HTML
GOLDMAN SACHS CHINA EQUITY FUND
Schedule of Investments
July 31, 2020 (Unaudited)
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Description |
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Value |
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Common Stocks – 98.7% |
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China – 93.1% |
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108,204 |
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Aier Eye Hospital Group Co. Ltd. Class A (Health Care Equipment & Services) |
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$ 702,916 |
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133,100 |
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Alibaba Group Holding Ltd. (Retailing)* |
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4,176,154 |
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21,046 |
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Alibaba Group Holding Ltd. ADR
(Retailing)* |
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5,282,967 |
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70,000 |
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Alibaba Health Information Technology Ltd. (Health Care Equipment & Services)* |
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193,766 |
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148,300 |
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Anhui Conch Cement Co. Ltd. Class H (Materials) |
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1,121,467 |
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270,256 |
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Bank of Ningbo Co. Ltd. Class A (Banks) |
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1,121,009 |
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175,300 |
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Budweiser Brewing Co. APAC Ltd. (Food, Beverage & Tobacco)(a) |
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636,129 |
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815,000 |
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China Life Insurance Co. Ltd. Class H (Insurance) |
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1,869,539 |
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348,000 |
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China Mengniu Dairy Co. Ltd. (Food, Beverage & Tobacco)* |
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1,632,980 |
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81,000 |
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China Merchants Bank Co. Ltd. Class A (Banks) |
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403,685 |
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455,500 |
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China Merchants Bank Co. Ltd. Class H (Banks) |
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2,125,812 |
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534,000 |
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China Oilfield Services Ltd. Class H (Energy) |
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416,649 |
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560,000 |
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China Resources Cement Holdings Ltd. (Materials) |
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766,693 |
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132,000 |
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China Resources Land Ltd. (Real Estate) |
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550,164 |
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39,625 |
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China Tourism Group Duty Free Corp. Ltd. Class A (Retailing) |
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1,380,768 |
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265,400 |
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China Vanke Co. Ltd. Class A (Real Estate) |
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1,019,979 |
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195,600 |
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China Vanke Co. Ltd. Class H (Real Estate) |
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616,614 |
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305,359 |
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CITIC Securities Co. Ltd. Class A (Diversified Financials) |
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1,310,338 |
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63,198 |
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Contemporary Amperex Technology Co. Ltd. Class A (Capital Goods) |
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1,902,073 |
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422,000 |
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Geely Automobile Holdings Ltd. (Automobiles & Components) |
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885,265 |
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72,665 |
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Gree Electric Appliances, Inc. of Zhuhai Class A (Consumer Durables & Apparel) |
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592,187 |
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86,800 |
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Hangzhou Robam Appliances Co. Ltd. Class A (Consumer Durables & Apparel) |
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476,534 |
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1,700 |
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Hangzhou Tigermed Consulting Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)*(a) |
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21,935 |
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4,925 |
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Huami Corp. ADR (Technology Hardware & Equipment)* |
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66,882 |
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774,247 |
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Jiangsu Changshu Rural Commercial Bank Co. Ltd. Class A (Banks) |
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826,330 |
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Description |
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Value |
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Common Stocks – (continued) |
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China – (continued) |
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110,645 |
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Jiangsu Hengrui Medicine Co. Ltd. Class A (Pharmaceuticals, Biotechnology & Life Sciences) |
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$ 1,497,421 |
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71,536 |
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Juewei Food Co. Ltd. Class A (Food, Beverage & Tobacco) |
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877,660 |
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15,040 |
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Kweichow Moutai Co. Ltd. Class A (Food, Beverage & Tobacco) |
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3,617,236 |
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25,705 |
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LexinFintech Holdings Ltd. ADR (Diversified Financials)* |
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218,750 |
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176,174 |
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Luxshare Precision Industry Co. Ltd. Class A (Technology Hardware & Equipment) |
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1,486,885 |
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91,400 |
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Meituan Dianping Class B (Retailing)* |
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2,261,830 |
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64,600 |
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Midea Group Co. Ltd. Class A (Consumer Durables & Apparel) |
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663,497 |
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354,000 |
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Minth Group Ltd. (Automobiles & Components) |
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1,053,550 |
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183,666 |
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NARI Technology Co. Ltd. Class A (Capital Goods) |
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559,990 |
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1,157 |
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New Oriental Education & Technology Group, Inc. ADR (Consumer Services)* |
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162,211 |
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5,207 |
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Pinduoduo, Inc. ADR (Retailing)* |
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478,003 |
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10,200 |
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Ping An Insurance Group Co. of China Ltd. Class A (Insurance) |
