EX-99.(17)(d)
Goldman Sachs Funds
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| Semi-Annual Report | | | | April 30, 2015 |
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| | | | Fundamental International Equity Funds |
| | | | Focused International Equity |
| | | | International Small Cap |
| | | | Strategic International Equity |
Goldman Sachs Fundamental International
Equity Funds
| n | | FOCUSED INTERNATIONAL EQUITY |
| n | | INTERNATIONAL SMALL CAP |
| n | | STRATEGIC INTERNATIONAL EQUITY |
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| NOT FDIC-INSURED | | May Lose Value | | No Bank Guarantee |
GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS
Principal Investment Strategies and Risks
This is not a complete list of risks that may affect the Funds. For additional information concerning the risks applicable to the Funds, please see the Funds’ Prospectus.
The Goldman Sachs Focused International Equity Fund invests primarily in a diversified portfolio of equity investments in companies that are organized outside the United States or whose securities are principally traded outside the United States. The Fund is subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular sectors and/or general economic conditions. Foreign and emerging markets investments may be more volatile and less liquid than investments in U.S. securities and are subject to the risks of currency fluctuations and adverse economic or political developments. Because the Fund may invest in a relatively small number of issuers, the Fund is subject to greater risk of loss.
The Goldman Sachs International Small Cap Fund invests primarily in a diversified portfolio of equity investments in non-U.S. small-capitalization companies. The Fund is subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular sectors and/or general economic conditions. Foreign and emerging markets investments may be more volatile and less liquid than investments in U.S. securities and are subject to the risks of currency fluctuations and adverse economic or political developments. The securities of mid- and small-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements.
The Goldman Sachs Strategic International Equity Fund invests primarily in a diversified portfolio of equity investments in companies that are organized outside the United States or whose securities are principally traded outside the United States. The Fund’s equity investments are subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular sectors and/or general economic conditions. Foreign and emerging markets investments may be more volatile and less liquid than investments in U.S. securities and are subject to the risks of currency fluctuations and adverse economic or political developments.
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GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS
What Differentiates Goldman Sachs’ Fundamental International Equity Investment Process?
Goldman Sachs’ Fundamental International Equity investment process is based on the belief that strong, consistent results are best achieved through expert stock selection, performed by research teams working together on a global scale. Our deep, diverse and experienced team of research analysts and portfolio managers combines local insights with global, industry-specific expertise to identify its high conviction investment ideas.
| n | | Fundamental research teams based in the United States, United Kingdom, Japan, China, Korea, Singapore, Brazil and India and focusing on long-term business and management quality |
| n | | Analysts collaborate regularly to leverage regional and industry-specific research and insights |
| n | | Global perspective is informed by local market expertise |
| n | | A common valuation framework, focusing on long-term earnings power, ensures consistency when valuing and comparing a company to its peers globally |
| n | | Team of experienced Research Analysts is regionally aligned and has sector expertise |
| n | | Team leverages the research of the approximately 80+ regional investment professionals |
| n | | Decision-making process is informed by active participation in the global research process |
| n | | Security selections are aligned with level of investment conviction |
| n | | Risk monitoring considers whether investment and other risks to the Funds are intended and justified |
| n | | Dedicated portfolio construction team assists in ongoing monitoring and adjustment of the Funds |
International equity portfolios that strive to offer:
| | n | | Access to markets across the world | |
| | n | | Disciplined approach to stock selection | |
| | n | | Optimal risk/return profiles | |
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MARKET REVIEW
Goldman Sachs Fundamental Equity International Funds
Market Review
International equities gained solid ground during the six-month period ended April 30, 2015 (the “Reporting Period”). The MSCI® Europe, Australasia, Far East (EAFE) Index (net, unhedged) (the “MSCI® EAFE Index”) posted a return of 6.81%.* Central bank policy, currency movements and the sharp decline in oil prices were some of the biggest themes dominating the international equities markets during the Reporting Period.
Both the European Central Bank (“ECB”) and the Bank of Japan (“BoJ”) employed easy monetary policy in an effort to stimulate economic growth. With interest rates near zero in both regions, both the euro and the yen fell against the U.S. dollar, which helped increase exports, an important source of revenue to companies in Europe and Japan. The euro sank to a 12-year low against the U.S. dollar in March 2015 before rebounding slightly in April 2015, and the impact of depreciation was already noticeable in many European corporate earnings reports, many of which were better than expected. Japanese companies also began to benefit from the weak yen. Strong equity markets in both regions reflected optimism that the monetary stimulus would stave off deflation and promote economic growth. While progress was slow, a number of economic indicators in both regions appeared to be improving toward the end of the Reporting Period.
As for oil prices, the international Brent crude oil benchmark price fell rather steadily from a high of $115 per barrel in June 2014 to a low of $47 per barrel in January 2015 before rebounding to almost $70 per barrel by the end of April 2015. The low price of crude oil forced many energy companies to lower their earnings projections. As a result, the energy sector, and those countries’ equity markets most closely tied to the commodities markets, declined most during the Reporting Period. The utilities sector also posted a negative return during the Reporting Period.
However, market participants perceived the combination of lower energy prices, aggressive monetary stimulus and improving economies as beneficial for consumers in Europe and Japan. As consumer confidence and consumer spending slowly improved during the Reporting Period, the stocks of many consumer-oriented companies rose in anticipation of increased consumption. The consumer discretionary sector was the best performing sector in the MSCI® EAFE Index during the Reporting Period. The information technology, health care and industrials sectors also outperformed the MSCI® EAFE Index amidst robust global merger and acquisition activity.
From a country and region perspective, Denmark, Ireland, Hong Kong and Japan were the best performing individual country constituents of the MSCI® EAFE Index for the Reporting Period overall, while China, Norway, Australia and Spain were weakest.
Looking Ahead
As the equity bull market enters its seventh year, we believe the global economy may be nearing several inflection points and new equity market leaders may well emerge. For example, the U.S. economy has strengthened to the point where the Federal Reserve (the “Fed”) is preparing to raise interest rates for the first time since June 2006. The euro has depreciated to match the ECB’s near zero interest rate Policy, and European banks are lending again after years of deleveraging. In Japan, inflation is taking hold, wages are rising and
| *All | | index returns are expressed in U.S. dollar terms. |
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MARKET REVIEW
consumption may be about to pick up. It is widely anticipated that India’s re-accelerating Gross Domestic Product (“GDP”) growth will likely eclipse China’s slowing economic growth rate this year. In our view, the macroeconomic themes behind many of these changes — diverging monetary policies, currency movements, low oil prices and structural reforms — affect nearly every company’s earnings and stock price in a different way.
Naturally, we believe new equity market leaders are likely to emerge from the changing economic landscape. But the best performing stocks and stock markets may not necessarily be in the countries or industries with the highest economic growth, and yesterday’s laggards are not always ready to be tomorrow’s leaders. Furthermore, earnings multiples have crept up, leaving few bargains, in our opinion. Indeed, because earnings multiples have already expanded, we believe earnings growth will become an increasingly important driver of stock performance in the months ahead. The sometimes offsetting or contradicting effects of macroeconomic conditions are likely to make top-down calls more difficult, but we believe the true impact may be revealed in corporate earnings. In our view, more expensive equities, lower return expectations and offsetting macroeconomic influences create a stock-picker’s market and one in which portfolios that outperform may look different from the broader market. Even when sector and country weightings are similar, a closer look may reveal differentiation through concentration, market capitalization, quality or other characteristics. The past year or so was challenging for most active managers, but we think that is about to change.
In all, we think global equity returns for calendar year 2015 may be slightly below their long-term average, but still are likely to compare favorably with other asset classes. As always, we maintain our focus on seeking companies that we believe will generate long-term growth in today’s ever-changing market conditions.
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PORTFOLIO RESULTS
Goldman Sachs Focused International Equity Fund
Investment Objective
The Fund seeks long-term capital appreciation.
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Global Equity Team discusses the Goldman Sachs Focused International Equity Fund’s (the “Fund”) performance and positioning for the six-month period ended April 30, 2015 (the “Reporting Period”).
| Q | | How did the Fund perform during Reporting Period? |
| A | | During the Reporting Period, the Fund’s Class A, C, Institutional, Service and IR Shares generated cumulative total returns, without sales charges, of 5.64%, 5.26%, 5.85%, 5.58% and 5.74%, respectively. These returns compare to the 6.81% cumulative total return of the Fund’s benchmark, the MSCI® Europe, Australasia, Far East (EAFE) Index (Net, USD, Unhedged) (the “MSCI® Index”), during the same period. |
| Q | | What key factors were responsible for the Fund’s performance during the Reporting Period? |
| A | | The Fund generated solid absolute gains, but its underperformance to the MSCI® Index during the Reporting Period can be primarily attributed to individual stock selection. Sector and country allocation also detracted. |
| Q | | Which stocks detracted significantly from the Fund’s performance during the Reporting Period? |
| A | | The biggest detractors from Fund performance relative to the MSCI® Index during the Reporting Period were Aurizon Holdings, Hana Financial Group and Mediatek. |
| | Aurizon Holdings, an Australian railroad operator to the mining industry, performed poorly, as the slowing Chinese economy raised concerns that commodities freight volumes may come under pressure despite the long-term nature of the company’s contracts with its mining customers. We sold the Fund’s position in Aurizon Holdings by the end of the Reporting Period. |
| | Hana Financial Group detracted from the Fund’s relative returns during the Reporting Period. The South Korean banking group performed poorly due to earnings downgrades driven by the slowdown in the South Korean economy. The economic slowdown led to rate cuts by the nation’s central bank, which, in turn, pressured banks’ margins and also increased their competition. |
| | Mediatek is a Taiwanese semiconductor company focusing on low-end handsets for emerging markets. Its shares came under pressure as the growth in mobile phone sales in Mediatek’s key Asian markets slowed due to sluggish economies as well as due to a move to fourth generation devices, a market that Mediatek is expected to only start supplying later in 2015. |
| Q | | What were some of the Fund’s best-performing individual stocks? |
| A | | The greatest contributors to Fund performance relative to the MSCI® Index during the Reporting Period were Mitsubishi UFJ Financial Group, Novo-Nordisk and BG Group. |
| | Japanese banking group Mitsubishi UFJ Financial Group was the top positive contributor to the Fund’s relative results during the Reporting Period. It performed well on the back of strong results, driven by a gradual recovery in its Japanese business and robust growth in its international businesses, especially in Asia and the U.S. Additionally, Mitsubishi UFJ Financial Group announced increased shareholder distributions via a higher dividend and share buy-backs. |
