HTML
GOLDMAN SACHS CHINA EQUITY FUND
Schedule of Investments
January 31, 2021 (Unaudited)
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Description |
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Value |
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Common Stocks – 96.1% |
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China – 89.2% |
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115,804 |
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Aier Eye Hospital Group Co. Ltd. Class A (Health Care Equipment & Services) |
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$ 1,407,549 |
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257,600 |
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Alibaba Group Holding Ltd. (Retailing)* |
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8,174,815 |
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17,121 |
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Alibaba Group Holding Ltd. ADR (Retailing)* |
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4,345,823 |
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474,000 |
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Alibaba Health Information Technology Ltd. (Health Care Equipment & Services)* |
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1,477,731 |
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148,300 |
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Anhui Conch Cement Co. Ltd. Class H (Materials) |
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876,131 |
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380,756 |
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Bank of Ningbo Co. Ltd. Class A (Banks) |
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2,262,652 |
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187,700 |
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Budweiser Brewing Co. APAC Ltd. (Food, Beverage & Tobacco)(a) |
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627,555 |
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1,569,000 |
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China Construction Bank Corp. Class H (Banks) |
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1,188,390 |
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447,000 |
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China Mengniu Dairy Co. Ltd. (Food, Beverage & Tobacco)* |
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2,658,289 |
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131,500 |
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China Merchants Bank Co. Ltd. Class A (Banks) |
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1,036,591 |
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569,500 |
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China Merchants Bank Co. Ltd. Class H (Banks) |
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4,361,160 |
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25,925 |
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China Tourism Group Duty Free Corp. Ltd. Class A (Retailing) |
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1,174,455 |
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321,800 |
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China Vanke Co. Ltd. Class A (Real Estate) |
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1,379,618 |
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419,500 |
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China Vanke Co. Ltd. Class H (Real Estate) |
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1,500,910 |
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331,000 |
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CITIC Securities Co. Ltd. Class H (Diversified Financials) |
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724,672 |
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67,398 |
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Contemporary Amperex Technology Co. Ltd. Class A (Capital Goods) |
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3,647,564 |
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47,200 |
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ENN Energy Holdings Ltd. (Utilities) |
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727,939 |
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781,632 |
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Focus Media Information Technology Co. Ltd. Class A (Media & Entertainment) |
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1,309,951 |
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140,700 |
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GDS Holdings Ltd. Class A (Software & Services)* |
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1,807,464 |
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640,000 |
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Geely Automobile Holdings Ltd. (Automobiles & Components) |
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2,319,865 |
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43,865 |
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Gree Electric Appliances, Inc. of Zhuhai Class A (Consumer Durables & Apparel) |
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380,616 |
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92,900 |
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Hangzhou Robam Appliances Co. Ltd. Class A (Consumer Durables & Apparel) |
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551,920 |
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55,100 |
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Hangzhou Tigermed Consulting Co. Ltd. Class H (Pharmaceuticals, Biotechnology & Life Sciences)*(a) |
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1,211,586 |
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181,510 |
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Hongfa Technology Co. Ltd. Class A (Capital Goods) |
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1,548,455 |
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557,647 |
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Jiangsu Changshu Rural Commercial Bank Co. Ltd. Class A (Banks) |
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597,920 |
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Description |
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Value |
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Common Stocks – (continued) |
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China – (continued) |
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97,045 |
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Jiangsu Hengrui Medicine Co. Ltd. Class A (Pharmaceuticals, Biotechnology & Life Sciences) |
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$ 1,552,979 |
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339,000 |
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Jiumaojiu International Holdings Ltd. (Consumer Services)*(a) |
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1,236,554 |
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113,228 |
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Juewei Food Co. Ltd. Class A (Food, Beverage & Tobacco) |
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1,577,686 |
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499,000 |
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Kingdee International Software Group Co. Ltd. (Software & Services)* |
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1,998,881 |
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700 |
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Kuaishou Technology (Software &
Services)*(a) |
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10,383 |
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16,740 |
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Kweichow Moutai Co. Ltd. Class A (Food, Beverage & Tobacco) |
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5,470,841 |
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188,574 |
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Luxshare Precision Industry Co. Ltd. Class A (Technology Hardware & Equipment) |
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1,537,729 |
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136,600 |
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Meituan Class B (Retailing)* |
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6,298,544 |
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81,000 |
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Midea Group Co. Ltd. Class A (Consumer Durables & Apparel) |
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1,203,790 |
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606,000 |
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Minth Group Ltd. (Automobiles & Components) |
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2,766,075 |
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66,500 |
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NetEase, Inc. (Media & Entertainment) |
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1,515,141 |
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6,675 |
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New Oriental Education & Technology Group, Inc. ADR (Consumer Services)* |