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110,805 |
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216,000 |
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Ping An Insurance Group Co. of China Ltd. Class H (Insurance) |
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2,279,065 |
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325,201 |
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Sany Heavy Industry Co. Ltd. Class A (Capital Goods) |
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983,657 |
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46,929 |
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Shanghai Putailai New Energy Technology Co. Ltd. Class A (Materials) |
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714,745 |
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236,752 |
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Shenzhen Inovance Technology Co. Ltd. Class A (Capital Goods) |
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1,705,889 |
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38,900 |
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Shenzhen Kangtai Biological Products Co. Ltd. Class A (Pharmaceuticals, Biotechnology & Life Sciences) |
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1,254,362 |
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17,700 |
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Shenzhen Mindray Bio-Medical Electronics Co. Ltd. Class A (Health Care Equipment & Services) |
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880,668 |
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104,174 |
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Shenzhen Sunway Communication Co. Ltd. Class A (Technology Hardware & Equipment) |
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828,451 |
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256,865 |
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Songcheng Performance Development Co. Ltd. Class A (Consumer Services) |
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687,108 |
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15,400 |
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Sunny Optical Technology Group Co. Ltd. (Technology Hardware & Equipment) |
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289,198 |
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15,571 |
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TAL Education Group ADR (Consumer Services)* |
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1,217,185 |
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GOLDMAN SACHS CHINA EQUITY FUND
Schedule of Investments (continued)
July 31, 2020 (Unaudited)
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Description |
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Value |
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Common Stocks – (continued) |
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China – (continued) |
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127,800 |
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Tencent Holdings Ltd. (Media & Entertainment) |
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$ 8,766,852 |
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619,000 |
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Topsports International Holdings Ltd. (Retailing)(a) |
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745,438 |
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130,000 |
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Tsingtao Brewery Co. Ltd. Class H (Food, Beverage & Tobacco) |
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1,158,885 |
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241,506 |
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Universal Scientific Industrial Shanghai Co. Ltd. Class A (Technology Hardware & Equipment) |
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837,034 |
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431,000 |
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Weichai Power Co. Ltd. Class H (Capital Goods) |
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923,058 |
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44,300 |
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Wuhan Jingce Electronic Group Co. Ltd. Class A (Technology Hardware & Equipment) |
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423,800 |
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99,540 |
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WuXi AppTec Co. Ltd. Class H (Pharmaceuticals, Biotechnology & Life Sciences)(a)(b) |
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1,500,856 |
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47,000 |
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Wuxi Biologics Cayman, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)*(a) |
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970,261 |
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786,000 |
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Xinyi Solar Holdings Ltd. (Semiconductors & Semiconductor Equipment) |
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862,623 |
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148,278 |
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Yantai Jereh Oilfield Services Group Co. Ltd. Class A (Energy) |
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666,684 |
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36,480 |
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Yifeng Pharmacy Chain Co. Ltd. Class A (Food & Staples Retailing) |
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451,522 |
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71,320 |
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Yunnan Energy New Material Co. Ltd. (Materials) |
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815,782 |
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513,919 |
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Zhejiang Sanhua Intelligent Controls Co. Ltd. Class A (Capital Goods) |
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1,746,184 |
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73,795,980 |
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Hong Kong – 3.7% |
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23,901 |
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Hong Kong Exchanges & Clearing Ltd. (Diversified Financials) |
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1,138,002 |
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628,500 |
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Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |
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821,065 |
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53,000 |
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Techtronic Industries Co. Ltd. (Capital Goods) |
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554,329 |
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294,000 |
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Xinyi Glass Holdings Ltd. (Automobiles & Components) |
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431,342 |
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2,944,738 |
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Taiwan – 1.9% |
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54,000 |
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MediaTek, Inc. (Semiconductors & Semiconductor Equipment) |
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1,289,415 |
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23,000 |
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Novatek Microelectronics Corp. (Semiconductors & Semiconductor Equipment) |
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227,996 |
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1,517,411 |
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Description |
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Value |
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Common Stocks – (continued) |
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Vietnam – 0.0% |
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6 |
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Vietnam Dairy Products JSC (Food, Beverage & Tobacco) |
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$ 28 |
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TOTAL COMMON STOCKS
(Cost $56,773,325) |
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$78,258,157 |
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Dividend
Rate |
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Value |
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Investment Company(c) – 0.1% |
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Goldman Sachs Financial Square Government Fund —
Institutional
Shares |
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53,485 |
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0.130% |
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$ 53,485 |
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(Cost $53,485) |
