HTML
GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND
Schedule of Investments
July 31, 2020 (Unaudited)
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Description |
|
Value |
|
| |
Common Stocks – 97.4% |
| |
Brazil – 4.6% |
| |
87,600 |
|
|
AES Tiete Energia SA (Utilities)* |
|
$ 254,577 |
| |
14,200 |
|
|
Afya Ltd. Class A (Consumer
Services)* |
|
371,330 |
| |
319,400 |
|
|
B2W Cia Digital (Retailing)* |
|
7,305,750 |
| |
2,295,700 |
|
|
B3 SA - Brasil Bolsa Balcao (Diversified Financials) |
|
27,918,683 |
| |
1,102,500 |
|
|
BB Seguridade Participacoes SA (Insurance) |
|
5,881,775 |
| |
138,500 |
|
|
Cia Paranaense de Energia (Preference) (Utilities)*,(a) |
|
1,762,397 |
| |
1,492,300 |
|
|
Duratex SA (Materials)* |
|
4,605,732 |
| |
34,900 |
|
|
Lojas Americanas SA (Retailing)* |
|
205,993 |
| |
917,700 |
|
|
Lojas Americanas SA (Preference) (Retailing)*,(a) |
|
5,998,902 |
| |
4,190,928 |
|
|
Petrobras Distribuidora SA (Retailing) |
|
18,236,970 |
| |
1,193,200 |
|
|
Sao Martinho SA (Food, Beverage & Tobacco)* |
|
4,897,185 |
| |
88,700 |
|
|
YDUQS Participacoes SA (Consumer Services) |
|
576,251 |
|
|
|
|
|
|
|
|
|
|
|
|
|
78,015,545 |
| |
|
| |
China – 41.0% |
| |
2,708,000 |
|
|
Agricultural Bank of China Ltd. Class H (Banks) |
|
961,198 |
| |
547,400 |
|
|
Alibaba Group Holding Ltd. ADR (Retailing)* |
|
137,408,348 |
| |
47,500 |
|
|
Anhui Conch Cement Co. Ltd. Class A (Materials) |
|
418,087 |
| |
540,000 |
|
|
Anhui Conch Cement Co. Ltd. Class H (Materials) |
|
4,083,560 |
| |
48,700 |
|
|
Baidu, Inc. ADR (Media & Entertainment)* |
|
5,814,780 |
| |
26,525,000 |
|
|
Bank of Communications Co. Ltd. Class H (Banks) |
|
14,723,670 |
| |
129,927 |
|
|
Bank of Ningbo Co. Ltd. Class A (Banks) |
|
538,931 |
| |
288,000 |
|
|
Brilliance China Automotive Holdings Ltd. (Automobiles & Components) |
|
294,092 |
| |
98,000 |
|
|
China Aoyuan Group Ltd. (Real Estate) |
|
123,587 |
| |
19,300 |
|
|
China Biologic Products Holdings, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)* |
|
2,052,555 |
| |
3,896,000 |
|
|
China Communications Services Corp. Ltd. Class H (Capital Goods) |
|
2,525,686 |
| |
40,133,000 |
|
|
China Construction Bank Corp. Class H (Banks) |
|
29,262,199 |
| |
3,949,400 |
|
|
China Everbright Bank Co. Ltd. Class A (Banks) |
|
2,139,178 |
| |
214,000 |
|
|
China Kepei Education Group Ltd. (Consumer Services) |
|
164,298 |
| |
3,409,000 |
|
|
China Lesso Group Holdings Ltd. (Capital Goods) |
|
6,595,406 |
| |
|
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Description |
|
Value |
|
| |
Common Stocks – (continued) |
| |
China – (continued) |
| |
10,621,000 |
|
|
China Medical System Holdings Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |
|
$ 12,896,496 |
| |
1,246,000 |
|
|
China Meidong Auto Holdings Ltd. (Retailing) |
|
3,482,457 |
| |
354,122 |
|
|
China Merchants Bank Co. Ltd. Class A (Banks) |
|
1,764,861 |
| |
2,259,600 |
|
|
China Minsheng Banking Corp. Ltd. Class A (Banks) |
|
1,793,415 |
| |
10,095,000 |
|
|
China Minsheng Banking Corp. Ltd. Class H (Banks) |
|
6,358,343 |
| |
7,000 |
|
|
China Mobile Ltd. (Telecommunication Services) |
|
47,783 |
| |
1,026,000 |
|
|
China National Building Material Co. Ltd. Class H (Materials) |
|
1,593,363 |
| |
2,588,000 |
|
|
China Resources Cement Holdings Ltd. (Materials) |
|
3,543,215 |
| |
1,708,000 |
|
|
China Yongda Automobiles Services Holdings Ltd. (Retailing) |
|
1,762,285 |
| |
1,860,000 |
|
|
China Yuhua Education Corp. Ltd. (Consumer Services)(b) |
|
1,798,006 |
| |
4,178,895 |
|
|
Chinese Universe Publishing and Media Group Co. Ltd. Class A (Media & Entertainment) |
|
7,587,283 |
| |
2,652,000 |
|
|
CNOOC Ltd. (Energy) |
|
2,799,187 |
| |
130,400 |
|
|
Contemporary Amperex Technology Co. Ltd. Class A (Capital Goods) |
|
3,924,653 |
| |
520,396 |
|
|
CSC Financial Co. Ltd. Class A (Diversified Financials) |
|
3,624,634 |
| |
2,831,855 |
|
|
East Money Information Co. Ltd. Class A (Diversified Financials) |
|
10,813,433 |
| |
104,073 |
|
|
G-bits Network Technology Xiamen Co. Ltd. Class A (Media & Entertainment) |
|
9,244,555 |
| |
431,000 |
|
|
GF Securities Co. Ltd. Class H (Diversified Financials) |
|
517,220 |
| |
314,700 |
|
|
Guangzhou Wondfo Biotech Co. Ltd. Class A (Health Care Equipment & Services) |
|
4,403,013 |
| |
284,250 |
|
|
Hithink RoyalFlush Information Network Co. Ltd. Class A (Diversified Financials) |
|
5,824,397 |
| |
54,800 |
|
|
Hongfa Technology Co. Ltd. Class A (Capital Goods) |
|
330,403 |
| |
39,115,000 |
|
|
Industrial & Commercial Bank of China Ltd. Class H (Banks) |
|
22,919,105 |
| |
412,900 |
|
|
JD.com, Inc. ADR (Retailing)* |
|
26,338,891 |
| |
2,288,284 |
|
|
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. Class A (Health Care Equipment & Services) |
|
12,058,612 |
| |
585,437 |
|
|
Jinyu Bio-Technology Co. Ltd. Class A (Pharmaceuticals, Biotechnology & Life Sciences) |
|
2,449,266 |
| |
|
GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND
Schedule of Investments
(continued)
July 31, 2020 (Unaudited)
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Description |
|
Value |
|
| |
Common Stocks – (continued) |
| |
China – (continued) |
| |
6,183,500 |
|
|
KWG Group Holdings Ltd. (Real Estate)* |
|
$ 11,029,218 |
| |
2,424,000 |
|
|
Logan Group Co. Ltd. (Real Estate) |
|
4,200,831 |
| |
303,200 |
|
|
Meituan Dianping Class B (Retailing)* |
|
7,503,138 |
| |
72,300 |
|
|
NetEase, Inc. ADR (Media & Entertainment) |
|
33,143,766 |
| |
222,100 |
|
|
New Oriental Education & Technology Group, Inc. ADR (Consumer
Services)* |
|
31,138,420 |
| |
2,498,000 |
|
|
People’s Insurance Co. Group of China Ltd. (The) Class H (Insurance) |
|
812,750 |
| |
536,489 |
|
|
Perfect World Co. Ltd. Class A (Media & Entertainment) |
|
2,950,922 |
| |
17,066,000 |
|
|
PICC Property & Casualty Co. Ltd. Class H (Insurance) |
|
13,486,251 |
| |
2,644,000 |
|
|
Powerlong Real Estate Holdings Ltd. (Real Estate) |
|
1,615,764 |
| |
724,500 |
|
|
Semiconductor Manufacturing International Corp. (Semiconductors & Semiconductor Equipment)* |
|
2,836,750 |
| |
92,308 |
|
|
Shandong Buchang Pharmaceuticals Co. Ltd. Class A (Pharmaceuticals, Biotechnology & Life Sciences) |
|
379,227 |
| |
1,727,075 |
|
|
Shandong Gold Mining Co. Ltd. Class A (Materials) |
|
10,770,161 |
| |
2,796,450 |
|
|
Shandong Gold Mining Co. Ltd. Class H (Materials)(b) |
|
8,868,757 |
| |
1,381,100 |
|
|
Shenwan Hongyuan Group Co. Ltd. Class A (Diversified Financials)* |
|
1,153,845 |
| |
772,500 |
|
|
Shenzhen International Holdings Ltd. (Transportation) |
|
1,260,676 |
| |
2,157,500 |
|
|
Sinotruk Hong Kong Ltd. (Capital Goods) |
|
6,732,813 |
| |
168,300 |
|
|
Suofeiya Home Collection Co. Ltd. Class A (Consumer Durables & Apparel) |
|
553,700 |
| |
258,800 |
|
|
TAL Education Group ADR (Consumer Services)* |
|
20,230,396 |
| |
1,692,400 |
|
|
Tencent Holdings Ltd. (Media & Entertainment) |
|
116,095,621 |
| |
2,744,000 |
|
|
Tingyi Cayman Islands Holding Corp. (Food, Beverage & Tobacco) |
|
5,115,360 |
| |
1,246,200 |
|
|
Vipshop Holdings Ltd. ADR (Retailing)* |
|
28,375,974 |
| |
1,229,739 |
|
|
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd. Class A (Media & Entertainment) |
|
8,039,014 |
| |
562,000 |
|
|
Yanzhou Coal Mining Co. Ltd. Class A (Energy) |
|
741,033 |
| |
|
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Description |
|
Value |
|
| |
Common Stocks – (continued) |
| |
China – (continued) |
| |
3,101,800 |
|
|
YiChang HEC ChangJiang Pharmaceutical Co. Ltd. Class H (Pharmaceuticals, Biotechnology & Life Sciences)(b)(c) |
|
$ 4,665,219 |
| |
845,000 |
|
|
Zhongsheng Group Holdings Ltd. (Retailing) |
|
5,223,595 |
| |
955,500 |
|
|
Zijin Mining Group Co. Ltd. Class A (Materials) |
|
808,725 |
| |
22,732,000 |
|
|
Zijin Mining Group Co. Ltd. Class H (Materials) |
|
14,290,724 |
| |
67,700 |
|
|
Zoomlion Heavy Industry Science and Technology Co. Ltd. Class A (Capital Goods) |
|
80,165 |
|
|
|
|
|
|
|
|
|
|
|
|
|
697,083,266 |
| |
|
| |
Colombia – 0.0% |
| |
58,574 |
|
|
Ecopetrol SA ADR (Energy) |
|
681,801 |
| |
|
| |
Greece – 0.0% |
| |
17,585 |
|
|
Terna Energy SA (Utilities) |
|
230,799 |
| |
|
| |
Hungary – 0.0% |
| |
9,434 |
|
|
Richter Gedeon Nyrt. (Pharmaceuticals, Biotechnology & Life Sciences) |
|
218,278 |
| |
|
| |
India – 8.5% |
| |
569,311 |
|
|
Adani Ports & Special Economic Zone Ltd. (Transportation) |
|
2,391,474 |
| |
5,893 |
|
|
Atul Ltd. (Materials) |
|
398,314 |
| |
1,056,250 |
|
|
Aurobindo Pharma Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |
|
12,383,318 |
| |
143,195 |
|
|
Bajaj Auto Ltd. (Automobiles & Components) |
|
5,744,205 |
| |
56,341 |
|
|
Bajaj Holdings & Investment Ltd. (Diversified Financials) |
|
1,998,508 |
| |
584,870 |
|
|
Cipla Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |
|
5,623,020 |
| |
12,990 |
|
|
Dr Lal PathLabs Ltd. (Health Care Equipment & Services)(b) |
|
328,471 |
| |
283,361 |
|
|
Dr Reddy’s Laboratories Ltd. ADR (Pharmaceuticals, Biotechnology & Life Sciences) |
|
17,228,349 |
| |
5,257 |
|
|
Godfrey Phillips India Ltd. (Food, Beverage & Tobacco) |
|
64,377 |
| |
612,678 |
|
|
Gujarat State Petronet Ltd. (Utilities) |
|
1,674,255 |
| |
1,308,212 |
|
|
HCL Technologies Ltd. (Software & Services) |
|
12,299,558 |
| |
26,984 |
|
|
HDFC Bank Ltd. ADR (Banks)* |
|
1,261,502 |
| |
88,767 |
|
|
Hero MotoCorp Ltd. (Automobiles & Components) |
|
3,161,801 |
| |
255,735 |
|
|
ICICI Lombard General Insurance Co. Ltd. (Insurance)(b) |
|
4,449,764 |
| |
|
GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND
Schedule of Investments
(continued)
July 31, 2020 (Unaudited)
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Description |
|
Value |
|
| |
Common Stocks – (continued) |
| |
India – (continued) |
| |
311,705 |
|
|
ICICI Securities Ltd. (Diversified Financials)(b) |
|
$ 1,891,086 |
| |
169,410 |
|
|
Indian Energy Exchange Ltd. (Diversified Financials)(b) |
|
405,528 |
| |
1,248,885 |
|
|
Infosys Ltd. ADR (Software & Services) |
|
16,048,172 |
| |
13,443 |
|
|
Mahanagar Gas Ltd. (Utilities) |
|
174,989 |
| |
41,000 |
|
|
Nestle India Ltd. (Food, Beverage & Tobacco) |
|
9,030,509 |
| |
1,734,492 |
|
|
Petronet LNG Ltd. (Energy) |
|
5,740,276 |
| |
7,792,222 |
|
|
REC Ltd. (Diversified Financials) |
|
10,411,582 |
| |
342,165 |
|
|
Reliance Industries Ltd. (Energy) |
|
9,462,775 |
| |
1,030,715 |
|
|
Tata Chemicals Ltd. (Materials) |
|
4,215,231 |
| |
232,904 |
|
|
Torrent Pharmaceuticals Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |
|
8,294,766 |
| |
1,441,309 |
|
|
Torrent Power Ltd. (Utilities) |
|
6,265,289 |
| |
39,400 |
|
|
WNS Holdings Ltd. ADR (Software & Services)* |
|
2,520,024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
143,467,143 |
| |
|
| |
Indonesia – 2.9% |
| |
45,468,500 |
|
|
Adaro Energy Tbk. PT (Energy) |
|
3,400,951 |
| |
5,620,400 |
|
|
Bank Central Asia Tbk. PT (Banks) |
|
12,038,744 |
| |
12,518,300 |
|
|
Bank Mandiri Persero Tbk. PT (Banks) |
|
4,975,399 |
| |
98,077,300 |
|
|
Bank Rakyat Indonesia Persero Tbk. PT (Banks) |
|
21,303,886 |
| |
20,620,800 |
|
|
Bukit Asam Tbk. PT (Energy) |
|
2,883,594 |
| |
3,007,800 |
|
|
Indofood CBP Sukses Makmur Tbk. PT (Food, Beverage & Tobacco) |
|
1,895,548 |
| |
6,307,400 |
|
|
Indofood Sukses Makmur Tbk. PT (Food, Beverage & Tobacco) |
|
2,795,517 |
|
|
|
|
|
|
|
|
|
|
|
|
|
49,293,639 |
| |
|
| |
Mexico – 0.9% |
| |
50,715 |
|
|
America Movil SAB de CV Class L ADR (Telecommunication Services) |
|
641,038 |
| |
637,385 |
|
|
Bolsa Mexicana de Valores SAB de CV (Diversified Financials) |
|
1,286,512 |
| |
116,326 |
|
|
Gruma SAB de CV Class B (Food, Beverage & Tobacco) |
|
1,365,021 |
| |
6,406,716 |
|
|
Kimberly-Clark de Mexico SAB de CV Class A (Household & Personal Products) |
|
10,484,502 |
| |
731,020 |
|
|
Orbia Advance Corp. SAB de CV (Materials) |
|
1,157,544 |
| |
91,000 |
|
|
Qualitas Controladora SAB de CV (Insurance) |
|
367,639 |
|
|
|
|
|
|
|
|
|
|
|
|
|
15,302,256 |
| |
|
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Description |
|
Value |
|
| |
Common Stocks – (continued) |
| |
Peru – 1.2% |
| |
469,400 |
|
|
Southern Copper Corp. (Materials) |
|
$ 20,517,474 |
| |
|
| |
Philippines – 0.1% |
| |
114,300 |
|
|
First Gen Corp. (Utilities) |
|
62,845 |
| |
40,250 |
|
|
Globe Telecom, Inc. (Telecommunication Services) |
|
1,689,159 |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,752,004 |
| |
|
| |
Poland – 1.3% |
| |
1,521 |
|
|
11 bit studios SA (Media & Entertainment)* |
|
203,041 |
| |
206,341 |
|
|
Asseco Poland SA (Software & Services) |
|
3,533,130 |
| |
168,643 |
|
|
CD Projekt SA (Media &
Entertainment)* |
|
18,095,291 |
| |