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1,118,062 |
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11,625 |
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Pinduoduo, Inc. ADR (Retailing)* |
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1,926,379 |
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577,960 |
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Ping An Bank Co. Ltd. Class A (Banks) |
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2,060,797 |
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373,000 |
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Ping An Insurance Group Co. of China Ltd. Class H (Insurance) |
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4,393,114 |
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299,201 |
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Sany Heavy Industry Co. Ltd. Class A (Capital Goods) |
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1,865,191 |
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106,400 |
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SF Holding Co. Ltd. Class A (Transportation) |
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1,624,709 |
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29,429 |
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Shanghai Putailai New Energy Technology Co. Ltd. Class A (Materials) |
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450,202 |
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207,452 |
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Shenzhen Inovance Technology Co. Ltd. Class A (Capital Goods) |
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3,047,342 |
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38,900 |
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Shenzhen Kangtai Biological Products Co. Ltd. Class A (Pharmaceuticals, Biotechnology & Life Sciences) |
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888,008 |
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18,900 |
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Shenzhen Mindray Bio-Medical Electronics Co. Ltd. Class A (Health Care Equipment & Services) |
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1,307,397 |
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104,174 |
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Shenzhen Sunway Communication Co. Ltd. Class A (Technology Hardware & Equipment) |
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514,605 |
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GOLDMAN SACHS CHINA EQUITY FUND
Schedule of Investments (continued)
January 31, 2021 (Unaudited)
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Description |
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Value |
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Common Stocks – (continued) |
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China – (continued) |
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79,100 |
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Sunny Optical Technology Group Co. Ltd. (Technology Hardware & Equipment) |
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$ 2,066,405 |
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3,244 |
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TAL Education Group ADR (Consumer Services)* |
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249,399 |
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171,400 |
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Tencent Holdings Ltd. (Media & Entertainment) |
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15,272,307 |
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793,000 |
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Topsports International Holdings Ltd. (Retailing)(a) |
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1,285,028 |
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28,000 |
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Tsingtao Brewery Co. Ltd. Class H (Food, Beverage & Tobacco) |
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270,024 |
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304,885 |
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Universal Scientific Industrial Shanghai Co. Ltd. Class A (Technology Hardware & Equipment) |
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777,772 |
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624,000 |
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Weichai Power Co. Ltd. Class H (Capital Goods) |
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1,840,389 |
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79,940 |
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WuXi AppTec Co. Ltd. Class H (Pharmaceuticals, Biotechnology & Life Sciences)(a) |
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1,901,563 |
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151,000 |
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Wuxi Biologics Cayman, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)*(a) |
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2,114,291 |
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778,000 |
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Xinyi Solar Holdings Ltd. (Semiconductors & Semiconductor Equipment) |
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1,702,265 |
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27,581 |
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XPeng, Inc. ADR (Automobiles & Components)*(b) |
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1,328,853 |
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197,078 |
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Yantai Jereh Oilfield Services Group Co. Ltd. Class A (Energy) |
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1,305,249 |
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53,830 |
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Yatsen Holding Ltd. ADR (Household & Personal Products)* |
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1,032,998 |
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39,080 |
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Yifeng Pharmacy Chain Co. Ltd. Class A (Food & Staples Retailing) |
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612,736 |
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96,520 |
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Yunnan Energy New Material Co. Ltd. (Materials) |
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1,960,541 |
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3,637 |
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Zai Lab Ltd. ADR (Pharmaceuticals, Biotechnology & Life Sciences)* |
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582,175 |
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488,619 |
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Zhejiang Sanhua Intelligent Controls Co. Ltd. Class A (Capital Goods) |
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1,729,228 |
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127,695,253 |
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Hong Kong – 5.6% |
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146,400 |
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AIA Group Ltd. (Insurance) |
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1,765,109 |
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137,600 |
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ASM Pacific Technology Ltd. (Semiconductors & Semiconductor Equipment) |
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1,998,142 |
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30,801 |
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Hong Kong Exchanges & Clearing Ltd. (Diversified Financials) |
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1,969,176 |
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Description |
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Value |
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Common Stocks – (continued) |
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Hong Kong – (continued) |
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1,033,500 |
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Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |
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$ 959,461 |
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87,500 |
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Techtronic Industries Co. Ltd. (Capital Goods) |
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1,307,108 |
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7,998,996 |
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Taiwan – 1.3% |
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58,000 |
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MediaTek, Inc. (Semiconductors & Semiconductor Equipment) |
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1,811,553 |
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TOTAL COMMON STOCKS
(Cost $93,513,685) |
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$137,505,802 |
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Dividend
Rate |
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Value |
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Investment Company(c) – 4.7% |