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TOTAL INVESTMENTS BEFORE SECURITIES LENDING
REINVESTMENT VEHICLE
(Cost $56,826,810) |
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$78,311,642 |
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Securities Lending Reinvestment Vehicle(c) – 1.0% |
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Goldman Sachs Financial Square Government Fund —
Institutional
Shares |
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775,180 |
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0.130% |
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$ 775,180 |
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(Cost $775,180) |
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TOTAL INVESTMENTS – 99.8% (Cost $57,601,990) |
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$79,086,822 |
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OTHER ASSETS IN EXCESS OF
LIABILITIES –
0.2% |
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164,336 |
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NET ASSETS – 100.0% |
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$79,251,158 |
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| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
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| * |
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Non-income producing security. |
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| (a) |
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Exempt from registration under Rule 144A of the Securities Act of 1933. |
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| (b) |
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All or a portion of security is on loan. |
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| (c) |
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Represents an Affiliated Issuer. |
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| Investment Abbreviation: |
| ADR |
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— American Depositary Receipt |
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| For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com. |
GOLDMAN SACHS EMERGING MARKETS EQUITY FUND
Schedule of Investments
July 31, 2020 (Unaudited)
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Description |
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Value |
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Common Stocks – 96.0% |
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Argentina – 2.0% |
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40,885 |
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MercadoLibre, Inc. (Retailing)* |
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$ 45,980,089 |
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Brazil – 3.9% |
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3,311,000 |
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Atacadao SA (Food & Staples
Retailing)* |
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14,242,908 |
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1,058,800 |
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B3 SA - Brasil Bolsa Balcao (Diversified Financials) |
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12,876,378 |
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304,430 |
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Banco Bradesco SA ADR (Banks) |
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1,284,694 |
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3,006,768 |
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Banco Bradesco SA (Preference) (Banks)(a) |
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12,934,195 |
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895,062 |
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Banco Pan SA (Preference) (Banks)(a) |
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1,693,507 |
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2,234,100 |
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Fleury SA (Health Care Equipment & Services) |
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10,968,035 |
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1,913,000 |
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Iochpe Maxion SA (Capital Goods) |
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4,712,319 |
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195,670 |
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Pagseguro Digital Ltd. Class A (Software & Services)* |
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7,480,464 |
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2,992,500 |
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Sao Martinho SA (Food, Beverage & Tobacco)* |
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12,281,953 |
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1,177,800 |
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TOTVS SA (Software & Services) |
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5,831,934 |
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2,895,783 |
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Wiz Solucoes e Corretagem de Seguros SA (Insurance) |
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5,739,885 |
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90,046,272 |
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China – 37.4% |
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700,153 |
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Alibaba Group Holding Ltd. ADR (Retailing)* |
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175,752,406 |
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2,281,000 |
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Anhui Conch Cement Co. Ltd. Class H (Materials) |
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17,249,261 |
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1,580,000 |
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ANTA Sports Products Ltd. (Consumer Durables & Apparel) |
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14,998,920 |
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3,272,000 |
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China Mengniu Dairy Co. Ltd. (Food, Beverage & Tobacco)* |
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15,353,767 |
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8,161,000 |
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China Merchants Bank Co. Ltd. Class H (Banks) |
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38,087,264 |
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848,232 |
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Contemporary Amperex Technology Co. Ltd. Class A (Capital Goods) |
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25,529,269 |
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1,119,977 |
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Gree Electric Appliances, Inc. of Zhuhai Class A (Consumer Durables & Apparel) |
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9,127,304 |
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2,529,578 |
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Hangzhou Robam Appliances Co. Ltd. Class A (Consumer Durables & Apparel) |
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13,887,451 |
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48,600 |
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Hangzhou Tigermed Consulting Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)*(b) |
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627,072 |
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527,311 |
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Huami Corp. ADR (Technology Hardware & Equipment)* |
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7,160,883 |
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284,281 |
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Kweichow Moutai Co. Ltd. Class A (Food, Beverage & Tobacco) |
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68,371,778 |
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876,060 |
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LexinFintech Holdings Ltd. ADR (Diversified Financials)* |
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7,455,271 |
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1,552,900 |
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Meituan Dianping Class B (Retailing)* |
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38,428,837 |
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3,958,000 |
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Minth Group Ltd. (Automobiles & Components) |
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11,779,527 |
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Description |
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Value |
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Common Stocks – (continued) |
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China – (continued) |
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3,366,801 |
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NARI Technology Co. Ltd. Class A (Capital Goods) |