45,374 |
|
|
Powszechny Zaklad Ubezpieczen SA (Insurance) |
|
327,081 |
|
|
|
|
|
|
|
|
|
|
|
|
|
22,158,543 |
| |
|
| |
Qatar – 0.1% |
| |
899,394 |
|
|
Commercial Bank PSQC (The) (Banks) |
|
1,017,321 |
| |
45,413 |
|
|
Masraf Al Rayan QSC (Banks) |
|
49,317 |
| |
251,429 |
|
|
Qatar National Bank QPSC (Banks) |
|
1,252,051 |
|
|
|
|
|
|
|
|
|
|
|
|
|
2,318,689 |
| |
|
| |
Russia – 3.3% |
| |
178,027 |
|
|
LUKOIL PJSC ADR (Energy) |
|
12,189,509 |
| |
1,081,720 |
|
|
MMC Norilsk Nickel PJSC ADR (Materials) |
|
28,524,956 |
| |
465,990 |
|
|
Mobile TeleSystems PJSC ADR (Telecommunication Services) |
|
4,128,672 |
| |
6,345,080 |
|
|
Moscow Exchange MICEX-RTS PJSC (Diversified Financials) |
|
11,409,529 |
|
|
|
|
|
|
|
|
|
|
|
|
|
56,252,666 |
| |
|
| |
Saudi Arabia – 0.5% |
| |
20,371 |
|
|
Abdullah Al Othaim Markets Co. (Food & Staples Retailing) |
|
650,698 |
| |
1,507,028 |
|
|
Riyad Bank (Banks) |
|
6,807,028 |
| |
28,768 |
|
|
Savola Group (The) (Food, Beverage & Tobacco) |
|
355,611 |
|
|
|
|
|
|
|
|
|
|
|
|
|
7,813,337 |
| |
|
| |
South Africa – 3.4% |
| |
303,101 |
|
|
Anglo American Platinum Ltd. (Materials)(c) |
|
23,267,003 |
| |
2,991,850 |
|
|
FirstRand Ltd. (Diversified Financials) |
|
6,814,119 |
| |
219,604 |
|
|
Investec Ltd. (Diversified Financials) |
|
429,893 |
| |
21,950 |
|
|
Kumba Iron Ore Ltd. (Materials) |
|
709,817 |
| |
69,257 |
|
|
Liberty Holdings Ltd. (Insurance) |
|
280,578 |
| |
143,079 |
|
|
Naspers Ltd. Class N (Retailing) |
|
26,033,402 |
| |
32,514 |
|
|
Remgro Ltd. (Diversified Financials) |
|
175,320 |
|
|
|
|
|
|
|
|
|
|
|
|
|
57,710,132 |
| |
|
GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND
Schedule of Investments
(continued)
July 31, 2020 (Unaudited)
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Description |
|
Value |
|
| |
Common Stocks – (continued) |
| |
South Korea – 12.0% |
| |
38,902 |
|
|
Celltrion, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)* |
|
$ 9,697,910 |
| |
28,304 |
|
|
Chongkundang Holdings Corp. (Pharmaceuticals, Biotechnology & Life Sciences) |
|
2,942,795 |
| |
12,616 |
|
|
CJ Logistics Corp. (Transportation)* |
|
1,622,919 |
| |
50,204 |
|
|
Com2uSCorp (Media & Entertainment) |
|
5,083,198 |
| |
48,195 |
|
|
Coway Co. Ltd. (Consumer Durables & Apparel) |
|
3,106,965 |
| |
160,055 |
|
|
Daou Data Corp. (Diversified Financials) |
|
1,964,222 |
| |
324,832 |
|
|
DB HiTek Co. Ltd. (Semiconductors & Semiconductor Equipment) |
|
9,384,282 |
| |
4,804 |
|
|
DB Insurance Co. Ltd. (Insurance) |
|
190,003 |
| |
42,262 |
|
|
DongKook Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |
|
5,211,217 |
| |
34,929 |
|
|
Hanmi Semiconductor Co. Ltd. (Semiconductors & Semiconductor Equipment) |
|
349,610 |
| |
1,903 |
|
|
Hansol Chemical Co. Ltd. (Materials) |
|
242,166 |
| |
8,914 |
|
|
Hite Jinro Co. Ltd. (Food, Beverage & Tobacco) |
|
311,799 |
| |
47,158 |
|
|
Huons Global Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |
|
1,286,170 |
| |
19,562 |
|
|
Interojo Co. Ltd. (Health Care Equipment & Services) |
|
368,955 |
| |
6,868 |
|
|
i-SENS, Inc. (Health Care Equipment & Services) |
|
165,063 |
| |
12,200 |
|
|
Kakao Corp. (Media & Entertainment) |
|
3,539,410 |
| |
3,639 |
|
|
Kginicis Co. Ltd. (Software & Services) |
|
72,623 |
| |
190,815 |
|
|
Kia Motors Corp. (Automobiles & Components) |
|
6,494,655 |
| |
4,848 |
|
|
KIWOOM Securities Co. Ltd. (Diversified Financials) |
|
391,520 |
| |
27,240 |
|
|
LEENO Industrial, Inc. (Semiconductors & Semiconductor Equipment) |
|
3,150,492 |
| |
8,404 |
|
|
LG Electronics, Inc. (Consumer Durables & Apparel) |
|
499,742 |
| |
112,351 |
|
|
MegaStudyEdu Co. Ltd. (Consumer Services) |
|
3,206,002 |
| |
92,375 |
|
|
Mirae Asset Daewoo Co. Ltd. (Diversified Financials) |
|
613,365 |
| |
140,271 |
|
|
NAVER Corp. (Media & Entertainment) |
|
35,636,104 |
| |
4,617 |
|
|
NCSoft Corp. (Media & Entertainment) |
|
3,146,007 |
| |
34,290 |
|
|
Neowiz (Media & Entertainment)* |
|
816,767 |
| |
|
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Description |
|
Value |
|
| |
Common Stocks – (continued) |
| |
South Korea – (continued) |
| |
143,402 |
|
|
Posco International Corp. (Capital Goods) |
|
$ 1,671,862 |
| |
1,611,175 |
|
|
Samsung Electronics Co. Ltd. (Technology Hardware & Equipment) |
|
78,744,333 |
| |
236,387 |
|
|
Samsung Electronics Co. Ltd. (Preference) (Technology Hardware & Equipment)(a) |
|
9,873,367 |
| |
2,189 |
|
|
SK Gas Ltd. (Energy) |
|
158,313 |
| |
78,585 |
|
|
Soulbrain Holdings Co. Ltd. (Materials)(d) |
|
6,325,585 |
| |
77,797 |
|
|
Suheung Co. Ltd. (Health Care Equipment & Services) |
|
3,842,119 |
| |
99,386 |
|
|
UniTest, Inc. (Semiconductors & Semiconductor Equipment) |
|
1,261,015 |
| |
48,942 |
|
|
Value Added Technology Co. Ltd. (Health Care Equipment & Services) |
|
978,781 |
| |
133,201 |
|
|
Wonik Holdings Co. Ltd. (Semiconductors & Semiconductor Equipment)* |
|
554,847 |
|
|
|
|
|
|
|
|
|
|
|
|
|
202,904,183 |
| |
|
| |
Taiwan – 15.9% |
| |
66,000 |
|
|
Alchip Technologies Ltd. (Semiconductors & Semiconductor Equipment) |
|
1,350,324 |
| |
2,395,000 |
|
|
Ardentec Corp. (Semiconductors & Semiconductor Equipment) |
|
2,864,606 |
| |
2,482,000 |
|
|
Cheng Loong Corp. (Materials) |
|
1,966,727 |
| |
1,295,000 |
|
|
Chicony Power Technology Co. Ltd. (Capital Goods) |
|
2,991,064 |
| |
3,398,000 |
|
|
ChipMOS Technologies, Inc. (Semiconductors & Semiconductor Equipment) |
|
3,698,444 |
| |
916,000 |
|
|
Dynapack International Technology Corp. (Technology Hardware & Equipment) |
|
2,607,971 |
| |
817,000 |
|
|
Fubon Financial Holding Co. Ltd. (Insurance) |
|
1,163,560 |
| |
722,000 |
|
|
Great Wall Enterprise Co. Ltd. (Food, Beverage & Tobacco) |
|
1,136,802 |
| |
33,000 |
|
|
Hotai Motor Co. Ltd. (Retailing) |
|
754,740 |
| |
329,000 |
|
|
International Games System Co. Ltd. (Media & Entertainment) |
|
8,429,027 |
| |
4,113,000 |
|
|
King Yuan Electronics Co. Ltd. (Semiconductors & Semiconductor Equipment) |
|
4,978,565 |
| |
85,000 |
|
|
Kinsus Interconnect Technology Corp. (Semiconductors & Semiconductor Equipment) |
|
223,796 |
| |
3,354,000 |
|
|
Lite-On Technology Corp. (Technology Hardware & Equipment) |
|
5,674,265 |
| |
24,000 |
|
|
Lotes Co. Ltd. (Technology Hardware & Equipment) |
|
368,720 |
| |
175,000 |
|
|
Parade Technologies Ltd. (Semiconductors & Semiconductor Equipment) |
|
7,617,678 |
| |
|
GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND
Schedule of Investments
(continued)
July 31, 2020 (Unaudited)
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Description |
|
Value |
|
| |
Common Stocks – (continued) |
| |
Taiwan – (continued) |
| |
614,000 |
|
|
Realtek Semiconductor Corp. (Semiconductors & Semiconductor Equipment)* |
|
$ 7,833,521 |
| |
21,000 |
|
|
Silicon Motion Technology Corp. ADR (Semiconductors & Semiconductor Equipment) |
|
868,770 |
| |
873,000 |
|
|
Simplo Technology Co. Ltd. (Technology Hardware & Equipment) |
|
9,703,374 |
| |
92,000 |
|
|
Sino-American Silicon Products, Inc. (Semiconductors & Semiconductor Equipment) |
|
307,136 |
| |
908,000 |
|
|
Sitronix Technology Corp. (Semiconductors & Semiconductor Equipment) |
|
4,659,747 |
| |
197,000 |
|
|
Soft-World International Corp. (Media & Entertainment) |
|
679,898 |
| |
721,000 |
|
|
Standard Foods Corp. (Food, Beverage & Tobacco) |
|
1,508,359 |
| |
4,860,000 |
|
|
Synnex Technology International Corp. (Technology Hardware & Equipment) |
|
7,259,430 |
| |
103,000 |
|
|
Systex Corp. (Software & Services) |
|
284,968 |
| |
265,000 |
|
|
TaiDoc Technology Corp. (Health Care Equipment & Services)* |
|
2,283,239 |
| |
1,641,400 |
|
|
Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Semiconductors & Semiconductor Equipment) |
|
129,490,046 |
| |
357,000 |
|
|
Taiwan Surface Mounting Technology Corp. (Semiconductors & Semiconductor Equipment) |
|
1,642,143 |
| |
1,701,000 |
|
|
Teco Electric and Machinery Co. Ltd. (Capital Goods) |
|
1,581,043 |
| |
217,000 |
|
|
Thinking Electronic Industrial Co. Ltd. (Technology Hardware & Equipment) |
|
720,662 |
| |
855,000 |
|
|
Topco Scientific Co. Ltd. (Semiconductors & Semiconductor Equipment) |
|
3,387,246 |
| |
2,289,000 |
|
|
Tripod Technology Corp. (Technology Hardware & Equipment) |
|
9,936,229 |
| |
782,000 |
|
|
United Integrated Services Co. Ltd. (Capital Goods) |
|
5,487,730 |
| |
16,358,000 |
|
|
United Microelectronics Corp. (Semiconductors & Semiconductor Equipment) |
|
12,404,195 |
| |
12,096,000 |
|
|
Wistron Corp. (Technology Hardware & Equipment) |
|
14,172,786 |
| |
3,682,000 |
|
|
Youngtek Electronics Corp. (Semiconductors & Semiconductor Equipment) |
|
8,667,026 |
| |
1,123,000 |
|
|
YungShin Global Holding Corp. (Pharmaceuticals, Biotechnology & Life Sciences) |
|
1,752,118 |
|
|
|
|
|
|
|
|
|
|
|
|
|
270,455,955 |
| |
|
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Description |
|
Value |
|
| |
Common Stocks – (continued) |
| |
Thailand – 0.9% |
| |
325,100 |
|
|
Charoen Pokphand Foods PCL (Food, Beverage & Tobacco) |
|
$ 352,283 |
| |
4,968,700 |
|
|
Com7 PCL Class F (Retailing) |
|
6,098,937 |
| |
3,560,700 |
|
|
Gunkul Engineering PCL (Capital Goods) |
|
306,564 |
| |
666,000 |
|
|
PTT Exploration & Production PCL (Energy) |
|
1,951,965 |
| |
269,800 |
|
|
SPCG PCL (Utilities) |
|
160,405 |
| |
6,297,500 |
|
|
Thanachart Capital PCL (Banks) |
|
7,036,266 |
|
|
|
|
|
|
|
|
|
|
|
|
|
15,906,420 |
| |
|
| |
Turkey – 0.7% |
| |
1,156,190 |
|
|
BIM Birlesik Magazalar A/S (Food & Staples Retailing) |
|
11,803,966 |
| |
|
| |
United Arab Emirates – 0.1% |
| |
457,936 |
|
|
Emirates NBD Bank PJSC (Banks) |
|
1,110,593 |
| |
|
|
TOTAL COMMON STOCKS
(Cost $1,286,549,248) |
|
$1,654,996,689 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units |
|
Description |
|
Expiration
Month |
|
|
Value |
|
| Rights* – 0.0% |
| Brazil – 0.0% |
| 21,172 |
|
B2W Cia Digital
(Retailing) |
|
|
08/2020 |
|
|
$ 28,410 |
| |
| Taiwan – 0.0% |
| 30,639 |
|
Simplo Technology
Co. Ltd.(d)
(Technology
Hardware &
Equipment) |
|
|
|
|
|
— |
| |
| TOTAL RIGHTS (Cost $–) |
|
|
$ 28,410 |
| |
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Dividend
Rate |
|
Value |
|
| |
Investment Company(e) – 0.3% |
|
Goldman Sachs Financial Square Government Fund —
Institutional
Shares |
| |
4,614,487 |
|
|
0.130% |
|
$ 4,614,487 |
| |
(Cost $4,614,487) |
| |
|
|
TOTAL INVESTMENTS BEFORE SECURITIES
LENDING REINVESTMENT VEHICLE
(Cost $1,291,163,735) |
|
$1,659,639,586 |
| |
|
GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND
Schedule of Investments
(continued)
July 31, 2020 (Unaudited)
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Dividend
Rate |
|
Value |
|
| |
Securities Lending Reinvestment Vehicle(e) – 1.1% |
|
Goldman Sachs Financial Square Government Fund —
Institutional
Shares |
| |
19,225,200 |
|
|
0.130% |
|
$ 19,225,200 |
| |
(Cost $19,225,200) |
| |
|
|
TOTAL INVESTMENTS – 98.8%
(Cost $1,310,388,935) |
|
$1,678,864,786 |
| |
|
|
OTHER ASSETS IN EXCESS OF
LIABILITIES –
1.2% |
|
19,595,996 |
| |
|
| |
NET ASSETS – 100.0% |
|
$1,698,460,782 |
| |
|
|
|
|
|
| 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) |
|
Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
|
|
| (e) |
|
Represents an Affiliated Issuer. |
|
|
|
| |
| Investment Abbreviation: |
| ADR |
|
— American Depositary Receipt |
| |
|
| For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com. |
GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND
Schedule of Investments
(continued)
July 31, 2020 (Unaudited)
ADDITIONAL INVESTMENT INFORMATION
FUTURES CONTRACTS — At July 31, 2020, the Fund had the following futures contracts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Description |
|
Number of
Contracts |
|
Expiration
Date |
|
|
Notional
Amount |
|
|
Unrealized
Appreciation/
(Depreciation) |
|
| |
|
| Long position contracts: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| MSCI Emerging Markets E-Mini Index |
|
476 |
|
|
09/18/2020 |
|
|
$ |
25,449,340 |
|
|
$ |
1,934,632 |
|
| |
|
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND
Schedule of Investments
July 31, 2020 (Unaudited)
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Description |
|
Value |
|
| |
Common Stocks – 99.2% |
| |
Australia – 9.7% |
| |
321,125 |
|
|
ASX Ltd. (Diversified Financials) |
|
$ 18,920,885 |
| |
3,238,408 |
|
|
Aurizon Holdings Ltd. (Transportation) |
|
10,327,118 |
| |
4,636,589 |
|
|
Beach Energy Ltd. (Energy) |
|
4,646,765 |
| |
151,273 |
|
|
BHP Group Ltd. (Materials) |
|
3,982,845 |
| |
1,126,806 |
|
|
BHP Group plc (Materials) |
|
24,365,408 |
| |
2,262,663 |
|
|
Brambles Ltd. (Commercial & Professional Services) |
|
17,469,511 |
| |
25,113 |