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Goldman Sachs Financial Square Government Fund —
Institutional
Shares |
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6,744,811 |
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0.026% |
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$ 6,744,811 |
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(Cost $6,744,811) |
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TOTAL INVESTMENTS BEFORE SECURITIES LENDING
REINVESTMENT VEHICLE
(Cost $100,258,496) |
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$144,250,613 |
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Securities Lending Reinvestment Vehicle(c) – 0.9% |
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Goldman Sachs Financial Square Government Fund —
Institutional
Shares |
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1,342,750 |
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0.026% |
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$ 1,342,750 |
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(Cost $1,342,750) |
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TOTAL INVESTMENTS – 101.7%
(Cost $101,601,246) |
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$145,593,363 |
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LIABILITIES IN EXCESS OF
OTHER ASSETS
– (1.7)% |
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(2,447,594) |
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NET ASSETS – 100.0% |
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$143,145,769 |
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| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
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| * |
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Security is currently in default and/or non-income producing. |
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| (a) |
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Exempt from registration under Rule 144A of the Securities Act of 1933. |
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| (b) |
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All or a portion of security is on loan. |
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| (c) |
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Represents an Affiliated Issuer. |
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| Investment Abbreviation: |
| ADR |
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— American Depositary Receipt |
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For information on the mutual funds, please call our
toll-free Shareholder Services Line at 1-800-526-7384
or visit us on the web at www.GSAMFUNDS.com. |
GOLDMAN SACHS EMERGING MARKETS EQUITY FUND
Schedule of Investments
January 31, 2021 (Unaudited)
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| Shares |
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Description |
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Value |
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Common Stocks – 95.8% |
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Argentina – 2.2% |
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40,885 |
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MercadoLibre, Inc. (Retailing)* |
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$ 72,755,266 |
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Brazil – 4.4% |
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4,254,061 |
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Aeris Industria E Comercio De Equipamentos Para Geracao De Energia SA (Capital Goods)* |
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9,205,703 |
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3,311,000 |
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Atacadao SA (Food & Staples
Retailing)* |
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11,521,994 |
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1,058,800 |
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B3 SA - Brasil Bolsa Balcao (Diversified Financials) |
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11,572,219 |
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304,430 |
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Banco Bradesco SA ADR (Banks) |
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1,382,112 |
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5,294,868 |
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Banco Bradesco SA (Preference) (Banks)*(a) |
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23,941,776 |
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6,613,061 |
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Banco Pan SA (Preference) (Banks)(a) |
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11,349,315 |
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5,121,024 |
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Boa Vista Servicos SA (Commercial & Professional Services) |
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8,901,001 |
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2,234,100 |
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Fleury SA (Health Care Equipment & Services) |
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10,722,569 |
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1,732,737 |
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Iochpe Maxion SA (Capital Goods) |
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4,430,492 |
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719,200 |
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Locaweb Servicos de Internet SA (Software & Services)*(b) |
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13,436,529 |
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195,670 |
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Pagseguro Digital Ltd. Class A (Software & Services)* |
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9,578,047 |
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1,563,500 |
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Qualicorp Consultoria e Corretora de Seguros SA (Health Care Equipment & Services) |
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8,889,952 |
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1,809,686 |
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Rede D’Or Sao Luiz SA (Health Care Equipment & Services)*(b) |
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21,730,521 |
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116,959 |
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Vinci Partners Investments Ltd. Class A (Diversified Financials)* |
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1,994,151 |
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98,602 |
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Wiz Solucoes e Corretagem de Seguros SA (Insurance) |
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138,224 |
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148,794,605 |
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Cayman Islands – 0.4% |
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814,015 |
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Patria Investments Ltd. Class A (Diversified Financials)* |
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14,530,168 |
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China – 34.7% |
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645,705 |
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Alibaba Group Holding Ltd. ADR (Retailing)* |
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163,899,300 |
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6,406,000 |
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Alibaba Health Information Technology Ltd. (Health Care Equipment & Services)* |
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19,971,186 |
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2,478,500 |
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Anhui Conch Cement Co. Ltd. Class H (Materials) |
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14,642,557 |
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1,580,000 |
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ANTA Sports Products Ltd. (Consumer Durables & Apparel) |
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26,020,286 |
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3,430,000 |
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China Mengniu Dairy Co. Ltd. (Food, Beverage & Tobacco)* |
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20,398,056 |
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9,473,500 |
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China Merchants Bank Co. Ltd. Class H (Banks) |
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72,546,889 |
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848,232 |
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Contemporary Amperex Technology Co. Ltd. Class A (Capital Goods) |
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45,906,114 |
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Description |
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Value |
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Common Stocks – (continued) |
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China – (continued) |