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$ 10,265,237 |
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98,398 |
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New Oriental Education & Technology Group, Inc. ADR (Consumer Services)* |
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13,795,400 |
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4,915,000 |
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Nexteer Automotive Group Ltd. (Automobiles & Components) |
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3,116,280 |
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4,876,000 |
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Ping An Insurance Group Co. of China Ltd. Class H (Insurance) |
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51,484,791 |
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372,497 |
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Silergy Corp. (Semiconductors & Semiconductor Equipment) |
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22,346,301 |
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1,174,400 |
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Sunny Optical Technology Group Co. Ltd. (Technology Hardware & Equipment) |
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22,054,181 |
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366,631 |
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TAL Education Group ADR (Consumer Services)* |
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28,659,545 |
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2,948,400 |
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Tencent Holdings Ltd. (Media & Entertainment) |
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202,254,981 |
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7,527,000 |
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Topsports International Holdings Ltd. (Retailing)(b) |
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9,064,480 |
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1,534,312 |
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WuXi AppTec Co. Ltd. Class H (Pharmaceuticals, Biotechnology & Life Sciences)(b)(c) |
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23,134,230 |
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11,186,000 |
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Xinyi Solar Holdings Ltd. (Semiconductors & Semiconductor Equipment) |
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12,276,469 |
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4,321,002 |
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Zhejiang Sanhua Intelligent Controls Co. Ltd. Class A (Capital Goods) |
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14,681,820 |
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856,942,725 |
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Colombia – 0.1% |
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311,069 |
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Banco Davivienda SA (Preference) (Banks)(a) |
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2,299,894 |
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Czech Republic – 0.4% |
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4,310,014 |
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Moneta Money Bank A/S (Banks)(b) |
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9,812,521 |
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Egypt – 0.3% |
| |
1,693,572 |
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Commercial International Bank Egypt SAE (Registered) GDR (Banks) |
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6,530,470 |
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Greece – 1.2% |
| |
979,358 |
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Hellenic Exchanges - Athens Stock Exchange SA (Diversified Financials) |
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3,506,912 |
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668,719 |
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JUMBO SA (Retailing) |
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13,083,989 |
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1,107,586 |
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Sarantis SA (Household & Personal Products) |
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11,024,554 |
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27,615,455 |
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Hong Kong – 4.4% |
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3,718,800 |
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AIA Group Ltd. (Insurance) |
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33,532,209 |
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679,313 |
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Hong Kong Exchanges & Clearing Ltd. (Diversified Financials) |
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32,344,236 |
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14,746,500 |
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Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |
|
19,264,659 |
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GOLDMAN SACHS EMERGING MARKETS EQUITY FUND
Schedule of Investments (continued)
July 31, 2020 (Unaudited)
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| Shares |
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Description |
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Value |
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Common Stocks – (continued) |
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Hong Kong – (continued) |
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1,444,000 |
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Techtronic Industries Co. Ltd. (Capital Goods) |
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$ 15,102,851 |
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100,243,955 |
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India – 10.1% |
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28,850 |
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Abbott India Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |
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5,997,379 |
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400,891 |
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AIA Engineering Ltd. (Capital Goods) |
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8,843,774 |
| |
435,918 |
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Amber Enterprises India Ltd. (Consumer Durables & Apparel) |
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8,612,847 |
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97,517 |
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Atul Ltd. (Materials) |
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6,591,283 |
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487,147 |
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Avenue Supermarts Ltd. (Food & Staples Retailing)*(b) |
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13,411,754 |
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2,376,557 |
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Bharti Airtel Ltd. (Telecommunication Services)* |
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17,602,015 |
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2,146,286 |
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Crompton Greaves Consumer Electricals Ltd. (Consumer Durables & Apparel)* |
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6,988,325 |
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334,649 |
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Divi’s Laboratories Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |
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11,708,103 |
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826,579 |
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ICICI Lombard General Insurance Co. Ltd. (Insurance)(b) |
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14,382,393 |
| |
434,967 |
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Info Edge India Ltd. (Media & Entertainment) |
|
18,507,226 |
| |
1,667,757 |
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Infosys Ltd. (Software & Services) |
|
21,444,259 |
| |
403,559 |
|
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Infosys Ltd. ADR (Software & Services) |
|
5,185,733 |
| |
1,303,470 |
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Kotak Mahindra Bank Ltd. (Banks)* |
|
23,754,773 |
| |
257,852 |
|
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Larsen & Toubro Infotech Ltd. (Software & Services)(b) |
|
8,306,670 |
| |
220,964 |
|
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Maruti Suzuki India Ltd. (Automobiles & Components) |
|
18,468,189 |
| |
639,054 |
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Navin Fluorine International Ltd. (Materials) |
|
15,027,536 |
| |
2,449,458 |
|
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Prestige Estates Projects Ltd. (Real Estate) |
|
6,420,823 |
| |
838,224 |
|
|
SBI Life Insurance Co. Ltd. (Insurance)*(b) |
|
10,208,430 |
| |
342,202 |
|
|
TeamLease Services Ltd. (Commercial & Professional