|
|
CSL Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |
|
4,884,547 |
| |
2,458,257 |
|
|
Evolution Mining Ltd. (Materials) |
|
10,501,697 |
| |
1,881,318 |
|
|
Fortescue Metals Group Ltd. (Materials) |
|
23,417,162 |
| |
322,517 |
|
|
Genworth Mortgage Insurance Australia Ltd. (Banks) |
|
390,160 |
| |
1,317,651 |
|
|
Goodman Group (REIT) |
|
16,020,792 |
| |
599,255 |
|
|
IGO Ltd. (Materials) |
|
1,972,470 |
| |
78,326 |
|
|
Magellan Financial Group Ltd. (Diversified Financials) |
|
3,402,896 |
| |
21,487 |
|
|
Pro Medicus Ltd. (Health Care Equipment & Services) |
|
367,248 |
| |
1,675,527 |
|
|
Regis Resources Ltd. (Materials) |
|
6,827,425 |
| |
281,191 |
|
|
Rio Tinto Ltd. (Materials) |
|
20,579,992 |
| |
464,825 |
|
|
Rio Tinto plc ADR (Materials) |
|
28,372,918 |
| |
3,805,054 |
|
|
Santos Ltd. (Energy) |
|
14,213,055 |
| |
102,719 |
|
|
Sonic Healthcare Ltd. (Health Care Equipment & Services) |
|
2,351,711 |
| |
687,769 |
|
|
Wesfarmers Ltd. (Retailing) |
|
22,866,783 |
| |
108,757 |
|
|
Woodside Petroleum Ltd. (Energy) |
|
1,547,192 |
|
|
|
|
|
|
|
|
|
|
|
|
|
237,428,580 |
| |
|
| |
Austria – 0.2% |
| |
142,628 |
|
|
OMV AG (Energy)* |
|
4,504,454 |
| |
|
| |
Belgium – 0.6% |
| |
47,899 |
|
|
bpost SA (Transportation) |
|
311,556 |
| |
9,435 |
|
|
D’ieteren SA/NV (Retailing) |
|
509,323 |
| |
77,197 |
|
|
Galapagos NV (Pharmaceuticals, Biotechnology & Life Sciences)* |
|
14,337,071 |
|
|
|
|
|
|
|
|
|
|
|
|
|
15,157,950 |
| |
|
| |
Cambodia – 0.1% |
| |
1,370,000 |
|
|
NagaCorp Ltd. (Consumer Services) |
|
1,464,424 |
| |
|
| |
China – 0.7% |
| |
217,300 |
|
|
ENN Energy Holdings Ltd. (Utilities) |
|
2,634,058 |
| |
6,650,000 |
|
|
Fosun International Ltd. (Capital Goods) |
|
7,582,799 |
| |
3,762,000 |
|
|
Tingyi Cayman Islands Holding Corp. (Food, Beverage & Tobacco) |
|
7,013,115 |
| |
659,000 |
|
|
Uni-President China Holdings Ltd. (Food, Beverage & Tobacco) |
|
715,056 |
|
|
|
|
|
|
|
|
|
|
|
|
|
17,945,028 |
| |
|
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Description |
|
Value |
|
| |
Common Stocks – (continued) |
| |
Denmark – 1.7% |
| |
12,190 |
|
|
Carlsberg A/S Class B (Food, Beverage & Tobacco) |
|
$ 1,800,336 |
| |
475,096 |
|
|
Novo Nordisk A/S Class B (Pharmaceuticals, Biotechnology & Life Sciences) |
|
31,172,282 |
| |
72,022 |
|
|
Vestas Wind Systems A/S (Capital Goods) |
|
9,232,137 |
|
|
|
|
|
|
|
|
|
|
|
|
|
42,204,755 |
| |
|
| |
Finland – 0.6% |
| |
270,027 |
|
|
Kesko OYJ Class B (Food & Staples Retailing) |
|
5,725,657 |
| |
284,418 |
|
|
Valmet OYJ (Capital Goods) |
|
7,968,347 |
|
|
|
|
|
|
|
|
|
|
|
|
|
13,694,004 |
| |
|
| |
France – 7.2% |
| |
11,022 |
|
|
Amundi SA (Diversified Financials)*(a) |
|
838,580 |
| |
114,264 |
|
|
BNP Paribas SA (Banks)* |
|
4,609,840 |
| |
444,951 |
|
|
Bouygues SA (Capital Goods) |
|
15,718,591 |
| |
137,652 |
|
|
Capgemini SE (Software & Services) |
|
17,852,682 |
| |
4,644 |
|
|
Christian Dior SE (Consumer Durables & Apparel) |
|
1,912,252 |
| |
1,015,271 |
|
|
Credit Agricole SA (Banks)* |
|
9,772,749 |
| |
55,293 |
|
|
Eiffage SA (Capital Goods)* |
|
4,832,216 |
| |
29,946 |
|
|
Faurecia SE (Automobiles & Components)* |
|
1,156,447 |
| |
30,892 |
|
|
Gecina SA (REIT) |
|
4,007,378 |
| |
5,595 |
|
|
Hermes International (Consumer Durables & Apparel) |
|
4,536,087 |
| |
285,638 |
|
|
Legrand SA (Capital Goods) |
|
22,096,460 |
| |
787,609 |
|
|
Rexel SA (Capital Goods)* |
|
9,347,860 |
| |
91,470 |
|
|
Sanofi (Pharmaceuticals, Biotechnology & Life Sciences) |
|
9,604,080 |
| |
47,554 |
|
|
Sartorius Stedim Biotech (Pharmaceuticals, Biotechnology & Life Sciences) |
|
14,874,037 |
| |
292,628 |
|
|
Schneider Electric SE (Capital Goods) |
|
33,553,757 |
| |
322,227 |
|
|
Societe Generale SA (Banks)* |
|
4,960,786 |
| |
41,588 |
|
|
Teleperformance (Commercial & Professional Services) |
|
12,171,360 |
| |
49,759 |
|
|
Valeo SA (Automobiles & Components) |
|
1,276,935 |
| |
55,038 |
|
|
Vivendi SA (Media & Entertainment) |
|
1,460,511 |
|
|
|
|
|
|
|
|
|
|
|
|
|
174,582,608 |
| |
|
| |
Germany – 7.5% |
| |
133,466 |
|
|
Allianz SE (Registered) (Insurance) |
|
27,690,756 |
| |
69,992 |
|
|
Aurubis AG (Materials) |
|
4,667,977 |
| |
16,918 |
|
|
Bechtle AG (Software & Services) |
|
3,292,623 |
| |
145,849 |
|
|
Deutsche Boerse AG (Diversified Financials) |
|
26,536,330 |
| |
699,631 |
|
|
Deutsche Post AG (Registered) (Transportation) |
|
28,398,154 |
| |
|
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND
Schedule of Investments
(continued)
July 31, 2020 (Unaudited)
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Description |
|
Value |
|
| |
Common Stocks – (continued) |
| |
Germany – (continued) |
| |
1,139,146 |
|
|
Deutsche Telekom AG (Registered) (Telecommunication Services) |
|
$ 19,017,756 |
| |
10,258 |
|
|
DWS Group GmbH & Co. KGaA (Diversified Financials)*(a) |
|
384,675 |
| |
53,640 |
|
|
Gerresheimer AG (Pharmaceuticals, Biotechnology & Life Sciences) |
|
6,170,688 |
| |
143,349 |
|
|
HelloFresh SE (Retailing)* |
|
7,804,615 |
| |
191,462 |
|
|
Henkel AG & Co. KGaA (Preference) (Household & Personal Products)(b) |
|
18,825,471 |
| |
12,200 |
|
|
MorphoSys AG (Pharmaceuticals, Biotechnology & Life Sciences)* |
|
1,566,153 |
| |
57,251 |
|
|
Nemetschek SE (Software & Services) |
|
4,196,834 |
| |
62,805 |
|
|
Porsche Automobil Holding SE (Preference) (Automobiles & Components)*,(b) |
|
3,554,949 |
| |
488,653 |
|
|
Schaeffler AG (Preference) (Automobiles & Components)(b) |
|
3,564,969 |
| |
181,879 |
|
|
Scout24 AG (Media & Entertainment)(a) |
|
15,633,859 |
| |
75,677 |
|
|
Siltronic AG (Semiconductors & Semiconductor Equipment) |
|
6,904,003 |
| |
97,575 |
|
|
Software AG (Software & Services) |
|
4,551,564 |
| |
3,922 |
|
|
zooplus AG (Retailing)* |
|
674,508 |
|
|
|
|
|
|
|
|
|
|
|
|
|
183,435,884 |
| |
|
| |
Hong Kong – 1.8% |
| |
2,106,400 |
|
|
AIA Group Ltd. (Insurance) |
|
18,993,290 |
| |
289,500 |
|
|
CLP Holdings Ltd. (Utilities) |
|
2,737,425 |
| |
432,200 |
|
|
Hong Kong Exchanges & Clearing Ltd. (Diversified Financials) |
|
20,578,406 |
| |
18,100 |
|
|
Jardine Matheson Holdings Ltd. (Capital Goods) |
|
740,241 |
| |
4,466 |
|
|
Link REIT (REIT) |
|
34,652 |
| |
1,204,000 |
|
|
Xinyi Glass Holdings Ltd. (Automobiles & Components) |
|
1,766,448 |
|
|
|
|
|
|
|
|
|
|
|
|
|
44,850,462 |
| |
|
| |
Ireland – 0.1% |
| |
57,682 |
|
|
Smurfit Kappa Group plc (Materials) |
|
1,948,677 |
| |
|
| |
Israel – 0.2% |
| |
256,249 |
|
|
Plus500 Ltd. (Diversified Financials) |
|
3,972,070 |
| |
|
| |
Italy – 3.8% |
| |
112,163 |
|
|
Anima Holding SpA (Diversified Financials)(a) |
|
506,048 |
| |
351,374 |
|
|
Azimut Holding SpA (Diversified Financials) |
|
6,694,154 |
| |
121,194 |
|
|
Banca Generali SpA (Diversified Financials) |
|
3,625,648 |
| |
2,636,103 |
|
|
Enel SpA (Utilities) |
|
24,148,087 |
| |
|
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Description |
|
Value |
|
| |
Common Stocks – (continued) |
| |
Italy – (continued) |
| |
98,290 |
|
|
Ferrari NV (Automobiles & Components) |
|
$ 17,575,689 |
| |
12,138,912 |
|
|
Intesa Sanpaolo SpA (Banks)* |
|
24,743,287 |
| |
645,646 |
|
|
Prysmian SpA (Capital Goods) |
|
16,510,273 |
|
|
|
|
|
|
|
|
|
|
|
|
|
93,803,186 |
| |
|
| |
Japan – 26.9% |
| |
64,100 |
|
|
AGC, Inc. (Capital Goods) |
|
1,801,909 |
| |
1,356,700 |
|
|
Astellas Pharma, Inc. (Pharmaceuticals, Biotechnology & Life Sciences) |
|
21,161,760 |
| |
36,500 |
|
|
Autobacs Seven Co. Ltd. (Retailing) |
|
425,271 |
| |
293,600 |
|
|
Benesse Holdings, Inc. (Consumer Services) |
|
7,657,111 |
| |
421,700 |
|
|
Chubu Electric Power Co., Inc. (Utilities) |
|
5,014,471 |
| |
421,200 |
|
|
Chugai Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |
|
19,016,862 |
| |
725,900 |
|
|
Dai Nippon Printing Co. Ltd. (Commercial & Professional Services) |
|
15,770,769 |
| |
39,500 |
|
|
DCM Holdings Co. Ltd. (Retailing) |
|
496,134 |
| |
1,000,400 |
|
|
DeNA Co. Ltd. (Media & Entertainment) |
|
11,285,373 |
| |
266,900 |
|
|
Dentsu Group, Inc. (Media & Entertainment) |
|
5,954,587 |
| |
9,200 |
|
|
Dowa Holdings Co. Ltd. (Materials) |
|
269,987 |
| |
28,000 |
|
|
EDION Corp. (Retailing) |
|
269,785 |
| |
206,400 |
|
|
Fujitsu Ltd. (Software & Services) |
|
27,635,962 |
| |
23,500 |
|
|
Hikari Tsushin, Inc. (Retailing) |
|
5,094,820 |
| |
443,800 |
|
|
Hitachi Ltd. (Technology Hardware & Equipment) |
|
13,293,606 |
| |
729,600 |
|
|
Honda Motor Co. Ltd. (Automobiles & Components) |
|
17,787,552 |
| |
190,800 |
|
|
Ibiden Co. Ltd. (Technology Hardware & Equipment) |
|
5,168,242 |
| |
27,300 |
|
|
Izumi Co. Ltd. (Retailing) |
|
1,052,553 |
| |
1,883 |
|
|
Japan Retail Fund Investment Corp. (REIT) |
|
2,264,109 |
| |
24,100 |
|
|
Kaken Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |
|
1,095,254 |
| |
38,500 |
|
|
Kamigumi Co. Ltd. (Transportation) |
|
702,653 |
| |
525,800 |
|
|
KDDI Corp. (Telecommunication Services) |
|
16,719,096 |
| |
492,300 |
|
|
Konami Holdings Corp. (Media & Entertainment) |
|
15,044,208 |
| |
398,400 |
|
|
K’s Holdings Corp. (Retailing) |
|
5,114,626 |
| |
962,100 |
|
|
LIXIL Group Corp. (Capital Goods) |
|
12,841,966 |
| |
328,200 |
|
|
M3, Inc. (Health Care Equipment & Services) |
|
16,853,916 |
| |
135,000 |
|
|
Matsumotokiyoshi Holdings Co. Ltd. (Food & Staples Retailing) |
|
4,509,859 |
| |
|
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND
Schedule of Investments
(continued)
July 31, 2020 (Unaudited)
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Description |
|
Value |
|
| |
Common Stocks – (continued) |
| |
Japan – (continued) |
| |
1,300,500 |
|
|
Mazda Motor Corp. (Automobiles & Components) |
|
$ 7,502,281 |
| |
72,700 |
|
|
MEIJI Holdings Co. Ltd. (Food, Beverage & Tobacco) |
|
5,708,729 |
| |
826,100 |
|
|
Mitsubishi Electric Corp. (Capital Goods) |
|
10,783,970 |
| |
210,000 |
|
|
Mitsubishi Materials Corp. (Materials) |
|
4,293,333 |
| |
327,900 |
|
|
NEC Corp. (Software & Services) |
|
18,370,785 |
| |
469,700 |
|
|
Nikon Corp. (Consumer Durables & Apparel) |
|
3,283,873 |
| |
38,000 |
|
|
Nintendo Co. Ltd. (Media & Entertainment) |
|
16,712,791 |
| |
526,400 |
|
|
Nippon Telegraph & Telephone Corp. (Telecommunication Services) |
|
12,218,513 |
| |
533,300 |
|
|
Nippon Yusen KK (Transportation) |
|
6,939,281 |
| |
89,400 |
|
|
Nitori Holdings Co. Ltd. (Retailing) |
|
19,572,908 |
| |
140,700 |
|
|
Nitto Denko Corp. (Materials) |
|
7,974,941 |
| |
2,200 |
|
|
NOK Corp. (Automobiles & Components) |
|
23,965 |
| |
599,600 |
|
|
Nomura Research Institute Ltd. (Software & Services) |
|
15,825,495 |
| |
86,900 |
|
|
NTT Data Corp. (Software & Services) |
|
987,988 |
| |
456,600 |
|
|
NTT DOCOMO, Inc. (Telecommunication Services) |
|
12,570,708 |
| |
32,000 |
|
|
Obayashi Corp. (Capital Goods) |
|
285,709 |
| |
8,200 |
|
|
Obic Co. Ltd. (Software & Services) |
|
1,470,502 |
| |
274,400 |
|
|
Ono Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |
|
7,712,669 |
| |
1,557,200 |
|
|
ORIX Corp. (Diversified Financials) |
|
16,841,304 |
| |
37,300 |
|
|
Osaka Gas Co. Ltd. (Utilities) |
|
691,605 |
| |
289,200 |
|
|
Pan Pacific International Holdings Corp. (Retailing) |
|
6,554,723 |
| |
907,400 |
|
|
Rakuten, Inc. (Retailing) |
|
8,338,390 |
| |
96,900 |
|
|
Rohm Co. Ltd. (Semiconductors & Semiconductor Equipment) |
|
6,222,309 |
| |
32,200 |
|
|
Rohto Pharmaceutical Co. Ltd. (Household & Personal Products) |
|
993,901 |
| |
109,200 |
|
|
Sankyo Co. Ltd. (Consumer Durables & Apparel) |
|
2,731,689 |
| |
34,500 |
|
|
Sawai Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |
|
1,638,925 |
| |
1,474,800 |
|
|
Sega Sammy Holdings, Inc. (Consumer Durables & Apparel) |
|
16,626,292 |
| |
26,400 |
|
|
Seino Holdings Co. Ltd. (Transportation) |
|
324,926 |
| |
89,400 |
|
|
Sekisui Chemical Co. Ltd. (Consumer Durables & Apparel) |
|
1,216,936 |
| |
|
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Description |
|
Value |
|
| |
Common Stocks – (continued) |
| |
Japan – (continued) |
| |
584,800 |
|
|
Seven & i Holdings Co. Ltd. (Food & Staples Retailing) |
|
$ 17,672,382 |
| |
60,400 |
|
|
Shimachu Co. Ltd. (Retailing) |
|
1,643,626 |
| |
157,100 |
|
|
Shionogi & Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |
|
9,346,032 |
| |
15,000 |
|
|
Ship Healthcare Holdings, Inc. (Health Care Equipment & Services) |
|
645,784 |
| |
842,300 |
|
|
Softbank Corp. (Telecommunication Services) |
|
11,275,201 |
| |
194,100 |
|
|
SoftBank Group Corp. (Telecommunication Services) |
|
12,242,486 |
| |
840,200 |
|
|
Subaru Corp. (Automobiles & Components) |
|
15,869,188 |
| |
124,800 |
|
|
Sugi Holdings Co. Ltd. (Food & Staples Retailing) |
|
9,017,511 |
| |
402,000 |
|
|