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PORTFOLIO RESULTS
| | Danish multinational pharmaceuticals company Novo-Nordisk was a strong positive contributor during the Reporting Period. In January 2015, Novo-Nordisk announced that its sales volumes were up 8% in local currency in the fourth quarter of 2014, with the majority of growth coming from North America. Its stock also responded well to positive Phase II results for its oral diabetes drug GLP-1 in February 2015 and its currently ongoing talks with regulators about potentially initiating Phase III. If realized, many believe Phase III trials would be a major opportunity for Novo-Nordisk, as the oral administration of the drug should appeal to more patients than the use of injections, allowing the company to take market share. (Phase II is when a drug or treatment is given to a larger group of people to see if it is effective and to further evaluate its safety. Phase III is when a drug or treatment is given to large groups of people to confirm its effectiveness, monitor side effects, compare it to commonly used treatments and collect information that will allow the drug or treatment to be used safely.) At the end of March 2015, the company also announced its decision to resubmit new applications for its drugs Tresiba and Ryzodeg for U.S. Food and Drug Administration (“FDA”) approval. The market saw this as positive, as approval would remove the overhang on the company’s stock stemming from the growth uncertainty of the company’s insulin drug portfolio. |
| | Shares of BG Group, a U.K.-listed oil and gas exploration company, rose upon its acceptance of a takeover offer from its larger rival Royal Dutch Shell at a 55% premium. Royal Dutch Shell is particularly interested in BG Group’s oil assets in the promising pre-salt basin off the coast of Brazil as well as its leading franchise in global liquid natural gas production and trading. |
| Q | | Which equity market sectors most significantly affected Fund performance during the Reporting Period? |
| A | | The sectors that detracted most from the Fund’s relative results during the Reporting Period were consumer discretionary, information technology and consumer staples, where stock selection in each weighed most negatively on performance. Having a slightly underweighted allocation to the strongly performing consumer discretionary sector also dampened relative results. |
| | The sectors that contributed most positively to the Fund’s performance relative to the MSCI® Index during the Reporting Period were financials, health care and energy, each due primarily to effective stock selection. |
| Q | | Which countries most affected the Fund’s performance during the Reporting Period? |
| A | | Typically, the Fund’s individual stock holdings will significantly influence the Fund’s performance within a particular country or region relative to the MSCI® Index. This effect may be even more pronounced in a concentrated portfolio or in countries that represent only a modest proportion of the MSCI® Index. |
| | That said, the countries that detracted most from the Fund’s performance during the Reporting Period were Japan, South Korea and Germany, where stock selection and country allocation overall hurt. Effective stock selection in France, Switzerland and the U.K. boosted the Fund’s relative returns most. Having a modestly overweighted allocation to Switzerland also helped, as its equity market outpaced the MSCI® Index during the Reporting Period. |
| Q | | How did the Fund use derivatives and similar instruments during the Reporting Period? |
| A | | During the Reporting Period, we did not use derivatives to hedge positions or as part of an active management strategy. |
| Q | | Did the Fund make any significant purchases or sales during the Reporting Period? |
| A | | We established new Fund positions during the Reporting Period in French global advertising company Publicis Groupe, French banking group Societe Generale and Japanese diversified financing services company ORIX. |
| | We initiated a Fund position in Publicis Groupe during the fourth quarter of 2014. Its stock had been weak earlier in 2014 given concerns around the European economy and the company’s acquisition of U.S. technology company Sapient, which was initially poorly received by the market. We saw it as an opportunity to buy into what we perceived as a steadily growing company with strong cash generation. |
| | We established a Fund position in Societe Generale in the first quarter of 2015. Its stock had been a significant laggard compared to other European banks for more than a year, and its relative valuation appeared attractive to us at 0.8x price/ tangible book value vs. 1.1x for the sector. We believed that concerns around weakness in the bank’s Russian business and continued re-regulation of banks were well priced in already. At the time of purchase, we believed the gradual recovery of the European economy should lead to upgrades to the growth outlook for the bank. |
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PORTFOLIO RESULTS
| | We purchased a Fund position in ORIX, which provides and operates corporate financing, leasing, real estate related business, principal investment and retail business. We expect return on equity to improve as ORIX rebalances its business portfolio and focuses more on return on net assets. Also, we believe capital gain is likely to be maintained at current levels for the next several years. In addition, we believed at the time of purchase that ORIX had an attractive valuation, which looked undervalued considering anticipated net income growth going forward. |
| | In addition to the sale of Aurizon, already mentioned, we sold the Fund’s positions in Intesa Sanpaolo and Credit Suisse during the Reporting Period. |
| | We exited the Fund’s position in Intesa Sanpaolo, one of the leading banks in Italy, taking profits. While we still like the trends in peripheral European nation banks, such as rising net interest margins on the back of lower funding costs and loss provisions, we thought valuations were getting stretched. Performance of Intesa Sanpaolo was strong in the first quarter of 2015, and we considered it appropriate to sell out and redeploy capital into what we considered to be more attractive investment opportunities elsewhere. |
| | We eliminated the Fund’s position in Swiss bank Credit Suisse toward the end of 2014, as we saw what we believed to be better opportunities elsewhere. We had turned more cautious around new money inflows into Credit Suisse’s private bank, as we believed weakness in emerging markets economies could slow wealth creation. |
| Q | | Were there any notable changes in the Fund’s weightings during the Reporting Period? |
| A | | In this Fund, both sector weightings and country allocations are largely the result of our bottom-up stock selection process rather than any top-down macroeconomic views or regional, country, sector or industry bets. We seek to outpace the MSCI® Index by overweighting stocks that we expect to outperform and underweighting those we think may lag. Consequently, changes in its sector or country weightings are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s exposure to information technology, health care, consumer staples, materials and consumer discretionary increased relative to the MSCI® |
| | Index during the Reporting Period, while its relative exposure to financials, industrials, energy and telecommunication services decreased. From a country perspective, several changes were made. Among them, the Fund’s exposure to Japan, France and Spain increased relative to the MSCI® Index during the Reporting Period, while its relative exposure to the U.K., Switzerland, Italy and Sweden decreased. |
| Q | | Were there any changes to the Fund’s portfolio management team during the Reporting Period? |
| A | | There were no material changes to the Fund’s portfolio management team during the Reporting Period. |
| Q | | How was the Fund positioned relative to the MSCI® Index at the end of the Reporting Period? |
| A | | At the end of the Reporting Period, the Fund had more exposure to South Korea, France, Spain, Taiwan, Japan and Ireland and less exposure to the U.K., Germany, Australia, Switzerland and Sweden relative to the MSCI® Index. At the end of the Reporting Period, the Fund held neutral positions relative to the MSCI® Index in several countries and had no position at all in several other countries and regions, most notably China, Hong Kong, Italy, the Netherlands and Singapore. |
| | From a sector allocation perspective, the Fund had overweight positions relative to the MSCI® Index in information technology and industrials at the end of the Reporting Period. On the same date, the Fund had underweighted positions compared to the MSCI® Index in financials, telecommunication services and consumer staples and was rather neutrally weighted compared to the MSCI® Index in materials, energy, utilities, consumer discretionary and health care. |
| | As always, we remained focused on individual stock selection, with sector and country positioning being a secondary, closely-monitored effect. |
9
FUND BASICS
Focused International Equity Fund
as of April 30, 2015
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| | PERFORMANCE REVIEW | |
| | | November 1, 2014–April 30, 2015 | | Fund Total Return
(based on NAV)1 | | | MSCI® EAFE Index
(Net, USD, Unhedged)2 | |
| | Class A | | | 5.64 | % | | | 6.81 | % |
| | Class C | | | 5.26 | | | | 6.81 | |
| | Institutional | | | 5.85 | | | | 6.81 | |
| | Service | | | 5.58 | | | | 6.81 | |
| | | Class IR | | | 5.74 | | | | 6.81 | |
| | 1 | | The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges. |
| | 2 | | The MSCI® EAFE Index (Net, USD, Unhedged) is a market capitalization-weighted composite of securities in 22 developed markets. The Index approximates the minimum possible dividend reinvestment. The dividend is reinvested after deduction for withholding tax, applying the rate to non- resident individuals who do not benefit from double taxation treaties. MSCI® Barra uses withholding tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. The Index is unmanaged and the figures for the Index do not include any deduction for fees or expenses. It is not possible to invest directly in an index. |
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| | STANDARDIZED TOTAL RETURNS3 |
| | | For the period ended 3/31/15 | | One Year | | | Five Years | | | Ten Years | | | Since Inception | | | Inception Date |
| | Class A | | | -11.97 | % | | | 3.53 | % | | | 2.27 | % | | | 4.42 | % | | 12/01/92 |
| | Class C | | | -8.49 | | | | 3.92 | | | | 2.09 | | | | 1.73 | | | 8/15/97 |
| | Institutional | | | -6.50 | | | | 5.13 | | | | 3.26 | | | | 4.21 | | | 2/07/96 |
| | Service | | | -6.95 | | | | 4.60 | | | | 2.74 | | | | 4.68 | | | 3/06/96 |
| | | Class IR | | | -6.61 | | | | N/A | | | | N/A | | | | 7.28 | | | 8/31/10 |
| | 3 | | The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service and Class IR Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
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FUND BASICS
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| | EXPENSE RATIOS4 | |
| | | | | Net Expense Ratio (Current) | | | Gross Expense Ratio (Before Waivers) | |
| | Class A | | | 1.32 | % | | | 1.63 | % |
| | Class C | | | 2.07 | | | | 2.38 | |
| | Institutional | | | 0.92 | | | | 1.23 | |
| | Service | | | 1.42 | | | | 1.73 | |
| | | Class IR | | | 1.07 | | | | 1.38 | |
| | 4 | | The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least February 29, 2016, and prior to such date the investment adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval. |
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| | TOP TEN HOLDINGS AS OF 4/30/155 |
| | | Holding | | % of Net Assets | | | Line of Business | | Country |
| | Computershare Ltd. | | | 4.0 | % | | Software & Services | | Australia |
| | Bayer AG (Registered) | | | 4.0 | | | Pharmaceuticals,
Biotechnology & Life Sciences | | Germany |
| | Banco Popular Espanol SA | | | 3.6 | | | Banks | | Spain |
| | Sanofi | | | 3.2 | | | Pharmaceuticals,
Biotechnology & Life Sciences | | France |
| | Publicis Groupe SA | | | 3.2 | | | Media | | France |
| | Reckitt Benckiser Group PLC | | | 3.2 | | | Household & Personal
Products | | United Kingdom |
| | Societe Generale SA | | | 3.1 | | | Banks | | France |
| | ORIX Corp. | | | 3.1 | | | Diversified Financials | | Japan |
| | Iberdrola SA | | | 3.1 | | | Utilities | | Spain |
| | | BG Group PLC | | | 3.0 | | | Energy | | United Kingdom |
| | 5 | | The top 10 holdings may not be representative of the Fund’s future investments. |
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FUND BASICS
|
| FUND VS. BENCHMARK SECTOR ALLOCATIONS6 |
| As of April 30, 2015 |
| | 6 | | The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. Underlying sector allocations of exchange traded funds held by the Fund are not reflected in the graph above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. |
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PORTFOLIO RESULTS
Goldman Sachs International Small Cap Fund
Investment Objective
The Fund seeks long-term capital appreciation.
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Global Equity Team discusses the Goldman Sachs International Small Cap Fund’s (the “Fund”) performance and positioning for the six-month period ended April 30, 2015 (the “Reporting Period”).