Services)* |
|
8,434,651 |
|
|
|
|
|
|
|
|
|
|
|
|
|
229,896,163 |
| |
|
| |
Indonesia – 2.2% |
| |
14,904,800 |
|
|
Bank Central Asia Tbk. PT (Banks) |
|
31,925,675 |
| |
122,564,400 |
|
|
BFI Finance Indonesia Tbk. PT (Diversified Financials) |
|
2,440,287 |
| |
11,974,200 |
|
|
Map Aktif Adiperkasa PT
(Retailing)* |
|
1,810,782 |
| |
203,560,200 |
|
|
Pakuwon Jati Tbk. PT (Real Estate)* |
|
5,929,493 |
| |
12,387,700 |
|
|
Semen Indonesia Persero Tbk. PT (Materials) |
|
7,853,829 |
|
|
|
|
|
|
|
|
|
|
|
|
|
49,960,066 |
| |
|
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Description |
|
Value |
|
| |
Common Stocks – (continued) |
| |
Mexico – 1.6% |
| |
2,216,700 |
|
|
Arca Continental SAB de CV (Food, Beverage & Tobacco) |
|
$ 10,932,599 |
| |
3,605,910 |
|
|
Bolsa Mexicana de Valores SAB de CV (Diversified Financials) |
|
7,278,251 |
| |
3,323,199 |
|
|
Kimberly-Clark de Mexico SAB de CV Class A (Household & Personal Products) |
|
5,438,369 |
| |
5,722,700 |
|
|
Wal-Mart de Mexico SAB de CV (Food & Staples Retailing) |
|
13,430,538 |
|
|
|
|
|
|
|
|
|
|
|
|
|
37,079,757 |
| |
|
| |
Peru – 1.0% |
| |
2,416,454 |
|
|
Alicorp SAA (Food, Beverage & Tobacco)* |
|
5,333,430 |
| |
4,756,191 |
|
|
Banco BBVA Peru SA (Banks) |
|
3,324,220 |
| |
30,896 |
|
|
Credicorp Ltd. (Banks) |
|
3,929,044 |
| |
425,560 |
|
|
Intercorp Financial Services, Inc. (Banks) |
|
10,745,390 |
|
|
|
|
|
|
|
|
|
|
|
|
|
23,332,084 |
| |
|
| |
Philippines – 0.4% |
| |
2,988,300 |
|
|
Jollibee Foods Corp. (Consumer Services) |
|
8,219,912 |
| |
|
| |
Poland – 1.1% |
| |
326,004 |
|
|
Dino Polska SA (Food & Staples Retailing)*(b) |
|
18,047,982 |
| |
1,014,240 |
|
|
Powszechna Kasa Oszczednosci Bank Polski SA (Banks)* |
|
5,874,215 |
|
|
|
|
|
|
|
|
|
|
|
|
|
23,922,197 |
| |
|
| |
Russia – 3.6% |
| |
3,700,240 |
|
|
Detsky Mir PJSC (Retailing)(b) |
|
5,829,876 |
| |
334,779 |
|
|
LUKOIL PJSC (Energy) |
|
22,987,644 |
| |
3,424,947 |
|
|
Moscow Exchange MICEX-RTS PJSC (Diversified Financials) |
|
6,158,635 |
| |
7,800,843 |
|
|
Sberbank of Russia PJSC (Banks) |
|
23,357,963 |
| |
413,770 |
|
|
Yandex NV Class A (Media & Entertainment)* |
|
23,808,326 |
|
|
|
|
|
|
|
|
|
|
|
|
|
82,142,444 |
| |
|
| |
South Africa – 1.4% |
| |
310,633 |
|
|
Bid Corp. Ltd. (Food & Staples Retailing) |
|
5,123,495 |
| |
708,270 |
|
|
Clicks Group Ltd. (Food & Staples Retailing) |
|
9,452,012 |
| |
790,903 |
|
|
JSE Ltd. (Diversified Financials) |
|
5,367,152 |
| |
350,472 |
|
|
Santam Ltd. (Insurance) |
|
5,439,428 |
| |
6,796,685 |
|
|
Transaction Capital Ltd. (Diversified Financials) |
|
7,264,374 |
|
|
|
|
|
|
|
|
|
|
|
|
|
32,646,461 |
| |
|
| |
South Korea – 11.6% |
| |
211,955 |
|
|
Fila Holdings Corp. (Consumer Durables & Apparel) |
|
5,961,718 |
| |
373,363 |
|
|
Hankook Tire & Technology Co. Ltd. (Automobiles & Components) |
|
8,176,156 |
| |
|
GOLDMAN SACHS EMERGING MARKETS EQUITY FUND
Schedule of Investments (continued)
July 31, 2020 (Unaudited)
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Description |
|
Value |
|
| |
Common Stocks – (continued) |
| |
South Korea – (continued) |
| |
196,119 |
|
|
LG Electronics, Inc. (Consumer Durables & Apparel) |
|
$ 11,662,166 |
| |
144,379 |
|
|
NAVER Corp. (Media & Entertainment) |
|
36,679,749 |
| |
48,109 |
|
|
NCSoft Corp. (Media & Entertainment) |
|
32,781,294 |
| |
170,958 |
|
|
Orion Corp. (Food, Beverage & Tobacco) |
|
19,228,879 |
| |
40,588 |
|
|
Pearl Abyss Corp. (Media & Entertainment)* |
|
6,428,859 |
| |
109,967 |
|
|
Samsung Electro-Mechanics Co. Ltd. (Technology Hardware & Equipment) |
|
13,009,263 |
| |
2,027,479 |
|
|
Samsung Electronics Co. Ltd. (Technology Hardware & Equipment) |
|
99,090,714 |
| |
470,010 |
|
|
SK Hynix, Inc. (Semiconductors & Semiconductor Equipment) |
|
32,908,353 |
|
|
|
|
|
|
|
|
|
|
|
|
|
265,927,151 |
| |
|
| |
Taiwan – 11.4% |
| |
2,773,680 |
|
|
Chailease Holding Co. Ltd. (Diversified Financials) |
|
11,607,849 |
| |
13,901,203 |
|
|
FIT Hon Teng Ltd. (Technology Hardware & Equipment)*(b) |
|
6,714,435 |
| |
144,000 |
|
|
Largan Precision Co. Ltd. (Technology Hardware & Equipment) |
|
18,790,347 |
| |
713,000 |
|
|
Nien Made Enterprise Co. Ltd. (Consumer Durables & Apparel) |
|
7,828,453 |
| |
1,756,000 |
|
|
Novatek Microelectronics Corp. (Semiconductors & Semiconductor Equipment) |
|
17,406,979 |
| |
119,592 |
|
|
Sea Ltd. ADR (Media & Entertainment)* |
|
14,614,142 |
| |
10,908,883 |
|
|
Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) |
|
158,763,556 |
| |
1,417,000 |
|
|
Taiwan Union Technology Corp. (Technology Hardware & Equipment) |
|
6,567,336 |
| |
1,344,390 |
|
|
Tong Hsing Electronic Industries Ltd. (Technology Hardware & Equipment)* |
|
6,453,011 |
| |
1,097,000 |
|
|
Win Semiconductors Corp. (Semiconductors & Semiconductor Equipment) |
|
11,829,720 |
|
|
|
|
|
|
|
|
|
|
|
|
|
260,575,828 |
| |
|
| |
Thailand – 0.5% |
| |
6,579,100 |
|
|
Airports of Thailand PCL (Transportation) |
|
10,899,531 |
| |
|
| |
Turkey – 0.6% |
| |
1,062,973 |
|
|
Mavi Giyim Sanayi ve Ticaret A/S Class B (Consumer Durables & Apparel)*(b) |
|
6,293,084 |
| |
3,414,508 |
|
|
Sok Marketler Ticaret A/S (Food & Staples Retailing)* |
|
6,620,865 |
|
|
|
|
|
|
|
|
|
|
|
|
|
12,913,949 |
| |
|
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Description |
|
Value |
|
| |
Common Stocks – (continued) |
| |
Vietnam – 0.8% |
| |
4,180,903 |
|
|
Vietnam Dairy Products JSC (Food, Beverage & Tobacco) |
|
$ 19,304,554 |
| |
|
|
TOTAL COMMON STOCKS
(Cost $1,791,714,848) |
|
$2,196,291,478 |
| |
|
|
|
|
|
|
|
|
|
| |
Exchange Traded Fund – 2.6% |
| |
1,382,870 |
|
|
iShares MSCI Emerging Markets ETF |
|
$ 59,864,442 |
| |
(Cost $57,005,128) |
| |
|
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Dividend
Rate |
|
Value |
|
| |
Investment Company(d) – 0.9% |
|
Goldman Sachs Financial Square Government Fund —
Institutional
Shares |
| |
20,368,315 |
|
|
0.130% |
|
$ 20,368,315 |
| |
(Cost $20,368,315) |
| |
|
|
TOTAL INVESTMENTS BEFORE SECURITIES
LENDING REINVESTMENT VEHICLE
(Cost $1,869,088,291) |
|
$2,276,524,235 |
| |
|
|
|
|
|
|
|
|
|
| |
Securities Lending Reinvestment Vehicle(d) – 0.5% |
|
Goldman Sachs Financial Square Government Fund —
Institutional
Shares |
| |
12,156,950 |
|
|
0.130% |
|
$ 12,156,950 |
| |
(Cost $12,156,950) |
| |
|
|
TOTAL INVESTMENTS – 100.0%
(Cost $1,881,245,241) |
|
$2,288,681,185 |
| |
|
|
OTHER ASSETS IN EXCESS OF
LIABILITIES – 0.0% |
|
157,947 |
| |
|
| |
NET ASSETS – 100.0% |
|
$2,288,839,132 |
| |
|
|
|
|
|
| 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) |
|
Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares. |
|
|
| (b) |
|
Exempt from registration under Rule 144A of the Securities Act of 1933. |
|
|
| (c) |
|
All or a portion of security is on loan. |
|
|
| (d) |
|
Represents an Affiliated Issuer. |
|
|
|
| |
| Investment Abbreviations: |
| ADR |
|
— American Depositary Receipt |
| GDR |
|
— Global Depositary Receipt |
| |
|
| For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com. |
GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND
Schedule of Investments
July 31, 2020 (Unaudited)
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Description |
|
Value |
|
| |
Common Stocks – 99.3% |
| |
Argentina – 2.9% |
| |
224 |
|
|
MercadoLibre, Inc. (Retailing)* |
|
$ 251,915 |
| |
|
| |
Brazil – 4.1% |
| |
17,700 |
|
|
Atacadao SA (Food & Staples Retailing)* |
|
76,140 |
| |
4,000 |
|
|
B3 SA - Brasil Bolsa Balcao (Diversified Financials) |
|
48,645 |
| |
17,483 |
|
|
Banco Bradesco SA ADR (Banks) |
|
73,778 |
| |
8,100 |
|
|
Fleury SA (Health Care Equipment & Services) |
|
39,766 |
| |
1,697 |
|
|
Pagseguro Digital Ltd. Class A (Software & Services)* |
|
64,877 |
| |
13,400 |
|
|
Sao Martinho SA (Food Products)* |
|
54,997 |
|
|
|
|
|
|
|
|
|
|
|
|
|
358,203 |
| |
|
| |
China – 37.8% |
| |
2,943 |
|
|
Alibaba Group Holding Ltd. ADR (Retailing)* |
|
738,752 |
| |
9,000 |
|
|
Anhui Conch Cement Co. Ltd. Class H (Materials) |
|
68,059 |
| |
7,000 |
|
|
ANTA Sports Products Ltd. (Consumer Durables & Apparel) |
|
66,451 |
| |
18,000 |
|
|
China Mengniu Dairy Co. Ltd. (Food Products)* |
|
84,465 |
| |
33,500 |
|
|
China Merchants Bank Co. Ltd. Class H (Banks) |
|
156,344 |
| |
4,300 |
|
|
Contemporary Amperex Technology Co. Ltd. Class A (Capital Goods) |
|
129,417 |
| |
4,500 |
|
|
Gree Electric Appliances, Inc. of Zhuhai Class A (Consumer Durables & Apparel) |
|
36,673 |
| |
9,600 |
|
|
Hangzhou Robam Appliances Co. Ltd. Class A (Consumer Durables & Apparel) |
|
52,704 |
| |
6,100 |
|
|
Meituan Dianping Class B (Retailing)* |
|
150,954 |
| |
18,900 |
|
|
NARI Technology Co. Ltd. Class A (Capital Goods) |
|
57,625 |
| |
621 |
|
|
New Oriental Education & Technology Group, Inc. ADR (Consumer Services)* |
|
87,064 |
| |
20,000 |
|
|
Nexteer Automotive Group Ltd. (Automobiles & Components) |
|
12,681 |
| |
21,500 |
|
|
Ping An Insurance Group Co. of China Ltd. Class H (Insurance) |
|
226,851 |
| |
2,000 |
|
|
Silergy Corp. (Semiconductors & Semiconductor Equipment) |
|
119,981 |
| |
6,100 |
|
|
Sunny Optical Technology Group Co. Ltd. (Technology Hardware & Equipment) |
|
114,553 |
| |
1,454 |
|
|
TAL Education Group ADR (Consumer Services)* |
|
113,659 |
| |
12,000 |
|
|
Tencent Holdings Ltd. (Media & Entertainment) |
|
823,179 |
| |
33,000 |
|
|
Topsports International Holdings Ltd.