Sumitomo Corp. (Capital Goods) |
|
4,466,108 |
| |
46,300 |
|
|
Sumitomo Dainippon Pharma Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |
|
578,251 |
| |
922,400 |
|
|
Sumitomo Electric Industries Ltd. (Automobiles & Components) |
|
10,305,626 |
| |
125,500 |
|
|
Sumitomo Metal Mining Co. Ltd. (Materials) |
|
3,772,475 |
| |
317,100 |
|
|
Sumitomo Mitsui Trust Holdings, Inc. (Banks) |
|
8,141,256 |
| |
79,300 |
|
|
Sundrug Co. Ltd. (Food & Staples Retailing) |
|
2,698,653 |
| |
209,200 |
|
|
T&D Holdings, Inc. (Insurance) |
|
1,722,027 |
| |
719,300 |
|
|
Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |
|
26,086,715 |
| |
193,200 |
|
|
Teijin Ltd. (Materials) |
|
2,790,143 |
| |
664,900 |
|
|
TIS, Inc. (Software & Services) |
|
14,239,226 |
| |
82,100 |
|
|
Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment) |
|
22,718,490 |
| |
860,400 |
|
|
Toppan Printing Co. Ltd. (Commercial & Professional Services) |
|
12,898,614 |
| |
36,300 |
|
|
Toyo Seikan Group Holdings Ltd. (Materials) |
|
397,611 |
| |
10,400 |
|
|
Toyo Suisan Kaisha Ltd. (Food, Beverage & Tobacco) |
|
632,271 |
| |
266 |
|
|
United Urban Investment Corp. (REIT) |
|
258,677 |
| |
1,522,100 |
|
|
Yamada Denki Co. Ltd. (Retailing) |
|
6,603,778 |
| |
1,741,000 |
|
|
Z Holdings Corp. (Media & Entertainment) |
|
9,258,180 |
| |
7,200 |
|
|
Zenkoku Hosho Co. Ltd. (Diversified Financials) |
|
251,643 |
|
|
|
|
|
|
|
|
|
|
|
|
|
654,253,836 |
| |
|
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND
Schedule of Investments
(continued)
July 31, 2020 (Unaudited)
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Description |
|
Value |
|
| |
Common Stocks – (continued) |
| |
Luxembourg – 0.6% |
| |
21,013 |
|
|
Eurofins Scientific SE (Pharmaceuticals, Biotechnology & Life Sciences)* |
|
$ 13,753,563 |
| |
|
| |
Netherlands – 7.1% |
| |
122,484 |
|
|
ASM International NV (Semiconductors & Semiconductor Equipment) |
|
18,736,171 |
| |
110,789 |
|
|
ASML Holding NV (Semiconductors & Semiconductor Equipment) |
|
39,389,661 |
| |
161,260 |
|
|
BE Semiconductor Industries NV (Semiconductors & Semiconductor Equipment) |
|
7,210,212 |
| |
46,686 |
|
|
Euronext NV (Diversified Financials)(a) |
|
5,393,059 |
| |
14,128 |
|
|
IMCD NV (Capital Goods) |
|
1,460,942 |
| |
800,840 |
|
|
Koninklijke Ahold Delhaize NV (Food & Staples Retailing) |
|
23,064,877 |
| |
146,489 |
|
|
Koninklijke DSM NV (Materials) |
|
22,422,464 |
| |
361,158 |
|
|
Koninklijke Philips NV (Health Care Equipment & Services)* |
|
18,661,350 |
| |
553,544 |
|
|
Signify NV (Capital Goods)*(a) |
|
16,608,120 |
| |
261,973 |
|
|
Wolters Kluwer NV (Commercial & Professional Services) |
|
20,632,401 |
|
|
|
|
|
|
|
|
|
|
|
|
|
173,579,257 |
| |
|
| |
New Zealand – 0.8% |
| |
269,842 |
|
|
a2 Milk Co. Ltd. (Food, Beverage & Tobacco)* |
|
3,760,201 |
| |
160,818 |
|
|
Fisher & Paykel Healthcare Corp. Ltd. (Health Care Equipment & Services) |
|
3,852,301 |
| |
172,954 |
|
|
Xero Ltd. (Software & Services)* |
|
11,085,272 |
|
|
|
|
|
|
|
|
|
|
|
|
|
18,697,774 |
| |
|
| |
Norway – 2.0% |
| |
901,147 |
|
|
DNB ASA (Banks) |
|
13,841,030 |
| |
706,624 |
|
|
Leroy Seafood Group ASA (Food, Beverage & Tobacco) |
|
4,096,632 |
| |
1,639,623 |
|
|
Orkla ASA (Food, Beverage & Tobacco) |
|
16,127,065 |
| |
149,517 |
|
|
Salmar ASA (Food, Beverage & Tobacco)* |
|
7,111,183 |
| |
211,711 |
|
|
Yara International ASA (Materials) |
|
8,930,793 |
|
|
|
|
|
|
|
|
|
|
|
|
|
50,106,703 |
| |
|
| |
Singapore – 0.7% |
| |
540,200 |
|
|
DBS Group Holdings Ltd. (Banks) |
|
7,803,544 |
| |
1,785,100 |
|
|
Singapore Exchange Ltd. (Diversified Financials) |
|
10,648,701 |
|
|
|
|
|
|
|
|
|
|
|
|
|
18,452,245 |
| |
|
| |
South Africa – 0.9% |
| |
867,313 |
|
|
Anglo American plc (Materials) |
|
20,995,985 |
| |
|
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Description |
|
Value |
|
| |
Common Stocks – (continued) |
| |
Spain – 0.8% |
| |
638,711 |
|
|
ACS Actividades de Construccion y Servicios SA (Capital Goods) |
|
$ 14,815,862 |
| |
1,805,166 |
|
|
Banco Santander SA (Banks) |
|
3,871,128 |
|
|
|
|
|
|
|
|
|
|
|
|
|
18,686,990 |
| |
|
| |
Sweden – 4.1% |
| |
109,099 |
|
|
Betsson AB (Consumer Services)* |
|
822,614 |
| |
605,979 |
|
|
Boliden AB (Materials) |
|
16,548,188 |
| |
369,271 |
|
|
Electrolux ABSeries B (Consumer Durables & Apparel) |
|
6,939,957 |
| |
610,131 |
|
|
Essity AB Class B (Household & Personal Products)* |
|
20,130,919 |
| |
411,493 |
|
|
Getinge AB Class B (Health Care Equipment & Services) |
|
9,939,448 |
| |
71,903 |
|
|
Hexpol AB (Materials)* |
|
478,413 |
| |
106,312 |
|
|
Husqvarna AB Class B (Consumer Durables & Apparel) |
|
1,017,405 |
| |
33,235 |
|
|
Investor AB Class A (Diversified Financials) |
|
1,958,255 |
| |
360,227 |
|
|
Investor AB Class B (Diversified Financials) |
|
21,373,938 |
| |
116,137 |
|
|
Lundin Energy AB (Energy) |
|
2,708,969 |
| |
64,031 |
|
|
Nobia AB (Consumer Durables & Apparel)* |
|
379,898 |
| |
222,709 |
|
|
SKF AB Class B (Capital Goods) |
|
4,122,975 |
| |
174,814 |
|
|
Swedish Match AB (Food, Beverage & Tobacco) |
|
13,469,205 |
|
|
|
|
|
|
|
|
|
|
|
|
|
99,890,184 |
| |
|
| |
Switzerland – 11.4% |
| |
9,890 |
|
|
Bachem Holding AG (Registered) Class B (Pharmaceuticals, Biotechnology & Life Sciences) |
|
2,977,089 |
| |
42,771 |
|
|
Lonza Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences) |
|
26,746,223 |
| |
556,460 |
|
|
Nestle SA (Registered) (Food, Beverage & Tobacco) |
|
66,175,203 |
| |
591,632 |
|
|
Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences) |
|
48,731,121 |
| |
180,832 |
|
|
Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences) |
|
62,632,350 |
| |
152 |
|
|
SGS SA (Registered) (Commercial & Professional Services) |
|
398,066 |
| |
75,844 |
|
|
Sonova Holding AG (Registered) (Health Care Equipment & Services)* |
|
17,148,647 |
| |
435,352 |
|
|
STMicroelectronics NV (Semiconductors & Semiconductor Equipment) |
|
12,315,097 |
| |
|
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND
Schedule of Investments
(continued)
July 31, 2020 (Unaudited)
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Description |
|
Value |
|
| |
Common Stocks – (continued) |
| |
Switzerland – (continued) |
| |
34,939 |
|
|
Tecan Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences) |
|
$ 14,653,216 |
| |
1,315 |
|
|
VAT Group AG (Capital Goods)*(a) |
|
250,757 |
| |
71,703 |
|
|
Zurich Insurance Group AG (Insurance) |
|
26,515,983 |
|
|
|
|
|
|
|
|
|
|
|
|
|
278,543,752 |
| |
|
| |
United Kingdom – 9.6% |
| |
153,887 |
|
|
3i Group plc (Diversified Financials) |
|
1,771,314 |
| |
73,814 |
|
|
AstraZeneca plc ADR (Pharmaceuticals, Biotechnology & Life Sciences) |
|
4,117,345 |
| |
4,786,086 |
|
|
Aviva plc (Insurance) |
|
16,459,611 |
| |
669,500 |
|
|
B&M European Value Retail SA (Retailing) |
|
4,025,222 |
| |
859,349 |
|
|
Barratt Developments plc (Consumer Durables & Apparel) |
|
5,708,369 |
| |
989,349 |
|
|
boohoo Group plc (Retailing)* |
|
3,347,350 |
| |
786,069 |
|
|
British American Tobacco plc (Food, Beverage & Tobacco) |
|
25,978,264 |
| |
3,185,928 |
|
|
BT Group plc (Telecommunication Services) |
|
4,093,761 |
| |
1,225,500 |
|
|
CK Hutchison Holdings Ltd. (Capital Goods) |
|
8,002,271 |
| |
511,525 |
|
|
ConvaTec Group plc (Health Care Equipment & Services)(a) |
|
1,359,462 |
| |
842,851 |
|
|
Diageo plc (Food, Beverage & Tobacco) |
|
30,840,471 |
| |
207,569 |
|
|
Dialog Semiconductor plc (Semiconductors & Semiconductor Equipment)* |
|
9,729,786 |
| |
2,594,874 |
|
|
Direct Line Insurance Group plc (Insurance) |
|
10,041,349 |
| |
593,727 |
|
|
Experian plc (Commercial & Professional Services) |
|
20,738,954 |
| |
600,603 |
|
|
Fiat Chrysler Automobiles NV (Automobiles & Components)* |
|
6,105,964 |
| |
22,488 |
|
|
Games Workshop Group plc (Consumer Durables & Apparel) |
|
2,581,154 |
| |
55,345 |
|
|
Greggs plc (Consumer Services) |
|
860,695 |
| |
217,674 |
|
|
GVC Holdings plc (Consumer Services) |
|
1,883,860 |
| |
91,420 |
|
|
IG Group Holdings plc (Diversified Financials) |
|
873,758 |
| |
958,811 |
|
|
Imperial Brands plc (Food, Beverage & Tobacco) |
|
15,974,563 |
| |
41,879 |
|
|
Intertek Group plc (Commercial & Professional Services) |
|
2,945,312 |
| |
2,585,048 |
|
|
Lloyds Banking Group plc (Banks) |
|
880,753 |
| |
101,808 |
|
|
London Stock Exchange Group plc (Diversified Financials) |
|
11,245,603 |
| |
358,823 |
|
|
Moneysupermarket.com Group plc (Retailing) |
|
1,374,662 |
| |
|
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Description |
|
Value |
|
| |
Common Stocks – (continued) |
| |
United Kingdom – (continued) |
| |
33,715 |
|
|
Reckitt Benckiser Group plc (Household & Personal Products) |
|
$ 3,380,591 |
| |
983,114 |
|
|
RELX plc (Commercial & Professional Services) |
|
20,696,691 |
| |
561,475 |
|
|
Rentokil Initial plc (Commercial & Professional Services) |
|
3,917,048 |
| |
41,926 |
|
|
Tate & Lyle plc (Food, Beverage & Tobacco) |
|
356,847 |
| |
193,443 |
|
|
Unilever plc ADR (Household & Personal Products)(c) |
|
11,699,433 |
| |
140,745 |
|
|
Vodafone Group plc ADR (Telecommunication Services) |
|
2,139,324 |
|
|
|
|
|
|
|
|
|
|
|
|
|
233,129,787 |
| |
|
| |
United States – 0.1% |
| |
184,658 |
|
|
Carnival plc ADR (Consumer
Services)(c) |
|
2,075,556 |
| |
|
|
TOTAL INVESTMENTS BEFORE SECURITIES
LENDING REINVESTMENT VEHICLE
(Cost $2,209,754,975) |
|
$2,417,157,714 |
| |
|
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Dividend
Rate |
|
Value |
|
| |
Securities Lending Reinvestment Vehicle(d) – 0.6% |
|
Goldman Sachs Financial Square Government Fund —
Institutional
Shares |
| |
13,632,119 |
|
|
0.130% |
|
$ 13,632,119 |
| |
(Cost $13,632,119) |
| |
|
|
TOTAL INVESTMENTS – 99.8%
(Cost $2,223,387,094) |
|
$2,430,789,833 |
| |
|
|
OTHER ASSETS IN EXCESS OF
LIABILITIES –
0.2% |
|
4,985,430 |
| |
|
| |
NET ASSETS – 100.0% |
|
$2,435,775,263 |
| |
|
|
|
|
|
| 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. |
|
|
| (c) |
|
All or a portion of security is on loan. |
|
|
| (d) |
|
Represents an Affiliated Issuer. |
|
|
|
| |
| Investment Abbreviations: |
| ADR |
|
— American Depositary Receipt |
| REIT |
|
— Real Estate Investment Trust |
| |
|
| For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com. |
GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND
Schedule of Investments
July 31, 2020 (Unaudited)
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Description |
|
Value |
|
| |
Common Stocks – 99.0% |
| |
Australia – 9.5% |
| |
62,868 |
|
|
AUB Group Ltd. (Insurance) |
|
$ 585,705 |
| |
18,510,232 |
|
|
Beach Energy Ltd. (Energy) |
|
18,550,857 |
| |
837,798 |
|
|
Breville Group Ltd. (Consumer Durables & Apparel) |
|
15,451,601 |
| |
2,109,616 |
|
|
BWP Trust (REIT) |
|
5,783,325 |
| |
682,843 |
|
|
carsales.com Ltd. (Media & Entertainment) |
|
8,926,876 |
| |
20,006 |
|
|
Cedar Woods Properties Ltd. (Real Estate) |
|
72,768 |
| |
539,669 |
|
|
Centuria Industrial REIT (REIT) |
|
1,261,819 |
| |
3,659,220 |
|
|
Charter Hall Group (REIT) |
|
27,279,420 |
| |
26,854 |
|
|
Data#3 Ltd. (Software & Services) |
|
108,436 |
| |
243,902 |
|
|
GDI Property Group (REIT) |
|
186,333 |
| |
5,420,902 |
|
|
Genworth Mortgage Insurance Australia Ltd. (Banks) |
|
6,557,849 |
| |
4,021,236 |
|
|
Gold Road Resources Ltd. (Materials)* |
|
5,413,375 |
| |
44,398 |
|
|
Harvey Norman Holdings Ltd. (Retailing) |
|
117,372 |
| |
7,876,415 |
|
|
IGO Ltd. (Materials) |
|
25,925,516 |
| |
405,200 |
|
|
Ingenia Communities Group (REIT) |
|
1,369,893 |
| |
399,239 |
|
|
Integrated Research Ltd. (Software & Services) |
|
1,159,306 |
| |
47,828 |
|
|
IOOF Holdings Ltd. (Diversified Financials) |
|
155,216 |
| |
3,871,733 |
|
|
IPH Ltd. (Commercial & Professional Services) |
|
20,517,079 |
| |
741,999 |
|
|
Kogan.com Ltd. (Retailing)(a) |
|
8,827,243 |
| |
78,224 |
|
|
Lifestyle Communities Ltd. (Real Estate) |
|
482,827 |
| |
1,585,129 |
|
|
Mineral Resources Ltd. (Materials) |
|
29,188,348 |
| |
544,873 |
|
|
OZ Minerals Ltd. (Materials) |
|
5,288,469 |
| |
1,459,135 |
|
|
Pendal Group Ltd. (Diversified Financials) |
|
6,030,921 |
| |
8,605,500 |
|
|
Perseus Mining Ltd. (Materials)* |
|
9,796,289 |
| |
993,470 |
|
|
Pro Medicus Ltd. (Health Care Equipment & Services) |
|
16,980,038 |
| |
4,871,239 |
|
|
Ramelius Resources Ltd. (Materials) |
|
7,700,461 |
| |
7,352,174 |
|
|
Regis Resources Ltd. (Materials) |
|
29,958,585 |
| |
340,961 |
|
|
Rural Funds Group (REIT) |
|
497,426 |
| |
771,956 |
|
|
Sandfire Resources Ltd. (Materials) |
|
2,623,607 |
| |
1,544,596 |
|
|
Select Harvests Ltd. (Food, Beverage & Tobacco) |
|
6,595,383 |
| |
4,209,748 |
|
|
Silver Lake Resources Ltd.