| Q | | How did the Fund perform during the Reporting Period? |
| A | | During the Reporting Period, the Fund’s Class A, C, Institutional, Service and IR Shares generated cumulative total returns, without sales charges, of 7.96%, 7.59%, 8.19%, 7.95% and 8.13%, respectively. These returns compare to the 9.60% cumulative total return of the Fund’s benchmark, the Standard and Poor’s (S&P) Developed Ex-U.S. Small Cap Index (Net, USD, Unhedged) (the “S&P Index”), during the same period. |
| Q | | What key factors were responsible for the Fund’s performance during the Reporting Period? |
| A | | The Fund generated solid absolute gains, but its underperformance to the S&P Index during the Reporting Period can be primarily attributed to individual stock selection. Sector and country allocation also detracted. |
| Q | | Which stocks detracted significantly from the Fund’s performance during the Reporting Period? |
| A | | The biggest detractors from Fund performance relative to the S&P Index during the Reporting Period were Brocolli, Aryzta and En-Japan. |
| | Brocolli, a Japanese manufacturer of character-themed goods, such as trading card games, books, CDs and stationery items, detracted most from the Fund’s relative results during the Reporting Period. Its stock underperformed the S&P Index due mainly to a connection issue on a new network game that was launched in December 2014. Investors had expected the launch of the new smartphone game to be a catalyst for rapid earnings growth in the next fiscal year. However, given the technical glitch, the number of downloads was not increasing. We decided to sell the Fund’s position in Brocolli by the end of the Reporting Period. |
| | Aryzta, a Swiss-based global specialty bakery supplier, also detracted from the Fund’s relative performance during the Reporting Period. The company reported a disappointing set of fourth quarter 2014 results, highlighting an unexpected drop in performance in the U.S. Furthermore, the stock suffered when the company announced a poorly-received acquisition at the end of March 2015. |
| | En-Japan is a Japan-based Internet-based recruiting solutions provider. Its underperformance to the S&P Index during the Reporting Period can be attributed back to the first quarter of 2014 when the company formally announced a downward revision of its earnings forecast for its fiscal year 2014 due to a 360 million Japanese yen charge for the planned closure of its existing new graduate recruitment website and planned migration into a new service. The company saw a period of better performance between May and September 2014, but its stock underperformed again in the last quarter of 2014 due to profit taking sell offs after its outperformance since May 2014. We sold the Fund’s position in En-Japan by the end of the Reporting Period. |
| Q | | What were some of the Fund’s best-performing individual stocks? |
| A | | The greatest contributors to Fund performance relative to the S&P Index during the Reporting Period were Gategroup Holding, OCI Materials and Disco. |
| | Gategroup Holding, a Swiss-based global airline catering company, was the greatest positive contributor to the Fund’s relative performance during the Reporting Period. The company benefited from lower oil prices, which, in turn, stimulated airline volumes. Additionally, activist shareholders began to try to increase the company’s focus on cost control and the emerging market growth opportunity, which may provide an added catalyst in the future. At the end of the Reporting Period, we continued to like the stock and believe the company has room for improved top-line, or |
13
PORTFOLIO RESULTS
| | revenue, growth as airlines become less focused on reducing food content as part of their service. |
| | South Korean-based materials manufacturer OCI Materials was also a strong contributor to the Fund’s relative results. OCI Materials’ products are used in the manufacturing process of semiconductors, thin film transistor liquid crystal displays (“TFT-LCD”) and solar cells and film deposition. With approximately 50% exposure each to the semiconductor and LCD industries, as measured by client mix, both businesses have been showing strong order flows — increasingly so from the semiconductor industry. In our view, incremental volume increases may come from potential capacity expansion within OCI Materials, which we believe likely, as talks with major clients indicate there may be an industry-wide supply shortage in the next six to 12 months without any immediate capital expenditure decisions. |
| | Disco is a Japanese manufacturer of abrasive and precision industrial machinery for cutting and grinding. Its stock price rose, as analysts revised their forecasts up incorporating potential margin improvement with a favorable currency effect. In addition, new orders for dicing machines were expected to bottom out from the first calendar quarter, led by strong high-end smartphone demand. |
| Q | | Which equity market sectors most significantly affected Fund performance during the Reporting Period? |
| A | | The biggest detractors from the Fund’s relative results during the Reporting Period were financials, consumer discretionary and utilities, where stock selection overall hurt relative performance. The sectors that contributed most to the Fund’s performance relative to the S&P Index were industrials, information technology and energy, due primarily to effective stock selection in each. |
| Q | | Which countries most affected the Fund’s performance during the Reporting Period? |
| A | | Typically, the Fund’s individual stock holdings will significantly influence the Fund’s performance within a particular country or region relative to the S&P Index. This effect may be even more pronounced in countries that represent only a modest proportion of the S&P Index. |
| | That said, the Fund’s stock selection in South Korea and China detracted most from the Fund’s performance during the Reporting Period. Both stock selection and having an underweighted allocation to the strongly performing Hong Kong equity market also hurt performance. Conversely, the countries that contributed most positively to the Fund’s performance during the Reporting Period were Japan, Australia and Switzerland, where stock selection proved particularly effective. |
| Q | | How did the Fund use derivatives and similar instruments during the Reporting Period? |
| A | | During the Reporting Period, we did not use derivatives to hedge positions or as part of an active management strategy, but we used index futures on an opportunistic basis to ensure the portfolio remained almost fully exposed to equities following cash inflows or stock sales. |
| Q | | Did the Fund make any significant purchases or sales during the Reporting Period? |
| A | | We established Fund positions in Otsuka, GMO Internet and PSP Swiss Property during the Reporting Period. |
| | We initiated a Fund position in Otsuka, a Japan-based large information technology service company that sells software and hardware to mid- and small-sized companies. We believe Otsuka should continue to be stable in the system integration business segment because the industry has a high barrier to entry. Without selling larger numbers of software packages, the system integration business has faced challenges. First, its pricing has been declining due to severe deflation in Japan. Second, its results are related to capital expenditure of its customers, so there is still a cyclicality, though less than that for large companies. Also, we expect Otsuka’s core businesses, such as hardware supply and service, to continue to grow going forward. |
| | We established a Fund position in GMO Internet, a Japanese company that provides whole Internet-related services to customers. The company offers domain, server, Internet security and settlement services through its web infrastructure and e-commerce business segments. We expect to see earnings recover in its fiscal year 2015 based on an increase of commercial transactions via the Internet. GMO Internet’s share price had underperformed in 2014, and in our view, its valuation was attractive at the time of purchase. |
| | We bought shares of PSP Swiss Property, a real estate company that owns commercial buildings in Switzerland, primarily in Zurich and Geneva, and generates revenue by collecting rent on these buildings. Its stock, in our view, has an attractive dividend yield of almost 4%, especially compared to the Swiss 10-year bond at a yield of less than 0.2%. With European quantitative easing getting underway |
14
PORTFOLIO RESULTS
| | and the very low interest rate environment that persists, we believe PSP Swiss Property is well positioned to benefit from investor demand for yield. We also believe it offers attractive upside potential. |
| | In addition to those sales mentioned earlier, we eliminated the Fund’s positions in M3, Unite Group and Seiko Holdings during the Reporting Period. |
| | We eliminated the Fund’s position in M3, a Japanese supplier of medical information services for doctors through the Internet. In addition to top-line growth, growth expectations for both new business in Japan and overseas sales pushed its share price higher. Indeed, its share price doubled since December 2013 and thus we decided to sell out of the position, taking profits. |
| | We sold the Fund’s position in Unite Group, the largest student housing operator in the U.K. We had bought its stock, as the student housing sector was undersupplied, which was leading to high rental growth. The thesis subsequently played out, and the stock performed well. At the time of sale, we felt the supply in the student housing sector had picked up, and while we believed Unite Group is still a good business, we felt such sentiment was being reflected in its then-current stock price and thus the upside potential in its stock price may be limited. |
| | Seiko Holdings designs, manufactures and sells electronic devices, watches and clocks in Japan and overseas. Its stock price rose on investors’ expectations for the company to benefit from increasing consumption of inbound tourism as well as on its attractive valuation. In addition, the company has grown sales of watches in both domestic and overseas markets as a result of its efforts to reinforce its brand power, which led to improving profitability. We sold the Fund’s position in Seiko Holdings, taking profits. |
| Q | | Were there any notable changes in the Fund’s weightings during the Reporting Period? |
| A | | In this Fund, both sector weightings and country allocations are largely the result of our bottom-up stock selection process rather than any top-down macroeconomic views or industry bets. We seek to outpace the S&P Index by overweighting stocks that we expect to outperform and underweighting those we think may lag. Consequently, changes in its sector or country weightings are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s exposure to industrials, consumer discretionary and information technology increased relative to the S&P Index during the Reporting Period, while its relative exposure to financials, materials, health care and telecommunication services decreased. From a country perspective, among the changes made during the Reporting Period were the Fund’s increased exposure to France relative to the S&P Index during the Reporting Period and its decreased relative exposure to the U.K. and Sweden. |
| Q | | Were there any changes to the Fund’s portfolio management team during the Reporting Period? |
| A | | During the Reporting Period, Aidan Farrell, managing director and lead portfolio manager of the Fund left the firm. Gaurav Rege, former co-lead portfolio manager, was named lead portfolio manager of the Fund. |
| Q | | How was the Fund positioned relative to the S&P Index at the end of the Reporting Period? |
| A | | At the end of the Reporting Period, the Fund had more exposure to the U.K., China, Taiwan, Portugal and Italy and less exposure to Sweden, Germany, Spain and France relative to the S&P Index. At the end of the Reporting Period, the Fund held neutral positions relative to the S&P Index in several countries, most notably Japan and Canada, and had no position at all in several other countries and regions, most notably Hong Kong. |
| | From a sector allocation perspective, the Fund had an overweighted position relative to the S&P Index in information technology at the end of the Reporting Period. On the same date, the Fund had underweighted positions compared to the S&P Index in financials and consumer staples and was rather neutrally weighted relative to the S&P Index in health care, energy, utilities, materials, industrials and consumer discretionary. The Fund had no exposure to the telecommunication services sector at the end of the Reporting Period. |
| | As always, we remained focused on individual stock selection, with sector and country positioning being a secondary, closely-monitored effect. |
15
FUND BASICS
International Small Cap Fund
as of April 30, 2015
| | | | | | | | | | |
| | PERFORMANCE REVIEW | |
| | | November 1, 2014–April 30, 2015 | | Fund Total Return
(based on NAV)1 | | | S&P Developed
Ex-U.S. Small Cap
Index (Net, USD, Unhedged)2 | |
| | Class A | | | 7.96 | % | | | 9.60 | % |
| | Class C | | | 7.59 | | | | 9.60 | |
| | Institutional | | | 8.19 | | | | 9.60 | |
| | Service | | | 7.95 | | | | 9.60 | |
| | | Class IR | | | 8.13 | | | | 9.60 | |
| | 1 | | The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges. |