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1,657,500 |
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ENN Energy Holdings Ltd. (Utilities) |
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$ 25,562,674 |
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1,119,977 |
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Gree Electric Appliances, Inc. of Zhuhai Class A (Consumer Durables & Apparel) |
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9,718,023 |
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2,529,578 |
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Hangzhou Robam Appliances Co. Ltd. Class A (Consumer Durables & Apparel) |
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15,028,255 |
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527,311 |
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Huami Corp. ADR (Technology Hardware & Equipment)* |
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7,229,434 |
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3,958,000 |
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Jiumaojiu International Holdings Ltd. (Consumer Services)*(b) |
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14,437,411 |
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18,300 |
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Kuaishou Technology (Software & Services)*(b) |
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271,435 |
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284,281 |
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Kweichow Moutai Co. Ltd. Class A (Food, Beverage & Tobacco) |
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92,906,586 |
| |
1,754,400 |
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Meituan Class B (Retailing)* |
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80,894,338 |
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3,958,000 |
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Minth Group Ltd. (Automobiles & Components) |
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18,066,213 |
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136,096 |
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New Oriental Education & Technology Group, Inc. ADR (Consumer Services)* |
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22,796,080 |
| |
5,011,000 |
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Ping An Insurance Group Co. of China Ltd. Class H (Insurance) |
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58,982,879 |
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1,434,358 |
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SF Holding Co. Ltd. Class A (Transportation) |
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21,902,393 |
| |
372,497 |
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Silergy Corp. (Semiconductors & Semiconductor Equipment) |
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34,734,493 |
| |
1,236,500 |
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Sunny Optical Technology Group Co. Ltd. (Technology Hardware & Equipment) |
|
32,302,270 |
| |
366,631 |
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TAL Education Group ADR (Consumer Services)* |
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28,186,591 |
| |
2,679,500 |
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Tencent Holdings Ltd. (Media & Entertainment) |
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238,752,316 |
| |
8,315,000 |
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Topsports International Holdings Ltd. (Retailing)(b) |
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13,474,154 |
| |
1,534,312 |
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WuXi AppTec Co. Ltd. Class H (Pharmaceuticals, Biotechnology & Life Sciences)(b) |
|
36,497,269 |
| |
9,672,000 |
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Xinyi Solar Holdings Ltd. (Semiconductors & Semiconductor Equipment) |
|
21,162,354 |
| |
306,697 |
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XPeng, Inc. ADR (Automobiles & Components)*(c) |
|
14,776,662 |
| |
4,321,002 |
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Zhejiang Sanhua Intelligent Controls Co. Ltd. Class A (Capital Goods) |
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15,292,071 |
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1,166,358,289 |
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Czech Republic – 0.7% |
| |
6,524,521 |
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Moneta Money Bank A/S (Banks)*(b) |
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22,153,967 |
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GOLDMAN SACHS EMERGING MARKETS EQUITY FUND
Schedule of Investments (continued)
January 31, 2021 (Unaudited)
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| Shares |
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Description |
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Value |
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Common Stocks – (continued) |
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Greece – 0.8% |
| |
979,358 |
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|
Hellenic Exchanges - Athens Stock Exchange SA (Diversified Financials) |
|
$ 4,144,551 |
| |
668,719 |
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JUMBO SA (Retailing) |
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10,475,465 |
| |
1,222,711 |
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Sarantis SA (Household & Personal Products) |
|
13,458,256 |
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|
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28,078,272 |
| |
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Hong Kong – 3.9% |
| |
3,718,800 |
|
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AIA Group Ltd. (Insurance) |
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44,836,660 |
| |
679,313 |
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Hong Kong Exchanges & Clearing Ltd. (Diversified Financials) |
|
43,429,983 |
| |
23,210,500 |
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Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |
|
21,547,708 |
| |
1,444,000 |
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Techtronic Industries Co. Ltd. (Capital Goods) |
|
21,571,021 |
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|
|
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|
|
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131,385,372 |
| |
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| |
India – 10.0% |
| |
28,850 |
|
|
Abbott India Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |
|
5,615,056 |
| |
461,609 |
|
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AIA Engineering Ltd. (Capital Goods) |
|
12,362,675 |
| |
499,232 |
|
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Amber Enterprises India Ltd. (Consumer Durables & Apparel) |
|
17,583,886 |
| |
108,619 |
|
|
Atul Ltd. (Materials) |
|
9,479,313 |
| |
487,147 |
|
|
Avenue Supermarts Ltd. (Food & Staples Retailing)*(b) |
|
17,673,294 |
| |
2,129,929 |
|
|
Bharti Airtel Ltd. (Telecommunication Services) |
|
16,130,081 |
| |
440,751 |
|
|
Computer Age Management Services Ltd. (Software & Services) |
|
10,712,179 |
| |
2,146,286 |
|
|
Crompton Greaves Consumer Electricals Ltd. (Consumer Durables & Apparel) |
|
12,555,259 |
| |
346,415 |
|
|
Divi’s Laboratories Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |
|
15,957,450 |
| |
826,579 |
|
|
ICICI Lombard General Insurance Co. Ltd. (Insurance)*(b) |
|
14,886,486 |
| |
405,103 |
|
|
Info Edge India Ltd. (Media & Entertainment) |
|
24,192,337 |
| |
1,690,844 |
|
|
Infosys Ltd. (Software & Services) |
|
28,650,838 |
| |
403,559 |
|
|
Infosys Ltd. ADR (Software & Services) |
|
6,812,076 |
| |
1,303,470 |
|
|
Kotak Mahindra Bank Ltd. (Banks)* |
|
30,534,140 |
| |
257,852 |
|
|
Larsen & Toubro Infotech Ltd. (Software & Services)(b) |
|
13,982,804 |
| |
220,964 |
|
|
Maruti Suzuki India Ltd. (Automobiles & Components) |
|
21,779,791 |
| |
639,054 |
|
|
Navin Fluorine International Ltd. (Materials) |
|
20,038,169 |
| |
|
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Description |
|
Value |
|
| |
Common Stocks – (continued) |
| |
India – (continued) |
| |
1,314,554 |
|
|
Prestige Estates Projects Ltd. (Real Estate) |
|
$ 4,795,744 |
| |
800,908 |
|
|
Route Mobile Ltd. (Software & Services)* |
|
12,449,970 |
| |
1,024,128 |
|
|
SBI Life Insurance Co. Ltd. (Insurance)*(b) |
|
12,121,657 |
| |
1,973,564 |
|
|
Tata Consumer Products Ltd. (Food, Beverage & Tobacco) |
|
15,104,420 |
| |
342,202 |
|
|
TeamLease Services Ltd. (Commercial & Professional Services)* |
|
13,355,861 |
|
|
|
|
|
|
|
|
|
|
|
|
|
336,773,486 |
| |
|
| |
Indonesia – 2.0% |
|
|
| |
16,767,500 |
|
|
Bank Central Asia Tbk. PT (Banks) |
|
40,328,029 |
| |
242,783,900 |
|
|
BFI Finance Indonesia Tbk. PT (Diversified Financials) |
|
11,652,508 |
| |
11,974,200 |
|
|
Map Aktif Adiperkasa PT (Retailing)* |
|
2,033,212 |
| |
203,560,200 |
|
|
Pakuwon Jati Tbk. PT (Real Estate)* |
|
6,950,145 |
| |
9,480,411 |
|
|
Semen Indonesia Persero Tbk. PT (Materials) |
|
7,143,261 |
|
|
|
|
|
|
|
|
|
|
|
|
|
68,107,155 |
| |
|
| |
Mexico – 1.4% |
|
|
| |
2,788,399 |
|
|
Arca Continental SAB de CV (Food, Beverage & Tobacco) |
|
12,659,949 |
| |
3,605,910 |
|
|