(Materials)* |
|
7,534,959 |
| |
772,052 |
|
|
SmartGroup Corp. Ltd. (Commercial & Professional Services) |
|
3,321,313 |
| |
1,680,985 |
|
|
Webjet Ltd. (Retailing)(a) |
|
3,356,755 |
| |
1,981,851 |
|
|
Western Areas Ltd. (Materials) |
|
3,399,653 |
| |
4,198,873 |
|
|
Westgold Resources Ltd. (Materials)* |
|
7,218,998 |
|
|
|
|
|
|
|
|
|
|
|
|
|
288,224,021 |
| |
|
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Description |
|
Value |
|
| |
Common Stocks – (continued) |
| |
Austria – 0.2% |
| |
11,704 |
|
|
AT&S Austria Technologie & Systemtechnik AG (Technology Hardware & Equipment) |
|
$ 221,365 |
| |
125,898 |
|
|
IMMOFINANZ AG (Real Estate)* |
|
2,076,652 |
| |
28,061 |
|
|
Oesterreichische Post AG (Transportation)(a) |
|
897,428 |
| |
52,196 |
|
|
UNIQA Insurance Group AG (Insurance) |
|
329,937 |
| |
129,398 |
|
|
Wienerberger AG (Materials)* |
|
2,967,703 |
| |
29,414 |
|
|
Zumtobel Group AG (Capital Goods) |
|
224,207 |
|
|
|
|
|
|
|
|
|
|
|
|
|
6,717,292 |
| |
|
| |
Belgium – 1.4% |
| |
3,645 |
|
|
Aedifica SA (REIT) |
|
420,007 |
| |
65,654 |
|
|
Bekaert SA (Materials) |
|
1,278,286 |
| |
705,120 |
|
|
bpost SA (Transportation) |
|
4,586,414 |
| |
206,671 |
|
|
D’ieteren SA/NV (Retailing) |
|
11,156,563 |
| |
56,958 |
|
|
Gimv NV (Diversified Financials) |
|
3,069,183 |
| |
134,888 |
|
|
KBC Ancora (Diversified Financials)* |
|
4,510,547 |
| |
131,522 |
|
|
Orange Belgium SA (Telecommunication Services) |
|
2,202,155 |
| |
526,116 |
|
|
Warehouses De Pauw CVA (REIT) |
|
16,931,778 |
|
|
|
|
|
|
|
|
|
|
|
|
|
44,154,933 |
| |
|
| |
China – 0.4% |
| |
17,248,000 |
|
|
CITIC Telecom International Holdings Ltd. (Telecommunication Services) |
|
5,475,060 |
| |
773,000 |
|
|
Kerry Logistics Network Ltd. (Transportation) |
|
1,267,034 |
| |
4,573,000 |
|
|
SITC International Holdings Co. Ltd. (Transportation) |
|
4,587,473 |
|
|
|
|
|
|
|
|
|
|
|
|
|
11,329,567 |
| |
|
| |
Denmark – 0.5% |
| |
30,900 |
|
|
Chemometec A/S (Pharmaceuticals, Biotechnology & Life Sciences) |
|
1,766,633 |
| |
162,955 |
|
|
Per Aarsleff Holding A/S (Capital Goods) |
|
6,240,703 |
| |
25,467 |
|
|
Royal Unibrew A/S (Food, Beverage & Tobacco)* |
|
2,576,441 |
| |
376,774 |
|
|
Scandinavian Tobacco Group A/S Class A (Food, Beverage & Tobacco)(b) |
|
5,541,705 |
|
|
|
|
|
|
|
|
|
|
|
|
|
16,125,482 |
| |
|
| |
Finland – 2.5% |
| |
1,643,127 |
|
|
Kesko OYJ Class B (Food & Staples Retailing) |
|
34,840,888 |
| |
117,243 |
|
|
Rovio Entertainment OYJ (Media & Entertainment)(a)(b) |
|
785,279 |
| |
363,765 |
|
|
Uponor OYJ (Capital Goods) |
|
6,092,427 |
| |
1,179,210 |
|
|
Valmet OYJ (Capital Goods) |
|
33,037,131 |
|
|
|
|
|
|
|
|
|
|
|
|
|
74,755,725 |
| |
|
GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND
Schedule of Investments
(continued)
July 31, 2020 (Unaudited)
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Description |
|
Value |
|
| |
Common Stocks – (continued) |
| |
France – 2.4% |
| |
96,907 |
|
|
Adevinta ASA (Media &
Entertainment)* |
|
$ 1,551,225 |
| |
60,519 |
|
|
Albioma SA (Utilities) |
|
2,705,494 |
| |
17,299 |
|
|
Alten SA (Software & Services)* |
|
1,356,308 |
| |
1,386,296 |
|
|
Coface SA (Insurance)* |
|
10,994,638 |
| |
588,800 |
|
|
Cromwell European REIT (REIT) |
|
299,813 |
| |
446,687 |
|
|
Derichebourg SA (Commercial & Professional Services) |
|
1,291,529 |
| |
48,195 |
|
|
Elis SA (Commercial & Professional Services)* |
|
585,565 |
| |
23,753 |
|
|
IPSOS (Media & Entertainment) |
|
630,437 |
| |
82,182 |
|
|
Kaufman & Broad SA (Consumer Durables & Apparel) |
|
3,548,129 |
| |
7,730 |
|
|
Mersen SA (Capital Goods)* |
|
208,536 |
| |
149,450 |
|
|
Nexans SA (Capital Goods)* |
|
7,789,298 |
| |
340,666 |
|
|
Quadient (Technology Hardware & Equipment) |
|
5,036,603 |
| |
2,517,594 |
|
|
Rexel SA (Capital Goods)* |
|
29,880,456 |
| |
53,466 |
|
|
Societe BIC SA (Commercial & Professional Services) |
|
3,167,451 |
| |
30,753 |
|
|
Sopra Steria Group (Software & Services)* |
|
4,592,162 |
|
|
|
|
|
|
|
|
|
|
|
|
|
73,637,644 |
| |
|
| |
Germany – 7.1% |
| |
172,659 |
|
|
ADVA Optical Networking SE (Technology Hardware & Equipment)* |
|
1,439,086 |
| |
904,014 |
|
|
alstria office REIT-AG (REIT) |
|
13,513,369 |
| |
334,235 |
|
|
Aurubis AG (Materials) |
|
22,291,139 |
| |
94,726 |
|
|
Bechtle AG (Software & Services) |
|
18,435,811 |
| |
9,814 |
|
|
CropEnergies AG (Energy) |
|
105,546 |
| |
221,317 |
|
|
Deutz AG (Capital Goods)* |
|
1,108,899 |
| |
326,564 |
|
|
Eckert & Ziegler Strahlen- und Medizintechnik AG (Health Care Equipment & Services) |
|
17,348,891 |
| |
45,707 |
|
|
Elmos Semiconductor SE (Semiconductors & Semiconductor Equipment) |
|
1,120,270 |
| |
16,376 |
|
|
Evotec SE (Pharmaceuticals, Biotechnology & Life Sciences)* |
|
433,269 |
| |
275,854 |
|
|
Freenet AG (Telecommunication Services) |
|
4,708,407 |
| |
283,371 |
|
|
Gerresheimer AG (Pharmaceuticals, Biotechnology & Life Sciences) |
|
32,598,694 |
| |
283,349 |
|
|
Hamburger Hafen und Logistik AG (Transportation) |
|
4,893,757 |
| |
370,952 |
|
|
HelloFresh SE (Retailing)* |
|
20,196,426 |
| |
24,164 |
|
|
Hornbach Baumarkt AG (Retailing) |
|
888,082 |
| |
778 |
|
|
Hornbach Holding AG & Co. KGaA (Retailing) |
|
74,874 |
| |
79,113 |
|
|
Jenoptik AG (Technology Hardware & Equipment) |
|
1,982,550 |
| |
|
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Description |
|
Value |
|
| |
Common Stocks – (continued) |
| |
Germany – (continued) |
| |
365,842 |
|
|
Jungheinrich AG (Preference) (Capital Goods)(c) |
|
$ 11,173,995 |
| |
162,013 |
|
|
MorphoSys AG (Pharmaceuticals, Biotechnology & Life Sciences)* |
|
20,798,125 |
| |
19,221 |
|
|
New Work SE (Media & Entertainment) |
|
6,271,661 |
| |
119,521 |
|
|
Siltronic AG (Semiconductors & Semiconductor Equipment) |
|
10,903,886 |
| |
277,567 |
|
|
Software AG (Software & Services) |
|
12,947,618 |
| |
2,779 |
|
|
Stabilus SA (Capital Goods) |
|
139,880 |
| |
2,140 |
|
|
STO SE & Co. KGaA (Preference) (Materials)(c) |
|
244,771 |
| |
526,261 |
|
|
Takkt AG (Retailing) |
|
6,481,058 |
| |
29,695 |
|
|
zooplus AG (Retailing)* |
|
5,106,967 |
|
|
|
|
|
|
|
|
|
|
|
|
|
215,207,031 |
| |
|
| |
Guernsey – 0.0% |
| |
161,491 |
|
|
UK Commercial Property REIT Ltd. (REIT) |
|
144,959 |
| |
|
| |
Hong Kong – 0.8% |
| |
1,133,000 |
|
|
Hang Lung Group Ltd. (Real Estate) |
|
2,741,861 |
| |
460,000 |
|
|
Johnson Electric Holdings Ltd. (Automobiles & Components) |
|
846,588 |
| |
4,224,000 |
|
|
K Wah International Holdings Ltd. (Real Estate) |
|
1,782,690 |
| |
777,000 |
|
|
Luk Fook Holdings International Ltd. (Retailing) |
|
1,666,733 |
| |
8,066,800 |
|
|
Man Wah Holdings Ltd. (Consumer Durables & Apparel) |
|
9,162,049 |
| |
6,822,000 |
|
|
Shun Tak Holdings Ltd. (Capital Goods) |
|
2,457,759 |
| |
653,000 |
|
|
Sun Hung Kai & Co. Ltd. (Diversified Financials) |
|
252,128 |
| |
4,410,000 |
|
|
United Laboratories International Holdings Ltd. (The) (Pharmaceuticals, Biotechnology & Life Sciences)(a) |
|
4,116,028 |
| |
4,341,000 |
|
|
Value Partners Group Ltd. (Diversified Financials) |
|
2,187,262 |
|
|
|
|
|
|
|
|
|
|
|
|
|
25,213,098 |
| |
|
| |
Ireland – 0.2% |
| |
598,478 |
|
|
C&C Group plc (Food, Beverage & Tobacco) |
|
1,809,159 |
| |
2,707,105 |
|
|
Greencore Group plc (Food, Beverage & Tobacco) |
|
4,515,160 |
|
|
|
|
|
|
|
|
|
|
|
|
|
6,324,319 |
| |
|
| |
Israel – 0.9% |
| |
2,054 |
|
|
Blue Square Real Estate Ltd. (Real Estate) |
|
77,684 |
| |
35,882 |
|
|
Mivne Real Estate KD Ltd. (Real
Estate)* |
|
70,212 |
| |
1,669,586 |
|
|
Plus500 Ltd. (Diversified Financials) |
|
25,879,955 |
| |
|
GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND
Schedule of Investments
(continued)
July 31, 2020 (Unaudited)
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Description |
|
Value |
|
| |
Common Stocks – (continued) |
| |
Israel – (continued) |
| |
16,858 |
|
|
Summit Real Estate Holdings Ltd. (Real Estate) |
|
$ 147,430 |
|
|
|
|
|
|
|
|
|
|
|
|
|
26,175,281 |
| |
|
| |
Italy – 3.2% |
| |
3,666,494 |
|
|
Anima Holding SpA (Diversified Financials)(b) |
|
16,542,183 |
| |
268,333 |
|
|
ASTM SpA (Transportation)* |
|
5,704,309 |
| |
1,639,218 |
|
|
Azimut Holding SpA (Diversified Financials) |
|
31,229,340 |
| |
680,852 |
|
|
Banca Generali SpA (Diversified Financials) |
|
20,368,414 |
| |
77,208 |
|
|
Biesse SpA (Capital Goods)* |
|
1,108,220 |
| |
217,055 |
|
|
Buzzi Unicem SpA (Materials) |
|
4,938,377 |
| |
347,531 |
|
|
Interpump Group SpA (Capital Goods) |
|
11,427,791 |
| |
59,001 |
|
|
Reply SpA (Software & Services) |
|
5,428,775 |
| |
109,464 |
|
|
Tinexta Spa (Commercial & Professional Services)* |
|
1,864,517 |
|
|
|
|
|
|
|
|
|
|
|
|
|
98,611,926 |
| |
|
| |
Japan – 32.1% |
| |
1,068 |
|
|
Activia Properties, Inc. (REIT) |
|
3,514,643 |
| |
177,000 |
|
|
ADEKA Corp. (Materials) |
|
2,350,889 |
| |
2,600 |
|
|
Aichi Steel Corp. (Materials) |
|
62,382 |
| |
4,700 |
|
|
Alpha Systems, Inc. (Software & Services) |
|
176,489 |
| |
701,300 |
|
|
Alps Alpine Co. Ltd. (Technology Hardware & Equipment) |
|
8,840,647 |
| |
15,300 |
|
|
Arata Corp. (Retailing) |
|
725,678 |
| |
230,100 |
|
|
Arcland Sakamoto Co. Ltd. (Retailing) |
|
4,264,510 |
| |
30,900 |
|
|
Arcs Co. Ltd. (Food & Staples Retailing) |
|
716,938 |
| |
30,000 |
|
|
Argo Graphics, Inc. (Software & Services) |
|
915,465 |
| |
40,700 |
|
|
Asahi Holdings, Inc. (Materials) |
|
1,418,036 |
| |
146,900 |
|
|
ASKUL Corp. (Retailing) |
|
4,451,230 |
| |
192,500 |
|
|
Autobacs Seven Co. Ltd. (Retailing) |
|
2,242,865 |
| |
6,400 |
|
|
Axial Retailing, Inc. (Food & Staples Retailing) |
|
270,541 |
| |
120,800 |
|
|
BayCurrent Consulting, Inc. (Commercial & Professional Services) |
|
14,632,568 |
| |
22,800 |
|
|
Belc Co. Ltd. (Food & Staples Retailing) |
|
1,642,459 |
| |
660,800 |
|
|
Bunka Shutter Co. Ltd. (Capital Goods) |
|
4,344,142 |
| |
80,700 |
|
|
Capcom Co. Ltd. (Media & Entertainment) |
|
3,171,576 |
| |
49,600 |
|
|
Cawachi Ltd. (Food & Staples Retailing) |
|
1,491,014 |
| |
199,800 |
|
|
Central Glass Co. Ltd. (Capital Goods) |
|
3,614,642 |
| |
14,300 |
|
|
Chiyoda Integre Co. Ltd. (Capital Goods) |
|
229,571 |
| |
5,300 |
|
|
Chudenko Corp. (Capital Goods) |
|
110,245 |
| |
|
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Description |
|
Value |
|
| |
Common Stocks – (continued) |
| |
Japan – (continued) |
| |
142,100 |
|
|
cocokara fine, Inc. (Food & Staples Retailing) |
|
$ 7,732,930 |
| |
105,500 |
|
|
COLOPL, Inc. (Media & Entertainment) |
|
920,167 |
| |
326,300 |
|
|
Computer Engineering & Consulting Ltd. (Software & Services) |
|
4,687,366 |
| |
83,200 |
|
|
CONEXIO Corp. (Technology Hardware & Equipment) |
|
1,010,193 |
| |
31,800 |
|
|
Create SD Holdings Co. Ltd. (Food & Staples Retailing) |
|
1,141,614 |
| |
39,200 |
|
|
Daiichi Jitsugyo Co. Ltd. (Capital Goods) |
|
1,307,205 |
| |
69,600 |
|
|
Daiichikosho Co. Ltd. (Media & Entertainment) |
|
1,875,691 |
| |
735 |
|
|
Daiwa Office Investment Corp. (REIT) |
|
3,853,348 |
| |
2,084,700 |
|
|
DCM Holdings Co. Ltd. (Retailing) |
|
26,184,580 |
| |
169,300 |
|
|
Demae-Can Co. Ltd. (Retailing) |
|
2,522,902 |
| |
2,285,100 |
|
|
DeNA Co. Ltd. (Media & Entertainment) |
|
25,777,896 |
| |
311,700 |
|
|
Denka Co. Ltd. (Materials) |
|
7,496,051 |
| |
408,800 |
|
|
Dexerials Corp. (Technology Hardware & Equipment) |
|
3,722,520 |
| |
191,900 |
|
|
DIC Corp. (Materials) |
|
4,619,924 |
| |
1,100 |
|
|
Digital Arts, Inc. (Software & Services) |
|
91,201 |
| |
45,200 |
|
|
Doshisha Co. Ltd. (Retailing) |
|
714,951 |
| |
137,900 |
|
|
Dowa Holdings Co. Ltd. (Materials) |
|
4,046,866 |
| |
600,100 |
|
|
DTS Corp. (Software & Services) |
|
11,483,306 |
| |
12,200 |
|
|
Eagle Industry Co. Ltd. (Automobiles & Components) |
|
72,483 |
| |
38,500 |
|
|
Earth Corp. (Household & Personal Products) |
|
2,644,112 |
| |
198,300 |
|
|
Ebara Corp. (Capital Goods) |
|
4,710,626 |
| |
760,500 |
|
|
EDION Corp. (Retailing) |
|
7,327,544 |
| |
30,500 |
|
|
Eiken Chemical Co. Ltd. (Health Care Equipment & Services) |
|
542,437 |
| |
321,700 |
|
|
EPS Holdings, Inc. (Pharmaceuticals, Biotechnology & Life Sciences) |
|
2,768,292 |
| |
105,700 |
|
|
FAN Communications, Inc. (Media & Entertainment) |
|
423,758 |
| |
15,000 |
|
|
FCC Co. Ltd. (Automobiles & Components) |
|
232,127 |
| |
170,600 |
|
|
Financial Products Group Co. Ltd. (Diversified Financials) |