| | 2 | | The S&P Developed Ex-U.S. Small Cap Index (Net, USD, Unhedged) is the small capitalization stock component of the S&P Developed Broad Market Index (BMI). The BMI is a float-weighted index that spans 22 countries (inclusive of the US) and includes the listed shares of all companies with an available market capitalization (float) of at least $100 million at the annual rebalance. At rebalance, companies are deleted from the index if their float falls below $75 million. The Small Cap Ex-U.S. is defined as those stocks falling in the bottom 15% of the cumulative available capital in each country. The Index reflects returns net of withholding taxes applied to foreign investors, calculated daily based on tax rates that would be applied to a Luxembourg-based investor. The Index is unmanaged and the figures for the Index do not include any deduction for fees or expenses. It is not possible to invest directly in an index. |
| | | | | | | | | | | | | | | | | | | | | | |
| | STANDARDIZED TOTAL RETURNS3 | |
| | | For the period ended 3/31/15 | | One Year | | | Five Years | | | Ten Years | | | Since Inception | | | Inception Date | |
| | Class A | | | -7.77 | % | | | 8.31 | % | | | 4.13 | % | | | 5.64 | % | | | 5/01/98 | |
| | Class C | | | -4.11 | | | | 8.72 | | | | 3.95 | | | | 5.31 | | | | 5/01/98 | |
| | Institutional | | | -2.03 | | | | 10.01 | | | | 5.17 | | | | 6.52 | | | | 5/01/98 | |
| | Service | | | -2.50 | | | | 9.44 | | | | 4.62 | | | | 5.97 | | | | 5/01/98 | |
| | | Class IR | | | -2.20 | | | | N/A | | | | N/A | | | | 11.88 | | | | 8/31/10 | |
| | 3 | | The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service and Class IR Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
16
FUND BASICS
| | | | | | | | | | |
| | EXPENSE RATIOS4 | |
| | | | | Net Expense Ratio (Current) | | | Gross Expense Ratio (Before Waivers) | |
| | Class A | | | 1.38 | % | | | 1.77 | % |
| | Class C | | | 2.12 | | | | 2.52 | |
| | Institutional | | | 0.97 | | | | 1.37 | |
| | Service | | | 1.47 | | | | 1.86 | |
| | | Class IR | | | 1.09 | | | | 1.52 | |
| | 4 | | The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least February 29, 2016, and prior to such date the investment adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval. |
| | | | | | | | | | |
| | TOP TEN HOLDINGS AS OF 4/30/155 |
| | | Holding | | % of Net Assets | | | Line of Business | | Country |
| | Inchcape PLC | | | 1.4 | % | | Retailing | | United Kingdom |
| | Actelion Ltd. (Registered) | | | 1.3 | | | Pharmaceuticals,
Biotechnology & Life Sciences | | Switzerland |
| | Julius Baer Group Ltd. | | | 1.3 | | | Diversified Financials | | Switzerland |
| | Brenntag AG | | | 1.2 | | | Capital Goods | | Germany |
| | Regus PLC | | | 1.2 | | | Commercial &
Professional Services | | Luxembourg |
| | Persimmon PLC | | | 1.2 | | | Consumer Durables &
Apparel | | United Kingdom |
| | Gategroup Holding AG | | | 1.1 | | | Commercial &
Professional Services | | Switzerland |
| | Big Yellow Group PLC | | | 1.1 | | | Real Estate Investment
Trust | | United Kingdom |
| | GEA Group AG | | | 1.1 | | | Capital Goods | | Germany |
| | | CTT-Correios de Portugal SA | | | 1.1 | | | Transportation | | Portugal |
| | 5 | | The top 10 holdings may not be representative of the Fund’s future investments. |
17
FUND BASICS
|
| FUND VS. BENCHMARK SECTOR ALLOCATIONS6 |
| As of April 30, 2015 |
| | 6 | | The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. Underlying sector allocations of exchange traded funds held by the Fund are not reflected in the graph above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. |
18
PORTFOLIO RESULTS
Goldman Sachs Strategic International Equity Fund
Investment Objective
The Fund seeks long-term growth of capital.
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Global Equity Team discusses the Goldman Sachs Strategic International Equity Fund’s (the “Fund”) performance and positioning for the six-month period ended April 30, 2015 (the “Reporting Period”).
| Q | | How did the Fund perform during the Reporting Period? |
| A | | During the Reporting Period, the Fund’s Class A, C, Institutional, IR and R Shares generated cumulative total returns, without sales charges, of 5.26%, 4.87%, 5.52%, 5.44% and 5.11%, respectively. These returns compare to the 6.81% cumulative total return of the Fund’s benchmark, the MSCI® Europe, Australasia, Far East (EAFE) Index (Net, USD, Unhedged) (the “MSCI® Index”), during the same period. |
| Q | | What key factors were responsible for the Fund’s performance during the Reporting Period? |
| A | | The Fund generated solid absolute gains, but its underperformance to the MSCI® Index during the Reporting Period can be primarily attributed to individual stock selection. Sector and country allocation also detracted. |
| Q | | Which stocks detracted significantly from the Fund’s performance during the Reporting Period? |
| A | | Among the biggest detractors from Fund performance relative to the MSCI® Index during the Reporting Period were Drax Group, Magnit and Total. |
| | Drax Group, a British utilities company, detracted most from the Fund’s relative returns during the Reporting Period. The company’s poor performance can be attributed largely to the negative impact of falling oil prices on the U.K. power price. We sold the Fund’s position in the stock by the end of the Reporting Period. |
| | Magnit, the largest food retailer in Russia, detracted from the Fund’s relative returns during the Reporting Period. The European and U.S. sanctions on Russia — as well as the drop in oil prices — pushed the Russian economy into recession. |
| | The company reported solid results for the fourth quarter of 2014 but was dragged lower by these geopolitical factors and by the sharp fall in the ruble. Still, as the dominant player within the food retail industry in Russia, we believe Magnit can benefit from current weakness by gaining market share using its scale to source cheaper products and by continuing to grow its store footprint. |
| | French integrated oil company Total detracted from the Fund’s relative performance. Total’s share price decline can be tied to oil prices, which fell dramatically during the Reporting Period. At the end of the Reporting Period, Total remained our top pick amongst large global integrated oil companies given what we consider to be its attractive valuation, near-years production growth, falling capital expenditure profile and cost cutting measures — along with low expectations for the company seemingly embedded in consensus estimates. |
| Q | | What were some of the Fund’s best-performing individual stocks? |
| A | | The greatest contributors to Fund performance relative to the MSCI® Index during the Reporting Period were Mitsubishi UFJ Financial Group, Pola Orbis Holding and Just Eat. |
| | Japanese banking group Mitsubishi UFJ Financial Group was the top positive contributor to the Fund’s relative results during the Reporting Period. It performed strongly on the back of strong results, driven by a gradual recovery in its Japanese business and strong growth in its international businesses, especially in Asia and the U.S. Additionally, Mitsubishi UFJ Financial Group announced increased |
19
PORTFOLIO RESULTS
| | shareholder distributions via a higher dividend and share buy-backs. |
| | Japanese consumer goods company Pola Orbis Holding was another top contributor to the Fund’s relative results during the Reporting Period. Pola Orbis Holding reported strong fourth quarter 2014 domestic sales and showed resilient sales in China, its other key market. The market also seemed to like the company’s focus on shareholder returns with a high dividend pay-out ratio and a return on equity target that is gradually rising towards 8%. |
| | Just Eat, a U.K.-based online marketplace for restaurant delivery and a new purchase for the Fund during the Reporting Period, was a strong positive contributor during the Reporting Period. The company continued to take market share in its biggest market, i.e. the U.K., and also grew in smaller markets, such as Canada, France, Spain and Italy. Additionally, the company announced good fourth quarter 2014 results with growth ahead of consensus expectations. At the end of the Reporting Period, we continued to like the growth potential and strong positioning of Just Eat. We took advantage of a recent placing by private equity to increase the Fund’s position in the stock. |
| Q | | Which equity market sectors most significantly affected Fund performance during the Reporting Period? |
| A | | The biggest detractors from the Fund’s results during the Reporting Period were consumer discretionary, information technology and utilities, where weak stock selection hurt most. Having an underweighted allocation to consumer discretionary, which outpaced the MSCI® Index during the Reporting Period, also dampened results. |
| | The sectors that contributed most to the Fund’s performance relative to the MSCI® Index were financials, health care and consumer staples. Stock selection in all three sectors proved effective during the Reporting Period. |
| Q | | Which countries most affected the Fund’s performance during the Reporting Period? |
| A | | Typically, the Fund’s individual stock holdings will significantly influence the Fund’s performance within a particular country or region relative to the MSCI® Index. This effect may be even more pronounced in countries that represent only a modest proportion of the MSCI® Index. |
| | That said, the countries that detracted most from the Fund’s relative performance were Spain, Russia and South Korea. Stock selection overall in Spain proved disappointing. Having exposure to Russia and South Korea, each of which are not components of the MSCI® Index and each of which underperformed the MSCI® Index, also hurt. Conversely, effective individual stock selection in Switzerland and Italy contributed most positively to the Fund’s results relative to the MSCI® Index. Having an underweighted allocation to Australia, which underperformed the MSCI® Index, also boosted the Fund’s relative results. |
| Q | | How did the Fund use derivatives and similar instruments during the Reporting Period? |
| A | | During the Reporting Period, we did not use derivatives to hedge positions or as part of an active management strategy. |
| Q | | Did the Fund make any significant purchases or sales during the Reporting Period? |
| A | | During the Reporting Period, we purchased Fund positions in French banking group Societe Generale, U.K. insurer Aviva and Irish specialty pharmaceuticals company Shire. |
| | We established a Fund position in Societe Generale in the first quarter of 2015. Its stock had been a significant laggard compared to other European banks for more than a year, and its relative valuation appeared attractive to us at 0.8x price/ tangible book value vs. 1.1x for the sector. We believed that concerns around weakness in the bank’s Russian business and around continued re-regulation of banks were well priced in already. At the time of purchase, we believed the gradual recovery of the European economy would lead to upgrades to the growth outlook for the bank. |
| | We initiated a Fund position in Aviva, as its share price weakened at the end of 2014 when the company announced its acquisition of Friends Life, one of its competitors. We think the market misjudged the deal. We believe the deal should allow Aviva to generate cost synergies and improve its cash flow going forward. |
| | We purchased a Fund position in Shire during the Reporting Period, and the company proved to be a strong performer during the Reporting Period, as the stock recovered from a sharp decline in share price in October 2014 when pharmaceuticals company Abbvie decided to pull its offer to buy the company. We had taken advantage of the sell-off to re-initiate a position, as we believed the company had once again become undervalued. (We had sold the Fund’s position |
20
PORTFOLIO RESULTS
| | in Shire in July 2014 after the agreed takeover offer by Abbvie.) Shire performed well during the Reporting Period, as it reported strong fourth quarter 2014 earnings, confirming the resilience of its existing business. Additionally, the company announced in January 2015 its acquisition of NPS Pharmaceutical, which added two assets that complemented Shire’s orphan drug business. (An orphan drug is a pharmaceutical agent that has been developed specifically to treat a rare medical condition, the condition itself being referred to as an orphan disease. The assignment of orphan status to a disease and to any drugs developed to treat it is a matter of public policy in many countries. |
| | In addition to the sales already mentioned, we sold out of the Fund’s positions in Aurizon Holdings, LM Ericsson Telefon and Credit Saison during the Reporting Period. |
| | Aurizon Holdings, an Australian railroad operator to the mining industry, performed poorly, as the slowing Chinese economy raised concerns that commodities freight volumes may come under pressure despite the long-term nature of the company’s contracts with its mining customers. We sold the Fund’s position in Aurizon Holdings by the end of the Reporting Period. |
| | We sold the Fund’s position in LM Ericsson Telefon, a Swedish communication networks manufacturer, because we are concerned that the end of the mobile network fourth generation upgrade cycle in the U.S. may not be offset by the continuation of this upgrade cycle in Europe and emerging market nations, which are lower margin geographies than the U.S. |