Bolsa Mexicana de Valores SAB de CV (Diversified Financials) |
|
8,091,705 |
| |
3,323,199 |
|
|
Kimberly-Clark de Mexico SAB de CV Class A (Household & Personal Products) |
|
5,805,344 |
| |
7,210,600 |
|
|
Wal-Mart de Mexico SAB de CV (Food & Staples Retailing) |
|
20,524,831 |
|
|
|
|
|
|
|
|
|
|
|
|
|
47,081,829 |
| |
|
| |
Peru – 0.7% |
|
|
| |
2,416,454 |
|
|
Alicorp SAA (Food, Beverage & Tobacco) |
|
5,446,952 |
| |
30,896 |
|
|
Credicorp Ltd. (Banks) |
|
4,644,596 |
| |
425,560 |
|
|
Intercorp Financial Services, Inc. (Banks) |
|
13,567,382 |
|
|
|
|
|
|
|
|
|
|
|
|
|
23,658,930 |
| |
|
| |
Philippines – 0.4% |
|
|
| |
3,128,760 |
|
|
Jollibee Foods Corp. (Consumer Services) |
|
11,536,157 |
| |
|
| |
Poland – 1.8% |
|
|
| |
326,004 |
|
|
Dino Polska SA (Food & Staples Retailing)*(b) |
|
22,894,184 |
| |
750,009 |
|
|
InPost SA (Transportation)* |
|
18,021,434 |
| |
2,279,635 |
|
|
Powszechna Kasa Oszczednosci Bank Polski SA (Banks)* |
|
17,601,193 |
|
|
|
|
|
|
|
|
|
|
|
|
|
58,516,811 |
| |
|
| |
Russia – 3.9% |
|
|
| |
10,641,120 |
|
|
Detsky Mir PJSC (Retailing)(b) |
|
20,065,241 |
| |
226,830 |
|
|
LUKOIL PJSC (Energy) |
|
16,124,964 |
| |
|
GOLDMAN SACHS EMERGING MARKETS EQUITY FUND
Schedule of Investments (continued)
January 31, 2021 (Unaudited)
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Description |
|
Value |
|
| |
Common Stocks – (continued) |
| |
Russia – (continued) |
| |
3,424,947 |
|
|
Moscow Exchange MICEX-RTS PJSC (Diversified Financials) |
|
$ 7,081,091 |
| |
177,970 |
|
|
Ozon Holdings plc ADR (Retailing)*(c) |
|
8,603,070 |
| |
8,587,383 |
|
|
Sberbank of Russia PJSC (Banks) |
|
29,131,780 |
| |
682,385 |
|
|
TCS Group Holding plc GDR (Banks) |
|
28,145,003 |
| |
337,480 |
|
|
Yandex NV Class A (Media & Entertainment)* |
|
21,139,747 |
|
|
|
|
|
|
|
|
|
|
|
|
|
130,290,896 |
| |
|
| |
Saudi Arabia – 0.4% |
| |
1,222,647 |
|
|
National Commercial Bank (Banks) |
|
14,053,531 |
| |
|
| |
Singapore – 0.4% |
| |
3,958,793 |
|
|
Nanofilm Technologies International Ltd. (Materials)* |
|
14,334,383 |
| |
|
| |
South Africa – 1.3% |
| |
310,633 |
|
|
Bid Corp. Ltd. (Food & Staples Retailing) |
|
5,158,322 |
| |
708,270 |
|
|
Clicks Group Ltd. (Food & Staples Retailing) |
|
11,636,700 |
| |
1,387,591 |
|
|
JSE Ltd. (Diversified Financials) |
|
10,521,602 |
| |
350,472 |
|
|
Santam Ltd. (Insurance) |
|
6,135,770 |
| |
6,796,685 |
|
|
Transaction Capital Ltd. (Diversified Financials)* |
|
10,762,624 |
|
|
|
|
|
|
|
|
|
|
|
|
|
44,215,018 |
| |
|
| |
South Korea – 13.2% |
| |
271,806 |
|
|
Fila Holdings Corp. (Consumer Durables & Apparel)* |
|
10,368,145 |
| |
373,363 |
|
|
Hankook Tire & Technology Co. Ltd. (Automobiles & Components)* |
|
13,687,301 |
| |
266,687 |
|
|
LG Electronics, Inc. (Consumer Durables & Apparel) |
|
36,409,058 |
| |
123,439 |
|
|
NAVER Corp. (Media & Entertainment) |
|
37,665,092 |
| |
48,109 |
|
|
NCSoft Corp. (Media &
Entertainment)* |
|
40,760,382 |
| |
186,589 |
|
|
Orion Corp. (Food, Beverage & Tobacco)* |
|
20,003,052 |
| |
34,327 |
|
|
Pearl Abyss Corp. (Media & Entertainment)* |
|
9,653,685 |
| |
109,967 |
|
|
Samsung Electro-Mechanics Co. Ltd. (Technology Hardware & Equipment) |
|
20,001,723 |
| |
2,722,042 |
|
|
Samsung Electronics Co. Ltd. (Technology Hardware & Equipment) |
|
199,000,391 |
| |
522,276 |
|
|
SK Hynix, Inc. (Semiconductors & Semiconductor Equipment) |
|
57,022,376 |
|
|
|
|
|
|
|
|
|
|
|
|
|
444,571,205 |
| |
|
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Description |
|
Value |
|
| |
Common Stocks – (continued) |
| |
Taiwan – 10.7% |
| |
92,000 |
|
|
ASMedia Technology, Inc. (Semiconductors & Semiconductor Equipment) |
|
$ 6,222,373 |
| |
3,450,680 |
|
|
Chailease Holding Co. Ltd. (Diversified Financials) |
|
19,072,490 |
| |
13,901,203 |
|
|
FIT Hon Teng Ltd. (Technology Hardware & Equipment)*(b)(c) |
|
5,911,107 |
| |
144,000 |
|
|
Largan Precision Co. Ltd. (Technology Hardware & Equipment) |
|
15,072,564 |
| |
391,000 |
|
|
momo.com, Inc. (Retailing) |
|
10,988,636 |
| |
831,000 |
|
|
Nien Made Enterprise Co. Ltd. (Consumer Durables & Apparel) |
|
10,939,371 |
| |
82,944 |
|
|
Sea Ltd. ADR (Media &
Entertainment)* |
|
17,974,794 |
| |
10,908,883 |
|
|
Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) |
|
230,541,721 |
| |
1,417,000 |
|
|
Taiwan Union Technology Corp. (Technology Hardware & Equipment) |
|
5,548,651 |
| |
1,667,718 |
|
|
Tong Hsing Electronic Industries Ltd. (Technology Hardware & Equipment) |
|
12,436,817 |
| |
1,589,000 |
|
|
Win Semiconductors Corp. (Semiconductors & Semiconductor Equipment) |
|
23,327,937 |
|
|
|
|
|
|
|
|
|
|
|
|
|
358,036,461 |
| |
|
| |
Thailand – 0.6% |
|
|
| |
9,277,000 |
|
|
Airports of Thailand PCL (Transportation) |
|
18,365,018 |
| |
|
| |
Turkey – 0.4% |
|
|
| |
1,062,973 |
|
|
Mavi Giyim Sanayi ve Ticaret A/S Class B (Consumer Durables & Apparel)*(b) |
|
7,699,282 |
| |
3,414,508 |
|
|
Sok Marketler Ticaret A/S (Food & Staples Retailing)* |
|
6,174,252 |
|
|
|
|
|
|
|
|
|
|
|
|
|
13,873,534 |
| |
|
| |
United States – 0.8% |
|
|
| |
48,961 |
|
|
EPAM Systems, Inc. (Software & Services)* |
|
16,863,637 |
| |
6,939,300 |
|
|
Samsonite International SA (Consumer Durables & Apparel)*(b) |
|
9,978,149 |
|
|
|
|
|
|
|
|
|
|
|
|
|
26,841,786 |
| |
|
| |
Vietnam – 0.7% |
|
|
| |
5,017,083 |
|
|
Vietnam Dairy Products JSC (Food, Beverage & Tobacco) |
|
22,305,109 |
| |
|
|
TOTAL COMMON STOCKS
(Cost $2,164,515,190) |
|
$3,216,617,248 |
| |
|
GOLDMAN SACHS EMERGING MARKETS EQUITY FUND
Schedule of Investments (continued)
January 31, 2021 (Unaudited)
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Description |
|
Value |
|
| |
Exchange Traded Fund – 3.3% |
| |
2,495,796 |
|
|
iShares, Inc. iShares ESG Aware MSCI EM ETF(c) |
|
$ 108,292,589 |
| |
(Cost $109,556,813) |
|
|
| |
|
|
|
|
| Shares |
|
|
Dividend
Rate |
|
Value |
|
| |
Investment Company(d) – 1.4% |
|
Goldman Sachs Financial Square Government Fund —
Institutional
Shares |
| |
47,680,197 |
|
|
0.026% |
|
$ 47,680,197 |
| |
(Cost $47,680,197) |
|
|
| |
|
|
TOTAL INVESTMENTS BEFORE SECURITIES
LENDING REINVESTMENT VEHICLE
(Cost $2,321,752,200) |
|
$3,372,590,034 |
| |
|
|
|
|
|
|
|
|
|
| |
Securities Lending Reinvestment Vehicle(d) – 0.6% |
|
Goldman Sachs Financial Square Government Fund —
Institutional
Shares |
| |
21,663,970 |
|
|
0.026% |
|
$ 21,663,970 |
| |
(Cost $21,663,970) |
|
|
| |
|
|
TOTAL INVESTMENTS – 101.1%
(Cost
$2,343,416,170) |
|
$3,394,254,004 |
| |
|
|
LIABILITIES IN EXCESS OF
OTHER ASSETS
– (1.1)% |
|
(36,651,482) |
| |
|
| |
NET ASSETS – 100.0% |
|
$3,357,602,522 |
| |
|
|
|
|
|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
|
|
| * |
|
Security is currently in default and/or non-income producing. |
|
|
| (a) |
|
Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares. |
|
|
| (b) |
|
Exempt from registration under Rule 144A of the Securities Act of 1933. |
|
|
| (c) |
|
All or a portion of security is on loan. |
|
|
| (d) |
|
Represents an Affiliated Issuer. |
|
|
|
| |
| Investment Abbreviations: |
| ADR |
|
— American Depositary Receipt |
| GDR |
|
— Global Depositary Receipt |
| |
|
For information on the mutual funds, please call our
toll-free Shareholder Services Line at 1-800-526-7384
or visit us on the web at www.GSAMFUNDS.com. |
GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND
Schedule of Investments
January 31, 2021 (Unaudited)
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Description |
|
Value |
|
| |
Common Stocks – 102.9% |
| |
Argentina – 3.4% |
| |
668 |
|
|
MercadoLibre, Inc. (Retailing)* |
|
$ 1,188,713 |
| |
|
| |
Brazil – 5.6% |
| |
78,213 |
|
|
Aeris Industria E Comercio De Equipamentos Para Geracao De Energia SA (Capital
Goods)* |
|
169,251 |
| |
71,200 |
|
|
Atacadao SA (Food & Staples Retailing)* |
|
247,770 |
| |
28,700 |
|
|
B3 SA - Brasil Bolsa Balcao (Diversified Financials) |
|
313,679 |
| |
118,634 |
|
|
Banco Bradesco SA ADR (Banks) |
|
538,598 |
| |
46,400 |
|
|
Fleury SA (Health Care Equipment & Services) |
|
222,697 |
| |
5,191 |
|
|
Pagseguro Digital Ltd. Class A (Software & Services)* |
|
254,100 |
| |
19,418 |
|
|
Rede D’Or Sao Luiz SA (Health Care Equipment & Services)*(a) |
|
233,169 |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,979,264 |
| |
|
| |
China – 34.8% |
| |
6,164 |
|
|
Alibaba Group Holding Ltd. ADR
(Retailing)* |
|
1,564,608 |
| |
82,000 |
|
|
Alibaba Health Information Technology Ltd. (Health Care Equipment & Services)* |
|
255,641 |
| |
21,000 |
|
|
ANTA Sports Products Ltd. (Consumer Durables & Apparel) |
|
345,839 |
| |
57,000 |
|
|
China Mengniu Dairy Co. Ltd. (Food Products)* |
|
338,976 |
| |
121,500 |
|
|
China Merchants Bank Co. Ltd. Class H (Banks) |
|
930,432 |
| |
12,700 |
|
|
Contemporary Amperex Technology Co. Ltd. Class A (Capital Goods) |
|
687,321 |
| |
21,300 |
|
|
ENN Energy Holdings Ltd. (Utilities) |
|
328,498 |
| |
4,500 |
|
|
Gree Electric Appliances, Inc. of Zhuhai Class A (Consumer Durables & Apparel) |
|
39,046 |
| |
28,700 |
|
|
Hangzhou Robam Appliances Co. Ltd. Class A (Consumer Durables & Apparel) |
|
170,507 |
| |
25,900 |
|
|
Meituan Class B (Retailing)* |
|
1,194,234 |
| |
1,915 |
|
|
New Oriental Education & Technology Group, Inc. ADR (Consumer Services)* |
|
320,762 |
| |
78,000 |
|
|
Ping An Insurance Group Co. of China Ltd. Class H (Insurance) |
|
918,667 |
| |
12,200 |
|
|
SF Holding Co. Ltd. Class A (Transportation) |
|
186,292 |
| |
4,000 |
|
|
