 | |||||||||||||||||||||||
Ratio of net expenses to average net assets |
1.07 | %(c) | 1.08 | % | 1.08 | % | 1.08 | % | 1.08 | % | 1.09 | % | |||||||||||||||||||||||
Ratio of total expenses to average net assets |
1.13 | %(c) | 1.14 | % | 1.13 | % | 1.13 | % | 1.15 | % | 1.17 | % | |||||||||||||||||||||||
Ratio of net investment income to average net assets |
1.75 | %(c) | 2.55 | % | 2.73 | % | 1.92 | % | 1.48 | % | 1.96 | % | |||||||||||||||||||||||
Portfolio turnover rate(d) |
79 | % | 165 | % | 167 | % | 189 | % | 178 | % | 165 | % | |||||||||||||||||||||||
|
(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
Selected Data for a Share Outstanding Throughout Each Period |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from withholding tax reclaims which amounted to $0.04 per share and 0.33% 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. | 49 |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
International Equity Insights Fund | |||||||||||||||||||||||||||||||||||
Class C Shares | |||||||||||||||||||||||||||||||||||
Six Months Ended | |||||||||||||||||||||||||||||||||||
April 30, 2024 | Year Ended October 31, | ||||||||||||||||||||||||||||||||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 11.88 | $ | 10.49 | $ | 14.42 | $ | 11.13 | $ | 12.13 | $ | 11.56 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.07 | 0.18 | (b) | 0.21 | 0.15 | 0.05 | 0.14 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
2.07 | 1.51 | (3.39 | ) | 3.24 | (0.90 | ) | 0.52 | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total from investment operations |
2.14 | 1.69 | (3.18 | ) | 3.39 | (0.85 | ) | 0.66 | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.22 | ) | (0.30 | ) | (0.30 | ) | (0.10 | ) | (0.15 | ) | (0.09 | ) | |||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| | (0.45 | ) | | | | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total distributions |
(0.22 | ) | (0.30 | ) | (0.75 | ) | (0.10 | ) | (0.15 | ) | (0.09 | ) | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 13.80 | $ | 11.88 | $ | 10.49 | $ | 14.42 | $ | 11.13 | $ | 12.13 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total Return(c) |
18.14 | % | 16.26 | % | (23.16 | )% | 30.53 | % | (7.08 | )% | 5.79 | % | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 6,254 | $ | 6,529 | $ | 8,393 | $ | 14,406 | $ | 13,484 | $ | 22,427 | |||||||||||||||||||||||
Ratio of net expenses to average net assets |
1.93 | %(d) | 1.94 | % | 1.93 | % | 1.92 | % | 1.92 | % | 1.91 | % | |||||||||||||||||||||||
Ratio of total expenses to average net assets |
1.98 | %(d) | 1.99 | % | 1.97 | % | 1.96 | % | 1.98 | % | 1.99 | % | |||||||||||||||||||||||
Ratio of net investment income to average net assets |
1.05 | %(d) | 1.48 | %(b) | 1.69 | % | 1.05 | % | 0.42 | % | 1.25 | % | |||||||||||||||||||||||
Portfolio turnover rate(e) |
75 | % | 157 | % | 151 | % | 164 | % | 160 | % | 136 | % | |||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from withholding tax reclaims which amounted to $0.04 per share and 0.33% 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. |
50 | 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 |
International Equity Insights Fund |
|||||||||||||||||||||||||||||||||||
Institutional Shares | |||||||||||||||||||||||||||||||||||
Six Months Ended | |||||||||||||||||||||||||||||||||||
April 30, 2024 | Year Ended October 31, | ||||||||||||||||||||||||||||||||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 12.56 | $ | 11.11 | $ | 15.23 | $ | 11.76 | $ | 12.83 | $ | 12.22 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.16 | 0.33 | (b) | 0.36 | 0.33 | 0.18 | 0.29 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
2.18 | 1.59 | (3.57 | ) | 3.40 | (0.93 | ) | 0.54 | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total from investment operations |
2.34 | 1.92 | (3.21 | ) | 3.73 | (0.75 | ) | 0.83 | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.39 | ) | (0.47 | ) | (0.46 | ) | (0.26 | ) | (0.32 | ) | (0.22 | ) | |||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| | (0.45 | ) | | | | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total distributions |
(0.39 | ) | (0.47 | ) | (0.91 | ) | (0.26 | ) | (0.32 | ) | (0.22 | ) | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 14.51 | $ | 12.56 | $ | 11.11 | $ | 15.23 | $ | 11.76 | $ | 12.83 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total Return(c) |
18.75 | % | 17.61 | % | (22.27 | )% | 31.93 | % | (6.07 | )% | 7.07 | % | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 785,298 | $ | 667,420 | $ | 675,506 | $ | 1,227,429 | $ | 810,510 | $ | 1,256,782 | |||||||||||||||||||||||
Ratio of net expenses to average net assets |
0.82 | %(d) | 0.82 | % | 0.81 | % | 0.80 | % | 0.79 | % | 0.79 | % | |||||||||||||||||||||||
Ratio of total expenses to average net assets |
0.87 | %(d) | 0.87 | % | 0.85 | % | 0.84 | % | 0.85 | % | 0.85 | % | |||||||||||||||||||||||
Ratio of net investment income to average net assets |
2.30 | %(d) | 2.60 | %(b) | 2.74 | % | 2.25 | % | 1.54 | % | 2.41 | % | |||||||||||||||||||||||
Portfolio turnover rate(e) |
75 | % | 157 | % | 151 | % | 164 | % | 160 | % | 136 | % | |||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from withholding tax reclaims which amounted to $0.04 per share and 0.33% 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. | 51 |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
International Equity Insights Fund | |||||||||||||||||||||||||||||||||||
Service Shares | |||||||||||||||||||||||||||||||||||
Six Months Ended | |||||||||||||||||||||||||||||||||||
April 30, 2024 | Year Ended October 31, | ||||||||||||||||||||||||||||||||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 12.31 | $ | 10.88 | $ | 14.91 | $ | 11.52 | $ | 12.57 | $ | 11.98 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.12 | 0.26 | (b) | 0.30 | 0.25 | 0.12 | 0.23 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
2.14 | 1.57 | (3.52 | ) | 3.33 | (0.91 | ) | 0.52 | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total from investment operations |
2.26 | 1.83 | (3.22 | ) | 3.58 | (0.79 | ) | 0.75 | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.33 | ) | (0.40 | ) | (0.36 | ) | (0.19 | ) | (0.26 | ) | (0.16 | ) | |||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| | (0.45 | ) | | | | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total distributions |
(0.33 | ) | (0.40 | ) | (0.81 | ) | (0.19 | ) | (0.26 | ) | (0.16 | ) | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 14.24 | $ | 12.31 | $ | 10.88 | $ | 14.91 | $ | 11.52 | $ | 12.57 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total Return(c) |
18.50 | % | 17.03 | % | (22.69 | )% | 31.25 | % | (6.50 | )% | 6.45 | % | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 2,547 | $ | 2,153 | $ | 1,887 | $ | 2,927 | $ | 3,675 | $ | 5,386 | |||||||||||||||||||||||
Ratio of net expenses to average net assets |
1.32 | %(d) | 1.32 | % | 1.31 | % | 1.30 | % | 1.29 | % | 1.29 | % | |||||||||||||||||||||||
Ratio of total expenses to average net assets |
1.37 | %(d) | 1.37 | % | 1.35 | % | 1.34 | % | 1.35 | % | 1.35 | % | |||||||||||||||||||||||
Ratio of net investment income to average net assets |
1.78 | %(d) | 2.13 | %(b) | 2.33 | % | 1.71 | % | 1.03 | % | 1.93 | % | |||||||||||||||||||||||
Portfolio turnover rate(e) |
75 | % | 157 | % | 151 | % | 164 | % | 160 | % | 136 | % | |||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from withholding tax reclaims which amounted to $0.04 per share and 0.33% 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 INTERNATIONAL EQUITY INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
International Equity Insights Fund |
|||||||||||||||||||||||||||||||||||
Investor Shares | |||||||||||||||||||||||||||||||||||
Six Months Ended | |||||||||||||||||||||||||||||||||||
April 30, 2024 | Year Ended October 31, | ||||||||||||||||||||||||||||||||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 11.94 | $ | 10.58 | $ | 14.55 | $ | 11.19 | $ | 12.23 | $ | 11.67 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.16 | 0.30 | (b) | 0.34 | 0.25 | 0.16 | 0.27 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
2.05 | 1.51 | (3.42 | ) | 3.30 | (0.89 | ) | 0.50 | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total from investment operations |
2.21 | 1.81 | (3.08 | ) | 3.55 | (0.73 | ) | 0.77 | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.37 | ) | (0.45 | ) | (0.44 | ) | (0.19 | ) | (0.31 | ) | (0.21 | ) | |||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| | (0.45 | ) | | | | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total distributions |
(0.37 | ) | (0.45 | ) | (0.89 | ) | (0.19 | ) | (0.31 | ) | (0.21 | ) | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 13.78 | $ | 11.94 | $ | 10.58 | $ | 14.55 | $ | 11.19 | $ | 12.23 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total Return(c) |
18.67 | % | 17.48 | % | (22.39 | )% | 31.90 | % | (6.21 | )% | 6.90 | % | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 91,418 | $ | 61,176 | $ | 69,844 | $ | 96,352 | $ | 311,446 | $ | 549,732 | |||||||||||||||||||||||
Ratio of net expenses to average net assets |
0.93 | %(d) | 0.94 | % | 0.93 | % | 0.92 | % | 0.92 | % | 0.91 | % | |||||||||||||||||||||||