|
766,416 |
| |
17,900 |
|
|
FP Corp. (Materials) |
|
1,448,688 |
| |
105,300 |
|
|
Fujibo Holdings, Inc. (Consumer Durables & Apparel) |
|
3,071,506 |
| |
108,600 |
|
|
Fujimi, Inc. (Materials) |
|
3,793,943 |
| |
3,006 |
|
|
Fukuoka REIT Corp. (REIT) |
|
3,488,857 |
| |
57,000 |
|
|
Fuyo General Lease Co. Ltd. (Diversified Financials) |
|
3,226,554 |
| |
653,100 |
|
|
Glory Ltd. (Capital Goods) |
|
14,236,568 |
| |
|
GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND
Schedule of Investments
(continued)
July 31, 2020 (Unaudited)
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Description |
|
Value |
|
| |
Common Stocks – (continued) |
| |
Japan – (continued) |
| |
437,000 |
|
|
Goldcrest Co. Ltd. (Real Estate) |
|
$ 5,405,379 |
| |
81,600 |
|
|
Grace Technology, Inc. (Commercial & Professional Services)(a) |
|
4,259,303 |
| |
1,611,700 |
|
|
Gree, Inc. (Media & Entertainment) |
|
6,643,963 |
| |
120,800 |
|
|
GS Yuasa Corp. (Capital Goods) |
|
1,878,427 |
| |
266,300 |
|
|
H.U. Group Holdings, Inc. (Health Care Equipment & Services) |
|
5,992,368 |
| |
55,400 |
|
|
Hamakyorex Co. Ltd. (Transportation) |
|
1,651,083 |
| |
1,753 |
|
|
Hankyu Hanshin REIT, Inc. (REIT) |
|
1,887,502 |
| |
11,700 |
|
|
Hanwa Co. Ltd. (Capital Goods) |
|
207,904 |
| |
13,659 |
|
|
Heiwa Real Estate REIT, Inc. (REIT) |
|
14,154,771 |
| |
133,100 |
|
|
Hitachi Transport System Ltd. (Transportation) |
|
3,919,239 |
| |
323,400 |
|
|
Hogy Medical Co. Ltd. (Health Care Equipment & Services) |
|
9,746,932 |
| |
1,817,400 |
|
|
Hokuetsu Corp. (Materials) |
|
6,085,324 |
| |
1,878 |
|
|
Hoshino Resorts REIT, Inc. (REIT) |
|
7,274,662 |
| |
43,500 |
|
|
Hosiden Corp. (Technology Hardware & Equipment) |
|
372,504 |
| |
21,000 |
|
|
Ibiden Co. Ltd. (Technology Hardware & Equipment) |
|
568,832 |
| |
13,014 |
|
|
Ichigo Office REIT Investment Corp. (REIT) |
|
8,491,627 |
| |
26,000 |
|
|
Inaba Denki Sangyo Co. Ltd. (Capital Goods) |
|
594,878 |
| |
87,900 |
|
|
Inabata & Co. Ltd. (Capital Goods) |
|
969,330 |
| |
326,600 |
|
|
Ines Corp. (Software & Services) |
|
4,373,442 |
| |
12,400 |
|
|
Information Services International-Dentsu Ltd. (Software & Services) |
|
651,171 |
| |
24,500 |
|
|
Internet Initiative Japan, Inc. (Telecommunication Services) |
|
869,736 |
| |
5,006 |
|
|
Invesco Office J-Reit, Inc. (REIT) |
|
590,600 |
| |
30,601 |
|
|
Invincible Investment Corp. (REIT) |
|
6,988,397 |
| |
43,700 |
|
|
I-PEX, Inc. (Technology Hardware & Equipment) |
|
779,503 |
| |
7,100 |
|
|
IR Japan Holdings Ltd. (Commercial & Professional Services) |
|
784,147 |
| |
15,800 |
|
|
Ishihara Sangyo Kaisha Ltd. (Materials) |
|
99,586 |
| |
121,700 |
|
|
Izumi Co. Ltd. (Retailing) |
|
4,692,150 |
| |
34,400 |
|
|
Jafco Co. Ltd. (Diversified Financials) |
|
1,215,463 |
| |
415,100 |
|
|
Japan Aviation Electronics Industry Ltd. (Technology Hardware & Equipment) |
|
5,254,162 |
| |
719,400 |
|
|
Japan Lifeline Co. Ltd. (Health Care Equipment & Services) |
|
8,917,439 |
| |
|
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Description |
|
Value |
|
| |
Common Stocks – (continued) |
| |
Japan – (continued) |
| |
33,200 |
|
|
Japan Material Co. Ltd. (Semiconductors & Semiconductor Equipment) |
|
$ 505,453 |
| |
2,600 |
|
|
J-Oil Mills, Inc. (Food, Beverage & Tobacco) |
|
98,027 |
| |
15,200 |
|
|
JSP Corp. (Materials) |
|
197,261 |
| |
85,900 |
|
|
Justsystems Corp. (Software & Services) |
|
6,667,816 |
| |
4,340,900 |
|
|
JVCKenwood Corp. (Consumer Durables & Apparel) |
|
5,489,541 |
| |
59,500 |
|
|
Kaga Electronics Co. Ltd. (Technology Hardware & Equipment) |
|
1,126,793 |
| |
47,100 |
|
|
Kaken Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |
|
2,140,517 |
| |
16,500 |
|
|
Kanamoto Co. Ltd. (Capital Goods) |
|
333,440 |
| |
1,590,300 |
|
|
Kandenko Co. Ltd. (Capital Goods) |
|
12,464,812 |
| |
157,500 |
|
|
Kaneka Corp. (Materials) |
|
3,721,878 |
| |
66,100 |
|
|
Kanematsu Electronics Ltd. (Software & Services) |
|
2,537,196 |
| |
8,899 |
|
|
Kenedix Retail REIT Corp. (REIT) |
|
15,456,519 |
| |
12,900 |
|
|
Kissei Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |
|
269,671 |
| |
543,400 |
|
|
Kitz Corp. (Capital Goods) |
|
3,435,231 |
| |
141,100 |
|
|
KLab, Inc. (Media & Entertainment)*(a) |
|
848,342 |
| |
4,700 |
|
|
Koei Tecmo Holdings Co. Ltd. (Media & Entertainment) |
|
180,943 |
| |
664,200 |
|
|
Kohnan Shoji Co. Ltd. (Retailing) |
|
24,785,116 |
| |
1,032,700 |
|
|
Kokuyo Co. Ltd. (Commercial & Professional Services) |
|
10,871,701 |
| |
187,800 |
|
|
Komeri Co. Ltd. (Retailing) |
|
5,911,221 |
| |
1,433,600 |
|
|
Konica Minolta, Inc. (Technology Hardware & Equipment) |
|
3,797,416 |
| |
76,200 |
|
|
Konoike Transport Co. Ltd. (Transportation) |
|
732,707 |
| |
39,900 |
|
|
Koshidaka Holdings Co. Ltd. (Consumer Services) |
|
125,921 |
| |
2,026,700 |
|
|
K’s Holdings Corp. (Retailing) |
|
26,018,606 |
| |
52,200 |
|
|
Kurabo Industries Ltd. (Consumer Durables & Apparel) |
|
973,028 |
| |
209,500 |
|
|
Kureha Corp. (Materials) |
|
8,642,975 |
| |
37,800 |
|
|
Kusuri no Aoki Holdings Co. Ltd. (Food & Staples Retailing) |
|
3,518,521 |
| |
178,600 |
|
|
Kyokuto Kaihatsu Kogyo Co. Ltd. (Capital Goods) |
|
2,256,163 |
| |
346,400 |
|
|
KYORIN Holdings, Inc. (Pharmaceuticals, Biotechnology & Life Sciences) |
|
6,292,775 |
| |
|
GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND
Schedule of Investments
(continued)
July 31, 2020 (Unaudited)
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Description |
|
Value |
|
| |
Common Stocks – (continued) |
| |
Japan – (continued) |
| |
448,000 |
|
|
Macnica Fuji Electronics Holdings, Inc. (Technology Hardware & Equipment) |
|
$ 6,754,164 |
| |
5,800 |
|
|
Mandom Corp. (Household & Personal Products) |
|
84,068 |
| |
3,600 |
|
|
Maruzen Showa Unyu Co. Ltd. (Transportation) |
|
107,356 |
| |
71,800 |
|
|
Matsui Securities Co. Ltd. (Diversified Financials) |
|
587,798 |
| |
379,300 |
|
|
Matsumotokiyoshi Holdings Co. Ltd. (Food & Staples Retailing) |
|
12,671,032 |
| |
109,000 |
|
|
Maxell Holdings Ltd. (Technology Hardware & Equipment) |
|
936,593 |
| |
320,900 |
|
|
MCJ Co. Ltd. (Technology Hardware & Equipment) |
|
2,771,464 |
| |
8,932 |
|
|
MCUBS MidCity Investment Corp. (REIT) |
|
5,820,024 |
| |
237,400 |
|
|
Megachips Corp. (Semiconductors & Semiconductor Equipment) |
|
4,577,743 |
| |
136,500 |
|
|
Megmilk Snow Brand Co. Ltd. (Food, Beverage & Tobacco) |
|
3,093,015 |
| |
326,100 |
|
|
Meiko Network Japan Co. Ltd. (Consumer Services) |
|
2,157,239 |
| |
15,861 |
|
|
Mirai Corp. (REIT) |
|
4,950,421 |
| |
621,800 |
|
|
Mirait Holdings Corp. (Capital Goods) |
|
8,566,313 |
| |
7,300 |
|
|
Mitsubishi Logistics Corp. (Transportation) |
|
197,162 |
| |
87,800 |
|
|
Mitsubishi Pencil Co. Ltd. (Commercial & Professional Services) |
|
946,493 |
| |
54,200 |
|
|
Mitsubishi Research Institute, Inc. (Software & Services) |
|
2,173,478 |
| |
162,800 |
|
|
Mitsui Sugar Co. Ltd. (Food, Beverage & Tobacco) |
|
2,958,359 |
| |
814 |
|
|
Mori Trust Sogo Reit, Inc. (REIT) |
|
950,126 |
| |
6,100 |
|
|
Morinaga & Co. Ltd. (Food, Beverage & Tobacco) |
|
221,150 |
| |
155,900 |
|
|
Nagase & Co. Ltd. (Capital Goods) |
|
1,797,099 |
| |
1,226,700 |
|
|
NEC Networks & System Integration Corp. (Software & Services) |
|
26,059,931 |
| |
297,300 |
|
|
Nichi-iko Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |
|
3,375,498 |
| |
200,600 |
|
|
Nihon Chouzai Co. Ltd. (Food & Staples Retailing) |
|
2,993,349 |
| |
365,400 |
|
|
Nihon Unisys Ltd. (Software & Services) |
|
11,057,371 |
| |
451,500 |
|
|
Nikkon Holdings Co. Ltd. (Transportation) |
|
8,228,104 |
| |
354,500 |
|
|
Nippon Electric Glass Co. Ltd. (Technology Hardware & Equipment) |
|
5,798,305 |
| |
441,300 |
|
|
Nippon Flour Mills Co. Ltd. (Food, Beverage & Tobacco) |
|
6,956,077 |
| |
56,700 |
|
|
Nippon Gas Co. Ltd. (Utilities) |
|
2,661,504 |
| |
|
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Description |
|
Value |
|
| |
Common Stocks – (continued) |
| |
Japan – (continued) |
| |
407,200 |
|
|
Nippon Kayaku Co. Ltd. (Materials) |
|
$ 3,994,524 |
| |
12,332,200 |
|
|
Nippon Light Metal Holdings Co. Ltd. (Materials) |
|
20,319,941 |
| |
1,878 |
|
|
NIPPON REIT Investment Corp. (REIT) |
|
5,678,008 |
| |
96,200 |
|
|
Nipro Corp. (Health Care Equipment & Services) |
|
1,030,033 |
| |
383,200 |
|
|
Nisshin Oillio Group Ltd. (The) (Food, Beverage & Tobacco) |
|
11,612,695 |
| |
27,500 |
|
|
Nitta Corp. (Capital Goods) |
|
582,843 |
| |
59,000 |
|
|
Nitto Kogyo Corp. (Capital Goods) |
|
959,814 |
| |
102,300 |
|
|
Nojima Corp. (Retailing) |
|
2,564,824 |
| |
32,700 |
|
|
Noritake Co. Ltd. (Capital Goods) |
|
983,330 |
| |
114,100 |
|
|
NS Solutions Corp. (Software & Services) |
|
3,004,719 |
| |
520,100 |
|
|
NSD Co. Ltd. (Software & Services) |
|
9,457,927 |
| |
73,100 |
|
|
OBIC Business Consultants Co. Ltd. (Software & Services) |
|
4,301,902 |
| |
166,600 |
|
|
Oisix ra daichi, Inc. (Retailing)* |
|
3,370,902 |
| |
57,900 |
|
|
Okamura Corp. (Commercial & Professional Services) |
|
376,516 |
| |
216,217 |
|
|
Okinawa Electric Power Co., Inc. (The) (Utilities) |
|
3,371,082 |
| |
63,800 |
|
|
Okuwa Co. Ltd. (Food & Staples Retailing) |
|
889,425 |
| |
450 |
|
|
One REIT, Inc. (REIT) |
|
1,028,749 |
| |
24,600 |
|
|
Organo Corp. (Capital Goods) |
|
1,242,115 |
| |
125,800 |
|
|
Paramount Bed Holdings Co. Ltd. (Health Care Equipment & Services) |
|
5,363,240 |
| |
38,300 |
|
|
Pasona Group, Inc. (Commercial & Professional Services) |
|
450,237 |
| |
14,865 |
|
|
Premier Investment Corp. (REIT) |
|
16,709,184 |
| |
252,300 |
|
|
Prima Meat Packers Ltd. (Food, Beverage & Tobacco) |
|
6,740,287 |
| |
17,400 |
|
|
Proto Corp. (Media & Entertainment) |
|
171,732 |
| |
50,400 |
|
|
Qol Holdings Co. Ltd. (Food & Staples Retailing) |
|
491,741 |
| |
26,500 |
|
|
Rakus Co. Ltd. (Software & Services) |
|
611,860 |
| |
79,900 |
|
|
Restar Holdings Corp. (Technology Hardware & Equipment) |
|
1,420,839 |
| |
45,900 |
|
|
Riken Vitamin Co. Ltd. (Food, Beverage & Tobacco) |
|
959,298 |
| |
1,989,500 |
|
|
Riso Kyoiku Co. Ltd. (Consumer Services) |
|
5,695,618 |
| |
272,700 |
|
|
Rohto Pharmaceutical Co. Ltd. (Household & Personal Products) |
|
8,417,290 |
| |
34,300 |
|
|
Ryosan Co. Ltd. (Technology Hardware & Equipment) |
|
652,123 |
| |
774,400 |
|
|
SAMTY Co. Ltd. (Real Estate)(a) |
|
8,416,206 |
| |
12,400 |
|
|
Sangetsu Corp. (Consumer Durables & Apparel) |
|
169,611 |
| |
|
GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND
Schedule of Investments
(continued)
July 31, 2020 (Unaudited)
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Description |
|
Value |
|
| |
Common Stocks – (continued) |
| |
Japan – (continued) |
| |
414,700 |
|
|
Sanki Engineering Co. Ltd. (Capital Goods) |
|
$ 4,555,864 |
| |
271,700 |
|
|
Sankyo Co. Ltd. (Consumer Durables & Apparel) |
|
6,796,703 |
| |
126,800 |
|
|
Sankyu, Inc. (Transportation) |
|
4,371,953 |
| |
234,600 |
|
|
Sato Holdings Corp. (Commercial & Professional Services) |
|
4,871,822 |
| |
502,800 |
|
|
Sawai Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |
|
23,885,546 |
| |
61,000 |
|
|
SBS Holdings, Inc. (Transportation) |
|
1,298,366 |
| |
180,600 |
|
|
SCREEN Holdings Co. Ltd. (Semiconductors & Semiconductor Equipment) |
|
9,077,160 |
| |
649,700 |
|
|
Seiko Holdings Corp. (Consumer Durables & Apparel) |
|
8,893,447 |
| |
1,215,200 |
|
|
Seino Holdings Co. Ltd. (Transportation) |
|
14,956,420 |
| |
773,800 |
|
|
Senko Group Holdings Co. Ltd. (Transportation) |
|
5,786,122 |
| |
40,400 |
|
|
Seria Co. Ltd. (Retailing) |
|
1,616,439 |
| |
40,400 |
|
|
Shibaura Machine Co. Ltd. (Capital Goods) |
|
756,947 |
| |
335,000 |
|
|
Shimachu Co. Ltd. (Retailing) |
|
9,116,138 |
| |
22,100 |
|
|
Shin-Etsu Polymer Co. Ltd. (Materials) |
|
179,148 |
| |
82,300 |
|
|
Shinmaywa Industries Ltd. (Capital Goods) |
|
720,199 |
| |
131,700 |
|
|
Ship Healthcare Holdings, Inc. (Health Care Equipment & Services) |
|
5,669,987 |
| |
147,900 |
|
|
Sintokogio Ltd. (Capital Goods) |
|
978,532 |
| |
2,064,400 |
|
|
SKY Perfect JSAT Holdings, Inc. (Media & Entertainment) |
|
7,596,701 |
| |
9,100 |
|
|
ST Corp. (Household & Personal Products) |
|
176,656 |
| |
157,000 |
|
|
St Marc Holdings Co. Ltd. (Consumer Services) |
|
2,168,531 |
| |
6,288 |
|
|