Silergy Corp. (Semiconductors & Semiconductor Equipment) |
|
372,991 |
| |
20,600 |
|
|
Sunny Optical Technology Group Co. Ltd. (Technology Hardware & Equipment) |
|
538,153 |
| |
4,412 |
|
|
TAL Education Group ADR (Consumer Services)* |
|
339,195 |
| |
27,100 |
|
|
Tencent Holdings Ltd. (Media & Entertainment) |
|
2,414,700 |
| |
|
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Description |
|
Value |
|
| |
Common Stocks – (continued) |
| |
China – (continued) |
| |
105,000 |
|
|
Topsports International Holdings Ltd. (Retailing)(a) |
|
$ 170,149 |
| |
27,724 |
|
|
WuXi AppTec Co. Ltd. Class H (Pharmaceuticals, Biotechnology & Life Sciences)(a) |
|
659,481 |
| |
118,000 |
|
|
Xinyi Solar Holdings Ltd. (Semiconductors & Semiconductor Equipment) |
|
258,184 |
| |
2,964 |
|
|
XPeng, Inc. ADR (Automobiles & Components)* |
|
142,806 |
| |
44,750 |
|
|
Zhejiang Sanhua Intelligent Controls Co. Ltd. Class A (Capital Goods) |
|
158,371 |
|
|
|
|
|
|
|
|
|
|
|
|
|
12,334,853 |
| |
|
| |
Czech Republic – 1.0% |
| |
104,300 |
|
|
Moneta Money Bank A/S (Banks)*(a) |
|
354,150 |
| |
|
| |
Greece – 0.8% |
| |
18,534 |
|
|
JUMBO SA (Retailing) |
|
290,334 |
| |
|
| |
Hong Kong – 6.1% |
| |
70,200 |
|
|
AIA Group Ltd. (Insurance) |
|
846,384 |
| |
13,367 |
|
|
Hong Kong Exchanges & Clearing Ltd. (Diversified Financials) |
|
854,582 |
| |
202,000 |
|
|
Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |
|
187,529 |
| |
18,000 |
|
|
Techtronic Industries Co. Ltd. (Capital Goods) |
|
268,891 |
|
|
|
|
|
|
|
|
|
|
|
|
|
2,157,386 |
| |
|
| |
India – 10.8% |
| |
6,158 |
|
|
Avenue Supermarts Ltd. (Food & Staples Retailing)*(a) |
|
223,407 |
| |
24,678 |
|
|
Bharti Airtel Ltd. (Telecommunication Services) |
|
186,888 |
| |
3,741 |
|
|
Divi’s Laboratories Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |
|
172,328 |
| |
18,476 |
|
|
ICICI Lombard General Insurance Co. Ltd. (Insurance)*(a) |
|
332,748 |
| |
5,963 |
|
|
Info Edge India Ltd. (Media & Entertainment) |
|
356,104 |
| |
8,862 |
|
|
Infosys Ltd. (Software & Services) |
|
150,164 |
| |
34,885 |
|
|
Infosys Ltd. ADR (Software & Services) |
|
588,859 |
| |
24,320 |
|
|
Kotak Mahindra Bank Ltd. (Banks)* |
|
569,703 |
| |
5,464 |
|
|
Larsen & Toubro Infotech Ltd. (Software & Services)(a) |
|
296,302 |
| |
4,144 |
|
|
Maruti Suzuki India Ltd. (Automobiles & Components) |
|
408,462 |
| |
15,177 |
|
|
SBI Life Insurance Co. Ltd. (Insurance)*(a) |
|
179,636 |
| |
|
GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND
Schedule of Investments (continued)
January 31, 2021 (Unaudited)
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Description |
|
Value |
|
| |
Common Stocks – (continued) |
| |
India – (continued) |
| |
49,329 |
|
|
Tata Consumer Products Ltd. (Food Products) |
|
$ 377,533 |
|
|
|
|
|
|
|
|
|
|
|
|
|
3,842,134 |
| |
|
| |
Indonesia – 1.5% |
| |
228,400 |
|
|
Bank Central Asia Tbk. PT (Banks) |
|
549,332 |
| |
|
| |
Mexico – 2.6% |
| |
65,999 |
|
|
Arca Continental SAB de CV (Food Products) |
|
299,650 |
| |
66,665 |
|
|
Kimberly-Clark de Mexico SAB de CV Class A (Household & Personal Products) |
|
116,458 |
| |
181,000 |
|
|
Wal-Mart de Mexico SAB de CV (Food & Staples Retailing) |
|
515,213 |
|
|
|
|
|
|
|
|
|
|
|
|
|
931,321 |
| |
|
| |
Peru – 1.1% |
| |
1,550 |
|
|
Credicorp Ltd. (Banks) |
|
233,011 |
| |
5,459 |
|
|
Intercorp Financial Services, Inc. (Banks) |
|
174,852 |
|
|
|
|
|
|
|
|
|
|
|
|
|
407,863 |
| |
|
| |
Philippines – 0.3% |
| |
25,880 |
|
|
Jollibee Foods Corp. (Consumer Services) |
|
95,423 |
| |
|
| |
Poland – 1.3% |
| |
8,277 |
|
|
InPost SA (Transportation)* |
|
198,882 |
| |
33,151 |
|
|
Powszechna Kasa Oszczednosci Bank Polski SA (Banks)* |
|
255,961 |
|
|
|
|
|
|
|
|
|
|
|
|
|
454,843 |
| |
|
| |
Russia – 3.4% |
| |
83,000 |
|
|
Moscow Exchange MICEX-RTS PJSC (Diversified Financials) |
|
171,603 |
| |
1,868 |
|
|
Ozon Holdings plc ADR (Retailing)* |
|
90,299 |
| |
37,566 |
|
|
Sberbank of Russia PJSC ADR (Banks) |
|
514,793 |
| |
7,072 |
|
|
Yandex NV Class A (Media &
Entertainment)* |
|
442,990 |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,219,685 |
| |
|
| |
Saudi Arabia – 0.5% |
| |
14,700 |
|
|
National Commercial Bank (Banks) |
|
168,967 |
| |
|
| |
South Africa – 1.8% |
| |
6,908 |
|
|
Bid Corp. Ltd. (Food & Staples Retailing) |
|
114,713 |
| |
22,732 |
|
|
Clicks Group Ltd. (Food & Staples Retailing) |
|
373,481 |
| |
7,911 |
|
|
Santam Ltd. (Insurance) |
|
138,499 |
|
|
|
|
|
|
|
|
|
|
|
|
|
626,693 |
| |
|
| |
South Korea – 14.6% |
| |
5,325 |
|
|
LG Electronics, Inc. (Consumer Durables & Apparel) |
|
726,988 |
| |
|
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Description |
|
Value |
|
| |
Common Stocks – (continued) |
| |
South Korea – (continued) |
| |
1,851 |
|
|
NAVER Corp. (Media & Entertainment) |
|
$ 564,798 |
| |
604 |
|
|
NCSoft Corp. (Media & Entertainment)* |
|
511,740 |
| |
2,234 |
|
|
Orion Corp. (Food Products)* |
|
239,493 |
| |
442 |
|
|
Pearl Abyss Corp. (Media & Entertainment)* |
|
124,303 |
| |
1,126 |
|
|
Samsung Electro-Mechanics Co. Ltd. (Technology Hardware & Equipment) |
|
204,806 |
| |
29,015 |
|
|
Samsung Electronics Co. Ltd. (Technology Hardware & Equipment) |
|
2,121,200 |
| |
6,110 |
|
|
SK Hynix, Inc. (Semiconductors & Semiconductor Equipment) |
|
667,093 |
|
|
|
|
|
|
|
|
|
|
|
|
|
5,160,421 |
| |
|
| |
Taiwan – 12.1% |
| |
56,440 |
|
|
Chailease Holding Co. Ltd. (Diversified Financials) |
|
311,953 |
| |
3,000 |
|
|
Largan Precision Co. Ltd. (Technology Hardware & Equipment) |
|
314,012 |
| |
9,000 |
|
|
Nien Made Enterprise Co. Ltd. (Consumer Durables & Apparel) |
|
118,477 |
| |
1,287 |
|
|
Sea Ltd. ADR (Media & Entertainment)* |
|
278,906 |
| |
140,000 |
|
|
Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) |
|
2,958,675 |
| |
20,000 |
|
|
Win Semiconductors Corp. (Semiconductors & Semiconductor Equipment) |
|
293,618 |
|
|
|
|
|
|
|
|
|
|
|
|
|
4,275,641 |
| |
|
| |
Thailand – 0.7% |
| |
116,900 |
|
|
Airports of Thailand PCL (Transportation) |
|
231,419 |
| |
|
| |
United States – 0.5% |
| |
553 |
|
|
EPAM Systems, Inc. (Software & Services)* |
|
190,470 |
| |
|
|
TOTAL COMMON STOCKS
(Cost $32,330,919) |
|
$ 36,458,912 |
| |
|
GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND
Schedule of Investments (continued)
January 31, 2021 (Unaudited)
|
|
|
|
|
| Shares |
|
Dividend
Rate |
|
Value |
|
| Investment Company(b) – 0.3% |
| Goldman Sachs Financial Square Government Fund — Institutional
Shares |
| 118,358 |
|
0.026% |
|
$ 118,358 |
| (Cost $118,358) |
|
|
| |
TOTAL INVESTMENTS – 103.2%
(Cost $32,449,277) |
|
$36,577,270 |
| |
LIABILITIES IN EXCESS OF
OTHER ASSETS – (3.2)% |
|
(1,131,044) |
| |
| NET ASSETS – 100.0% |
|
$35,446,226 |
| |
|
|
|
|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
|
|
| * |
|
Security is currently in default and/or non-income producing. |
|
|
| (a) |
|
Exempt from registration under Rule 144A of the Securities Act of 1933. |
|
|
| (b) |
|
Represents an Affiliated Issuer. |
|
|
|
| |
| Investment Abbreviation: |
| ADR |
|
— American Depositary Receipt |
| |
|
For information on the mutual funds, please call our
toll-free Shareholder Services Line at 1-800-526-7384
or visit us on the web at www.GSAMFUNDS.com. |
GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND
Schedule of Investments
January 31, 2021 (Unaudited)
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Description |
|
Value |
|
| |
Common Stocks – 96.9% |
| |
Denmark – 4.9% |
| |
9,452 |
|
|
Genmab A/S (Pharmaceuticals, Biotechnology & Life Sciences)* |
|
$ 3,763,264 |
| |
82,191 |
|
|
Novo Nordisk A/S Class B (Pharmaceuticals, Biotechnology & Life Sciences) |
|
5,726,101 |
|
|
|
|
|
|
|
|
|
|
|
|
|
9,489,365 |
| |
|
| |
Finland – 1.1% |
| |
29,198 |
|
|
Neste OYJ (Energy) |
|
2,056,725 |
| |
|
| |
France – 6.7% |
| |
159,055 |
|
|
BNP Paribas SA (Banks)* |
|
7,627,592 |
| |
59,515 |
|
|
Vinci SA (Capital Goods) |
|
5,518,718 |
|
|
|
|
|
|
|
|
|
|
|
|
|
13,146,310 |
| |
|
| |
Germany – 5.2% |
| |
73,643 |
|
|
CTS Eventim AG & Co. KGaA (Media & Entertainment)* |
|
4,344,872 |
| |
143,883 |
|
|
Infineon Technologies AG (Semiconductors & Semiconductor Equipment) |
|
5,764,471 |
|
|
|
|
|
|
|
|
|
|
|
|
|
10,109,343 |
| |
|
| |
Japan – 17.4% |
| |
46,100 |
|
|
Hoya Corp. (Health Care Equipment & Services) |
|
5,898,675 |
| |
7,900 |
|
|
Keyence Corp. (Technology Hardware & Equipment) |
|
4,241,361 |
| |
44,700 |
|
|
Nidec Corp. (Capital Goods) |
|
5,948,596 |
| |
401,900 |
|
|
ORIX Corp. (Diversified Financials) |
|
6,448,844 |
| |
98,400 |
|
|
Recruit Holdings Co. Ltd. (Commercial & Professional Services) |
|
4,280,147 |
| |
52,700 |
|
|
Shiseido Co. Ltd. (Household & Personal Products) |
|
3,421,259 |
| |
108,673 |
|
|
Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |
|
3,821,990 |
|
|
|
|
|
|
|
|
|
|
|
|
|
34,060,872 |
| |
|
| |
Netherlands – 6.2% |
| |
131,750 |
|
|
Aalberts NV (Capital Goods) |
|
5,947,663 |
| |
35,187 |
|
|
Koninklijke DSM NV (Materials) |
|
6,151,158 |
|
|
|
|
|
|
|
|
|
|
|
|
|
12,098,821 |
| |
|
| |
Singapore – 2.0% |
| |
208,880 |
|
|
DBS Group Holdings Ltd. (Banks) |
|
3,938,903 |
| |
|
| |
Spain – 9.7% |
| |
1,633,727 |
|
|
Banco Bilbao Vizcaya Argentaria SA (Banks) |
|
7,454,237 |
| |
64,487 |
|
|
Cellnex Telecom SA (Telecommunication Services)(a) |
|
3,777,896 |
| |
578,575 |
|
|
Iberdrola SA (Utilities) |
|
7,833,440 |
|
|
|
|
|
|
|
|
|
|
|
|
|
19,065,573 |
| |
|
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Description |