Ratio of total expenses to average net assets |
0.98 | %(d) | 0.99 | % | 0.97 | % | 0.96 | % | 0.98 | % | 0.99 | % | |||||||||||||||||||||||
Ratio of net investment income to average net assets |
2.42 | %(d) | 2.47 | %(b) | 2.73 | % | 1.86 | % | 1.42 | % | 2.29 | % | |||||||||||||||||||||||
Portfolio turnover rate(e) |
75 | % | 157 | % | 151 | % | 164 | % | 160 | % | 136 | % | |||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from withholding tax reclaims which amounted to $0.04 per share and 0.33% 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 INTERNATIONAL EQUITY INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
International Equity Insights Fund |
|||||||||||||||||||||||||||||||||||
Class R6 Shares | |||||||||||||||||||||||||||||||||||
Six Months Ended | |||||||||||||||||||||||||||||||||||
April 30, 2024 | Year Ended October 31, | ||||||||||||||||||||||||||||||||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 12.55 | $ | 11.10 | $ | 15.22 | $ | 11.75 | $ | 12.82 | $ | 12.22 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.16 | 0.33 | (b) | 0.37 | 0.33 | 0.19 | 0.30 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
2.18 | 1.59 | (3.58 | ) | 3.40 | (0.94 | ) | 0.52 | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total from investment operations |
2.34 | 1.92 | (3.21 | ) | 3.73 | (0.75 | ) | 0.82 | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.39 | ) | (0.47 | ) | (0.46 | ) | (0.26 | ) | (0.32 | ) | (0.22 | ) | |||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| | (0.45 | ) | | | | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total distributions |
(0.39 | ) | (0.47 | ) | (0.91 | ) | (0.26 | ) | (0.32 | ) | (0.22 | ) | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 14.50 | $ | 12.55 | $ | 11.10 | $ | 15.22 | $ | 11.75 | $ | 12.82 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total Return(c) |
18.86 | % | 17.55 | % | (22.28 | )% | 31.97 | % | (6.06 | )% | 7.10 | % | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 299,842 | $ | 327,287 | $ | 407,364 | $ | 627,430 | $ | 522,707 | $ | 595,264 | |||||||||||||||||||||||
Ratio of net expenses to average net assets |
0.81 | %(d) | 0.81 | % | 0.80 | % | 0.79 | % | 0.78 | % | 0.78 | % | |||||||||||||||||||||||
Ratio of total expenses to average net assets |
0.86 | %(d) | 0.86 | % | 0.84 | % | 0.83 | % | 0.84 | % | 0.84 | % | |||||||||||||||||||||||
Ratio of net investment income to average net assets |
2.29 | %(d) | 2.59 | %(b) | 2.85 | % | 2.24 | % | 1.61 | % | 2.49 | % | |||||||||||||||||||||||
Portfolio turnover rate(e) |
75 | % | 157 | % | 151 | % | 164 | % | 160 | % | 136 | % | |||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from withholding tax reclaims which amounted to $0.04 per share and 0.33% 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 INTERNATIONAL EQUITY INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
International Equity Insights Fund | |||||||||||||||||||||||||||||||||||
Class R Shares | |||||||||||||||||||||||||||||||||||
Six Months Ended | |||||||||||||||||||||||||||||||||||
April 30, 2024 | Year Ended October 31, | ||||||||||||||||||||||||||||||||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 11.76 | $ | 10.41 | $ | 14.32 | $ | 11.08 | $ | 12.10 | $ | 11.54 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.11 | 0.24 | (b) | 0.27 | 0.21 | 0.11 | 0.21 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
2.03 | 1.50 | (3.37 | ) | 3.21 | (0.89 | ) | 0.50 | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total from investment operations |
2.14 | 1.74 | (3.10 | ) | 3.42 | (0.78 | ) | 0.71 | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.31 | ) | (0.39 | ) | (0.36 | ) | (0.18 | ) | (0.24 | ) | (0.15 | ) | |||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| | (0.45 | ) | | | | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total distributions |
(0.31 | ) | (0.39 | ) | (0.81 | ) | (0.18 | ) | (0.24 | ) | (0.15 | ) | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 13.59 | $ | 11.76 | $ | 10.41 | $ | 14.32 | $ | 11.08 | $ | 12.10 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total Return(c) |
18.41 | % | 16.93 | % | (22.79 | )% | 31.19 | % | (6.69 | )% | 6.36 | % | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 6,258 | $ | 5,254 | $ | 5,383 | $ | 7,896 | $ | 8,321 | $ | 9,281 | |||||||||||||||||||||||
Ratio of net expenses to average net assets |
1.43 | %(d) | 1.44 | % | 1.43 | % | 1.42 | % | 1.42 | % | 1.41 | % | |||||||||||||||||||||||
Ratio of total expenses to average net assets |
1.48 | %(d) | 1.49 | % | 1.47 | % | 1.46 | % | 1.48 | % | 1.49 | % | |||||||||||||||||||||||
Ratio of net investment income to average net assets |
1.70 | %(d) | 1.99 | %(b) | 2.20 | % | 1.56 | % | 0.99 | % | 1.79 | % | |||||||||||||||||||||||
Portfolio turnover rate(e) |
75 | % | 157 | % | 151 | % | 164 | % | 160 | % | 136 | % | |||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from withholding tax reclaims which amounted to $0.04 per share and 0.33% 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 INTERNATIONAL EQUITY INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
International Equity Insights Fund |
|||||||||||||||||||||||||||||||||||
Class P Shares | |||||||||||||||||||||||||||||||||||
Six Months Ended | |||||||||||||||||||||||||||||||||||
April 30, 2024 | Year Ended October 31, | ||||||||||||||||||||||||||||||||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 12.54 | $ | 11.09 | $ | 15.21 | $ | 11.74 | $ | 12.81 | $ | 12.21 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.16 | 0.33 | (b) | 0.38 | 0.33 | 0.19 | 0.30 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
2.17 | 1.59 | (3.59 | ) | 3.40 | (0.94 | ) | 0.52 | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total from investment operations |
2.33 | 1.92 | (3.21 | ) | 3.73 | (0.75 | ) | 0.82 | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.39 | ) | (0.47 | ) | (0.46 | ) | (0.26 | ) | (0.32 | ) | (0.22 | ) | |||||||||||||||||||||||
Distributions to shareholders from net realized gains |
| | (0.45 | ) | | | | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total distributions |
(0.39 | ) | (0.47 | ) | (0.91 | ) | (0.26 | ) | (0.32 | ) | (0.22 | ) | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 14.48 | $ | 12.54 | $ | 11.09 | $ | 15.21 | $ | 11.74 | $ | 12.81 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total Return(c) |
18.81 | % | 17.56 | % | (22.29 | )% | 32.00 | % | (6.06 | )% | 7.03 | % | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 392,708 | $ | 344,796 | $ | 341,982 | $ | 470,881 | $ | 357,875 | $ | 372,536 | |||||||||||||||||||||||
Ratio of net expenses to average net assets |
0.81 | %(d) | 0.81 | % | 0.80 | % | 0.79 | % | 0.78 | % | 0.78 | % | |||||||||||||||||||||||
Ratio of total expenses to average net assets |
0.86 | %(d) | 0.86 | % | 0.84 | % | 0.83 | % | 0.84 | % | 0.84 | % | |||||||||||||||||||||||
Ratio of net investment income to average net assets |
2.27 | %(d) | 2.61 | %(b) | 2.95 | % | 2.24 | % | 1.62 | % | 2.43 | % | |||||||||||||||||||||||
Portfolio turnover rate(e) |
75 | % | 157 | % | 151 | % | 164 | % | 160 | % | 136 | % | |||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from withholding tax reclaims which amounted to $0.04 per share and 0.33% 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 INTERNATIONAL SMALL CAP INSIGHTS FUND
Financial Highlights
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. | 57 |
GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
International Small Cap Insights Fund | |||||||||||||||||||||||||||||||||||
Class C Shares | |||||||||||||||||||||||||||||||||||
Six Months Ended | |||||||||||||||||||||||||||||||||||
April 30, 2024 | Year Ended October 31, | ||||||||||||||||||||||||||||||||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 10.55 | $ | 9.77 | $ | 13.81 | $ | 10.56 | $ | 11.34 | $ | 10.73 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.09 | 0.16 | 0.23 | 0.16 | | (b) | 0.09 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
1.84 | 0.79 | (3.98 | ) | 3.17 | (0.51 | ) | 0.54 | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total from investment operations |
1.93 | 0.95 | (3.75 | ) | 3.33 | (0.51 | ) | 0.63 | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.22 | ) | (0.17 | ) | (0.29 | ) | (0.08 | ) | (0.27 | ) | (0.02 | ) | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 12.26 | $ | 10.55 | $ | 9.77 | $ | 13.81 | $ | 10.56 | $ | 11.34 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total Return(c) |
18.38 | % | 9.77 | % | (27.65 | )% | 31.67 | % | (4.71 | )% | 5.94 | % | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 8,310 | $ | 10,025 | $ | 13,111 | $ | 28,406 | $ | 29,190 | $ | 51,728 | |||||||||||||||||||||||
Ratio of net expenses to average net assets |
1.99 | %(d) | 1.99 | % | 1.99 | % | 1.99 | % | 2.00 | % | 2.01 | % | |||||||||||||||||||||||
Ratio of total expenses to average net assets |
2.02 | %(d) | 2.04 | % | 2.03 | % | 2.05 | % | 2.06 | % | 2.08 | % | |||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets |
1.55 | %(d) | 1.48 | % | 1.92 | % | 1.20 | % | (0.01 | )% | 0.82 | % | |||||||||||||||||||||||