| | We eliminated the Fund’s position in Credit Saison, a Japanese consumer finance company, because we believe an increase in repayment of excessive interest charged in previous years and an increase in costs to upgrade its information technology systems will likely hurt its earnings in the next few quarters despite an acceleration of its top line, or revenue, growth. |
| Q | | Were there any notable changes in the Fund’s weightings during the Reporting Period? |
| A | | In this Fund, both sector weightings and country allocations are largely the result of our bottom-up stock selection process rather than any top-down macroeconomic views or regional, country, sector or industry bets. We seek to outpace the MSCI® Index by overweighting stocks that we expect to outperform and underweighting those we think may lag. Consequently, changes in its sector or country weightings are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s exposure to consumer discretionary increased relative to the MSCI® Index during the Reporting Period, while its relative exposure to financials and materials decreased. From a country perspective, the Fund’s exposure to the U.K. increased relative to the MSCI® Index during the Reporting Period, while its relative exposure to Italy decreased. |
| Q | | Were there any changes to the Fund’s portfolio management team during the Reporting Period? |
| A | | There were no material changes to the Fund’s portfolio management team during the Reporting Period. |
| Q | | How was the Fund positioned relative to the MSCI® Index at the end of the Reporting Period? |
| A | | At the end of the Reporting Period, the Fund had more exposure to Belgium, South Korea, Ireland, Switzerland, Taiwan and Sweden relative to the MSCI® Index and less exposure to the U.K., Australia, Italy and the Netherlands relative to the MSCI® Index. At the end of the Reporting Period, the Fund held neutral positions relative to the MSCI® Index in several countries, most notably Japan and France, and had no position at all in several other countries and regions, most notably Hong Kong. |
| | From a sector allocation perspective, the Fund had overweight positions relative to the MSCI® Index in consumer staples and information technology at the end of the Reporting Period. On the same date, the Fund had underweighted positions compared to the MSCI® Index in consumer discretionary, financials, materials, industrials, utilities and health care and rather neutral positions relative to the MSCI® Index in energy and telecommunication services. |
| | As always, we remained focused on individual stock selection, with sector and country positioning being a secondary, closely-monitored effect. |
21
FUND BASICS
Strategic International Equity Fund
as of April 30, 2015
| | | | | | | | | | |
| | PERFORMANCE REVIEW | |
| | | November 1, 2014–April 30, 2015 | | Fund Total Return (based on NAV)1 | | | MSCI® EAFE Index (Net, USD, Unhedged)2 | |
| | Class A | | | 5.26 | % | | | 6.81 | % |
| | Class C | | | 4.87 | | | | 6.81 | |
| | Institutional | | | 5.52 | | | | 6.81 | |
| | Class IR | | | 5.44 | | | | 6.81 | |
| | | Class R | | | 5.11 | | | | 6.81 | |
| | 1 | | The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges. |
| | 2 | | The MSCI® EAFE Index (Net, USD, Unhedged) is a market capitalization-weighted composite of securities in 22 developed markets. The Index approximates the minimum possible dividend reinvestment. The dividend is reinvested after deduction for withholding tax, applying the rate to non- resident individuals who do not benefit from double taxation treaties. MSCI® Barra uses withholding tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. The Index is unmanaged and the figures for the Index do not include any deduction for fees or expenses. It is not possible to invest directly in an index. |
| | | | | | | | | | | | | | | | |
| | STANDARDIZED TOTAL RETURNS3 |
| | | For the period ended 3/31/15 | | One Year | | | Five Years | | | Since Inception | | | Inception Date |
| | Class A | | | -7.46 | % | | | 4.52 | % | | | -1.05 | % | | 6/25/07 |
| | Class C | | | -3.75 | | | | 4.92 | | | | -1.07 | | | 6/25/07 |
| | Institutional | | | -1.71 | | | | 6.11 | | | | 0.05 | | | 6/25/07 |
| | Class IR | | | -1.87 | | | | 6.06 | | | | -1.04 | | | 11/30/07 |
| | | Class R | | | -2.37 | | | | 5.44 | | | | -1.60 | | | 11/30/07 |
| | 3 | | The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Class IR and Class R Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
22
FUND BASICS
| | | | | | | | |
| | EXPENSE RATIOS4 | |
| | | | | Net Expense Ratio (Current) | | Gross Expense Ratio (Before Waivers) | |
| | Class A | | 1.35% | | | 1.79 | % |
| | Class C | | 2.10 | | | 2.54 | |
| | Institutional | | 0.95 | | | 1.39 | |
| | Class IR | | 1.09 | | | 1.54 | |
| | | Class R | | 1.60 | | | 2.04 | |
| | 4 | | The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least February 29, 2016, and prior to such date the investment adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval. |
| | | | | | | | | | |
| | TOP TEN HOLDINGS AS OF 4/30/155 |
| | | Holding | | % of Net Assets | | | Line of Business | | Country |
| | iShares MSCI Japan Fund | | | 4.8 | % | | Exchange Traded Fund | | United States |
| | Novartis AG (Registered) | | | 3.1 | | | Pharmaceuticals, Biotechnology & Life Sciences | | Switzerland |
| | Anheuser-Busch InBev NV | | | 2.8 | | | Food, Beverage & Tobacco | | Belgium |
| | Vodafone Group PLC | | | 2.8 | | | Telecommunication Services | | United Kingdom |
| | Nidec Corp. | | | 2.2 | | | Capital Goods | | Japan |
| | Mitsubishi UFJ Financial Group, Inc. | | | 2.2 | | | Banks | | Japan |
| | Beiersdorf AG | | | 2.2 | | | Household & Personal Products | | Germany |
| | UBS Group AG | | | 2.2 | | | Diversified Financials | | Switzerland |
| | BG Group PLC | | | 2.0 | | | Energy | | United Kingdom |
| | | Bayer AG (Registered) | | | 2.0 | | | Pharmaceuticals, Biotechnology & Life Sciences | | Germany |
| | 5 | | The top 10 holdings may not be representative of the Fund’s future investments. |
23
FUND BASICS
|
| FUND VS. BENCHMARK SECTOR ALLOCATIONS6 |
| As of April 30, 2015 |
| | 6 | | The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. Underlying sector allocations of exchange traded funds held by the Fund are not reflected in the graph above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. |
24
GOLDMAN SACHS FOCUSED INTERNATIONAL EQUITY FUND
Schedule of Investments
April 30, 2015 (Unaudited)
| | | | | | | | |
Shares | | | Description | | Value | |
| | Common Stocks – 91.3% | |
| | Australia – 4.0% | |
| | 935,489 | | | Computershare Ltd. (Software & Services) | | $ | 9,074,616 | |
| | |
| | Belgium – 2.1% | |
| | 31,294 | | | Solvay SA (Materials) | | | 4,607,886 | |
| | |
| | Denmark – 2.0% | |
| | 79,772 | | | Novo Nordisk A/S Class B (Pharmaceuticals, Biotechnology & Life Sciences) | | | 4,478,454 | |
| | |
| | France – 13.4% | |
| | 84,501 | | | Publicis Groupe SA (Media) | | | 7,087,147 | |
| | 227,169 | | | Rexel SA (Capital Goods) | | | 4,281,375 | |
| | 62,412 | | | Safran SA (Capital Goods) | | | 4,560,280 | |
| | 70,048 | | | Sanofi (Pharmaceuticals, Biotechnology & Life Sciences) | | | 7,130,221 | |
| | 140,571 | | | Societe Generale SA (Banks) | | | 7,027,805 | |
| | | | | | | | |
| | | | | | | 30,086,828 | |
| | |
| | Germany – 5.9% | |
| | 62,015 | | | Bayer AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)* | | | 8,925,980 | |
| | 50,821 | | | Beiersdorf AG (Household & Personal Products) | | | 4,420,701 | |
| | | | | | | | |
| | | | | | | 13,346,681 | |
| | |
| | Ireland – 3.4% | |
| | 821,772 | | | C&C Group PLC (Food, Beverage & Tobacco) | | | 3,329,884 | |
| | 52,957 | | | Shire PLC (Pharmaceuticals, Biotechnology & Life Sciences) | | | 4,303,478 | |
| | | | | | | | |
| | | | | | | 7,633,362 | |
| | |
| | Japan – 22.9% | |
| | 94,900 | | | Dentsu, Inc. (Media) | | | 4,423,735 | |
| | 172,000 | | | Hoya Corp. (Technology Hardware & Equipment) | | | 6,629,034 | |
| | 475,400 | | | Isuzu Motors Ltd. (Automobiles & Components) | | | 6,300,864 | |
| | 294,000 | | | Kubota Corp. (Capital Goods) | | | 4,601,399 | |
| | 676,400 | | | Mitsubishi UFJ Financial Group, Inc. (Banks) | | | 4,805,382 | |
| | 64,000 | | | Nidec Corp. (Capital Goods) | | | 4,787,508 | |
| | 448,700 | | | ORIX Corp. (Diversified Financials) | | | 6,900,289 | |
| | 85,700 | | | Pola Orbis Holdings, Inc. (Household & Personal Products) | | | 4,446,657 | |
| | 1,193,000 | | | Sumitomo Osaka Cement Co. Ltd. (Materials) | | | 3,885,543 | |
| | 634,200 | | | Tokyu Fudosan Holdings Corp. (Real Estate) | | | 4,712,705 | |
| | | | | | | | |
| | | | | | | 51,493,116 | |
| | |
| | Common Stocks – (continued) | |
| | Netherlands – 1.8% | |
| | 127,779 | | | Royal Dutch Shell PLC Class A (Energy) | | $ | 4,028,906 | |
| | |
| | South Korea – 4.7% | |
| | 145,128 | | | Hana Financial Group, Inc. (Banks) | | | 4,271,971 | |
| | 135,136 | | | Kia Motors Corp. (Automobiles & Components) | | | 6,227,312 | |
| | | | | | | | |
| | | | | | | 10,499,283 | |
| | |
| | Spain – 6.6% | |
| | 1,539,600 | | | Banco Popular Espanol SA (Banks) | | | 8,010,626 | |
| | 1,030,847 | | | Iberdrola SA (Utilities) | | | 6,899,758 | |
| | | | | | | | |
| | | | | | | 14,910,384 | |
| | |
| | Sweden – 2.0% | |
| | 326,312 | | | Volvo AB Class B (Capital Goods) | | | 4,508,067 | |
| | |
| | Switzerland – 9.8% | |
| | 19,551 | | | Syngenta AG (Registered) (Materials) | | | 6,542,347 | |
| | 9,831 | | | The Swatch Group AG (Consumer Durables & Apparel) | | | 4,395,001 | |
| | 223,163 | | | UBS Group AG (Diversified Financials)* | | | 4,458,202 | |
| | 110,641 | | | Wolseley PLC (Capital Goods) | | | 6,543,797 | |
| | | | | | | | |
| | | | | | | 21,939,347 | |
| | |
| | Taiwan – 2.4% | |
| | 414,000 | | | MediaTek, Inc. (Semiconductors & Semiconductor Equipment) | | | 5,321,634 | |
| | |
| | United Kingdom – 10.3% | |
| | 373,590 | | | BG Group PLC (Energy) | | | 6,767,042 | |
| | 1,122,838 | | | Melrose Industries PLC (Capital Goods) | | | 4,556,466 | |
| | 79,498 | | | Reckitt Benckiser Group PLC (Household & Personal Products) | | | 7,075,675 | |
| | 1,330,281 | | | Vodafone Group PLC (Telecommunication Services) | | | 4,686,858 | |
| | | | | | | | |
| | | | | | | 23,086,041 | |
| | |
| | TOTAL COMMON STOCKS | |
| | (Cost $212,037,271) | | $ | 205,014,605 | |
| | |
| | | | | | | | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 25 |
GOLDMAN SACHS FOCUSED INTERNATIONAL EQUITY FUND
Schedule of Investments (continued)
April 30, 2015 (Unaudited)
| | | | | | | | |
Shares | | | Description | | Value | |
| | Exchange Traded Funds – 3.4% | |
| | United States – 3.4% | |
| | 67,383 | | | iShares MSCI EAFE Fund | | $ | 4,481,644 | |
| | 247,236 | | | iShares MSCI Japan Fund | | | 3,179,455 | |
| | |
| | TOTAL EXCHANGE TRADED FUNDS | |
| | (Cost $7,532,113) | | $ | 7,661,099 | |
| | |
| | TOTAL INVESTMENTS – 94.7% | | | | |
| | (Cost $219,569,384) | | $ | 212,675,704 | |
| | |
| OTHER ASSETS IN EXCESS OF
LIABILITIES – 5.3% | | | 11,900,702 | |
| | |
| | NET ASSETS – 100.0% | | $ | 224,576,406 | |
| | |
| | |
| 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. |
| | |
| 26 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL SMALL CAP FUND
Schedule of Investments
April 30, 2015 (Unaudited)
| | | | | | | | |
Shares | | | Description | | Value | |
| | Common Stocks – 94.9% | |
| | Australia – 5.0% | |
| | 379,124 | | | Aveo Group (Real Estate) | | $ | 826,932 | |
| | 25,876 | | | Caltex Australia Ltd. (Energy) | | | 721,678 | |
| | 156,296 | | | Computershare Ltd. (Software & Services) | | | 1,516,133 | |
| | 378,543 | | | Echo Entertainment Group Ltd. (Consumer Services) | | | 1,351,610 | |
| | 86,728 | | | GrainCorp Ltd. Class A (Food, Beverage & Tobacco) | | | 676,086 | |
| | 342,194 | | | Macquarie Atlas Roads Group (Transportation) | | | 877,291 | |
| | 141,185 | | | Navitas Ltd. (Consumer Services) | | | 513,836 | |
| | 57,298 | | | Seek Ltd. (Commercial & Professional Services) | | | 732,880 | |
| | 120,732 | | | Super Retail Group Ltd. (Retailing) | | | 939,830 | |
| | 165,941 | | | Treasury Wine Estates Ltd. (Food, Beverage & Tobacco) | | | 727,778 | |
| | 173,472 | | | Veda Group Ltd. (Commercial & Professional Services) | | | 313,046 | |
| | | | | | | | |
| | | | | | | 9,197,100 | |
| | |
| | Belgium – 0.6% | |
| | 31,563 | | | bpost SA (Transportation) | | | 905,180 | |
| | 929 | | | Cie d’Entreprises CFE (Capital Goods) | | | 100,517 | |
| | 40,230 | | | Rezidor Hotel Group AB (Consumer Services) | | | 171,379 | |
| | | | | | | | |
| | | | | | | 1,177,076 | |
| | |
| | Canada – 7.7% | |
| | 36,376 | | | Aimia, Inc. (Media) | | | 404,010 | |
| | 109,587 | | | Alamos Gold, Inc. (Materials) | | | 757,526 | |
| | 18,374 | | | Algonquin Power & Utilities Corp. (Utilities) | | | 149,703 | |
| | 11,838 | | | Amaya, Inc. (Consumer Services)* | | | 276,989 | |
| | 255,454 | | | B2Gold Corp. (Materials)* | | | 400,172 | |
| | 3,031 | | | Boardwalk Real Estate Investment Trust (REIT) | | | 152,643 | |
| | 17,730 | | | Bonterra Energy Corp. (Energy) | | | 566,802 | |
| | 16,964 | | | Canadian Solar, Inc. (Semiconductors & Semiconductor Equipment)* | | | 600,526 | |
| | 22,137 | | | Canadian Western Bank (Banks) | | | 575,580 | |
| | 5,510 | | | CCL Industries, Inc. Class B (Materials) | | | 633,479 | |
| | 70,271 | | | Celestica, Inc. (Technology Hardware & Equipment)* | | | 857,929 | |
| | 7,900 | | | Cogeco Cable, Inc. (Media) | | | 452,523 | |
| | 48,041 | | | Element Financial Corp. (Diversified Financials)* | | | 688,860 | |