Star Asia Investment Corp. (REIT)(a) |
|
2,518,332 |
| |
10,400 |
|
|
Starts Corp., Inc. (Real Estate) |
|
189,839 |
| |
6,100 |
|
|
Stella Chemifa Corp. (Materials) |
|
156,754 |
| |
50,300 |
|
|
Strike Co. Ltd. (Diversified Financials) |
|
2,208,814 |
| |
114,900 |
|
|
Sugi Holdings Co. Ltd. (Food & Staples Retailing) |
|
8,302,180 |
| |
5,100 |
|
|
Sumitomo Bakelite Co. Ltd. (Materials) |
|
123,746 |
| |
127,500 |
|
|
Sumitomo Osaka Cement Co. Ltd. (Materials) |
|
4,288,991 |
| |
7,100 |
|
|
Sumitomo Seika Chemicals Co. Ltd. (Materials) |
|
225,338 |
| |
533,100 |
|
|
Sumitomo Warehouse Co. Ltd. (The) (Transportation) |
|
6,021,577 |
| |
4,800 |
|
|
Taikisha Ltd. (Capital Goods) |
|
134,912 |
| |
27,700 |
|
|
Taiyo Holdings Co. Ltd. (Materials) |
|
1,308,621 |
| |
|
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Description |
|
Value |
|
| |
Common Stocks – (continued) |
| |
Japan – (continued) |
| |
2,116,800 |
|
|
Takara Leben Co. Ltd. (Real Estate) |
|
$ 6,695,045 |
| |
81,100 |
|
|
Tamura Corp. (Technology Hardware & Equipment) |
|
324,400 |
| |
468,900 |
|
|
Tanseisha Co. Ltd. (Commercial & Professional Services) |
|
2,605,360 |
| |
49,800 |
|
|
T-Gaia Corp. (Retailing) |
|
894,936 |
| |
57,700 |
|
|
Toa Corp. (Capital Goods) |
|
843,430 |
| |
122,700 |
|
|
Toho Holdings Co. Ltd. (Health Care Equipment & Services) |
|
2,101,128 |
| |
32,400 |
|
|
Tokuyama Corp. (Materials) |
|
758,870 |
| |
114,800 |
|
|
Tokyo Ohka Kogyo Co. Ltd. (Materials) |
|
6,072,908 |
| |
82,000 |
|
|
Tokyo Seimitsu Co. Ltd. (Semiconductors & Semiconductor Equipment) |
|
2,620,411 |
| |
106,100 |
|
|
Tomy Co. Ltd. (Consumer Durables & Apparel) |
|
796,073 |
| |
985,500 |
|
|
Tosei Corp. (Real Estate) |
|
7,629,121 |
| |
112,600 |
|
|
Tosho Co. Ltd. (Consumer Services) |
|
1,105,618 |
| |
508,900 |
|
|
Towa Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |
|
9,153,707 |
| |
8,500 |
|
|
Toyo Ink SC Holdings Co. Ltd. (Materials) |
|
153,242 |
| |
611,800 |
|
|
Toyo Seikan Group Holdings Ltd. (Materials) |
|
6,701,329 |
| |
381,600 |
|
|
Toyo Tanso Co. Ltd. (Capital Goods) |
|
5,755,162 |
| |
219,100 |
|
|
Transcosmos, Inc. (Software & Services) |
|
5,302,432 |
| |
3,100 |
|
|
Tsubakimoto Chain Co. (Capital Goods) |
|
72,761 |
| |
21,800 |
|
|
Tsukishima Kikai Co. Ltd. (Capital Goods) |
|
234,638 |
| |
6,600 |
|
|
UACJ Corp. (Materials) |
|
111,414 |
| |
4,500 |
|
|
Uchida Yoko Co. Ltd. (Commercial & Professional Services) |
|
272,427 |
| |
26,000 |
|
|
UNITED, Inc. (Software & Services) |
|
259,700 |
| |
390,600 |
|
|
Universal Entertainment Corp. (Consumer Durables & Apparel) |
|
6,876,644 |
| |
485,800 |
|
|
Ushio, Inc. (Capital Goods) |
|
5,712,584 |
| |
207,900 |
|
|
Valor Holdings Co. Ltd. (Food & Staples Retailing) |
|
4,514,177 |
| |
12,000 |
|
|
Valqua Ltd. (Materials) |
|
206,099 |
| |
311,100 |
|
|
Wakita & Co. Ltd. (Capital Goods) |
|
2,648,886 |
| |
397,000 |
|
|
Yellow Hat Ltd. (Retailing) |
|
5,210,792 |
| |
268,200 |
|
|
Zenkoku Hosho Co. Ltd. (Diversified Financials) |
|
9,373,716 |
| |
263,000 |
|
|
Zenrin Co. Ltd. (Media & Entertainment) |
|
2,581,254 |
|
|
|
|
|
|
|
|
|
|
|
|
|
978,878,466 |
| |
|
GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND
Schedule of Investments
(continued)
July 31, 2020 (Unaudited)
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Description |
|
Value |
|
| |
Common Stocks – (continued) |
| |
Jersey – 0.0% |
| |
167,844 |
|
|
Sanne Group plc (Diversified Financials) |
|
$ 1,383,984 |
| |
|
| |
Kazakhstan – 0.1% |
| |
223,425 |
|
|
KAZ Minerals plc (Materials) |
|
1,557,803 |
| |
|
| |
Luxembourg – 0.1% |
| |
113,100 |
|
|
Aperam SA (Materials) |
|
3,221,598 |
| |
32,599 |
|
|
B&S Group Sarl (Retailing)(b) |
|
205,401 |
|
|
|
|
|
|
|
|
|
|
|
|
|
3,426,999 |
| |
|
| |
Malaysia – 0.0% |
| |
50,500 |
|
|
Wing Tai Holdings Ltd. (Real Estate) |
|
62,901 |
| |
|
| |
Netherlands – 4.8% |
| |
23,999 |
|
|
Aalberts NV (Capital Goods) |
|
857,057 |
| |
254,545 |
|
|
ASM International NV (Semiconductors & Semiconductor Equipment) |
|
38,937,320 |
| |
621,564 |
|
|
BE Semiconductor Industries NV (Semiconductors & Semiconductor Equipment) |
|
27,791,196 |
| |
15,062 |
|
|
Corbion NV (Materials) |
|
578,155 |
| |
276,883 |
|
|
Euronext NV (Diversified Financials)(b) |
|
31,984,887 |
| |
3,788 |
|
|
IMCD NV (Capital Goods) |
|
391,708 |
| |
21,289 |
|
|
NSI NV (REIT) |
|
757,895 |
| |
1,204,469 |
|
|
Signify NV (Capital Goods)*(b) |
|
36,137,986 |
| |
198,006 |
|
|
TKH Group NV CVA (Capital Goods) |
|
7,809,024 |
| |
229,875 |
|
|
TomTom NV (Consumer Durables & Apparel)* |
|
1,840,669 |
|
|
|
|
|
|
|
|
|
|
|
|
|
147,085,897 |
| |
|
| |
Norway – 3.9% |
| |
258,438 |
|
|
Atea ASA (Software & Services)* |
|
3,000,759 |
| |
837,003 |
|
|
Austevoll Seafood ASA (Food, Beverage & Tobacco) |
|
7,074,718 |
| |
14,653 |
|
|
Borregaard ASA (Materials) |
|
195,461 |
| |
4,676,389 |
|
|
Elkem ASA (Materials)(b) |
|
8,961,201 |
| |
63,989 |
|
|
Entra ASA (Real Estate)(b) |
|
903,327 |
| |
2,013,539 |
|
|
Europris ASA (Retailing)(b) |
|
9,898,878 |
| |
55,617 |
|
|
Fjordkraft Holding ASA (Utilities)(b) |
|
494,801 |
| |
413,334 |
|
|
Grieg Seafood ASA (Food, Beverage & Tobacco) |
|
4,182,986 |
| |
3,868,472 |
|
|
Leroy Seafood Group ASA (Food, Beverage & Tobacco) |
|
22,427,355 |
| |
383,529 |
|
|
Nordic Semiconductor ASA (Semiconductors & Semiconductor Equipment)* |
|
3,803,619 |
| |
481,448 |
|
|
Salmar ASA (Food, Beverage & Tobacco)* |
|
22,898,164 |
| |
512,415 |
|
|
Scatec Solar ASA (Utilities)(b) |
|
8,931,773 |
| |
237,953 |
|
|
Selvaag Bolig ASA (Real Estate) |
|
1,322,854 |
| |
467,009 |
|
|
SpareBank 1 SMN (Banks) |
|
4,023,660 |
| |
336,636 |
|
|
TOMRA Systems ASA (Commercial & Professional Services) |
|
13,860,278 |
| |
|
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Description |
|
Value |
|
| |
Common Stocks – (continued) |
| |
Norway – (continued) |
| |
403,613 |
|
|
Veidekke ASA (Capital Goods)* |
|
$ 5,489,779 |
|
|
|
|
|
|
|
|
|
|
|
|
|
117,469,613 |
| |
|
| |
Portugal – 0.0% |
| |
396,629 |
|
|
CTT-Correios de Portugal SA (Transportation)* |
|
1,062,901 |
| |
308,817 |
|
|
Sonae SGPS SA (Food & Staples Retailing) |
|
215,889 |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,278,790 |
| |
|
| |
Singapore – 1.8% |
| |
169,000 |
|
|
AIMS APAC REIT (REIT) |
|
148,647 |
| |
578,300 |
|
|
ARA LOGOS Logistics Trust (REIT) |
|
278,803 |
| |
1,438,500 |
|
|
China Aviation Oil Singapore Corp. Ltd. (Energy) |
|
1,007,763 |
| |
4,005,200 |
|
|
ESR-REIT (REIT) |
|
1,145,006 |
| |
8,764,661 |
|
|
Frasers Logistics & Commercial Trust (REIT) |
|
8,676,428 |
| |
5,181,900 |
|
|
Keppel DC REIT (REIT) |
|
11,262,120 |
| |
5,887,500 |
|
|
Mapletree Industrial Trust (REIT) |
|
14,076,113 |
| |
1,761,400 |
|
|
Parkway Life REIT (REIT) |
|
4,570,782 |
| |
556,300 |
|
|
Sabana Shari’ah Compliant Industrial REIT (REIT) |
|
154,160 |
| |
3,646,500 |
|
|
Sheng Siong Group Ltd. (Food & Staples Retailing) |
|
4,520,431 |
| |
3,788,200 |
|
|
Singapore Post Ltd. (Transportation) |
|
1,967,887 |
| |
6,550,310 |
|
|
Yanlord Land Group Ltd. (Real Estate) |
|
5,838,982 |
|
|
|
|
|
|
|
|
|
|
|
|
|
53,647,122 |
| |
|
| |
Spain – 1.5% |
| |
1,487,566 |
|
|
Applus Services SA (Commercial & Professional Services)* |
|
11,530,393 |
| |
625,167 |
|
|
Cia de Distribucion Integral Logista Holdings SA (Transportation) |
|
11,672,538 |
| |
1,068,626 |
|
|
Faes Farma SA (Pharmaceuticals, Biotechnology & Life Sciences) |
|
4,497,525 |
| |
675,600 |
|
|
Global Dominion Access SA (Software & Services)*(b) |
|
2,211,271 |
| |
91,653 |
|
|
Merlin Properties Socimi SA (REIT) |
|
758,291 |
| |
2,787 |
|
|
Pharma Mar SA (Pharmaceuticals, Biotechnology & Life Sciences) |
|
295,734 |
| |
984,863 |
|
|
Solaria Energia y Medio Ambiente SA (Utilities)* |
|
14,936,501 |
| |
6,917 |
|
|
Viscofan SA (Food, Beverage & Tobacco) |
|
507,206 |
|
|
|
|
|
|
|
|
|
|
|
|
|
46,409,459 |
| |
|
| |
Sweden – 5.8% |
| |
128,160 |
|
|
AF Poyry AB (Commercial & Professional Services)* |
|
3,289,841 |
| |
1,711,546 |
|
|
Arjo AB Class B (Health Care Equipment & Services) |
|
10,565,219 |
| |
|
GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND
Schedule of Investments
(continued)
July 31, 2020 (Unaudited)
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Description |
|
Value |
|
| |
Common Stocks – (continued) |
| |
Sweden – (continued) |
| |
265,710 |
|
|
Axfood AB (Food & Staples Retailing) |
|
$ 5,979,328 |
| |
2,341,647 |
|
|
Betsson AB (Consumer Services)* |
|
17,656,183 |
| |
36,372 |
|
|
Bilia AB Class A (Retailing) |
|
351,936 |
| |
613,089 |
|
|
Biotage AB (Pharmaceuticals, Biotechnology & Life Sciences)* |
|
11,123,205 |
| |
42,628 |
|
|
Bravida Holding AB (Commercial & Professional Services)*(b) |
|
467,347 |
| |
273,798 |
|
|
Bure Equity AB (Diversified Financials) |
|
7,511,356 |
| |
232,489 |
|
|
Clas Ohlson AB Class B (Retailing) |
|
2,616,551 |
| |
1,188,038 |
|
|
Cloetta AB Class B (Food, Beverage & Tobacco)* |
|
3,284,739 |
| |
548,013 |
|
|
Dios Fastigheter AB (Real Estate) |
|
3,704,267 |
| |
463,218 |
|
|
Dustin Group AB (Retailing)(b) |
|
2,813,956 |
| |
1,652,657 |
|
|
Getinge AB Class B (Health Care Equipment & Services) |
|
39,919,265 |
| |
2,865,464 |
|
|
Hexpol AB (Materials)* |
|
19,065,626 |
| |
60,429 |
|
|
Holmen AB Class B (Materials)* |
|
2,082,639 |
| |
870,869 |
|
|
Inwido AB (Capital Goods)* |
|
8,159,780 |
| |
143,402 |
|
|
LeoVegas AB (Consumer Services)(b) |
|
666,758 |
| |
738,768 |
|
|
Lindab International AB (Capital Goods) |
|
11,545,811 |
| |
47,859 |
|
|
Loomis AB (Commercial & Professional Services)* |
|
1,143,562 |
| |
163,833 |
|
|
NCC AB Class B (Capital Goods) |
|
2,845,365 |
| |
556,477 |
|
|
Nobia AB (Consumer Durables & Apparel)* |
|
3,301,593 |
| |
211,248 |
|
|
Nobina AB (Transportation)*(b) |
|
1,330,580 |
| |
95,391 |
|
|
Nolato AB Class B (Capital Goods)* |
|
7,930,615 |
| |
192,849 |
|
|
Paradox Interactive AB (Media & Entertainment) |
|
4,834,537 |
| |
184,656 |
|
|
Wihlborgs Fastigheter AB (Real Estate) |
|
3,111,836 |
|
|
|
|
|
|
|
|
|
|
|
|
|
175,301,895 |
| |
|
| |
Switzerland – 5.7% |
| |
63,318 |
|
|
Allreal Holding AG (Registered) (Real Estate) |
|
12,597,466 |
| |
81,766 |
|
|
ALSO Holding AG (Registered) (Technology Hardware & Equipment)* |
|
21,572,131 |
| |
27,728 |
|
|
Bachem Holding AG (Registered) Class B (Pharmaceuticals, Biotechnology & Life Sciences) |
|
8,346,686 |
| |
493 |
|
|
Belimo Holding AG (Registered) (Capital Goods) |
|
3,916,474 |
| |
15,009 |
|
|
Bucher Industries AG (Registered) (Capital Goods)(a) |
|
4,943,510 |
| |
517 |
|
|
Conzzeta AG (Registered) (Capital Goods) |
|
479,504 |
| |
|
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Description |
|
Value |
|
| |
Common Stocks – (continued) |
| |
Switzerland – (continued) |
| |
152,686 |
|
|
Galenica AG (Health Care Equipment & Services)(b) |
|
$ 11,304,553 |
| |
1,934 |
|
|
Gurit Holding AG (Materials) |
|
3,450,998 |
| |
236,715 |
|
|
Huber + Suhner AG (Registered) (Capital Goods) |
|
18,428,083 |
| |
14,303 |
|
|
Implenia AG (Registered) (Capital Goods) |
|
629,120 |
| |
2,540 |
|
|
Inficon Holding AG (Registered) (Technology Hardware & Equipment) |
|
2,092,210 |
| |
4,900 |
|
|
Interroll Holding AG (Registered) (Capital Goods) |
|
11,589,183 |
| |
610,348 |
|
|
IWG plc (Real Estate) |
|
1,834,881 |
| |
772 |
|
|
Schweiter Technologies AG (Capital Goods) |
|
957,314 |
| |
38,804 |
|
|
Swissquote Group Holding SA (Registered) (Diversified Financials) |
|
3,630,059 |
| |
92,947 |
|
|
Tecan Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences) |
|
38,981,438 |
| |
153,209 |
|
|
VAT Group AG (Capital Goods)*(b) |
|
29,215,329 |
|
|
|
|
|
|
|
|
|
|
|
|
|
173,968,939 |
| |
|
| |
Ukraine – 0.1% |
| |
982,705 |
|
|
Ferrexpo plc (Materials) |
|
2,273,935 |
| |
|
| |
United Kingdom – 13.9% |
| |
158,040 |
|
|
Abcam plc (Pharmaceuticals, Biotechnology & Life Sciences) |
|
2,658,336 |
| |
2,480,300 |
|
|
Assura plc (REIT) |
|
2,557,302 |
| |
2,023,558 |
|
|
B&M European Value Retail SA (Retailing) |
|
12,166,198 |
| |
616,630 |
|
|
Bellway plc (Consumer Durables & Apparel) |
|
20,419,731 |
| |
29,217 |
|
|
Big Yellow Group plc (REIT) |
|
389,550 |
| |
1,100,402 |
|
|
Bodycote plc (Capital Goods) |
|
8,028,816 |
| |
4,577,976 |
|
|
boohoo Group plc (Retailing)* |
|
15,489,063 |
| |
82,779 |