Portfolio turnover rate(e) |
81 | % | 163 | % | 156 | % | 185 | % | 149 | % | 131 | % | |||||||||||||||||||||||
|
(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. |
58 | 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 |
International Small Cap Insights Fund | |||||||||||||||||||||||||||||||||||
Institutional Shares | |||||||||||||||||||||||||||||||||||
Six Months Ended | |||||||||||||||||||||||||||||||||||
April 30, 2024 | Year Ended October 31, | ||||||||||||||||||||||||||||||||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 10.90 | $ | 10.13 | $ | 14.33 | $ | 10.97 | $ | 11.78 | $ | 11.19 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.18 | 0.30 | 0.38 | 0.33 | 0.12 | 0.22 | |||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
1.87 | 0.81 | (4.11 | ) | 3.27 | (0.52 | ) | 0.54 | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total from investment operations |
2.05 | 1.11 | (3.73 | ) | 3.60 | (0.40 | ) | 0.76 | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.37 | ) | (0.34 | ) | (0.47 | ) | (0.24 | ) | (0.41 | ) | (0.17 | ) | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 12.58 | $ | 10.90 | $ | 10.13 | $ | 14.33 | $ | 10.97 | $ | 11.78 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total Return(b) |
19.02 | % | 10.96 | % | (26.80 | )% | 33.11 | % | (3.61 | )% | 7.10 | % | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 3,057,204 | $ | 2,353,230 | $ | 2,097,460 | $ | 2,579,024 | $ | 1,608,195 | $ | 2,134,382 | |||||||||||||||||||||||
Ratio of net expenses to average net assets |
0.87 | %(c) | 0.88 | % | 0.87 | % | 0.87 | % | 0.87 | % | 0.87 | % | |||||||||||||||||||||||
Ratio of total expenses to average net assets |
0.91 | %(c) | 0.93 | % | 0.91 | % | 0.92 | % | 0.93 | % | 0.95 | % | |||||||||||||||||||||||
Ratio of net investment income to average net assets |
2.98 | %(c) | 2.64 | % | 3.14 | % | 2.39 | % | 1.13 | % | 1.96 | % | |||||||||||||||||||||||
Portfolio turnover rate(d) |
81 | % | 163 | % | 156 | % | 185 | % | 149 | % | 131 | % | |||||||||||||||||||||||
|
(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. | 59 |
GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
International Small Cap Insights Fund | |||||||||||||||||||||||||||||||||||
Investor Shares | |||||||||||||||||||||||||||||||||||
Six Months Ended | |||||||||||||||||||||||||||||||||||
April 30, 2024 | Year Ended October 31, | ||||||||||||||||||||||||||||||||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 10.85 | $ | 10.08 | $ | 14.26 | $ | 10.92 | $ | 11.72 | $ | 11.12 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.17 | 0.28 | 0.36 | 0.30 | 0.10 | 0.19 | |||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
1.87 | 0.81 | (4.09 | ) | 3.26 | (0.51 | ) | 0.56 | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total from investment operations |
2.04 | 1.09 | (3.73 | ) | 3.56 | (0.41 | ) | 0.75 | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.35 | ) | (0.32 | ) | (0.45 | ) | (0.22 | ) | (0.39 | ) | (0.15 | ) | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 12.54 | $ | 10.85 | $ | 10.08 | $ | 14.26 | $ | 10.92 | $ | 11.72 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total Return(b) |
19.05 | % | 10.83 | % | (26.90 | )% | 32.88 | % | (3.72 | )% | 7.01 | % | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 78,482 | $ | 74,012 | $ | 89,627 | $ | 141,731 | $ | 131,558 | $ | 274,079 | |||||||||||||||||||||||
Ratio of net expenses to average net assets |
0.98 | %(c) | 1.00 | % | 0.99 | % | 0.99 | % | 1.00 | % | 1.01 | % | |||||||||||||||||||||||
Ratio of total expenses to average net assets |
1.02 | %(c) | 1.04 | % | 1.03 | % | 1.05 | % | 1.06 | % | 1.08 | % | |||||||||||||||||||||||
Ratio of net investment income to average net assets |
2.77 | %(c) | 2.48 | % | 2.98 | % | 2.21 | % | 0.95 | % | 1.74 | % | |||||||||||||||||||||||
Portfolio turnover rate(d) |
81 | % | 163 | % | 156 | % | 185 | % | 149 | % | 131 | % | |||||||||||||||||||||||
|
(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. |
60 | 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 |
International Small Cap Insights Fund | |||||||||||||||||||||||||||||||||||
Class R6 Shares | |||||||||||||||||||||||||||||||||||
Six Months Ended | |||||||||||||||||||||||||||||||||||
April 30, 2024 | Year Ended October 31, | ||||||||||||||||||||||||||||||||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 10.93 | $ | 10.15 | $ | 14.36 | $ | 10.99 | $ | 11.80 | $ | 11.21 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.18 | 0.30 | 0.38 | 0.31 | 0.13 | 0.22 | |||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
1.88 | 0.82 | (4.12 | ) | 3.29 | (0.52 | ) | 0.54 | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total from investment operations |
2.06 | 1.12 | (3.74 | ) | 3.60 | (0.39 | ) | 0.76 | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.37 | ) | (0.34 | ) | (0.47 | ) | (0.23 | ) | (0.42 | ) | (0.17 | ) | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 12.62 | $ | 10.93 | $ | 10.15 | $ | 14.36 | $ | 10.99 | $ | 11.80 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total Return(b) |
19.06 | % | 11.04 | % | (26.81 | )% | 33.12 | % | (3.60 | )% | 7.11 | % | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 476,908 | $ | 452,434 | $ | 479,843 | $ | 878,443 | $ | 963,821 | $ | 1,192,142 | |||||||||||||||||||||||
Ratio of net expenses to average net assets |
0.86 | %(c) | 0.87 | % | 0.86 | % | 0.86 | % | 0.86 | % | 0.86 | % | |||||||||||||||||||||||
Ratio of total expenses to average net assets |
0.90 | %(c) | 0.92 | % | 0.90 | % | 0.91 | % | 0.92 | % | 0.94 | % | |||||||||||||||||||||||
Ratio of net investment income to average net assets |
2.88 | %(c) | 2.64 | % | 3.06 | % | 2.26 | % | 1.19 | % | 2.01 | % | |||||||||||||||||||||||
Portfolio turnover rate(d) |
81 | % | 163 | % | 156 | % | 185 | % | 149 | % | 131 | % | |||||||||||||||||||||||
|
(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. | 61 |
GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
International Small Cap Insights Fund | |||||||||||||||||||||||||||||||||||
Class P Shares | |||||||||||||||||||||||||||||||||||
Six Months Ended | |||||||||||||||||||||||||||||||||||
April 30, 2024 | Year Ended October 31, | ||||||||||||||||||||||||||||||||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 10.93 | $ | 10.15 | $ | 14.36 | $ | 10.99 | $ | 11.80 | $ | 11.21 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.17 | 0.30 | 0.38 | 0.33 | 0.12 | 0.22 | |||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
1.88 | 0.82 | (4.12 | ) | 3.28 | (0.51 | ) | 0.54 | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total from investment operations |
2.05 | 1.12 | (3.74 | ) | 3.61 | (0.39 | ) | 0.76 | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income |
(0.37 | ) | (0.34 | ) | (0.47 | ) | (0.24 | ) | (0.42 | ) | (0.17 | ) | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 12.61 | $ | 10.93 | $ | 10.15 | $ | 14.36 | $ | 10.99 | $ | 11.80 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total Return(b) |
18.97 | % | 11.04 | % | (26.81 | )% | 33.15 | % | (3.60 | )% | 7.11 | % | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 35,757 | $ | 35,815 | $ | 35,538 | $ | 59,410 | $ | 43,631 | $ | 80,926 | |||||||||||||||||||||||
Ratio of net expenses to average net assets |
0.86 | %(c) | 0.87 | % | 0.86 | % | 0.86 | % | 0.86 | % | 0.86 | % | |||||||||||||||||||||||
Ratio of total expenses to average net assets |
0.90 | %(c) | 0.92 | % | 0.90 | % | 0.92 | % | 0.92 | % | 0.94 | % | |||||||||||||||||||||||
Ratio of net investment income to average net assets |
2.88 | %(c) | 2.65 | % | 3.15 | % | 2.41 | % | 1.08 | % | 1.96 | % | |||||||||||||||||||||||
Portfolio turnover rate(d) |
81 | % | 163 | % | 156 | % | 185 | % | 149 | % | 131 | % | |||||||||||||||||||||||
|
(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. |
62 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
1. ORGANIZATION |
Goldman Sachs Trust (the Trust) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the Act), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the Funds or individually a Fund), along with their corresponding share classes and respective diversification status under the Act:
Fund | Share Classes Offered | Diversified/ Non-Diversified | ||
Goldman Sachs Emerging Markets Equity Insights Fund | A, C, Institutional, Investor, R6, R and P |
Non-Diversified | ||
Goldman Sachs International Equity Insights Fund | A, C, Institutional, Service, Investor, R6, R and P |
Diversified | ||
Goldman Sachs International Small Cap Insights Fund | 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
63 |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited) |
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
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 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 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. With respect to the Funds investments that do not have readily available market quotations, the Trustees have designated GSAM as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the Valuation Designee). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification
64 |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.