|
Value |
|
| |
Common Stocks – (continued) |
| |
Sweden – 3.6% |
| |
133,708 |
|
|
Assa Abloy AB Class B (Capital Goods) |
|
$ 3,306,837 |
| |
43,558 |
|
|
Hexagon AB Class B (Technology Hardware & Equipment) |
|
3,795,913 |
|
|
|
|
|
|
|
|
|
|
|
|
|
7,102,750 |
| |
|
| |
Switzerland – 10.2% |
| |
360,055 |
|
|
Credit Suisse Group AG (Registered) (Diversified Financials) |
|
4,723,048 |
| |
68,822 |
|
|
Nestle SA (Registered) (Food Products) |
|
7,714,711 |
| |
18,938 |
|
|
Zurich Insurance Group AG (Insurance) |
|
7,572,298 |
|
|
|
|
|
|
|
|
|
|
|
|
|
20,010,057 |
| |
|
| |
Taiwan – 2.8% |
| |
45,354 |
|
|
Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Semiconductors & Semiconductor Equipment) |
|
5,511,418 |
| |
|
| |
United Kingdom – 23.7% |
| |
73,217 |
|
|
AstraZeneca plc (Pharmaceuticals, Biotechnology & Life Sciences) |
|
7,468,954 |
| |
317,556 |
|
|
Compass Group plc (Consumer Services)* |
|
5,672,433 |
| |
1,363,046 |
|
|
DS Smith plc (Materials)* |
|
6,765,600 |
| |
161,055 |
|
|
Experian plc (Commercial & Professional Services) |
|
5,629,296 |
| |
791,636 |
|
|
Informa plc (Media & Entertainment)* |
|
5,386,565 |
| |
63,324 |
|
|
InterContinental Hotels Group plc (Consumer Services)* |
|
3,901,217 |
| |
67,265 |
|
|
Reckitt Benckiser Group plc (Household & Personal Products) |
|
5,702,620 |
| |
848,798 |
|
|
Rentokil Initial plc (Commercial & Professional Services)* |
|
5,760,655 |
|
|
|
|
|
|
|
|
|
|
|
|
|
46,287,340 |
| |
|
| |
United States – 3.4% |
| |
57,448 |
|
|
Ferguson plc (Capital Goods) |
|
6,670,218 |
| |
|
|
TOTAL COMMON STOCKS
(Cost $167,834,096) |
|
$189,547,695 |
| |
|
GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND
Schedule of Investments (continued)
January 31, 2021 (Unaudited)
|
|
|
|
|
| Shares |
|
Dividend
Rate |
|
Value |
|
| Investment Company(b) – 2.8% |
| Goldman Sachs Financial Square Government Fund — Institutional
Shares |
| 5,484,483 |
|
0.026% |
|
$ 5,484,483 |
| (Cost $5,484,483) |
|
|
| |
TOTAL INVESTMENTS – 99.7%
(Cost $173,318,579) |
|
$195,032,178 |
| |
OTHER ASSETS IN EXCESS OF
LIABILITIES – 0.3% |
|
610,292 |
| |
| NET ASSETS – 100.0% |
|
$195,642,470 |
| |
|
|
|
|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
|
|
| * |
|
Security is currently in default and/or non-income producing. |
|
|
| (a) |
|
Exempt from registration under Rule 144A of the Securities Act of 1933. |
|
|
| (b) |
|
Represents an Affiliated Issuer. |
|
|
|
| |
| Investment Abbreviation: |
| ADR |
|
— American Depositary Receipt |
| |
|
For information on the mutual funds, please call our
toll-free Shareholder Services Line at 1-800-526-7384
or visit us on the web at www.GSAMFUNDS.com. |
GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND
Schedule of Investments
January 31, 2021 (Unaudited)
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Description |
|
Value |
|
| |
Common Stocks – 96.3% |
| |
Australia – 6.5% |
| |
43,769 |
|
|
Rio Tinto plc (Materials) |
|
$ 3,320,629 |
| |
294,071 |
|
|
Sydney Airport (Transportation)* |
|
1,277,826 |
|
|
|
|
|
|
|
|
|
|
|
|
|
4,598,455 |
| |
|
| |
Denmark – 2.3% |
| |
23,129 |
|
|
Novo Nordisk A/S Class B (Pharmaceuticals, Biotechnology & Life Sciences) |
|
1,611,357 |
| |
|
| |
Finland – 3.5% |
| |
299,464 |
|
|
Nordea Bank Abp (Banks)* |
|
2,427,070 |
| |
|
| |
France – 17.0% |
| |
57,522 |
|
|
BNP Paribas SA (Banks)* |
|
2,758,507 |
| |
17,645 |
|
|
Gecina SA (REIT) |
|
2,506,898 |
| |
52,904 |
|
|
Klepierre SA (REIT) |
|
1,267,959 |
| |
22,380 |
|
|
Sanofi (Pharmaceuticals, Biotechnology & Life Sciences) |
|
2,104,801 |
| |
9,704 |
|
|
Schneider Electric SE (Capital Goods) |
|
1,420,285 |
| |
20,698 |
|
|
Vinci SA (Capital Goods) |
|
1,919,288 |
|
|
|
|
|
|
|
|
|
|
|
|
|
11,977,738 |
| |
|
| |
Germany – 3.6% |
| |
37,480 |
|
|
Vonovia SE (Real Estate) |
|
2,502,541 |
| |
|
| |
Italy – 6.1% |
| |
295,278 |
|
|
Enel SpA (Utilities) |
|
2,928,565 |
| |
145,682 |
|
|
UniCredit SpA (Banks)* |
|
1,327,581 |
|
|
|
|
|
|
|
|
|
|
|
|
|
4,256,146 |
| |
|
| |
Japan – 6.1% |
| |
85,300 |
|
|
ORIX Corp. (Diversified Financials) |
|
1,368,715 |
| |
49,600 |
|
|
Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |
|
1,744,414 |
| |
21,900 |
|
|
Trend Micro, Inc. (Software & Services) |
|
1,205,266 |
|
|
|
|
|
|
|
|
|
|
|
|
|
4,318,395 |
| |
|
| |
Netherlands – 7.8% |
| |
152,578 |
|
|
ING Groep NV (Banks)* |
|
1,356,626 |
| |
716,910 |
|
|
Koninklijke KPN NV (Telecommunication Services) |
|
2,239,628 |
| |
100,684 |
|
|
Royal Dutch Shell plc Class A (Energy) |
|
1,863,087 |
|
|
|
|
|
|
|
|
|
|
|
|
|
5,459,341 |
| |
|
| |
Singapore – 3.4% |
| |
64,300 |
|
|
DBS Group Holdings Ltd. (Banks) |
|
1,212,521 |
| |
160,900 |
|
|
Singapore Exchange Ltd. (Diversified Financials) |
|
1,195,331 |
|
|
|
|
|
|
|
|
|
|
|
|
|
2,407,852 |
| |
|
| |
Spain – 2.9% |
| |
152,520 |
|
|
Iberdrola SA (Utilities) |
|
2,064,998 |
| |
|
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
Description |
|
Value |
|
| |
Common Stocks – (continued) |
| |
Switzerland – 14.3% |
| |
16,208 |
|
|
Nestle SA (Registered) (Food, Beverage & Tobacco) |
|
$ 1,816,862 |
| |
20,678 |
|
|
Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences) |
|
1,872,293 |
| |
478 |
|
|
SGS SA (Registered) (Commercial & Professional Services) |
|
1,449,772 |
| |
23,255 |
|
|
Swiss Re AG (Insurance) |
|
2,050,202 |
| |
7,189 |
|
|
Zurich Insurance Group AG (Insurance) |
|
2,874,499 |
|
|
|
|
|
|
|
|
|
|
|
|
|
10,063,628 |
| |
|
| |
Taiwan – 1.9% |
| |
63,000 |
|
|
Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) |
|
1,331,404 |
| |
|
| |
United Kingdom – 17.9% |
| |
26,823 |
|
|
AstraZeneca plc (Pharmaceuticals, Biotechnology & Life Sciences) |
|
2,736,246 |
| |
366,665 |
|
|
BP plc (Energy) |
|
1,362,511 |
| |
32,163 |
|
|
Coca-Cola European Partners plc (Food, Beverage & Tobacco) |
|
1,494,615 |
| |
444,498 |
|
|
DS Smith plc (Materials)* |
|
2,206,305 |
| |
153,709 |
|
|
National Grid plc (Utilities) |
|
1,785,437 |
| |
13,358 |
|
|
Reckitt Benckiser Group plc (Household & Personal Products) |
|
1,132,470 |
| |
31,679 |
|
|
Unilever plc (Household & Personal Products) |
|
1,845,466 |
|
|
|
|
|
|
|
|
|
|
|
|
|
12,563,050 |
| |
|
| |
United States – 3.0% |
| |
18,036 |
|
|
Ferguson plc (Capital Goods) |
|
2,094,138 |
| |
|
|
TOTAL COMMON STOCKS
(Cost $65,503,951) |
|
$67,676,113 |
| |
|
|
|
|
| Shares |
|
|
Dividend
Rate |
|
Value |
|
| |
Investment Company(a) – 3.6% |
|
Goldman Sachs Financial Square Government Fund —
Institutional
Shares |
| |
2,521,927 |
|
|
0.026% |
|
$ 2,521,927 |
| |
(Cost $2,521,927) |
|
|
| |
|
|
TOTAL INVESTMENTS – 99.9%
(Cost $68,025,878) |
|
$70,198,040 |
| |
|
|
OTHER ASSETS IN EXCESS OF
LIABILITIES –
0.1% |
|
61,627 |
| |
|
| |
NET ASSETS – 100.0% |
|
$70,259,667 |
| |
|
|
|
|
|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
|
|
| * |
|
Security is currently in default and/or non-income producing. |
|
|
| (a) |
|
Represents an Affiliated Issuer. |
|
|
|
| |
| Investment Abbreviation: |
| REIT |
|
— Real Estate Investment Trust |
| |
|
For information on the mutual funds, please call our
toll-free Shareholder Services Line at 1-800-526-7384
or visit us on the web at www.GSAMFUNDS.com. |
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
Schedule of Investments
(continued)
January
31, 2021 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS
Investment Valuation — The Funds’ valuation policy is to value
investments at fair value.
Investments and Fair Value Measurements — Accounting principles generally accepted in the United States of America
(“GAAP”) defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit
price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted
prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety
falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these
investments. The three levels of the fair value hierarchy are described below:
Level 1 — Unadjusted quoted prices in active markets
that are accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2 — Quoted prices in markets that
are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or
indirectly;
Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in
determining fair value measurement).
The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the
portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures
related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing
vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.
A. Level 1 and Level 2 Fair Value Investments
— The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:
Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on
certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or
such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during
normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. To the extent these
investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
Schedule of Investments
(continued)
January
31, 2021 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
Unlisted equity securities for which market quotations are available are
valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities
exchanges are valued daily at fair value determined by an independent fair value service (if available) under Fair Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. The independent fair value service
takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign
securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.