| | 58,055 | | | Enerflex Ltd. (Energy) | | | 778,558 | |
| | 9,462 | | | FirstService Corp. (Real Estate) | | | 619,402 | |
| | 12,952 | | | Home Capital Group, Inc. (Banks) | | | 511,209 | |
| | 10,103 | | | Laurentian Bank of Canada (Banks) | | | 404,371 | |
| | 3,665 | | | MacDonald Dettwiler & Associates Ltd. (Capital Goods) | | | 290,952 | |
| | 10,655 | | | Maple Leaf Foods, Inc. (Food, Beverage & Tobacco) | | | 204,445 | |
| | 10,564 | | | Methanex Corp. (Materials) | | | 635,766 | |
| | 38,673 | | | Mullen Group Ltd. (Energy) | | | 670,567 | |
| | |
| | Common Stocks – (continued) | |
| | Canada – (continued) | | | | |
| | 27,281 | | | Northland Power, Inc. (Utilities) | | $ | 390,052 | |
| | 11,575 | | | Parkland Fuel Corp. (Energy) | | | 252,702 | |
| | 13,503 | | | Progressive Waste Solutions Ltd. (Commercial & Professional Services) | | | 390,261 | |
| | 9,921 | | | ShawCor Ltd. (Energy) | | | 335,908 | |
| | 24,434 | | | Stantec, Inc. (Commercial & Professional Services) | | | 660,012 | |
| | 98,749 | | | Surge Energy, Inc. (Energy) | | | 359,310 | |
| | 37,203 | | | Veresen, Inc. (Energy) | | | 559,356 | |
| | 16,992 | | | WestJet Airlines Ltd. (Transportation) | | | 384,063 | |
| | | | | | | | |
| | | | | | | 13,963,676 | |
| | |
| | China – 2.4% | |
| | 17,298 | | | Ctrip.com International Ltd. ADR (Retailing)* | | | 1,101,537 | |
| | 21,669 | | | Hollysys Automation Technologies Ltd. (Technology Hardware & Equipment) | | | 476,068 | |
| | 124,400 | | | Livzon Pharmaceutical Group, Inc. Class H (Pharmaceuticals, Biotechnology & Life Sciences) | | | 898,827 | |
| | 236,500 | | | Shanghai Fosun Pharmaceutical Group Co. Ltd. Class H (Pharmaceuticals, Biotechnology & Life Sciences) | | | 900,092 | |
| | 25,326 | | | TAL Education Group ADR (Consumer Services)* | | | 930,730 | |
| | | | | | | | |
| | | | | | | 4,307,254 | |
| | |
| | Denmark – 0.9% | |
| | 73,451 | | | GN Store Nord A/S (Health Care Equipment & Services) | | | 1,585,771 | |
| | |
| | Finland – 0.8% | |
| | 60,541 | | | Amer Sports OYJ (Consumer Durables & Apparel) | | | 1,515,100 | |
| | |
| | France – 6.8% | |
| | 18,496 | | | Cap Gemini SA (Software & Services) | | | 1,647,911 | |
| | 100,040 | | | Coface SA (Diversified Financials)* | | | 1,246,933 | |
| | 13,272 | | | Eramet (Materials)* | | | 1,091,765 | |
| | 15,432 | | | Ingenico (Technology Hardware & Equipment) | | | 1,936,294 | |
| | 20,088 | | | Ipsen SA (Pharmaceuticals, Biotechnology & Life Sciences) | | | 1,153,615 | |
| | 27,462 | | | JCDecaux SA (Media) | | | 1,084,860 | |
| | 31,397 | | | Klepierre (REIT) | | | 1,522,932 | |
| | 41,732 | | | Nexity SA (Real Estate) | | | 1,832,720 | |
| | 52,623 | | | UBISOFT Entertainment (Software & Services)* | | | 970,356 | |
| | | | | | | | |
| | | | | | | 12,487,386 | |
| | |
| | Germany – 5.5% | |
| | 37,393 | | | Brenntag AG (Capital Goods) | | | 2,243,605 | |
| | 41,307 | | | GEA Group AG (Capital Goods) | | | 1,983,807 | |
| | 32,186 | | | Gerry Weber International AG (Consumer Durables & Apparel) | | | 1,052,021 | |
| | 30,332 | | | GfK SE (Media) | | | 1,160,650 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 27 |
GOLDMAN SACHS INTERNATIONAL SMALL CAP FUND
Schedule of Investments (continued)
April 30, 2015 (Unaudited)
| | | | | | | | |
Shares | | | Description | | Value | |
| | Common Stocks – (continued) | |
| | Germany – (continued) | | | | |
| | 44,655 | | | Infineon Technologies AG (Semiconductors & Semiconductor Equipment) | | $ | 524,997 | |
| | 18,925 | | | Leoni AG (Automobiles & Components) | | | 1,211,971 | |
| | 34,260 | | | Salzgitter AG (Materials) | | | 1,168,635 | |
| | 11,059 | | | Symrise AG (Materials) | | | 670,545 | |
| | | | | | | | |
| | | | | | | 10,016,231 | |
| | |
| | Hong Kong – 0.5% | |
| | 1,194,000 | | | China Traditional Chinese Medicine Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)* | | | 929,738 | |
| | |
| | Ireland – 1.0% | |
| | 441,521 | | | Beazley PLC (Insurance) | | | 1,898,799 | |
| | |
| | Italy – 3.2% | |
| | 63,943 | | | Buzzi Unicem SpA (Materials) | | | 1,029,170 | |
| | 14,782 | | | Ei Towers SpA (Technology Hardware & Equipment)* | | | 897,950 | |
| | 73,377 | | | MARR SpA (Food & Staples Retailing) | | | 1,473,920 | |
| | 36,815 | | | Moncler SpA (Consumer Durables & Apparel) | | | 655,603 | |
| | 228,470 | | | Unione di Banche Italiane SCpA (Banks) | | | 1,813,453 | |
| | | | | | | | |
| | | | | | | 5,870,096 | |
| | |
| | Japan – 20.3% | |
| | 17,700 | | | ABC-Mart, Inc. (Retailing) | | | 1,007,112 | |
| | 26,400 | | | Alps Electric Co. Ltd. (Technology Hardware & Equipment) | | | 655,787 | |
| | 21,800 | | | Asahi Intecc Co. Ltd. (Health Care Equipment & Services) | | | 1,342,514 | |
| | 34,600 | | | Asics Corp. (Consumer Durables & Apparel) | | | 887,846 | |
| | 37,200 | | | Azbil Corp. (Technology Hardware & Equipment) | | | 979,926 | |
| | 34,400 | | | Century Tokyo Leasing Corp. (Diversified Financials) | | | 1,086,174 | |
| | 106,500 | | | Daibiru Corp. (Real Estate) | | | 1,045,739 | |
| | 102,500 | | | Daifuku Co. Ltd. (Capital Goods) | | | 1,365,512 | |
| | 341,000 | | | Denki Kagaku Kogyo KK (Materials) | | | 1,392,369 | |
| | 62,300 | | | Eiken Chemical Co. Ltd. (Health Care Equipment & Services) | | | 1,234,166 | |
| | 36,700 | | | FP Corp. (Materials) | | | 1,316,687 | |
| | 36,800 | | | Fuji Seal International, Inc. (Materials) | | | 1,104,039 | |
| | 135,400 | | | GMO Internet, Inc. (Software & Services) | | | 1,702,136 | |
| | 40,100 | | | HIS Co. Ltd. (Consumer Services) | | | 1,336,636 | |
| | 86,000 | | | Iwatani Corp. (Capital Goods) | | | 581,658 | |
| | 57,400 | | | J. Front Retailing Co. Ltd. (Retailing) | | | 956,497 | |
| | 102,000 | | | Makino Milling Machine Co. Ltd. (Capital Goods) | | | 931,630 | |
| | |
| | Common Stocks – (continued) | |
| | Japan – (continued) | | | | |
| | 14,700 | | | Matsumotokiyoshi Holdings Co. Ltd. (Food & Staples Retailing) | | $ | 535,242 | |
| | 28,700 | | | MISUMI Group, Inc. (Capital Goods) | | | 1,077,057 | |
| | 197,000 | | | Nankai Electric Railway Co. Ltd. (Transportation) | | | 941,753 | |
| | 15,000 | | | Obic Co. Ltd. (Software & Services) | | | 627,459 | |
| | 37,600 | | | Otsuka Corp. (Software & Services) | | | 1,731,818 | |
| | 91,400 | | | Sac’s Bar Holdings, Inc. (Retailing) | | | 1,632,545 | |
| | 40,500 | | | Sakata Seed Corp. (Food, Beverage & Tobacco) | | | 702,256 | |
| | 50,000 | | | Shinmaywa Industries Ltd. (Capital Goods) | | | 519,792 | |
| | 53,800 | | | Ship Healthcare Holdings, Inc. (Health Care Equipment & Services) | | | 1,314,881 | |
| | 63,100 | | | Start Today Co. Ltd. (Retailing) | | | 1,545,801 | |
| | 51,900 | | | Sumco Corp. (Semiconductors & Semiconductor Equipment) | | | 783,077 | |
| | 215,000 | | | Takuma Co. Ltd. (Capital Goods) | | | 1,651,765 | |
| | 127,000 | | | The 77 Bank Ltd. (Banks) | | | 732,941 | |
| | 274,000 | | | The Hokkoku Bank Ltd. (Banks) | | | 992,500 | |
| | 137,000 | | | The Nishi-Nippon City Bank Ltd. (Banks) | | | 436,543 | |
| | 22,900 | | | Tokyo Ohka Kogyo Co. Ltd. (Materials) | | | 712,767 | |
| | 171,700 | | | Tosei Corp. (Real Estate) | | | 1,240,680 | |
| | 37,000 | | | Tv Tokyo Holdings Corp. (Media) | | | 686,380 | |
| | 18,400 | | | Yonex Co. Ltd. (Consumer Durables & Apparel) | | | 274,463 | |
| | | | | | | | |
| | | | | | | 37,066,148 | |
| | |
| | Luxembourg – 1.2% | |
| | 558,230 | | | Regus PLC (Commercial & Professional Services) | | | 2,132,059 | |
| | |
| | Netherlands – 1.5% | |
| | 64,557 | | | Delta Lloyd NV (Insurance) | | | 1,220,846 | |
| | 110,466 | | | USG People NV (Commercial & Professional Services) | | | 1,500,132 | |
| | | | | | | | |
| | | | | | | 2,720,978 | |
| | |
| | New Zealand – 0.4% | |
| | 129,040 | | | Fletcher Building Ltd. (Materials) | | | 806,340 | |
| | |
| | Portugal – 1.5% | |
| | 173,439 | | | CTT-Correios de Portugal SA (Transportation) | | | 1,956,214 | |
| | 256,559 | | | REN – Redes Energeticas Nacionais SGPS SA (Utilities)* | | | 803,161 | |
| | | | | | | | |
| | | | | | | 2,759,375 | |
| | |
| | Singapore – 0.4% | |
| | 3,773,400 | | | SIIC Environment Holdings Ltd. (Utilities)* | | | 640,240 | |
| | |
| | South Africa – 0.6% | |
| | 57,803 | | | Mondi PLC (Materials) | | | 1,170,405 | |
| | |
| | |
| 28 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL SMALL CAP FUND
| | | | | | | | |
Shares | | | Description | | Value | |
| | Common Stocks – (continued) | |
| | South Korea – 4.1% | |
| | 4,936 | | | BGF Retail Co. Ltd. (Food & Staples Retailing) | | $ | 540,266 | |
| | 135,035 | | | Byucksan Corp. (Capital Goods) | | | 788,830 | |
| | 2,258 | | | CJ CheilJedang Corp. (Food, Beverage & Tobacco) | | | 878,130 | |
| | 73,989 | | | Doosan Infracore Co. Ltd. (Capital Goods)* | | | 817,718 | |
| | 13,433 | | | Grand Korea Leisure Co. Ltd. (Consumer Services) | | | 480,734 | |
| | 39,074 | | | GS Engineering & Construction Corp. (Capital Goods)* | | | 1,167,197 | |
| | 15,957 | | | Korean Air Lines Co. Ltd. (Transportation)* | | | 680,998 | |
| | 16,974 | | | OCI Materials Co. Ltd. (Materials) | | | 1,603,147 | |
| | 3,718 | | | Spigen Korea Co. Ltd. (Technology Hardware & Equipment) | | | 512,353 | |
| | | | | | | | |
| | | | | | | 7,469,373 | |
| | |
| | Spain – 1.5% | |
| | 37,665 | | | Enagas SA (Utilities) | | | 1,159,996 | |
| | 34,653 | | | Tecnicas Reunidas SA (Energy) | | | 1,611,835 | |
| | | | | | | | |
| | | | | | | 2,771,831 | |
| | |
| | Sweden – 0.9% | |
| | 32,736 | | | Indutrade AB (Capital Goods) | | | 1,599,216 | |
| | |
| | Switzerland – 7.8% | |
| | 17,702 | | | Actelion Ltd. (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)* | | | 2,329,245 | |
| | 20,459 | | | Aryzta AG (Food, Beverage & Tobacco)* | | | 1,380,515 | |
| | 927 | | | Barry Callebaut AG (Registered) (Food, Beverage & Tobacco)* | | | 1,124,562 | |
| | 59,676 | | | Gategroup Holding AG (Commercial & Professional Services)* | | | 2,091,650 | |
| | 4,668 | | | Geberit AG (Registered) (Capital Goods) | | | 1,653,282 | |
| | 24,256 | | | Implenia AG (Registered) (Capital Goods) | | | 1,660,837 | |
| | 44,006 | | | Julius Baer Group Ltd. (Diversified Financials)* | | | 2,303,308 | |
| | 18,289 | | | PSP Swiss Property AG (Registered) (Real Estate)* | | | 1,705,862 | |
| | | | | | | | |
| | | | | | | 14,249,261 | |
| | |
| | Taiwan – 1.6% | |
| | 507,000 | | | Chipbond Technology Corp. (Semiconductors & Semiconductor Equipment) | | | 1,095,623 | |
| | 53,120 | | | Eclat Textile Co. Ltd. (Consumer Durables & Apparel) | | | 711,188 | |
| | 120,000 | | | momo.com, Inc. (Retailing) | | | 1,174,388 | |
| | | | | | | | |
| | | | | | | 2,981,199 | |
| | |
| | Common Stocks – (continued) | |
| | United Kingdom – 18.4% | |
| | 171,686 | | | Alent PLC (Materials) | | $ | 953,446 | |
| | 268,923 | | | Ashmore Group PLC (Diversified Financials) | | | 1,271,279 | |
| | 78,217 | | | Ashtead Group PLC (Capital Goods) | | | 1,341,233 | |
| | 38,513 | | | Bellway PLC (Consumer Durables & Apparel) | | | 1,170,881 | |
| | 194,288 | | | Big Yellow Group PLC (REIT) | | | 1,986,514 | |
| | 142,686 | | | Bodycote PLC (Capital Goods) | | | 1,502,717 | |
| | 141,899 | | | BTG PLC (Pharmaceuticals, Biotechnology & Life Sciences)* | | | 1,565,724 | |
| | 334,456 | | | Cairn Energy PLC (Energy)* | | | 911,211 | |
| | 38,773 | | | Close Brothers Group PLC (Diversified Financials) | | | 906,336 | |
| | 83,766 | | | Drax Group PLC (Utilities) | | | 511,794 | |
| | 311,656 | | | Foxtons Group PLC (Real Estate) | | | 1,050,281 | |
| | 142,120 | | | Greene King PLC (Consumer Services) | | | 1,806,897 | |
| | 157,292 | | | Halma PLC (Technology Hardware & Equipment) | | | 1,713,048 | |
| | 363,617 | | | Hays PLC (Commercial & Professional Services) | | | 854,629 | |
| | 149,301 | | | Henderson Group PLC CDI (Diversified Financials) | | | 628,962 | |
| | 195,535 | | | Inchcape PLC (Retailing) | | | 2,487,218 | |
| | 171,682 | | | Jupiter Fund Management PLC (Diversified Financials) | | | 1,130,395 | |
| | 740,006 | | | Londonmetric Property PLC (REIT) | | | 1,874,250 | |
| | 35,479 | | | Melrose Industries PLC (Capital Goods) | | | 143,974 | |
| | 81,035 | | | Persimmon PLC (Consumer Durables & Apparel)* | | | 2,104,021 | |
| | 623,451 | | | SIG PLC (Capital Goods) | | | 1,852,776 | |
| | 208,538 | | | Smart Metering Systems PLC (Technology Hardware & Equipment) | | | 1,137,576 | |
| | 324,250 | | | Spire Healthcare Group PLC (Health Care Equipment & Services)*(a) | | | 1,588,011 | |
| | 98,261 | | | St. James’s Place PLC (Insurance) | | | 1,340,350 | |
| | 56,525 | | | Telecom Plus PLC (Utilities) | | | 663,921 | |
| | 33,983 | | | Victrex PLC (Materials) | | | 1,028,551 | |
| | | | | | | | |
| | | | | | | 33,525,995 | |
| | |
| | United States – 0.3% | |
| | 41,154 | | | Tahoe Resources, Inc. (Materials) | | | 581,579 | |
| | |
| | TOTAL COMMON STOCKS | |
| | (Cost $167,655,904) | | $ | 173,422,226 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 29 |
GOLDMAN SACHS INTERNATIONAL SMALL CAP FUND
Schedule of Investments (continued)
April 30, 2015 (Unaudited)
| | | | | | | | |
Shares | | | Description | | Value | |
| | Exchange Traded Fund – 0.7% | |
| | United States – 0.7% | |
| | 23,261 | | | iShares MSCI Israel Capped Fund | | $ | 1,201,663 | |
| | (Cost $1,084,603) | | | | |
| | |
| | TOTAL INVESTMENTS – 95.6% | |
| | (Cost $168,740,507) | | $ | 174,623,889 | |
| | |
| OTHER ASSETS IN EXCESS OF
LIABILITIES – 4.4% | | | 8,032,105 | |
| | |
| | NET ASSETS – 100.0% | | $ | 182,655,994 | |
| | |
| | |