A. Level 1 and Level 2 Fair Value Investments The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:
Equity Securities Equity securities traded on a United States (U.S.) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.
Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under the Valuation Procedures and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.
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 either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules 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. 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
65 |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited) |
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
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 the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a 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, 2024:
Emerging Markets Equity Insights Fund | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
|
||||||||||||
Assets |
||||||||||||
Common Stock and/or Other Equity Investments(a) |
||||||||||||
Africa |
$ | 3,090,272 | $ | 24,115,826 | $ | | ||||||
Asia |
151,591,278 | 1,473,554,850 | | |||||||||
Europe |
753,454 | 41,876,981 | | |||||||||
North America |
43,880,560 | | | |||||||||
South America |
69,175,271 | 57,627,436 | | |||||||||
Investment Company |
6,414,871 | | | |||||||||
|
||||||||||||
Total |
$ | 274,905,706 | $ | 1,597,175,093 | $ | | ||||||
|
||||||||||||
Derivative Type | ||||||||||||
|
||||||||||||
Liabilities |
||||||||||||
Futures Contracts(b) |
$ | (194,130 | ) | $ | | $ | | |||||
|
||||||||||||
International Equity Insights Fund | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
|
||||||||||||
Assets |
||||||||||||
Common Stock and/or Other Equity Investments(a) |
||||||||||||
Africa |
$ | | $ | 1,176,455 | $ | | ||||||
Asia |
| 438,861,635 | | |||||||||
Europe |
24,462,716 | 856,673,401 | | |||||||||
North America |
25,874,989 | 134,373,121 | | |||||||||
Oceania |
1,198,556 | 115,122,258 | | |||||||||
Securities Lending Reinvestment Vehicle |
32,519,185 | | | |||||||||
|
||||||||||||
Total |
$ | 84,055,446 | $ | 1,546,206,870 | $ | | ||||||
|
||||||||||||
Derivative Type | ||||||||||||
|
||||||||||||
Assets |
||||||||||||
Futures Contracts(b) |
$ | 716,345 | $ | | $ | | ||||||
|
||||||||||||
Liabilities |
||||||||||||
Futures Contracts(b) |
$ | (14,587 | ) | $ | | $ | | |||||
|
66 |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
International Small Cap Insights Fund | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
|
||||||||||||
Assets |
||||||||||||
Common Stock and/or Other Equity Investments(a) |
||||||||||||
Asia |
$ | 23,598,147 | $ | 1,551,956,731 | $ | | ||||||
Europe |
81,795,920 | 1,598,131,929 | | |||||||||
North America |
9,177,556 | 57,393,990 | | |||||||||
Oceania |
| 277,181,942 | | |||||||||
Securities Lending Reinvestment Vehicle |
64,496,978 | | | |||||||||
|
||||||||||||
Total |
$ | 179,068,601 | $ | 3,484,664,592 | $ | | ||||||
|
||||||||||||
Derivative Type | ||||||||||||
|
||||||||||||
Assets |
||||||||||||
Futures Contracts(b) |
$ | 540,713 | $ | | $ | | ||||||
|
||||||||||||
Liabilities |
||||||||||||
Futures Contracts(b) |
$ | (835,773 | ) | $ | | $ | | |||||
|
(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.
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, 2024. 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 Fund | ||||||||||||
Risk | Statement of Assets and Liabilities | Assets1 | Statement of Assets and Liabilities | Liabilities1 |
||||||||
Equity | Variation margin on futures contracts | $ | | Variation margin on futures contracts | $ | (194,130 | ) | |||||
International Equity Insights Fund | ||||||||||||
Risk | Statement of Assets and Liabilities | Assets1 | Statement of Assets and Liabilities | Liabilities1 |
||||||||
Equity | Variation margin on futures contracts | $ | 716,345 | Variation margin on futures contracts | $ | (14,587 | ) | |||||
International Small Cap Insights Fund | ||||||||||||
Risk | Statement of Assets and Liabilities | Assets1 | Statement of Assets and Liabilities | Liabilities1 |
||||||||
Equity | Variation margin on futures contracts | $ | 540,713 | Variation margin on futures contracts | $ | (835,773 | ) |
67 |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited) |
4. INVESTMENTS IN DERIVATIVES (continued) |
1 | Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedule of Investments. Only the variation margin as of April 30, 2024 is reported within the Statement 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, 2024. 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:
Emerging Markets Equity Insights Fund | ||||||||||
Risk | Statement of Operations | Net Realized Gain (Loss) |
Net Change in Unrealized Gain (Loss) |
|||||||
Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts |
$ | 1,620,521 | $ | (194,130 | ) | ||||
International Equity Insights Fund | ||||||||||
Risk | Statement of Operations | Net Realized Gain (Loss) |
Net Change in |
|||||||
Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts |
1,312,843 | 686,299 | |||||||
International Small Cap Insights Fund | ||||||||||
Risk | Statement of Operations | Net Realized Gain (Loss) |
Net Change in |
|||||||
Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts |
7,731,604 | 1,861,355 |
For the six months ended April 30, 2024, the relevant values for each derivative type was as follows:
Fund | Average Number of Contracts(a) | |
| ||
Emerging Markets Equity Insights Fund |
492 | |
| ||
International Equity Insights Fund |
212 | |
| ||
International Small Cap Insights Fund |
913 | |
|
(a) | Amounts disclosed represent average number of 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, 2024. |
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.
68 |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
For the six months ended April 30, 2024, 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 Rate^ | |||||||||||||||||||
| ||||||||||||||||||||||||||
Emerging Markets Equity Insights Fund |
1.00 | % | 1.00 | % | 0.90 | % | 0.86 | % | 0.84 | % | 1.00 | % | 1.00% | |||||||||||||
| ||||||||||||||||||||||||||
International Equity Insights Fund |
0.81 | 0.73 | 0.69 | 0.68 | 0.67 | 0.78 | 0.78 | |||||||||||||||||||
| ||||||||||||||||||||||||||
International Small Cap Insights Fund |
0.85 | 0.85 | 0.77 | 0.73 | 0.72 | 0.82 | 0.82 | |||||||||||||||||||
|
^ | 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, 2024, GSAM waived $1,538, $708 and $48 of the Emerging Markets Equity Insights, International Equity Insights and International Small Cap 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 | 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. |
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, 2024, Goldman Sachs retained the following amounts:
69 |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited) |
5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
Front End Sales Charge |
Contingent Deferred Sales Charge |
|||||
|
|
|
||||
Fund | Class A | Class C | ||||
|
||||||
Emerging Markets Equity Insights Fund |
$ 298 | $ | | |||
|
||||||
International Equity Insights Fund |
1,133 | | ||||
|
||||||
International Small Cap Insights Fund |
2,853 | | ||||
|
D. Service and Shareholder Administration Plans The Trust, on behalf of each applicable Fund, has adopted Service Plans to allow Class C Shares and Shareholder Administration Plans to allow Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance or shareholder administration services to their customers who are beneficial owners of such shares. The Service and Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C and Service Shares of the Funds, respectively.