Underlying Funds (including Money Market
Funds) — Underlying funds (“Underlying Funds”) include other investment companies and exchange-traded funds (“ETFs”). Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of
valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds’ shares
will correspondingly fluctuate in value. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying
Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.
B. Level 3 Fair Value Investments
— To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value,
the fair value of a Fund’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of
either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. To the extent investments are valued using single source broker
quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
Schedule of Investments
(continued)
January
31, 2021 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
C. Fair Value Hierarchy — The following is a summary of the Funds’
investments classified in the fair value hierarchy as of January 31, 2021:
|
|
|
|
|
|
|
|
|
|
|
|
|
| CHINA EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment Type |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
| Assets |
|
| Common Stock and/or Other Equity
Investments(a) |
|
|
|
|
|
|
|
|
|
|
|
|
| Asia |
|
$ |
12,391,153 |
|
|
$ |
125,114,649 |
|
|
$ |
— |
|
| Investment Company |
|
|
6,744,811 |
|
|
|
— |
|
|
|
— |
|
| Securities Lending Reinvestment Vehicle |
|
|
1,342,750 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
| Total |
|
$ |
20,478,714 |
|
|
$ |
125,114,649 |
|
|
$ |
— |
|
|
|
|
|
| EMERGING MARKETS EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment Type |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
| Assets |
|
| Common Stock and/or Other Equity
Investments(a) |
|
|
|
|
|
|
|
|
|
|
|
|
| Africa |
|
$ |
11,636,700 |
|
|
$ |
32,578,318 |
|
|
$ |
— |
|
| Asia |
|
|
325,901,389 |
|
|
|
2,404,089,207 |
|
|
|
— |
|
| Europe |
|
|
31,479,690 |
|
|
|
77,269,360 |
|
|
|
— |
|
| North America |
|
|
78,475,634 |
|
|
|
9,978,149 |
|
|
|
— |
|
| South America |
|
|
209,917,710 |
|
|
|
35,291,091 |
|
|
|
— |
|
| Exchange Traded Fund |
|
|
108,292,589 |
|
|
|
— |
|
|
|
— |
|
| Investment Company |
|
|
47,680,197 |
|
|
|
— |
|
|
|
— |
|
| Securities Lending Reinvestment Vehicle |
|
|
21,663,970 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
| Total |
|
$ |
835,047,879 |
|
|
$ |
2,559,206,125 |
|
|
$ |
— |
|
|
|
|
|
| ESG EMERGING MARKETS EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment Type |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
| Assets |
|
| Common Stock and/or Other Equity
Investments(a) |
|
|
|
|
|
|
|
|
|
|
|
|
| Africa |
|
$ |
373,481 |
|
|
$ |
253,212 |
|
|
$ |
— |
|
| Asia |
|
|
3,729,143 |
|
|
|
26,306,118 |
|
|
|
— |
|
| Europe |
|
|
198,882 |
|
|
|
900,445 |
|
|
|
— |
|
| North America |
|
|
1,121,791 |
|
|
|
— |
|
|
|
— |
|
| South America |
|
|
3,575,840 |
|
|
|
— |
|
|
|
— |
|
| Investment Company |
|
|
118,358 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
| Total |
|
$ |
9,117,495 |
|
|
$ |
27,459,775 |
|
|
$ |
— |
|
|
|
|
|
| International Equity ESG |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment Type |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
| Assets |
|
| Common Stock and/or Other Equity
Investments(a) |
|
|
|
|
|
|
|
|
|
|
|
|
| Asia |
|
$ |
5,511,418 |
|
|
$ |
37,999,775 |
|
|
$ |
— |
|
| Europe |
|
|
— |
|
|
|
139,366,284 |
|
|
|
— |
|
| North America |
|
|
— |
|
|
|
6,670,218 |
|
|
|
— |
|
| Investment Company |
|
|
5,484,483 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
| Total |
|
$ |
10,995,901 |
|
|
$ |
184,036,277 |
|
|
$ |
— |
|
|
|
|
|
| International Equity Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment Type |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
| Assets |
|
| Common Stock and/or Other Equity
Investments(a) |
|
|
|
|
|
|
|
|
|
|
|
|
| Asia |
|
$ |
— |
|
|
$ |
8,057,651 |
|
|
$ |
— |
|
| Australia and Oceania |
|
|
— |
|
|
|
4,598,455 |
|
|
|
— |
|
| Europe |
|
|
1,494,615 |
|
|
|
51,431,254 |
|
|
|
— |
|
| North America |
|
|
— |
|
|
|
2,094,138 |
|
|
|
— |
|
| Investment Company |
|
|
2,521,927 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
| Total |
|
$ |
4,016,542 |
|
|
$ |
66,181,498 |
|
|
$ |
— |
|
| (a) |
|
Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they
are traded, which may differ from country of domicile. The Funds utilize fair value model prices provided by an independent fair value service for certain international equity securities, resulting in a Level 2 classification. |
For further information regarding security characteristics, see the Schedules of Investments.
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
Schedule of Investments
(continued)
January
31, 2021 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
Securities Lending — Pursuant to exemptive relief granted by the Securities
and Exchange Commission (“SEC”) and the terms and conditions contained therein, the China Equity, Emerging Markets Equity, International Equity ESG and International Equity Income Funds may lend their securities through a securities
lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds’ securities lending procedures, the
Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the
principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities
or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from
securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining
contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of
securities transactions.
The China Equity, Emerging Markets Equity, International Equity ESG and International Equity Income Funds invest
the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money
Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net
assets of the Government Money Market Fund.
In the event of a default by a borrower with respect to any loan, GSAL will exercise any and
all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement
securities. If GSAL is unable to purchase replacement securities, GSAL will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the
loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default
(including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution
authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The
Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements,
which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of January 31, 2021, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and
Liabilities, where applicable.
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
Schedule of Investments
(continued)
January
31, 2021 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
Each of the China Equity, Emerging Markets Equity, International Equity
ESG and International Equity Income Funds and GSAL received compensation relating to the lending of the Funds’ securities.
The Funds’ risks
include, but are not limited to, the following:
Dividend-Paying Investments Risk — A Fund’s investments in dividend-paying securities
could cause a Fund to underperform other funds. Securities that pay dividends, as a group, can fall out of favor with the market, causing such securities to underperform securities that do not pay dividends. Depending upon market conditions and
political and legislative responses to such conditions, dividend-paying securities that meet a Fund’s investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. In addition, issuers that have
paid regular dividends or distributions to shareholders may not continue to do so at the same level or at all in the future. This may limit the ability of a Fund to produce current income.
ESG Standards Risk — The ESG Emerging Markets Equity and International Equity ESG Funds’ adherence to their environmental, social and
governance (“ESG”) criteria and the application of GSAM’s supplemental ESG analysis when selecting investments may affect the Funds’ exposure to certain companies, sectors, regions, and countries and may affect the Funds’
performance depending on whether such investments are in or out of favor. For example, the Funds will not seek to invest in companies that GSAM believes have adverse social or environmental impacts (i.e., gambling, alcohol, tobacco, coal or weapons
companies), and the Funds will not seek to invest in companies that GSAM believes show inadequate governance standards (e.g., certain state-owned enterprises).
Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with
investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which a Fund invests. The
imposition of exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in share
registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments
through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in emerging
markets, these risks may be more pronounced.
Foreign Custody Risk — The Fund invests in foreign securities, and as such the Fund may hold such
securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In
some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets
if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be
considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
Schedule of Investments
(continued)
January
31, 2021 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
Geographic Risk — If a Fund focuses its investments in securities of issuers
located in a particular country or geographic region, the Fund may be subjected, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to
that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.
Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an ETF, a Fund will indirectly bear its
proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds,
including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.
Issuer Concentration Risk — The Funds may invest in a relatively small number of issuers. As a result, they may be subject to greater risks than a
fund that invests in a greater number of issuers. A change in the value of any single investment held by the Funds may affect the overall value of the Funds more than it would affect a mutual fund that holds more investments. In particular, the
Funds may be more susceptible to adverse developments affecting any single issuer in the Funds and may be susceptible to greater losses because of these developments.
Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional
investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals,
accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not
otherwise do so, which may negatively impact a Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction
costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect a
Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.
Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse
investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to
remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under
unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. These risks may be more
pronounced in connection with a Fund’s investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.
Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk
of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general
economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health
threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled
or open transactions defaults.