| 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. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $1,588,011, which represents approximately 0.9% of net assets as of April 30, 2015. |
| | |
|
Investment Abbreviations: |
ADR | | —American Depositary Receipt |
CDI | | —CHESS Depositary Interest |
REIT | | —Real Estate Investment Trust |
|
| | |
| 30 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL SMALL CAP FUND
|
| ADDITIONAL INVESTMENT INFORMATION |
FUTURES CONTRACTS — At April 30, 2015, the Fund had the following futures contracts:
| | | | | | | | | | | | |
| Type | | Number of
Contracts
Long (Short) | | Expiration
Date | | Current
Value | | | Unrealized
Gain (Loss) | |
MSCI Singapore Index | | 31 | | May 2015 | | $ | 1,846,131 | | | $ | (10,040 | ) |
| | |
| The accompanying notes are an integral part of these financial statements. | | 31 |
GOLDMAN SACHS STRATEGIC INTERNATIONAL EQUITY FUND
Schedule of Investments
April 30, 2015 (Unaudited)
| | | | | | | | |
Shares | | | Description | | Value | |
| | Common Stocks – 87.9% | |
| | Australia – 3.4% | |
| | 40,969 | | | Australia & New Zealand Banking Group Ltd. (Banks) | | $ | 1,096,243 | |
| | 133,478 | | | Computershare Ltd. (Software & Services) | | | 1,294,790 | |
| | | | | | | | |
| | | | | | | 2,391,033 | |
| | |
| | Belgium – 4.1% | |
| | 16,062 | | | Anheuser-Busch InBev NV (Food, Beverage & Tobacco) | | | 1,955,522 | |
| | 6,202 | | | Solvay SA (Materials) | | | 913,214 | |
| | | | | | | | |
| | | | | | | 2,868,736 | |
| | |
| | China – 0.6% | |
| | 89,000 | | | China Mengniu Dairy Co. Ltd. (Food, Beverage & Tobacco) | | | 450,710 | |
| | |
| | Denmark – 1.5% | |
| | 18,994 | | | Novo Nordisk A/S Class B (Pharmaceuticals, Biotechnology & Life Sciences) | | | 1,066,336 | |
| | |
| | France – 9.4% | |
| | 5,447 | | | Air Liquide SA (Materials) | | | 712,361 | |
| | 10,760 | | | Klepierre (REIT) | | | 521,921 | |
| | 26,157 | | | Rexel SA (Capital Goods) | | | 492,972 | |
| | 14,445 | | | Safran SA (Capital Goods) | | | 1,055,458 | |
| | 11,302 | | | Sanofi (Pharmaceuticals, Biotechnology & Life Sciences) | | | 1,150,436 | |
| | 26,712 | | | Societe Generale SA (Banks) | | | 1,335,459 | |
| | 24,723 | | | Total SA (Energy) | | | 1,338,749 | |
| | | | | | | | |
| | | | | | | 6,607,356 | |
| | |
| | Germany – 6.8% | |
| | 8,994 | | | Adidas AG (Consumer Durables & Apparel) | | | 736,932 | |
| | 9,720 | | | Bayer AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)* | | | 1,399,025 | |
| | 17,755 | | | Beiersdorf AG (Household & Personal Products) | | | 1,544,431 | |
| | 14,729 | | | GEA Group AG (Capital Goods) | | | 707,374 | |
| | 7,823 | | | Rocket Internet SE (Software & Services)*(a) | | | 388,826 | |
| | | | | | | | |
| | | | | | | 4,776,588 | |
| | |
| | India – 1.0% | |
| | 44,408 | | | Thermax Ltd. (Capital Goods) | | | 685,644 | |
| | |
| | Ireland – 3.8% | |
| | 1,317,504 | | | Bank of Ireland (Banks)* | | | 504,129 | |
| | 15,067 | | | Kerry Group PLC Class A (Food, Beverage & Tobacco) | | | 1,108,214 | |
| | 13,544 | | | Shire PLC (Pharmaceuticals, Biotechnology & Life Sciences) | | | 1,100,634 | |
| | | | | | | | |
| | | | | | | 2,712,977 | |
| | |
| | Common Stocks – (continued) | |
| | Italy – 1.0% | |
| | 213,378 | | | Intesa Sanpaolo SpA (Banks) | | $ | 716,844 | |
| | |
| | Japan – 17.3% | |
| | 5,500 | | | Disco Corp. (Semiconductors & Semiconductor Equipment) | | | 500,869 | |
| | 20,100 | | | Hoya Corp. (Technology Hardware & Equipment) | | | 774,672 | |
| | 37,900 | | | Japan Tobacco, Inc. (Food, Beverage & Tobacco) | | | 1,323,501 | |
| | 34,700 | | | KDDI Corp. (Telecommunication Services) | | | 821,083 | |
| | 62,000 | | | Kubota Corp. (Capital Goods) | | | 970,363 | |
| | 217,900 | | | Mitsubishi UFJ Financial Group, Inc. (Banks) | | | 1,548,038 | |
| | 20,900 | | | Nidec Corp. (Capital Goods) | | | 1,563,420 | |
| | 68,900 | | | ORIX Corp. (Diversified Financials) | | | 1,059,572 | |
| | 22,000 | | | Pola Orbis Holdings, Inc. (Household & Personal Products) | | | 1,141,499 | |
| | 21,300 | | | Start Today Co. Ltd. (Retailing) | | | 521,800 | |
| | 131,800 | | | Tokyu Fudosan Holdings Corp. (Real Estate) | | | 979,398 | |
| | 37,500 | | | Unicharm Corp. (Household & Personal Products) | | | 943,881 | |
| | | | | | | | |
| | | | | | | 12,148,096 | |
| | |
| | Netherlands – 3.2% | |
| | 138,699 | | | Aegon NV (Insurance) | | | 1,094,322 | |
| | 36,273 | | | Royal Dutch Shell PLC Class A (Energy) | | | 1,143,697 | |
| | | | | | | | |
| | | | | | | 2,238,019 | |
| | |
| | Russia – 0.8% | |
| | 2,468 | | | OJSC Magnit (Food & Staples Retailing) | | | 539,849 | |
| | |
| | Singapore – 0.9% | |
| | 39,005 | | | DBS Group Holdings Ltd. (Banks) | | | 619,804 | |
| | |
| | South Korea – 2.4% | |
| | 19,644 | | | Hana Financial Group, Inc. (Banks) | | | 578,238 | |
| | 24,415 | | | Kia Motors Corp. (Automobiles & Components) | | | 1,125,088 | |
| | | | | | | | |
| | | | | | | 1,703,326 | |
| | |
| | Spain – 4.3% | |
| | 102,483 | | | Banco Bilbao Vizcaya Argentaria SA (Banks) | | | 1,029,758 | |
| | 157,141 | | | Banco Popular Espanol SA (Banks) | | | 817,614 | |
| | 180,138 | | | Iberdrola SA (Utilities) | | | 1,205,716 | |
| | | | | | | | |
| | | | | | | 3,053,088 | |
| | |
| | Sweden – 4.0% | |
| | 32,512 | | | Hennes & Mauritz AB Class B (Retailing) | | | 1,292,572 | |
| | 29,833 | | | Svenska Cellulosa AB SCA Class B (Household & Personal Products) | | | 754,625 | |
| | 56,285 | | | Volvo AB Class B (Capital Goods) | | | 777,589 | |
| | | | | | | | |
| | | | | | | 2,824,786 | |
| | |
| | |
| 32 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS STRATEGIC INTERNATIONAL EQUITY FUND
| | | | | | | | |
Shares | | | Description | | Value | |
| | Common Stocks – (continued) | |
| | Switzerland – 12.5% | |
| | 48,460 | | | Credit Suisse Group AG (Registered) (Diversified Financials)* | | $ | 1,282,594 | |
| | 10,276 | | | Julius Baer Group Ltd. (Diversified Financials)* | | | 537,854 | |
| | 21,094 | | | Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences) | | | 2,153,111 | |
| | 3,280 | | | Syngenta AG (Registered) (Materials) | | | 1,097,586 | |
| | 2,411 | | | The Swatch Group AG (Consumer Durables & Apparel) | | | 1,077,850 | |
| | 76,354 | | | UBS Group AG (Diversified Financials)* | | | 1,525,349 | |
| | 19,228 | | | Wolseley PLC (Capital Goods) | | | 1,137,229 | |
| | | | | | | | |
| | | | | | | 8,811,573 | |
| | |
| | Taiwan – 1.1% | |
| | 59,000 | | | MediaTek, Inc. (Semiconductors & Semiconductor Equipment) | | | 758,397 | |
| | |
| | United Kingdom – 9.8% | |
| | 138,173 | | | Aviva PLC (Insurance) | | | 1,111,666 | |
| | 78,126 | | | BG Group PLC (Energy) | | | 1,415,139 | |
| | 165,891 | | | ITV PLC (Media) | | | 644,075 | |
| | 118,625 | | | Just Eat PLC (Software & Services)* | | | 831,854 | |
| | 20,507 | | | Rio Tinto PLC (Materials) | | | 917,711 | |
| | 552,668 | | | Vodafone Group PLC (Telecommunication Services) | | | 1,947,165 | |
| | | | | | | | |
| | | | | | | 6,867,610 | |
| | |
| | TOTAL COMMON STOCKS | |
| | (Cost $58,861,216) | | $ | 61,840,772 | |
| | |
| | | | | | | | |
| | Preferred Stock – 1.3% | |
| | Germany – 1.3% | |
| | 3,599 | | | Volkswagen AG (Automobiles & Components) | | | | |
| | (Cost $846,001) | | $ | 926,547 | |
| | |
| | | | | | | | |
Shares | | | Description | | Value | |
| | Exchange Traded Funds – 5.8% | |
| | United States – 5.8% | |
| | 10,214 | | | iShares MSCI EAFE Fund | | $ | 679,333 | |
| | 261,137 | | | iShares MSCI Japan Fund | | | 3,358,222 | |
| | |
| | TOTAL EXCHANGE TRADED FUNDS | |
| | (Cost $3,881,912) | | $ | 4,037,555 | |
| | |
| | TOTAL INVESTMENTS – 95.0% | |
| | (Cost $63,589,129) | | $ | 66,804,874 | |
| | |
| OTHER ASSETS IN EXCESS OF
LIABILITIES – 5.0% | | | 3,526,612 | |
| | |
| | NET ASSETS – 100.0% | | $ | 70,331,486 | |
| | |
| | |
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
* (a) | | Non-income producing security. Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $388,826, which represents approximately 0.6% of net assets as of April 30, 2015. |
| | |
|
Investment Abbreviation: |
REIT | | —Real Estate Investment Trust |
|
| | |
| The accompanying notes are an integral part of these financial statements. | | 33 |
GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS
Statements of Assets and Liabilities
April 30, 2015 (Unaudited)
| | | | | | | | | | | | | | |
| | | | | Focused
International
Equity Fund | | | International
Small Cap Fund | | | Strategic
International
Equity Fund | |
| Assets: | | | |
| | Investments, at value (cost $219,569,384, $168,740,507 and $63,589,129) | | $ | 212,675,704 | | | $ | 174,623,889 | | | $ | 66,804,874 | |
| | Cash | | | 12,909,706 | | | | 6,211,599 | | | | 3,123,749 | |
| | Foreign currencies, at value (cost $92,474, $823,839 and $121,283) | | | 92,148 | | | | 824,612 | | | | 117,040 | |
| | Due from custodian | | | — | | | | 1,207,551 | | | | — | |
| | Receivables: | | | | | | | | | | | | |
| | Dividends | | | 711,296 | | | | 501,177 | | | | 198,975 | |
| | Fund shares sold | | | 534,641 | | | | 201,274 | | | | 167,081 | |
| | Foreign tax reclaims | | | 391,894 | | | | 193,480 | | | | 187,134 | |
| | Reimbursement from investment adviser | | | 43,731 | | | | 56,904 | | | | 71,007 | |
| | Investments sold | | | — | | | | 2,011,100 | | | | 325,469 | |
| | Collateral on certain derivative contracts(a) | | | — | | | | 46,339 | | | | — | |
| | Variation margin on certain derivative contracts | | | — | | | | 2,626 | | | | — | |
| | Other assets | | | 70,917 | | | | 4,486 | | | | 321 | |
| | Total assets | | | 227,430,037 | | | | 185,885,037 | | | | 70,995,650 | |
| | | | | | | | | | | | | | |
| | Liabilities: | |
| | Payables: | | | | | | | | | | | | |
| | Investments purchased | | | 2,241,203 | | | | 1,489,175 | | | | 500,660 | |
| | Fund shares redeemed | | | 342,672 | | | | 1,494,666 | | | | 22,466 | |
| | Management fees | | | 155,605 | | | | 135,372 | | | | 48,274 | |
| | Distribution and Service fees and Transfer Agent fees | | | 43,326 | | | | 15,784 | | | | 14,895 | |
| | Foreign capital gains taxes | | | — | | | | — | | | | 20,657 | |
| | Accrued expenses | | | 70,825 | | | | 94,046 | | | | 57,212 | |
| | Total liabilities | | | 2,853,631 | | | | 3,229,043 | | | | 664,164 | |
| | | | | | | | | | | | | | |
| | Net Assets: | |
| | Paid-in capital | | | 441,928,140 | | | | 177,770,774 | | | | 110,159,975 | |
| | Undistributed net investment income | | | 1,425,344 | | | | 709,067 | | | | 198,242 | |
| | Accumulated net realized loss | | | (211,869,056 | ) | | | (1,672,183 | ) | | | (43,217,798 | ) |
| | Net unrealized gain (loss) | | | (6,908,022 | ) | | | 5,848,336 | | | | 3,191,067 | |
| | | NET ASSETS | | $ | 224,576,406 | | | $ | 182,655,994 | | | $ | 70,331,486 | |
| | | Net Assets: | | | | | | | | | | | | |
| | | Class A | | $ | 54,604,298 | | | $ | 15,534,545 | | | $ | 24,396,837 | |
| | | Class C | | | 18,901,740 | | | | 3,804,393 | | | | 4,946,961 | |
| | | Institutional | | | 149,071,418 | | | | 156,524,448 | | | | 40,845,404 | |
| | | Service | | | 38,781 | | | | 1,297,454 | | | | — | |
| | | Class IR | | | 1,960,169 | | | | 5,495,154 | | | | 124,767 | |
| | | Class R | | | — | | | | — | | | | 17,517 | |
| | | Total Net Assets | | $ | 224,576,406 | | | $ | 182,655,994 | | | $ | 70,331,486 | |
| | | Shares outstanding $0.001 par value (unlimited shares authorized): | | | | | | | | | | | | |
| | | Class A | | | 2,884,306 | | | | 774,649 | | | | 1,779,635 | |
| | | Class C | | | 1,072,999 | | | | 197,300 | | | | 400,508 | |
| | | Institutional | | | 7,735,766 | | | | 7,587,871 | | | | 2,850,494 | |
| | | Service | | | 2,039 | | | | 65,574 | | | | — | |
| | | Class IR | | | 102,140 | | | | 267,191 | | | | 9,097 | |
| | | Class R | | | — | | | | — | | | | 1,271 | |
| | | Net asset value, offering and redemption price per share:(b) | | | | | | | | | | | | |
| | | Class A | | | $18.93 | | | | $20.05 | | | | $13.71 | |
| | | Class C | | | 17.62 | | | | 19.28 | | | | 12.35 | |
| | | Institutional | | | 19.27 | | | | 20.63 | | | | 14.33 | |
| | | Service | | | 19.02 | | | | 19.79 | | | | — | |
| | | Class IR | | | 19.19 | | | | 20.57 | | | | 13.72 | |
| | | Class R | | | — | | | | — | | | | 13.78 | |
| | (a) | | Includes amount segregated for initial margin and/or collateral on futures of $46,339 for the International Small Cap Fund. |
| | (b) | | Maximum public offering price per share for Class A shares of the Focused International Equity, International Small Cap and Strategic International Equity Funds is $20.03, $21.22 and $14.51, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares. |
| | |
| 34 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS
Statements of Operations
For the Six Months Ended April 30, 2015 (Unaudited)
| | | | | | | | | | | | | | |
| | | | | Focused
International
Equity Fund | | | International Small Cap
Fund | | | Strategic
International
Equity Fund | |
| | Investment income: | |
| | Dividends (net of foreign taxes withheld of $245,424, $131,339 and $75,200) | | $ | 2,638,486 | | | $ | 2,136,038 | | | $ | 804,534 | |
| | | | | | | | | | | | | | |
| | Expenses: | | | | | | | | | | | | |
| | Management fees | | | 1,108,327 | | | | 1,046,141 | | | | 279,540 | |
| | Distribution and Service fees(a) | | | 157,137 | | | | 34,758 | | | | 52,674 | |
| | Transfer Agent fees(a) | | | 99,560 | | | | 55,053 | | | | 34,024 | |
| | Custody, accounting and administrative services | | | 90,963 | | | | 123,424 | | | | 61,518 | |
| | Professional fees | | | 44,350 | | | | 43,168 | | | | 43,402 | |
| | Registration fees | | | 36,334 | | | | 40,842 | | | | 39,149 | |