E. Transfer Agency Agreement Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.15% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional and Service Shares. Effective February 28, 2024, Goldman Sachs has agreed to waive 0.02% of the average daily net assets of Class A, Class C, Investor, and Class R Shares of the Emerging Markets Equity Insights Fund through at least February 28, 2025. Prior to February 28, 2024, Goldman Sachs waived its transfer agent fee equal to 0.06% as an annual rate of the average net assets attributable to Class A, Class C, Investor, and Class R6 Shares of the Emerging Markets Equity Insights Fund.
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 0.014%, 0.004% and 0.014%, respectively. These Other Expense limitations will remain in place through at least February 28, 2025, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. Prior to February 28, 2024, the Other Expense limitations as an annual percentage rate of average daily net assets for the Emerging Markets Equity Insights Fund was 0.054%. 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, 2024, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:
Fund | Management Fee Waiver |
Transfer Agency Waiver/Credits |
Other Expense Reimbursements |
Total Expense Reductions |
||||||||||||
|
||||||||||||||||
Emerging Markets Equity Insights Fund |
$ | 1,538 | $ | 24,891 | $ | 605,312 | $ | 631,741 | ||||||||
|
||||||||||||||||
International Equity Insights Fund |
708 | | 379,645 | 380,353 | ||||||||||||
|
||||||||||||||||
International Small Cap Insights Fund |
48 | | 620,572 | 620,620 | ||||||||||||
|
70 |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
G. Line of Credit Facility As of April 30, 2024, the Funds participated in a $1,150,000,000 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, 2024, the Funds did not have any borrowings under the facility. Prior to April 16, 2024, the facility was $1,110,000,000.
H. Other Transactions with Affiliates 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, 2024:
Emerging Markets Equity Insights Fund | ||||||||||||||||||||||
Underlying Fund | Beginning value as of October 31, 2023 |
Purchases at Cost | Proceeds from Sales | Ending value as of April 30, 2024 |
Shares as of April 30, 2024 |
Dividend Income |
||||||||||||||||
|
||||||||||||||||||||||
Goldman Sachs Financial Square Government Fund - Institutional Shares |
|
|||||||||||||||||||||
$ | $ | 141,308,142 | $ | (134,893,271 | ) | $ | 6,414,871 | 6,414,871 | $ | 56,311 | ||||||||||||
|
||||||||||||||||||||||
International Equity Insights Fund |
||||||||||||||||||||||
Underlying Fund | Beginning value as of October 31, 2023 |
Purchases at Cost | Proceeds from Sales | Ending value as of April 30, 2024 |
Shares as of April 30, 2024 |
Dividend Income |
||||||||||||||||
|
||||||||||||||||||||||
Goldman Sachs Financial Square Government Fund - Institutional Shares |
|
|||||||||||||||||||||
| 31,897,795 | (31,897,795 | ) | | | 23,075 | ||||||||||||||||
|
||||||||||||||||||||||
International Small Cap Insights Fund |
||||||||||||||||||||||
Underlying Fund | Beginning value as of October 31, 2023 |
Purchases at Cost | Proceeds from Sales | Ending value as of April 30, 2024 |
Shares as of April 30, 2024 |
Dividend Income |
||||||||||||||||
|
||||||||||||||||||||||
Goldman Sachs Financial Square Government Fund - Institutional Shares |
|
|||||||||||||||||||||
| 6,569,936 | (6,569,936 | ) | | | 1,148 | ||||||||||||||||
|
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, 2024, were as follows:
Fund | Purchases | Sales | ||||||
|
||||||||
Emerging Markets Equity Insights Fund |
$ 1,419,383,678 | $ | 1,559,945,720 | |||||
|
||||||||
International Equity Insights Fund |
1,160,949,327 | 1,260,253,383 | ||||||
|
||||||||
International Small Cap Insights Fund |
2,889,957,435 | 2,706,058,279 | ||||||
|
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
71 |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited) |
7. SECURITIES LENDING (continued) |
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 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, 2024, 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, 2024, 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, 2024
|
||||||||||||
Fund | Earnings of GSAL Loaned |
Amounts Received from Lending to |
Amounts Payable to Goldman Sachs Upon Return of Securities Loaned as of April 30, 2024 |
|||||||||
|
||||||||||||
Emerging Markets Equity Insights Fund |
$ | 3,089 | $ | | $ | | ||||||
|
||||||||||||
International Equity Insights Fund |
2,557 | 3,381 | 1,188,200 | |||||||||
|
||||||||||||
International Small Cap Insights Fund |
51,442 | 59,967 | 335,325 | |||||||||
|
72 |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
7. SECURITIES LENDING (continued) |
The following table provides information about the Funds investment in the Government Money Market Fund for the six months ended April 30, 2024.
Fund | Beginning value as of October 31, 2023 |
Purchases at Cost |
Proceeds from Sales |
Ending value as of April 30, 2024 |
||||||||||||
|
||||||||||||||||
Emerging Markets Equity Insights Fund |
$ | 344,000 | $ | 31,418,386 | $ | (31,762,386 | ) | $ | | |||||||
|
||||||||||||||||
International Equity Insights Fund |
19,690,260 | 107,565,550 | (94,736,625 | ) | 32,519,185 | |||||||||||
|
||||||||||||||||
International Small Cap Insights Fund |
20,934,214 | 309,134,181 | (265,571,417 | ) | 64,496,978 | |||||||||||
|
8. TAX INFORMATION |
As of the Funds most recent fiscal year ended October 31, 2023, the Funds capital loss carryforwards were as follows:
Emerging Markets Equity Insights Fund |
International Equity Insights Fund |
International Small Cap Insights Fund |
||||||||||
|
||||||||||||
Capital loss carryforwards: |
||||||||||||
Perpetual Short-Term |
$ | (367,398,739 | ) | $ | (106,059,226 | ) | $ | (464,106,914) | ||||
Perpetual Long-Term |
(58,986,005 | ) | (13,281,479 | ) | (43,480,790) | |||||||
|
||||||||||||
Total capital loss carryforwards |
(426,384,744 | ) | (119,340,705 | ) | (507,587,704) | |||||||
|
As of April 30, 2024, 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 Fund |
International Equity Insights Fund |
International Small Cap Insights Fund |
||||||||||
|
||||||||||||
Tax Cost |
$ | 1,666,591,694 | $ | 1,451,928,801 | $ | 3,388,479,037 | ||||||
|
||||||||||||
Gross unrealized gain |
261,736,073 | 204,082,078 | 362,024,850 | |||||||||
Gross unrealized loss |
(56,246,968 | ) | (25,748,563 | ) | (86,770,694) | |||||||
|
||||||||||||
Net unrealized gain (loss) |
$ | 205,489,105 | $ | 178,333,515 | $ | 275,254,156 | ||||||
|
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, passive foreign investment company investments, and differences in the tax treatment of underlying fund 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.
73 |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited) |
9. OTHER RISKS |
The Funds risks include, but are not limited to, the following:
Foreign and Emerging Countries Risk Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in share registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a 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.
Investment Style Risk Different investment styles (e.g., growth, value or quantitative) tend to shift in and out of favor depending upon market and economic conditions and investor sentiment. The Fund may outperform or underperform other funds that invest in similar asset classes but employ different investment styles.
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, declining prices of the securities sold, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect 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.
74 |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
9. OTHER RISKS (continued) |
Market and Credit Risks In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.
Mid-Cap and Small-Cap Risk Investments in mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.
Non-Diversification Risk The Emerging Markets Equity Insights Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in one or more issuers or in fewer issuers than diversified mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.
Portfolio Turnover Rate Risk A high rate of portfolio turnover may involve correspondingly greater expenses which must be borne by the Fund and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders.
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.