(Retailing)(a) |
|
39,741 |
| |
|
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Description |
|
Value |
|
| |
Common Stocks – (continued) |
| |
China – (continued) |
| |
6,124 |
|
|
WuXi AppTec Co. Ltd. Class H (Pharmaceuticals, Biotechnology & Life Sciences)(a) |
|
$ 92,337 |
| |
50,000 |
|
|
Xinyi Solar Holdings Ltd. (Semiconductors & Semiconductor Equipment) |
|
54,874 |
| |
14,950 |
|
|
Zhejiang Sanhua Intelligent Controls Co. Ltd. Class A (Capital Goods) |
|
50,797 |
|
|
|
|
|
|
|
|
|
|
|
|
|
3,277,161 |
| |
|
| |
Colombia – 0.1% |
| |
1,285 |
|
|
Banco Davivienda SA (Preference) (Banks)(b) |
|
9,501 |
| |
|
| |
Czech Republic – 0.5% |
| |
18,317 |
|
|
Moneta Money Bank A/S (Banks)(a) |
|
41,702 |
| |
|
| |
Egypt – 0.5% |
| |
10,415 |
|
|
Commercial International Bank Egypt SAE (Registered) GDR (Banks) |
|
40,161 |
| |
|
| |
Greece – 1.4% |
| |
6,024 |
|
|
JUMBO SA (Retailing) |
|
117,864 |
| |
|
| |
Hong Kong – 5.3% |
| |
17,800 |
|
|
AIA Group Ltd. (Insurance) |
|
160,502 |
| |
2,967 |
|
|
Hong Kong Exchanges & Clearing Ltd. (Diversified Financials) |
|
141,268 |
| |
69,000 |
|
|
Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |
|
90,141 |
| |
6,000 |
|
|
Techtronic Industries Co. Ltd. (Capital Goods) |
|
62,754 |
|
|
|
|
|
|
|
|
|
|
|
|
|
454,665 |
| |
|
| |
India – 9.8% |
| |
1,737 |
|
|
Avenue Supermarts Ltd. (Food & Staples Retailing)*(a) |
|
47,822 |
| |
10,934 |
|
|
Bharti Airtel Ltd. (Telecommunication Services)* |
|
80,983 |
| |
1,273 |
|
|
Divi’s Laboratories Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |
|
44,537 |
| |
5,045 |
|
|
ICICI Lombard General Insurance Co. Ltd. (Insurance)(a) |
|
87,783 |
| |
2,383 |
|
|
Info Edge India Ltd. (Media & Entertainment) |
|
101,393 |
| |
8,862 |
|
|
Infosys Ltd. (Software & Services) |
|
113,949 |
| |
3,032 |
|
|
Infosys Ltd. ADR (Software & Services) |
|
38,961 |
| |
5,255 |
|
|
Kotak Mahindra Bank Ltd. (Banks)* |
|
95,769 |
| |
1,859 |
|
|
Larsen & Toubro Infotech Ltd. (Software & Services)(a) |
|
59,887 |
| |
|
GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND
Schedule of Investments (continued)
July 31, 2020 (Unaudited)
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Description |
|
Value |
|
| |
Common Stocks – (continued) |
| |
India – (continued) |
| |
1,410 |
|
|
Maruti Suzuki India Ltd. (Automobiles & Components) |
|
$ 117,848 |
| |
5,163 |
|
|
SBI Life Insurance Co. Ltd. (Insurance)*(a) |
|
62,878 |
|
|
|
|
|
|
|
|
|
|
|
|
|
851,810 |
| |
|
| |
Indonesia – 1.6% |
| |
64,100 |
|
|
Bank Central Asia Tbk. PT (Banks) |
|
137,300 |
| |
|
| |
Mexico – 2.1% |
| |
10,800 |
|
|
Arca Continental SAB de CV (Food Products) |
|
53,265 |
| |
21,865 |
|
|
Kimberly-Clark de Mexico SAB de CV Class A (Household & Personal Products) |
|
35,782 |
| |
40,300 |
|
|
Wal-Mart de Mexico SAB de CV (Food & Staples Retailing) |
|
94,579 |
|
|
|
|
|
|
|
|
|
|
|
|
|
183,626 |
| |
|
| |
Peru – 1.0% |
| |
336 |
|
|
Credicorp Ltd. (Banks) |
|
42,729 |
| |
1,753 |
|
|
Intercorp Financial Services, Inc. (Banks) |
|
44,263 |
|
|
|
|
|
|
|
|
|
|
|
|
|
86,992 |
| |
|
| |
Philippines – 0.3% |
| |
8,820 |
|
|
Jollibee Foods Corp. (Consumer Services) |
|
24,261 |
| |
|
| |
Poland – 0.5% |
| |
7,470 |
|
|
Powszechna Kasa Oszczednosci Bank Polski SA (Banks)* |
|
43,264 |
| |
|
| |
Russia – 4.1% |
| |
28,650 |
|
|
Moscow Exchange MICEX-RTS PJSC (Diversified Financials) |
|
51,517 |
| |
11,875 |
|
|
Sberbank of Russia PJSC ADR (Banks)* |
|
141,550 |
| |
2,800 |
|
|
Yandex NV Class A (Media & Entertainment)* |
|
161,112 |
|
|
|
|
|
|
|
|
|
|
|
|
|
354,179 |
| |
|
| |
South Africa – 1.5% |
| |
2,286 |
|
|
Bid Corp. Ltd. (Food & Staples Retailing) |
|
37,705 |
| |
4,132 |
|
|
Clicks Group Ltd. (Food & Staples Retailing) |
|
55,142 |
| |
2,646 |
|
|
Santam Ltd. (Insurance) |
|
41,067 |
|
|
|
|
|
|
|
|
|
|
|
|
|
133,914 |
| |
|
| |
South Korea – 12.1% |
| |
716 |
|
|
LG Electronics, Inc. (Consumer Durables & Apparel) |
|
42,577 |
| |
688 |
|
|
NAVER Corp. (Media & Entertainment) |
|
174,788 |
| |
188 |
|
|
NCSoft Corp. (Media & Entertainment) |
|
128,102 |
| |
751 |
|
|
Orion Corp. (Food Products) |
|
84,470 |
| |
196 |
|
|
Pearl Abyss Corp. (Media & Entertainment)* |
|
31,045 |
| |
|
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Description |
|
Value |
|
| |
Common Stocks – (continued) |
| |
South Korea – (continued) |
| |
379 |
|
|
Samsung Electro-Mechanics Co. Ltd. (Technology Hardware & Equipment) |
|
$ 44,836 |
| |
8,530 |
|
|
Samsung Electronics Co. Ltd. (Technology Hardware & Equipment) |
|
416,894 |
| |
1,770 |
|
|
SK Hynix, Inc. (Semiconductors & Semiconductor Equipment) |
|
123,929 |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,046,641 |
| |
|
| |
Taiwan – 12.5% |
| |
14,440 |
|
|
Chailease Holding Co. Ltd. (Diversified Financials) |
|
60,431 |
| |
1,000 |
|
|
Largan Precision Co. Ltd. (Technology Hardware & Equipment) |
|
130,489 |
| |
3,000 |
|
|
Nien Made Enterprise Co. Ltd. (Consumer Durables & Apparel) |
|
32,939 |
| |
6,000 |
|
|
Novatek Microelectronics Corp. (Semiconductors & Semiconductor Equipment) |
|
59,477 |
| |
680 |
|
|
Sea Ltd. ADR (Media & Entertainment)* |
|
83,096 |
| |
45,000 |
|
|
Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) |
|
654,912 |
| |
6,000 |
|
|
Win Semiconductors Corp. (Semiconductors & Semiconductor Equipment) |
|
64,702 |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,086,046 |
| |
|
| |
Thailand – 0.5% |
| |
27,000 |
|
|
Airports of Thailand PCL (Transportation) |
|
44,731 |
| |
|
| |
Turkey – 0.7% |
| |
31,596 |
|
|
Sok Marketler Ticaret A/S (Food & Staples Retailing)* |
|
61,266 |
| |
|
|
TOTAL INVESTMENTS – 99.3%
(Cost $6,984,558) |
|
$8,605,202 |
| |
|
|
OTHER ASSETS IN EXCESS OF
LIABILITIES – 0.7% |
|
63,531 |
| |
|
| |