|
|
Close Brothers Group plc (Banks) |
|
1,186,205 |
| |
445,413 |
|
|
Computacenter plc (Software & Services) |
|
11,505,408 |
| |
1,711,791 |
|
|
ConvaTec Group plc (Health Care Equipment & Services)(b) |
|
4,549,365 |
| |
104,367 |
|
|
Derwent London plc (REIT) |
|
3,926,555 |
| |
747,543 |
|
|
Dialog Semiconductor plc (Semiconductors & Semiconductor Equipment)* |
|
35,041,038 |
| |
379,937 |
|
|
Diploma plc (Capital Goods) |
|
8,995,835 |
| |
253,283 |
|
|
Drax Group plc (Utilities) |
|
921,755 |
| |
413,035 |
|
|
Dunelm Group plc (Retailing) |
|
6,627,469 |
| |
147,451 |
|
|
Games Workshop Group plc (Consumer Durables & Apparel) |
|
16,924,302 |
| |
11,489 |
|
|
GB Group plc (Software & Services)* |
|
99,586 |
| |
396,927 |
|
|
GCP Student Living plc (REIT) |
|
645,435 |
| |
961,103 |
|
|
Greggs plc (Consumer Services) |
|
14,946,543 |
| |
|
GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND
Schedule of Investments
(continued)
July 31, 2020 (Unaudited)
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Description |
|
Value |
|
| |
Common Stocks – (continued) |
| |
United Kingdom – (continued) |
| |
424,603 |
|
|
Hays plc (Commercial & Professional Services) |
|
$ 604,587 |
| |
1,445,137 |
|
|
HomeServe plc (Commercial & Professional Services) |
|
25,018,089 |
| |
533,753 |
|
|
Howden Joinery Group plc (Capital Goods) |
|
3,406,123 |
| |
452,374 |
|
|
Ibstock plc (Materials)(b) |
|
936,351 |
| |
3,258,459 |
|
|
IG Group Holdings plc (Diversified Financials) |
|
31,143,122 |
| |
260,943 |
|
|
IMI plc (Capital Goods) |
|
3,545,412 |
| |
1,224,503 |
|
|
Inchcape plc (Retailing) |
|
6,859,759 |
| |
413,231 |
|
|
ITM Power plc (Capital Goods)*(a) |
|
1,295,748 |
| |
1,442 |
|
|
Judges Scientific plc (Capital Goods) |
|
96,266 |
| |
2,113,530 |
|
|
Jupiter Fund Management plc (Diversified Financials) |
|
6,251,168 |
| |
13,567 |
|
|
Kainos Group plc (Software & Services) |
|
195,119 |
| |
14,249,939 |
|
|
Man Group plc (Diversified Financials) |
|
22,989,752 |
| |
995,891 |
|
|
Marshalls plc (Materials) |
|
7,722,310 |
| |
1,964,992 |
|
|
Meggitt plc (Capital Goods) |
|
6,865,527 |
| |
2,183,893 |
|
|
Micro Focus International plc (Software & Services) |
|
7,862,186 |
| |
6,371,204 |
|
|
Moneysupermarket.com Group plc (Retailing) |
|
24,408,278 |
| |
100,952 |
|
|
Morgan Sindall Group plc (Capital Goods) |
|
1,372,359 |
| |
149,925 |
|
|
NCC Group plc (Software & Services) |
|
337,318 |
| |
631,193 |
|
|
Ninety One plc (Diversified
Financials)* |
|
1,777,015 |
| |
60,557 |
|
|
OneSavings Bank plc (Banks) |
|
187,212 |
| |
746,753 |
|
|
Pagegroup plc (Commercial & Professional Services) |
|
3,419,053 |
| |
1,429,163 |
|
|
Paragon Banking Group plc (Banks) |
|
5,858,908 |
| |
100,645 |
|
|
Pennon Group plc (Utilities) |
|
1,390,713 |
| |
1,034,129 |
|
|
Phoenix Group Holdings plc (Insurance) |
|
8,880,381 |
| |
115,865 |
|
|
Picton Property Income Ltd. (The) (REIT) |
|
103,194 |
| |
33,079 |
|
|
PZ Cussons plc (Household & Personal Products) |
|
82,144 |
| |
189,590 |
|
|
Rightmove plc (Media & Entertainment) |
|
1,368,242 |
| |
498,290 |
|
|
Rotork plc (Capital Goods) |
|
1,807,161 |
| |
527,854 |
|
|
RWS Holdings plc (Commercial & Professional Services) |
|
4,135,131 |
| |
1,464,751 |
|
|
Safestore Holdings plc (REIT) |
|
14,724,041 |
| |
85,984 |
|
|
Softcat plc (Software & Services) |
|
1,417,530 |
| |
239,244 |
|
|
Spectris plc (Technology Hardware & Equipment) |
|
8,031,142 |
| |
2,871,226 |
|
|
Spirent Communications plc (Technology Hardware & Equipment) |
|
10,512,357 |
| |
34,031 |
|
|
St Modwen Properties plc (Real Estate) |
|
137,406 |
| |
2,733,593 |
|
|
Tate & Lyle plc (Food, Beverage & Tobacco) |
|
23,266,605 |
| |
|
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Description |
|
Value |
|
| |
Common Stocks – (continued) |
| |
United Kingdom – (continued) |
| |
116,595 |
|
|
Trainline plc (Retailing)*(b) |
|
$ 627,110 |
| |
726,063 |
|
|
Tritax Big Box REIT plc (REIT) |
|
1,435,851 |
| |
933,083 |
|
|
UNITE Group plc (The) (REIT) |
|
11,452,052 |
| |
577,863 |
|
|
Vistry Group plc (Consumer Durables & Apparel) |
|
4,645,992 |
| |
143,471 |
|
|
Watkin Jones plc (Real Estate) |
|
259,545 |
| |
21,280 |
|
|
Workspace Group plc (REIT) |
|
171,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
423,678,251 |
| |
|
| |
United States – 0.1% |
| |
236,515 |
|
|
Burford Capital Ltd. (Diversified Financials) |
|
1,658,905 |
| |
35,465 |
|
|
Carnival plc ADR (Consumer
Services)(a) |
|
398,627 |
|
|
|
|
|
|
|
|
|
|
|
|
|
2,057,532 |
| |
|
|
TOTAL INVESTMENTS BEFORE SECURITIES
LENDING REINVESTMENT VEHICLE
(Cost $2,805,306,254) |
|
$3,015,102,864 |
| |
|
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Dividend
Rate |
|
Value |
|
| |
Securities Lending Reinvestment Vehicle(d) – 0.4% |
|
Goldman Sachs Financial Square Government Fund —
Institutional
Shares |
| |
11,978,095 |
|
|
0.130% |
|
$ 11,978,095 |
| |
(Cost $11,978,095) |
| |
|
|
TOTAL INVESTMENTS – 99.4%
(Cost $2,817,284,349) |
|
$3,027,080,959 |
| |
|
|
OTHER ASSETS IN EXCESS OF
LIABILITIES –
0.6% |
|
18,010,382 |
| |
|
| |
NET ASSETS – 100.0% |
|
$3,045,091,341 |
| |
|
|
|
|
|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
|
|
| * |
|
Non-income producing security. |
|
|
| (a) |
|
All or a portion of security is on loan. |
|
|
| (b) |
|
Exempt from registration under Rule 144A of the Securities Act of 1933. |
|
|
| (c) |
|
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. |
|
|
| (d) |
|
Represents an Affiliated Issuer. |
GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND
Schedule of Investments
(continued)
July 31, 2020 (Unaudited)
|
|
|
| |
| Investment Abbreviations: |
| ADR |
|
— American Depositary Receipt |
| CVA |
|
— Dutch Certification |
| REIT |
|
— Real Estate Investment Trust |
| |
|
For information on the mutual funds, please call our
toll-free Shareholder Services Line at 1-800-526-7384
or visit us on the web at www.GSAMFUNDS.com. |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS 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.
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
Schedule of Investments
(continued)
July 31, 2020 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale
occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an
independent fair value service (if available) under Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited
to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as
Level 2 of the fair value hierarchy.
Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund
(“Underlying 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
Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.
Derivative Contracts —
A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices,
and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash
collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on certain derivatives contracts. Non-cash collateral pledged by a Fund,
if any, is noted in the Schedules of Investments.
Exchange-traded derivatives, including futures and options contracts, are generally
valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are
principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1
of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence,
including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared
derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market
prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can
generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market
evidence.
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
Schedule of Investments
(continued)
July 31, 2020 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
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 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.
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
| EMERGING MARKETS EQUITY INSIGHTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment Type |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
|
|
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
| Common Stock and/or Other Equity
Investments(a) |
|
|
|
|
|
|
|
|
|
|
|
|
| Africa |
|
$ |
— |
|
|
$ |
57,710,132 |
|
|
$ |
— |
|
| Asia |
|
|
508,821,742 |
|
|
|
945,014,534 |
|
|
|
6,325,585 |
|
| Europe |
|
|
— |
|
|
|
22,607,620 |
|
|
|
— |
|
| North America |
|
|
15,302,256 |
|
|
|
— |
|
|
|
— |
|
| South America |
|
|
91,453,521 |
|
|
|
7,789,709 |
|
|
|
— |
|
| Investment Company |
|
|
4,614,487 |
|
|
|
— |
|
|
|
— |
|
| Securities Lending Reinvestment Vehicle |
|
|
19,225,200 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
| Total |
|
$ |
639,417,206 |
|
|
$ |
1,033,121,995 |
|
|
$ |
6,325,585 |
|
|
|
|
|
| Derivative Type |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Assets(b) |
|
|
|
|
|
|
|
|
|
|
|
|
| Futures Contracts |
|
$ |
1,934,632 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
| INTERNATIONAL EQUITY INSIGHTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment Type |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
| Assets |
|
| Common Stock and/or Other Equity
Investments(a) |
|
|
|
|
|
|
|
|
|
|
|
|
| Africa |
|
$ |
— |
|
|
$ |
20,995,985 |
|
|
$ |
— |
|
| Asia |
|
|
— |
|
|
|
740,938,065 |
|
|
|
— |
|
| Australia and Oceania |
|
|
28,372,918 |
|
|
|
227,753,436 |
|
|
|
— |
|
| Europe |
|
|
52,003,865 |
|
|
|
1,345,017,889 |
|
|
|
— |
|
| North America |
|
|
2,075,556 |
|
|
|
— |
|
|
|
— |
|
| Securities Lending Reinvestment Vehicle |
|
|
13,632,119 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
| Total |
|
$ |
96,084,458 |
|
|
$ |
2,334,705,375 |
|
|
$ |
— |
|
|
|
|
|
| INTERNATIONAL SMALL CAP INSIGHTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment Type |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
| Assets |
|
| Common Stock and/or Other Equity
Investments(a) |
|
|
|
|
|
|
|
|
|
|
|
|
| Asia |
|
$ |
— |
|
|
$ |
1,096,864,238 |
|
|
$ |
— |
|
| Australia and Oceania |
|
|
585,705 |
|
|
|
287,638,316 |
|
|
|
— |
|
| Europe |
|
|
113,738,361 |
|
|
|
1,514,218,712 |
|
|
|
— |
|
| North America |
|
|
398,627 |
|
|
|
1,658,905 |
|
|
|
— |
|
| Securities Lending Reinvestment Vehicle |
|
|
11,978,095 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
| Total |
|
$ |
126,700,788 |
|
|
$ |
2,900,380,171 |
|
|
$ |
— |
|
| (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. |
| (b) |
|
Amount shown represents unrealized gain (loss) at period end. |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
Schedule of Investments
(continued)
July 31, 2020 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
For further information regarding security characteristics, see the Schedules of Investments.
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.
Each of the Funds and GSAL received compensation relating to the lending
of the Funds’ securities.
The Funds’ risks include, but are not limited to, the following:
Derivatives Risk — The Funds’ use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater
than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce
disproportionate losses to the Funds. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity
that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of
derivative instruments and the portfolio assets (if any) being hedged.
Foreign and Emerging Countries Risk — Investing in foreign markets may
involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information 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.
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
Schedule of Investments
(continued)
July 31, 2020 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
Foreign Custody Risk — If a Fund invests in foreign securities, the Fund may hold such securities and cash with foreign banks, agents, and
securities depositories appointed by the 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.
Investments in Other Investment
Companies Risk — As a shareholder of another investment company, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and
expenses regularly borne by the Fund.
Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain
large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on
behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or
unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a 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.