75 |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited) |
12. SUMMARY OF SHARE TRANSACTIONS |
Share activity is as follows:
Emerging Markets Equity Insights Fund
|
||||||||||||||||
For the Six Months Ended April 30, 2024 (Unaudited) |
For the Fiscal Year Ended October 31, 2023 |
|||||||||||||||
|
|
|||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|||||||||||||||
Class A Shares |
||||||||||||||||
Shares sold |
453,794 | $ | 3,718,181 | 996,500 | $ | 7,732,206 | ||||||||||
Reinvestment of distributions |
124,725 | 984,082 | 86,134 | 646,869 | ||||||||||||
Shares redeemed |
(486,685 | ) | (3,975,705 | ) | (1,670,888 | ) | (13,070,206) | |||||||||
|
||||||||||||||||
|
91,834 | 726,558 | (588,254 | ) | (4,691,131) | |||||||||||
|
||||||||||||||||
Class C Shares |
||||||||||||||||
Shares sold |
4,878 | 39,313 | 112,179 | 858,313 | ||||||||||||
Reinvestment of distributions |
11,797 | 92,251 | 6,789 | 50,511 | ||||||||||||
Shares redeemed |
(62,912 | ) | (509,851 | ) | (148,347 | ) | (1,153,684) | |||||||||
|
||||||||||||||||
(46,237 | ) | (378,287 | ) | (29,379 | ) | (244,860) | ||||||||||
|
||||||||||||||||
Institutional Shares |
||||||||||||||||
Shares sold |
14,630,167 | 118,952,166 | 46,936,674 | 362,557,037 | ||||||||||||
Reinvestment of distributions |
4,813,416 | 37,737,184 | 3,109,679 | 23,198,208 | ||||||||||||
Shares redeemed |
(18,461,844 | ) | (150,039,911 | ) | (43,063,312 | ) | (331,377,624) | |||||||||
|
||||||||||||||||
981,739 | 6,649,439 | 6,983,041 | 54,377,621 | |||||||||||||
|
||||||||||||||||
Investor Shares |
||||||||||||||||
Shares sold |
1,594,718 | 13,039,066 | 3,582,105 | 27,800,712 | ||||||||||||
Reinvestment of distributions |
255,164 | 1,997,938 | 261,952 | 1,951,545 | ||||||||||||
Shares redeemed |
(999,014 | ) | (8,221,505 | ) | (6,803,777 | ) | (53,519,654) | |||||||||
|
||||||||||||||||
850,868 | 6,815,499 | (2,959,720 | ) | (23,767,397) | ||||||||||||
|
||||||||||||||||
Class R6 Shares |
||||||||||||||||
Shares sold |
6,419,937 | 52,245,562 | 15,715,063 | 121,608,329 | ||||||||||||
Reinvestment of distributions |
1,875,263 | 14,683,309 | 1,502,821 | 11,196,018 | ||||||||||||
Shares redeemed |
(13,688,472 | ) | (110,658,450 | ) | (13,693,737 | ) | (107,034,069) | |||||||||
|
||||||||||||||||
(5,393,272 | ) | (43,729,579 | ) | 3,524,147 | 25,770,278 | |||||||||||
|
||||||||||||||||
Class R Shares |
||||||||||||||||
Shares sold |
207,625 | 1,669,953 | 557,955 | 4,231,561 | ||||||||||||
Reinvestment of distributions |
95,601 | 738,041 | 52,195 | 384,153 | ||||||||||||
Shares redeemed |
(316,409 | ) | (2,560,439 | ) | (507,468 | ) | (3,928,904) | |||||||||
|
||||||||||||||||
(13,183 | ) | (152,445 | ) | 102,682 | 686,810 | |||||||||||
|
||||||||||||||||
Class P Shares |
||||||||||||||||
Shares sold |
3,190,966 | 26,118,475 | 2,500,065 | 18,920,298 | ||||||||||||
Reinvestment of distributions |
356,043 | 2,787,817 | 241,697 | 1,800,643 | ||||||||||||
Shares redeemed |
(3,672,333 | ) | (29,301,147 | ) | (7,131,624 | ) | (53,976,717) | |||||||||
|
||||||||||||||||
(125,324 | ) | (394,855 | ) | (4,389,862 | ) | (33,255,776) | ||||||||||
|
||||||||||||||||
NET INCREASE (DECREASE) IN SHARES |
(3,653,575 | ) | $ | (30,463,670 | ) | 2,642,655 | $ | 18,875,545 | ||||||||
|
76 |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
12. SUMMARY OF SHARE TRANSACTIONS (continued) |
International Equity Insights Fund
|
||||||||||||||||
For the Six Months Ended April 30, 2024 (Unaudited) |
For the Fiscal Year Ended October 31, 2023 |
|||||||||||||||
|
|
|||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|||||||||||||||
Class A Shares |
||||||||||||||||
Shares sold |
377,533 | $ | 5,115,171 | 801,820 | $ | 9,807,431 | ||||||||||
Reinvestment of distributions |
125,042 | 1,640,559 | 205,096 | 2,342,201 | ||||||||||||
Shares redeemed |
(737,314 | ) | (10,058,811 | ) | (1,844,402 | ) | (22,777,717) | |||||||||
|
||||||||||||||||
(234,739 | ) | (3,303,081 | ) | (837,486 | ) | (10,628,085) | ||||||||||
|
||||||||||||||||
Class C Shares |
||||||||||||||||
Shares sold |
8,875 | 122,782 | 37,441 | 442,775 | ||||||||||||
Reinvestment of distributions |
7,592 | 98,164 | 15,940 | 179,321 | ||||||||||||
Shares redeemed |
(112,898 | ) | (1,504,167 | ) | (304,160 | ) | (3,640,739) | |||||||||
|
||||||||||||||||
(96,431 | ) | (1,283,221 | ) | (250,779 | ) | (3,018,643) | ||||||||||
|
||||||||||||||||
Institutional Shares |
||||||||||||||||
Shares sold |
5,985,414 | 84,456,963 | 12,179,148 | 154,986,550 | ||||||||||||
Reinvestment of distributions |
658,887 | 8,921,323 | 1,053,147 | 12,406,075 | ||||||||||||
Shares redeemed |
(5,642,769 | ) | (78,810,844 | ) | (20,929,953 | ) | (261,177,988) | |||||||||
|
||||||||||||||||
1,001,532 | 14,567,442 | (7,697,658 | ) | (93,785,363) | ||||||||||||
|
||||||||||||||||
Service Shares |
||||||||||||||||
Shares sold |
26,483 | 362,322 | 25,525 | 318,132 | ||||||||||||
Reinvestment of distributions |
4,081 | 54,354 | 5,584 | 64,720 | ||||||||||||
Shares redeemed |
(26,598 | ) | (364,538 | ) | (29,603 | ) | (365,537) | |||||||||
|
||||||||||||||||
3,966 | 52,138 | 1,506 | 17,315 | |||||||||||||
|
||||||||||||||||
Investor Shares |
||||||||||||||||
Shares sold |
1,983,792 | 27,345,254 | 1,502,091 | 18,184,930 | ||||||||||||
Reinvestment of distributions |
148,874 | 1,916,004 | 235,236 | 2,637,002 | ||||||||||||
Shares redeemed |
(620,729 | ) | (8,283,479 | ) | (3,218,560 | ) | (38,763,011) | |||||||||
|
||||||||||||||||
1,511,937 | 20,977,779 | (1,481,233 | ) | (17,941,079) | ||||||||||||
|
||||||||||||||||
Class R6 Shares |
||||||||||||||||
Shares sold |
2,639,639 | 37,703,453 | 3,833,962 | 49,258,970 | ||||||||||||
Reinvestment of distributions |
436,112 | 5,900,598 | 1,194,421 | 14,058,339 | ||||||||||||
Shares redeemed |
(8,467,067 | ) | (112,063,390 | ) | (15,662,192 | ) | (196,568,662) | |||||||||
|
||||||||||||||||
(5,391,316 | ) | (68,459,339 | ) | (10,633,809 | ) | (133,251,353) | ||||||||||
|
||||||||||||||||
Class R Shares |
||||||||||||||||
Shares sold |
55,082 | 737,700 | 63,377 | 759,411 | ||||||||||||
Reinvestment of distributions |
10,942 | 139,072 | 17,370 | 192,457 | ||||||||||||
Shares redeemed |
(52,450 | ) | (687,946 | ) | (150,755 | ) | (1,800,839) | |||||||||
|
||||||||||||||||
13,574 | 188,826 | (70,008 | ) | (848,971) | ||||||||||||
|
||||||||||||||||
Class P Shares |
||||||||||||||||
Shares sold |
1,105,540 | 15,136,974 | 3,427,765 | 41,488,903 | ||||||||||||
Reinvestment of distributions |
793,694 | 10,730,751 | 1,105,875 | 13,005,096 | ||||||||||||
Shares redeemed |
(2,274,915 | ) | (32,169,424 | ) | (7,883,339 | ) | (96,207,507) | |||||||||
|
||||||||||||||||
(375,681 | ) | (6,301,699 | ) | (3,349,699 | ) | (41,713,508) | ||||||||||
|
||||||||||||||||
NET DECREASE IN SHARES |
(3,567,158 | ) | $ | (43,561,155 | ) | (24,319,166 | ) | $ | (301,169,687) | |||||||
|
77 |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
Notes to Financial Statements (continued)
April 30, 2024 (Unaudited) |
12. SUMMARY OF SHARE TRANSACTIONS (continued) |
International Small Cap Insights Fund
|
||||||||||||||||
For the Six Months Ended April 30, 2024 (Unaudited) |
For the Fiscal Year Ended October 31, 2023 |
|||||||||||||||
|
|
|||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|||||||||||||||
Class A Shares |
||||||||||||||||
Shares sold |
494,179 | $ | 6,136,107 | 1,266,122 | $ | 14,298,588 | ||||||||||
Reinvestment of distributions |
145,370 | 1,729,909 | 163,045 | 1,773,932 | ||||||||||||
Shares redeemed |
(1,674,767 | ) | (19,890,721 | ) | (1,672,165 | ) | (19,124,963) | |||||||||
|
||||||||||||||||
(1,035,218 | ) | (12,024,705 | ) | (242,998 | ) | (3,052,443) | ||||||||||
|
||||||||||||||||
Class C Shares |
||||||||||||||||
Shares sold |
8,524 | 102,172 | 14,373 | 159,636 | ||||||||||||
Reinvestment of distributions |