NET ASSETS – 100.0% |
|
$8,668,733 |
| |
|
|
|
|
|
| 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) |
|
Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares. |
|
|
|
| |
| Investment Abbreviations: |
| ADR |
|
— American Depositary Receipt |
| GDR |
|
— Global Depositary Receipt |
| |
|
|
|
|
| For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com. |
GOLDMAN SACHS IMPRINT EMERGING MARKETS OPPORTUNITIES FUND
Schedule of Investments
July 31, 2020 (Unaudited)
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Description |
|
Value |
|
| |
Common Stocks – 99.8% |
| |
Bangladesh – 0.7% |
| |
396,785 |
|
|
BRAC Bank Ltd. (Banks) |
|
$ 133,390 |
| |
|
| |
Brazil – 3.4% |
| |
88,200 |
|
|
Atacadao SA (Food & Staples Retailing)* |
|
379,409 |
| |
15,764 |
|
|
Vasta Platform Ltd. (Consumer Services)* |
|
297,152 |
|
|
|
|
|
|
|
|
|
|
|
|
|
676,561 |
| |
|
| |
China – 28.3% |
| |
6,022 |
|
|
Alibaba Group Holding Ltd. ADR (Retailing)* |
|
1,511,642 |
| |
108,000 |
|
|
Alibaba Health Information Technology Ltd. (Health Care Equipment & Services)* |
|
298,953 |
| |
10,195 |
|
|
Baozun, Inc. ADR (Retailing)* |
|
428,802 |
| |
99,000 |
|
|
Flat Glass Group Co. Ltd. Class H (Semiconductors & Semiconductor Equipment) |
|
154,589 |
| |
407,500 |
|
|
Haier Smart Home Co. Ltd. Class A (Consumer Durables & Apparel) |
|
1,051,459 |
| |
30,357 |
|
|
Huize Holding Ltd. (Insurance)* |
|
273,213 |
| |
148,000 |
|
|
Li Ning Co. Ltd. (Consumer Durables & Apparel) |
|
477,035 |
| |
130,600 |
|
|
Maoyan Entertainment (Retailing)*(a) |
|
218,474 |
| |
6,392 |
|
|
TAL Education Group ADR (Consumer Services)* |
|
499,663 |
| |
10,550 |
|
|
Trip.com Group Ltd. ADR (Retailing)* |
|
286,960 |
| |
118,800 |
|
|
Zhuzhou CRRC Times Electric Co. Ltd. Class H (Capital Goods) |
|
417,313 |
|
|
|
|
|
|
|
|
|
|
|
|
|
5,618,103 |
| |
|
| |
Egypt – 4.4% |
| |
711,844 |
|
|
Cleopatra Hospital (Health Care Equipment & Services)* |
|
222,424 |
| |
147,708 |
|
|
Commercial International Bank Egypt SAE (Banks) |
|
581,353 |
| |
158,992 |
|
|
Juhayna Food Industries (Food, Beverage & Tobacco) |
|
78,753 |
|
|
|
|
|
|
|
|
|
|
|
|
|
882,530 |
| |
|
| |
Hong Kong – 3.5% |
| |
76,200 |
|
|
AIA Group Ltd. (Insurance) |
|
687,091 |
| |
|
| |
India – 3.6% |
| |
15,083 |
|
|
HDFC Bank Ltd. ADR (Banks)* |
|
705,130 |
| |
|
| |
Indonesia – 2.2% |
| |
28,200 |
|
|
Bank Central Asia Tbk. PT (Banks) |
|
60,404 |
| |
821,400 |
|
|
Map Aktif Adiperkasa PT (Retailing)* |
|
124,215 |
| |
5,465,800 |
|
|
Mitra Adiperkasa Tbk. PT (Retailing)* |
|
255,467 |
|
|
|
|
|
|
|
|
|
|
|
|
|
440,086 |
| |
|
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Description |
|
Value |
|
| |
Common Stocks – (continued) |
| |
Japan – 4.3% |
| |
25,900 |
|
|
Suzuki Motor Corp. (Automobiles & Components) |
|
$ 849,868 |
| |
|
| |
Philippines – 3.0% |
| |
320,730 |
|
|
Bank of the Philippine Islands (Banks) |
|
445,395 |
| |
467,600 |
|
|
Wilcon Depot, Inc. (Retailing) |
|
142,183 |
|
|
|
|
|
|
|
|
|
|
|
|
|
587,578 |
| |
|
| |
Poland – 1.1% |
| |
4,082 |
|
|
Dino Polska SA (Food & Staples Retailing)*(a) |
|
225,984 |
| |
|
| |
Russia – 3.6% |
| |
12,246 |
|
|
Yandex NV Class A (Media & Entertainment)* |
|
704,635 |
| |
|
| |
Saudi Arabia – 1.9% |
| |
24,176 |
|
|
Leejam Sports Co. JSC (Consumer Services) |
|
373,238 |
| |
|
| |
Slovenia – 3.4% |
| |
79,623 |
|
|
Nova Ljubljanska Banka dd GDR (Banks)* |
|
679,053 |
| |
|
| |
South Africa – 11.5% |
| |
12,482 |
|
|
Naspers Ltd. Class N (Retailing) |
|
2,271,115 |
| |
|
| |
South Korea – 8.7% |
| |
9,279 |
|
|
Cosmax, Inc. (Household & Personal Products) |
|
724,646 |
| |
1,084 |
|
|
LG Chem Ltd. (Materials) |
|
519,063 |
| |
7,765 |
|
|
LG Corp. (Capital Goods) |
|
482,186 |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,725,895 |
| |
|
| |
Taiwan – 8.3% |
| |
147,000 |
|
|
Delta Electronics, Inc. (Technology Hardware & Equipment) |
|
1,004,813 |
| |
69,000 |
|
|
Merida Industry Co. Ltd. (Consumer Durables & Apparel) |
|
636,664 |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,641,477 |
| |
|
| |
United Arab Emirates – 4.1% |
| |
332,334 |
|
|
Emirates NBD Bank PJSC (Banks) |
|
805,981 |
| |
35,803 |
|
|
NMC Health plc (Health Care Equipment & Services)* |
|
10,723 |
|
|
|
|
|
|
|
|
|
|
|
|
|
816,704 |
| |
|
| |
Vietnam – 3.8% |
| |
396,612 |
|
|
FPT Corp. (Technology Hardware & Equipment) |
|
759,545 |
| |
|
|
TOTAL INVESTMENTS – 99.8%
(Cost $19,963,741) |
|
$19,777,983 |
| |
|
|
OTHER ASSETS IN EXCESS OF
LIABILITIES – 0.2% |
|
43,225 |
| |
|
| |
NET ASSETS – 100.0% |
|
$19,821,208 |
| |
|
|
|
|
|
| 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 |
| |
|
| For information on the mutual funds, please call our toll-free Shareholder Services Line at
1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com. |
GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS
Schedule of Investments
(continued)
July 31, 2020 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS
Investment Valuation — The Funds’ valuation policy is to value investments at fair value.
Investments and Fair Value Measurements — Accounting principles generally accepted in the United States of America (“GAAP”) defines the
fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy
is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for
identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in
these investments. The three levels of the fair value hierarchy are described below:
Level 1 — Unadjusted quoted prices in
active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2 — Quoted
prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads),
either directly or indirectly;
Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s
assumptions in determining fair value measurement).
The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the
valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM
day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the
continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with
the Valuation Procedures.
A. Level 1 and Level 2 Fair Value Investments — The valuation
techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:
Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on
certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or
such price is believed by GSAM to not represent fair value, equity securities may be valued at the closing bid price for long positions and at the closing ask price for short positions. 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 Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited
to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as
Level 2 of the fair value hierarchy.
Underlying Funds (including Money Market Funds) — Underlying Funds (“Underlying Funds”)
include other investment companies and exchange-traded funds (“ETFs”). Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official
closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds’ shares will correspondingly fluctuate in value. To the extent these
investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment
holdings, please see the Underlying Fund’s shareholder report.
B. Level 3 Fair Value Investments — To the extent that
significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s
investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign
securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly
from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.
GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS
Schedule of Investments
(continued)
July 31, 2020 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as
of July 31, 2020:
|
|
|
|
|
|
|
|
|
|
|
|
|
| CHINA EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment Type |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
|
|
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
| Common Stock and/or Other Equity
Investments(a) |
|
|
|
|
|
|
|
|
|
|
|
|
| Asia |
|
$ |
7,425,998 |
|
|
$ |
70,832,159 |
|
|
$ |
— |
|
| Investment Company |
|
|
53,485 |
|
|
|
— |
|
|
|
— |
|
| Securities Lending Reinvestment Vehicle |
|
|
775,180 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
| Total |
|
$ |
8,254,663 |
|
|
$ |
70,832,159 |
|
|
$ |
— |
|
|
|
|
|
| EMERGING MARKETS EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment Type |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
|
|
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
| Common Stock and/or Other Equity
Investments(a) |
|
|
|
|
|
|
|
|
|
|
|
|
| Africa |
|
$ |
10,806,580 |
|
|
$ |
28,370,351 |
|
|
$ |
— |
|
| Asia |
|
|
276,431,706 |
|
|
|
1,620,594,572 |
|
|
|
— |
|
| Europe |
|
|
24,108,543 |
|
|
|
37,241,630 |
|
|
|
— |
|
| North America |
|
|
37,079,757 |
|
|
|
— |
|
|
|
— |
|
| South America |
|
|
144,730,743 |
|
|
|
16,927,596 |
|
|
|
— |
|
| Exchange Traded Fund |
|
|
59,864,442 |
|
|
|
— |
|
|
|
— |
|
| Investment Company |
|
|
20,368,315 |
|
|
|
— |
|
|
|
— |
|
| Securities Lending Reinvestment Vehicle |
|
|
12,156,950 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
| Total |
|
$ |
585,547,036 |
|
|
$ |
1,703,134,149 |
|
|
$ |
— |
|
|
|
|
|
| ESG EMERGING MARKETS EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment Type |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
|
|
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
| Common Stock and/or Other Equity
Investments(a) |
|
|
|
|
|
|
|
|
|
|
|
|
| Africa |
|
$ |
41,067 |
|
|
$ |
133,008 |
|
|
$ |
— |
|
| Asia |
|
|
1,364,194 |
|
|
|
5,973,866 |
|
|
|
— |
|
| Europe |
|
|
117,864 |
|
|
|
84,966 |
|
|
|
— |
|
| North America |
|
|
183,626 |
|
|
|
— |
|
|
|
— |
|
| South America |
|
|
697,110 |
|
|
|
9,501 |
|
|
|
— |
|
|
|
|
|
| Total |
|
$ |
2,403,861 |
|
|
$ |
6,201,341 |
|
|
$ |
— |
|
|
|
|
|
| IMPRINT EMERGING MARKETS OPPORTUNITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment Type |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
|
|
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
| Common Stock and/or Other Equity
Investments(a) |
|
|
|
|
|
|
|
|
|
|
|
|
| Africa |
|
$ |
222,424 |
|
|
$ |
2,931,221 |
|
|
$ |
— |
|
| Asia |
|
|
4,783,283 |
|
|
|
10,259,457 |
|
|
|
— |
|
| Europe |
|
|
679,053 |
|
|
|
225,984 |
|
|
|
— |
|
| South America |
|
|
676,561 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
| Total |
|
$ |
6,361,321 |
|
|
$ |
13,416,662 |
|
|
$ |
— |
|
| (a) |
|
Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they
are traded, which may differ from country of domicile. The Funds utilize fair value model prices provided by an independent fair value service for certain international equity securities, resulting in a Level 2 classification.
|
For further information regarding security characteristics, see the Schedules of Investments.
GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS
Schedule of Investments
(continued)
July 31, 2020 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
Securities Lending — Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions
contained therein, the China Equity, Emerging Markets Equity and Imprint Emerging Markets Opportunities 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 Fund’s securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan.
The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is
delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or
become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may
differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and
continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
The China Equity, Emerging Markets Equity and Imprint Emerging Markets Opportunities Funds invest the cash collateral received in connection
with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as
an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets
of the Government Money Market Fund.
Each of the China Equity, Emerging Markets Equity and Imprint Emerging Markets Opportunities Funds and
GSAL received compensation relating to the lending of the Funds’ securities.
The Funds’ risks include, but are not limited to, the following:
ESG Standards Risk— The ESG Emerging Markets Equity Fund’s adherence to its environmental, social and governance (“ESG”)
criteria and the application of GSAM’s supplemental ESG analysis when selecting investments may affect the Fund’s exposure to certain companies, sectors, regions, and countries and may affect the Fund’s performance depending on
whether such investments are in or out of favor. For example, the Fund 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 Fund
will not seek to invest in companies that GSAM believes show inadequate governance standards (e.g., certain state-owned enterprises).
Foreign and
Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign
government regulation, less public information and less economic, political and social stability in the countries in which a Fund invests. The imposition of exchange controls (including repatriation restrictions), confiscation of assets and
property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in share registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of
negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may
fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in emerging markets, these risks may be more pronounced.
Foreign Custody Risk — If a Fund invests in foreign securities, the Fund may hold such securities and cash with foreign banks, agents, and
securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to
little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments
in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed
countries, and thus may not afford the same level of investor protection as would apply in developed countries.
Geographic Risk — If a Fund
focuses its investments in securities of issuers located in a particular country or geographic region, the Fund may be subjected, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or
conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural
disasters.
Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an ETF, a Fund will
indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to
conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not
develop or be maintained.
GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS
Schedule of Investments
(continued)
July 31, 2020 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds,
institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a
Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell
portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments
resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly,
large Fund share purchases may adversely affect a Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.
Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse
investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to
remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under
unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. These risks may be more
pronounced in connection with a Fund’s investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.
Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk
of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general
economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health
threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled
or open transactions defaults.