16,580 | 191,994 | 21,115 | 223,401 | ||||||||||||
Shares redeemed |
(297,595 | ) | (3,594,938 | ) | (427,137 | ) | (4,748,163) | |||||||||
|
||||||||||||||||
(272,491 | ) | (3,300,772 | ) | (391,649 | ) | (4,365,126) | ||||||||||
|
||||||||||||||||
Institutional Shares |
||||||||||||||||
Shares sold |
39,007,505 | 478,009,241 | 61,522,295 | 697,981,368 | ||||||||||||
Reinvestment of distributions |
6,697,408 | 79,297,310 | 6,116,747 | 66,244,372 | ||||||||||||
Shares redeemed |
(18,612,454 | ) | (226,963,428 | ) | (58,855,175 | ) | (669,583,688) | |||||||||
|
||||||||||||||||
27,092,459 | 330,343,123 | 8,783,867 | 94,642,052 | |||||||||||||
|
||||||||||||||||
Investor Shares |
||||||||||||||||
Shares sold |
403,749 | 4,930,024 | 1,611,722 | 18,426,944 | ||||||||||||
Reinvestment of distributions |
200,270 | 2,363,189 | 235,588 | 2,541,993 | ||||||||||||
Shares redeemed |
(1,162,408 | ) | (14,182,521 | ) | (3,918,701 | ) | (44,316,906) | |||||||||
|
||||||||||||||||
(558,389 | ) | (6,889,308 | ) | (2,071,391 | ) | (23,347,969) | ||||||||||
|
||||||||||||||||
Class R6 Shares |
||||||||||||||||
Shares sold |
1,342,010 | 16,443,855 | 4,891,142 | 56,256,590 | ||||||||||||
Reinvestment of distributions |
1,199,400 | 14,236,876 | 1,415,374 | 15,356,814 | ||||||||||||
Shares redeemed |
(6,138,607 | ) | (74,142,189 | ) | (12,170,056 | ) | (136,666,528) | |||||||||
|
||||||||||||||||
(3,597,197 | ) | (43,461,458 | ) | (5,863,540 | ) | (65,053,124) | ||||||||||
|
||||||||||||||||
Class P Shares |
||||||||||||||||
Shares sold |
3,775 | 44,467 | 62,751 | 725,733 | ||||||||||||
Reinvestment of distributions |
97,088 | 1,152,437 | 106,151 | 1,151,742 | ||||||||||||
Shares redeemed |
(543,623 | ) | (6,488,527 | ) | (391,956 | ) | (4,470,133) | |||||||||
|
||||||||||||||||
(442,760 | ) | (5,291,623 | ) | (223,054 | ) | (2,592,658) | ||||||||||
|
||||||||||||||||
NET INCREASE (DECREASE) IN SHARES |
21,186,404 | $ | 259,375,257 | (8,765 | ) | $ | (3,769,268) | |||||||||
|
78 |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
Voting Results of Special Meeting of Shareholders (Unaudited)
A Special Meeting of Shareholders (the Meeting) of the Goldman Sachs Trust (the Trust) was held on November 16, 2023 to consider and elect nominees to the Trusts Board of Trustees. At the Meeting, Cheryl K. Beebe, Lawrence Hughes, John F. Killian, Steven D. Krichmar, Michael Latham, and Lawrence W. Stranghoener were elected to the Trusts Board of Trustees. In addition, at the Meeting, John G. Chou, Eileen H. Dowling, and Paul C. Wirth, each of whom was previously appointed to the Trusts Board of Trustees rather than elected by shareholders, were elected. In electing the nominees, the Trusts shareholders voted as follows:
Proposal Election of Trustees |
For | Withheld | ||||
Cheryl K. Beebe |
169,452,067,796 | 5,900,273,020 | ||||
John G. Chou |
173,279,757,273 | 2,072,583,543 | ||||
Eileen H. Dowling |
173,287,456,218 | 2,064,884,598 | ||||
Lawrence Hughes |
173,486,691,901 | 1,865,648,915 | ||||
John F. Killian |
173,511,167,174 | 1,841,173,642 | ||||
Steven D. Krichmar |
173,484,256,228 | 1,868,084,588 | ||||
Michael Latham |
173,498,020,286 | 1,854,320,530 | ||||
Lawrence W. Stranghoener |
173,455,949,165 | 1,896,391,651 | ||||
Paul C. Wirth |
173,324,070,424 | 2,028,270,391 |
79 |
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 13-14, 2024, 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, 2023 through December 31, 2023 (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.
80 |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
Fund Expenses Six Month Period Ended April 30, 2024 (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 October 31, 2023 through April 30, 2024, which represents a period of 182 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 11/1/23 |
Ending Account Value 4/30/24 |
Expenses ended 4/30/24* |
Beginning Account Value 11/1/23 |
Ending Account Value 4/30/24 |
Expenses ended 4/30/24* |
Beginning Account Value 11/1/23 |
Ending Account Value 4/30/24 |
Expenses ended 4/30/24* | ||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||
Actual |
$1,000.00 | $1,177.30 | $7.52 | $1,000.00 | $1,185.50 | $6.41 | $1,000.00 | $1,188.00 | $6.69 | ||||||||||||||||||||||||||||||||||||
Hypothetical 5% return |
1,000.00 | 1,017.95 | + | 6.97 | 1,000.00 | 1,019.00 | + | 5.92 | 1,000.00 | 1,018.75 | + | 6.17 | |||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||
Actual |
1,000.00 | 1,173.10 | 11.62 | 1,000.00 | 1,181.40 | 10.47 | 1,000.00 | 1,183.80 | 10.81 | ||||||||||||||||||||||||||||||||||||
Hypothetical 5% return |
1,000.00 | 1,014.17 | + | 10.77 | 1,000.00 | 1,015.27 | + | 9.67 | 1,000.00 | 1,014.97 | + | 9.97 | |||||||||||||||||||||||||||||||||
Institutional | |||||||||||||||||||||||||||||||||||||||||||||
Actual |
1,000.00 | 1,180.80 | 5.80 | 1,000.00 | 1,187.50 | 4.46 | 1,000.00 | 1,190.20 | 4.74 | ||||||||||||||||||||||||||||||||||||
Hypothetical 5% return |
1,000.00 | 1,019.54 | + | 5.37 | 1,000.00 | 1,020.79 | + | 4.12 | 1,000.00 | 1,020.54 | + | 4.37 | |||||||||||||||||||||||||||||||||
Service | |||||||||||||||||||||||||||||||||||||||||||||
Actual |
N/A | N/A | N/A | 1,000.00 | 1,185.00 | 7.17 | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||
Hypothetical 5% return |
N/A | N/A | N/A | 1,000.00 | 1,018.30 | + | 6.62 | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||
Investor | |||||||||||||||||||||||||||||||||||||||||||||
Actual |
1,000.00 | 1,180.00 | 6.18 | 1,000.00 | 1,186.70 | 5.06 | 1,000.00 | 1,190.50 | 5.34 | ||||||||||||||||||||||||||||||||||||
Hypothetical 5% return |
1,000.00 | 1,019.19 | + | 5.72 | 1,000.00 | 1,020.24 | + | 4.67 | 1,000.00 | 1,019.99 | + | 4.92 | |||||||||||||||||||||||||||||||||
Class R6 | |||||||||||||||||||||||||||||||||||||||||||||
Actual |
1,000.00 | 1,179.60 | 5.74 | 1,000.00 | 1,188.60 | 4.41 | 1,000.00 | 1,190.60 | 4.68 | ||||||||||||||||||||||||||||||||||||
Hypothetical 5% return |
1,000.00 | 1,019.59 | + | 5.32 | 1,000.00 | 1,020.84 | + | 4.07 | 1,000.00 | 1,020.59 | + | 4.32 | |||||||||||||||||||||||||||||||||
Class R | |||||||||||||||||||||||||||||||||||||||||||||
Actual |
1,000.00 | 1,176.40 | 8.87 | 1,000.00 | 1,184.10 | 7.77 | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||
Hypothetical 5% return |
1,000.00 | 1,016.71 | + | 8.22 | 1,000.00 | 1,017.75 | + | 7.17 | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||
Class P | |||||||||||||||||||||||||||||||||||||||||||||
Actual |
1,000.00 | 1,179.70 | 5.80 | 1,000.00 | 1,188.10 | 4.41 | 1,000.00 | 1,189.70 | 4.68 | ||||||||||||||||||||||||||||||||||||
Hypothetical 5% return |
1,000.00 | 1,019.54 | + | 5.37 | 1,000.00 | 1,020.84 | + | 4.07 | 1,000.00 | 1,020.59 | + | 4.32 |
* | 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, 2024. 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. |
+ | Hypothetical expenses are based on each Funds actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses. |
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 | ||||||||||||||||||||||||||
Emerging Markets Equity Insights Fund |
1.39 | % | 2.15 | % | 1.07 | % | N/A | 1.14 | % | 1.06 | % | 1.64 | % | 1.07 | % | |||||||||||||||||||
International Equity Insights Fund |
1.18 | 1.93 | 0.82 | 1.32 | % | 0.93 | 0.81 | 1.43 | 0.81 | |||||||||||||||||||||||||
International Small Cap Insights Fund |
1.23 | 1.99 | 0.87 | N/A | 0.98 | 0.86 | N/A | 0.86 |
81
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FUNDS PROFILE
Goldman Sachs Funds
April 30, 2024
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 $2.56 trillion in assets under supervision as of March 31, 2024, Goldman Sachs Asset Management has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. Goldman Sachs Asset Management leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.
Money Market
Financial Square FundsSM
∎ | Financial Square Treasury Solutions Fund1 |
∎ | Financial Square Government Fund1 |
∎ | Financial Square Money Market Fund2 |
∎ | Financial Square Prime Obligations Fund2 |
∎ | Financial Square Treasury Instruments Fund1 |
∎ | Financial Square Treasury Obligations Fund1 |
∎ | Financial Square Federal Instruments Fund1 |
Investor FundsSM
∎ | Investor Money Market Fund3 |
∎ | Investor Tax-Exempt Money Market Fund3 |
Fixed Income
Short Duration and Government
∎ | Enhanced Income Fund |
∎ | Short-Term Conservative Income Fund |
∎ | Short Duration Government Fund |
∎ | Short Duration Bond Fund |
∎ | Government Income Fund |
∎ | Inflation Protected Securities Fund |
∎ | U.S. Mortgages Fund |
Multi-Sector
∎ | Bond Fund |
∎ | Core Fixed Income Fund |
∎ | Global Core Fixed Income Fund |
∎ | Dynamic Bond Fund6 |
∎ | 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 |
∎ | High Yield Fund |
∎ | High Yield Floating Rate Fund |
∎ | Emerging Markets Debt Fund |
∎ | Emerging Markets Credit Fund |
∎ | Short Duration High Yield Fund4 |
Fundamental Equity
∎ | Equity Income Fund |
∎ | Small Cap Growth Fund |
∎ | Small Cap Value Fund |
∎ | Small/Mid Cap Value Fund |
∎ | Mid Cap Value Fund |
∎ | Large Cap Value Fund |
∎ | Focused Value Fund |
∎ | Large Cap Core Fund |
∎ | Strategic Growth Fund |
∎ | Small/Mid Cap Growth Fund |
∎ | Enhanced Core Equity Fund5 |
∎ | Technology Opportunities Fund |
∎ | Mid Cap Growth Fund |
∎ | Rising Dividend Growth Fund |
∎ | U.S. Equity ESG Fund |
∎ | Income Builder Fund |
Tax-Advantaged Equity
∎ | U.S. Tax-Managed Equity Fund |
∎ | International Tax-Managed Equity Fund |
∎ | U.S. Equity Dividend and Premium Fund |
∎ | International Equity Dividend and Premium Fund |
Equity Insights
∎ | Small Cap Equity Insights Fund |
∎ | U.S. Equity Insights Fund |
∎ | Small Cap Growth Insights Fund |
∎ | Large Cap Growth Insights Fund |
∎ | Large Cap Value Insights Fund |
∎ | Small Cap Value Insights Fund |
∎ | International Small Cap Insights Fund |
∎ | International Equity Insights Fund |
∎ | Emerging Markets Equity Insights Fund |
Fundamental Equity International
∎ | International Equity Income Fund |
∎ | International Equity ESG Fund |
∎ | China Equity Fund |
∎ | Emerging Markets Equity Fund |
∎ | Emerging Markets Equity ex. China Fund |
∎ | ESG Emerging Markets Equity Fund |
Alternative
∎ | Clean Energy Income Fund |
∎ | Real Estate Securities Fund |
∎ | Commodity Strategy Fund |
∎ | Global Real Estate Securities Fund |
∎ | Absolute Return Tracker Fund |
∎ | Managed Futures Strategy Fund |
∎ | MLP Energy Infrastructure Fund |
∎ | Energy Infrastructure Fund |
∎ | Multi-Strategy 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 |
∎ | Enhanced Dividend Global Equity Portfolio |
∎ | Tax-Advantaged Global Equity Portfolio |
∎ | Strategic Factor Allocation Fund |
∎ | Strategic Volatility Premium Fund |
∎ | Goldman Sachs 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 April 17, 2024, the Goldman Sachs Long Short Credit Strategies Fund was renamed the Goldman Sachs Short Duration High Yield Fund. |
5 | Effective after the close of business on February 13, 2024, the Goldman Sachs Flexible Cap Fund was renamed the Goldman Sachs Enhanced Core Equity Fund. |
6 | Effective after the close of business on June 17, 2024, the Goldman Sachs Strategic Income Fund was renamed the Goldman Sachs Dynamic Bond 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. |
83 |
TRUSTEES TRUSTEES (continued) Gregory G. Weaver, Chair Michael Latham Cheryl K. Beebe James A. McNamara Dwight L. Bush Lawrence W. Stranghoener Kathryn A. Cassidy Paul C. Wirth John G. Chou Joaquin Delgado OFFICERS Eileen H. Dowling James A. McNamara, President Lawrence Hughes Joseph F. DiMaria, Principal Financial Officer, John F. Killian Principal Accounting Officer and Treasurer Steven D. Krichmar Robert Griffith, Secretary GOLDMAN SACHS & CO. LLC GOLDMAN SACHS ASSET MANAGEMENT, L.P. Distributor and Transfer Agent 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 management's predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed. A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (ii) on the Securities and Exchange Commission ("SEC") website 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 SEC's website 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 Fund's 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 & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. Neither MSCI nor any other party involved in or related to compiling, computing, or creating the MSCI data makes any express or implied warranties or representations with respect to such data (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 data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling, computing or creating the data 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. No further distribution or dissemination of the MSCI data is permitted without MSCI's express written consent. The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk. This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider a Fund's objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling (retail - 1-800-526-7384) (institutional - 1-800-621-2550). (C) 2024 Goldman Sachs. All rights reserved. 374488-OTU-06/24 INTINSSAR-24
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 14(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. Kathryn A. Cassidy and Michael Latham are each an audit committee financial expert and 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. | RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION. |
(a) | Not Applicable. |
(b) | Not Applicable. |
ITEM 14. | EXHIBITS. |
(a)(1) | Goldman Sachs Trusts Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference toExhibit 13(a)(1) of the registrants Form N-CSR filed on August 26, 2022. | |||
(a)(2) | Exhibit 99.CERT | Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith. | ||
(a)(3) | Not applicable to open-end investment companies. | |||
(a)(4) | There was no change in the 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 28, 2024 |
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 28, 2024 | |
By: | /s/ Joseph F. DiMaria | |
| ||
Joseph F. DiMaria | ||
Principal Financial Officer | ||
Goldman Sachs Trust | ||
Date: | June 28, 2024 |
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 28, 2024
/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 28, 2024
/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, 2024 (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 28, 2024 | June 28, 2024 |
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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