| | Printing and mailing costs | | | 31,425 | | | | 30,822 | | | | 25,923 | |
| | Trustee fees | | | 10,939 | | | | 10,368 | | | | 10,581 | |
| | Service share fees — Service Plan | | | 170 | | | | 1,424 | | | | — | |
| | Service share fees — Shareholder Administration Plan | | | 170 | | | | 1,424 | | | | — | |
| | Other | | | 6,151 | | | | 4,381 | | | | 6,485 | |
| | Total expenses | | | 1,585,526 | | | | 1,391,805 | | | | 553,296 | |
| | Less — expense reductions | | | (372,931 | ) | | | (412,641 | ) | | | (183,202 | ) |
| | Net expenses | | | 1,212,595 | | | | 979,164 | | | | 370,094 | |
| | NET INVESTMENT INCOME | | | 1,425,891 | | | | 1,156,874 | | | | 434,440 | |
| | | | | | | | | | | | | | |
| | Realized and unrealized gain (loss): | | | | | | | | | | | | |
| | Net realized gain (loss) from: | | | | | | | | | | | | |
| | Investments | | | (6,762,557 | ) | | | 7,159,882 | | | | 534,168 | |
| | Futures contracts | | | — | | | | 119,613 | | | | — | |
| | Forward foreign currency exchange contracts | | | — | | | | (107,513 | ) | | | — | |
| | Foreign currency transactions | | | (242,710 | ) | | | (3,000 | ) | | | (44,671 | ) |
| | Net change in unrealized gain (loss) on: | | | | | | | | | | | | |
| | Investments (including the effects of the net change in the foreign capital gains tax liability of $6,862 for the Strategic International Equity Fund) | | | 17,227,759 | | | | 6,789,020 | | | | 2,526,040 | |
| | Futures contracts | | | — | | | | (18,715 | ) | | | — | |
| | Forward foreign currency exchange contracts | | | — | | | | 100,593 | | | | — | |
| | Foreign currency translation | | | 13,583 | | | | (4,054 | ) | | | (9,172 | ) |
| | Net realized and unrealized gain | | | 10,236,075 | | | | 14,035,826 | | | | 3,006,365 | |
| | NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 11,661,966 | | | $ | 15,192,700 | | | $ | 3,440,805 | |
| | (a) | | Class specific Distribution and Service, and Transfer Agent fees were as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Distribution and Service Fees | | | Transfer Agent Fees | |
Fund | | Class A | | | Class B(b) | | | Class C | | | Class R | | | Class A | | | Class B(b) | | | Class C | | | Institutional | | | Service | | | Class IR | | | Class R | |
Focused International Equity | | $ | 66,978 | | | $ | 115 | | | $ | 90,044 | | | $ | — | | | $ | 50,904 | | | $ | 22 | | | $ | 17,108 | | | $ | 29,579 | | | $ | 27 | | | $ | 1,920 | | | $ | — | |
International Small Cap | | | 18,063 | | | | 100 | | | | 16,595 | | | | — | | | | 13,728 | | | | 19 | | | | 3,153 | | | | 33,278 | | | | 228 | | | | 4,647 | | | | — | |
Strategic International Equity | | | 28,597 | | | | 583 | | | | 23,453 | | | | 41 | | | | 21,734 | | | | 111 | | | | 4,456 | | | | 7,590 | | | | — | | | | 117 | | | | 16 | |
| | (b) | | Class B Shares were converted into Class A Shares at the close of business on November 14, 2014. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 35 |
GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS
Statements of Changes in Net Assets
| | | | | | | | | | |
| | | | | Focused International Equity Fund | |
| | | | | For the
Six Months Ended
April 30, 2015
(Unaudited) | | | For the Fiscal Year Ended
October 31, 2014 | |
| | From operations: | |
| | Net investment income | | $ | 1,425,891 | | | $ | 7,711,148 | |
| | Net realized gain (loss) | | | (7,005,267 | ) | | | 9,955,040 | |
| | Net change in unrealized gain (loss) | | | 17,241,342 | | | | (37,422,124 | ) |
| | Net increase (decrease) in net assets resulting from operations | | | 11,661,966 | | | | (19,755,936 | ) |
| | | | | | | | | | |
| | Distributions to shareholders: | | | | | | | | |
| | From net investment income | | | | | | | | |
| | Class A Shares | | | (1,737,059 | ) | | | (228,497 | ) |
| | Class B Shares(a) | | | — | | | | — | |
| | Class C Shares | | | (456,968 | ) | | | — | |
| | Institutional Shares | | | (5,428,826 | ) | | | (930,005 | ) |
| | Service Shares | | | (9,843 | ) | | | (940 | ) |
| | Class IR Shares | | | (70,733 | ) | | | (14,137 | ) |
| | Class R Shares | | | — | | | | — | |
| | Total distributions to shareholders | | | (7,703,429 | ) | | | (1,173,579 | ) |
| | | | | | | | | | |
| | From share transactions: | | | | | | | | |
| | Proceeds from sales of shares | | | 16,373,774 | | | | 132,262,656 | |
| | Reinvestment of distributions | | | 7,537,145 | | | | 1,140,136 | |
| | Cost of shares redeemed | | | (53,713,567 | ) | | | (56,445,399 | ) |
| | Net increase (decrease) in net assets resulting from share transactions | | | (29,802,648 | ) | | | 76,957,393 | |
| | TOTAL INCREASE (DECREASE) | | | (25,844,111 | ) | | | 56,027,878 | |
| | | | | | | | | | |
| | Net assets: | | | | | | | | |
| | Beginning of period | | | 250,420,517 | | | | 194,392,639 | |
| | End of period | | $ | 224,576,406 | | | $ | 250,420,517 | |
| | Undistributed net investment income | | $ | 1,425,344 | | | $ | 7,702,882 | |
| | (a) | | Class B shares were converted into Class A Shares at the close of business on November 14, 2014. |
| | |
| 36 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS
| | | | | | | | | | | | | | | | | | | | | | |
| | | International Small Cap Fund | | | | | Strategic International Equity Fund | |
| | | For the
Six Months Ended
April 30, 2015
(Unaudited) | | | | | For the Fiscal Year Ended
October 31, 2014 | | | | | For the
Six Months Ended
April 30, 2015
(Unaudited) | | | | | For the Fiscal Year Ended
October 31, 2014 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | $ | 1,156,874 | | | | | $ | 2,631,047 | | | | | $ | 434,440 | | | | | $ | 2,551,063 | |
| | | 7,168,982 | | | | | | 18,506,583 | | | | | | 489,497 | | | | | | 6,105,483 | |
| | | 6,866,844 | | | | | | (21,277,002 | ) | | | | | 2,516,868 | | | | | | (9,639,888 | ) |
| | | 15,192,700 | | | | | | (139,372 | ) | | | | | 3,440,805 | | | | | | (983,342 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | (202,348 | ) | | | | | (252,522 | ) | | | | | (849,696 | ) | | | | | (181,701 | ) |
| | | — | | | | | | (3,621 | ) | | | | | — | | | | | | (1,078 | ) |
| | | (28,965 | ) | | | | | (29,832 | ) | | | | | (152,361 | ) | | | | | (8,305 | ) |
| | | (2,965,911 | ) | | | | | (3,353,326 | ) | | | | | (1,528,500 | ) | | | | | (464,488 | ) |
| | | (14,470 | ) | | | | | (16,362 | ) | | | | | — | | | | | | — | |
| | | (81,045 | ) | | | | | (18,633 | ) | | | | | (5,027 | ) | | | | | (623 | ) |
| | | — | | | | | | — | | | | | | (557 | ) | | | | | (111 | ) |
| | | (3,292,739 | ) | | | | | (3,674,296 | ) | | | | | (2,536,141 | ) | | | | | (656,306 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | 29,766,337 | | | | | | 63,131,042 | | | | | | 13,312,291 | | | | | | 14,098,789 | |
| | | 3,164,213 | | | | | | 3,530,834 | | | | | | 2,501,121 | | | | | | 650,708 | |
| | | (58,730,405 | ) | | | | | (56,636,871 | ) | | | | | (20,253,590 | ) | | | | | (12,450,865 | ) |
| | | (25,799,855 | ) | | | | | 10,025,005 | | | | | | (4,440,178 | ) | | | | | 2,298,632 | |
| | | (13,899,894 | ) | | | | | 6,211,337 | | | | | | (3,535,514 | ) | | | | | 658,984 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | 196,555,888 | | | | | | 190,344,551 | | | | | | 73,867,000 | | | | | | 73,208,016 | |
| | $ | 182,655,994 | | | | | $ | 196,555,888 | | | | | $ | 70,331,486 | | | | | $ | 73,867,000 | |
| | $ | 709,067 | | | | | $ | 2,844,932 | | | | | $ | 198,242 | | | | | $ | 2,299,943 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 37 |
GOLDMAN SACHS FOCUSED INTERNATIONAL EQUITY FUND
Financial Highlights
Selected Data for a Share Outstanding Throughout Each Period
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | Income (loss) from
investment operations | | | | | | | |
| | | Year - Share Class | | Net asset
value,
beginning
of period | | | Net
investment
income (loss)(a) | | | Net realized
and unrealized
gain (loss) | | | Total from
investment
operations | | | Distributions
to shareholders
from net
investment
income | | | Increase from
regulatory
settlements | |
| | FOR THE SIX MONTHS ENDED APRIL 30, (UNAUDITED) | | | | | |
| | 2015 - A | | $ | 18.49 | | | $ | 0.10 | | | $ | 0.90 | | | $ | 1.00 | | | $ | (0.56 | ) | | $ | — | |
| | 2015 - C | | | 17.18 | | | | 0.03 | | | | 0.84 | | | | 0.87 | | | | (0.43 | ) | | | — | |
| | 2015 - Institutional | | | 18.86 | | | | 0.13 | | | | 0.93 | | | | 1.06 | | | | (0.65 | ) | | | — | |
| | 2015 - Service | | | 18.57 | | | | 0.07 | | | | 0.93 | | | | 1.00 | | | | (0.55 | ) | | | — | |
| | 2015 - IR | | | 18.76 | | | | 0.12 | | | | 0.91 | | | | 1.03 | | | | (0.60 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | FOR THE FISCAL YEARS ENDED OCTOBER 31, | | | | | |
| | 2014 - A | | | 20.00 | | | | 0.55 | (e) | | | (1.99 | ) | | | (1.44 | ) | | | (0.07 | ) | | | — | |
| | 2014 - C | | | 18.65 | | | | 0.36 | (e) | | | (1.83 | ) | | | (1.47 | ) | | | — | | | | — | |
| | 2014 - Institutional | | | 20.39 | | | | 0.64 | (e) | | | (2.02 | ) | | | (1.38 | ) | | | (0.15 | ) | | | — | |
| | 2014 - Service | | | 20.08 | | | | 0.52 | (e) | | | (1.98 | ) | | | (1.46 | ) | | | (0.05 | ) | | | — | |
| | 2014 - IR | | | 20.29 | | | | 0.75 | (e) | | | (2.14 | ) | | | (1.39 | ) | | | (0.14 | ) | | | — | |
| | 2013 - A | | | 15.58 | | | | 0.15 | | | | 4.71 | | | | 4.86 | | | | (0.44 | ) | | | — | |
| | 2013 - C | | | 14.60 | | | | 0.02 | | | | 4.41 | | | | 4.43 | | | | (0.38 | ) | | | — | |
| | 2013 - Institutional | | | 15.92 | | | | 0.23 | | | | 4.79 | | | | 5.02 | | | | (0.55 | ) | | | — | |
| | 2013 - Service | | | 15.69 | | | | 0.14 | | | | 4.72 | | | | 4.86 | | | | (0.47 | ) | | | — | |
| | 2013 - IR | | | 15.87 | | | | 0.16 | | | | 4.82 | | | | 4.98 | | | | (0.56 | ) | | | — | |
| | 2012 - A | | | 14.74 | | | | 0.28 | | | | 0.93 | | | | 1.21 | | | | (0.47 | ) | | | 0.10 | |
| | 2012 - C | | | 13.82 | | | | 0.16 | | | | 0.87 | | | | 1.03 | | | | (0.35 | ) | | | 0.10 | |
| | 2012 - Institutional | | | 15.07 | | | | 0.32 | | | | 0.97 | | | | 1.29 | | | | (0.54 | ) | | | 0.10 | |
| | 2012 - Service | | | 14.85 | | | | 0.26 | | | | 0.94 | | | | 1.20 | | | | (0.46 | ) | | | 0.10 | |
| | 2012 - IR | | | 15.06 | | | | 0.28 | | | | 0.98 | | | | 1.26 | | | | (0.55 | ) | | | 0.10 | |
| | 2011 - A | | | 16.81 | | | | 0.42 | (g) | | | (2.22 | ) | | | (1.80 | ) | | | (0.27 | ) | | | — | |
| | 2011 - C | | | 15.79 | | | | 0.29 | (g) | | | (2.09 | ) | | | (1.80 | ) | | | (0.17 | ) | | | — | |
| | 2011 - Institutional | | | 17.18 | | | | 0.50 | (g) | | | (2.27 | ) | | | (1.77 | ) | | | (0.34 | ) | | | — | |
| | 2011 - Service | | | 16.92 | | | | 0.42 | (g) | | | (2.24 | ) | | | (1.82 | ) | | | (0.25 | ) | | | — | |
| | 2011 - IR | | | 17.22 | | | | 0.63 | (g) | | | (2.45 | ) | | | (1.82 | ) | | | (0.34 | ) | | | — | |
| | 2010 - A | | | 15.22 | | | | 0.10 | | | | 1.79 | | | | 1.89 | | | | (0.30 | ) | | | — | |
| | 2010 - C | | | 14.35 | | | | (0.02 | ) | | | 1.69 | | | | 1.67 | | | | (0.23 | ) | | | — | |
| | 2010 - Institutional | | | 15.55 | | | | 0.16 | | | | 1.82 | | | | 1.98 | | | | (0.35 | ) | | | — | |
| | 2010 - Service | | | 15.32 | | | | 0.08 | | | | 1.80 | | | | 1.88 | | | | (0.28 | ) | | | — | |
| | 2010 - IR (Commenced August 31, 2010) | | | 15.13 | | | | 0.02 | | | | 2.07 | | | | 2.09 | | | | — | | | | — | |
| | (a) | | Calculated based on the average shares outstanding methodology. |
| | (b) | | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
| | (c) | | The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher. |
| | (e) | | Reflects income recognized from a corporate action which amounted to $0.35 per share and 1.76% of average net assets. |
| | (f) | | Total returns reflects the impact of payments for regulatory settlements entitled to be received during the year and recorded as an increase to capital by the Fund. Excluding such payments, the total return would have been: |
| | | | | | | | | | | | | | | | | | | | |
| | | Class A | | | Class C | | | Institutional | | | Service | | | Class IR | |
For the Fiscal Year Ended October 31, 2012 | | | 8.66 | % | | | 7.81 | % | | | 9.15 | % | | | 8.57 | % | | | 8.92 | % |
| | (g) | | Reflects income recognized from a corporate action which amounted to $0.26 per share and 1.55% of average net assets. |
| | |
| 38 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FOCUSED INTERNATIONAL EQUITY FUND
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Net asset
value, end
of period | | | | | Total
return(b) | | | | | Net assets,
end of
period
(in 000s) | | | | | Ratio of
net expenses
to average
net assets | | | | | Ratio of
total expenses
to average
net assets | | | | | Ratio of
net investment
income (loss)
to average
net assets | | | | | Portfolio
turnover
rate(c) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 18.93 | | | | | | 5.64 | % | | | | $ | 54,604 | | | | | | 1.30 | %(d) | | | | | 1.64 | %(d) | | | | | 1.08 | %(d) | | | | | 48 | % |
| | | 17.62 | | | | | | 5.26 | | | | | | 18,902 | | | | | | 2.05 | (d) | | | | | 2.39 | (d) | | | | | 0.37 | (d) | | | | | 48 | |
| | | 19.27 | | | | | | 5.85 | | | | | | 149,071 | | | | | | 0.90 | (d) | | | | | 1.24 | (d) | | | | | 1.47 | (d) | | | | | 48 | |
| | | 19.02 | | | | | | 5.58 | | | | | | 39 | | | | | | 1.40 | (d) | | | | | 1.73 | (d) | | | | | 0.74 | (d) | | | | | 48 | |
| | | 19.19 | | | | | | 5.74 | | | | | | 1,960 | | | | | | 1.05 | (d) | | | | | 1.39 | (d) | | | | | 1.31 | (d) | | | | | 48 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 18.49 | | | | | | (7.16 | ) | | | | | 58,368 | | | | | | 1.33 | | | | | | 1.63 | | | | | | 2.78 | (e) | | | | | 121 | |
| | | 17.18 | | | | | | (7.83 | ) | | | | | 18,247 | | | | | | 2.08 | | | | | | 2.38 | | | | | | 1.97 | (e) | | | | | 121 | |
| | | 18.86 | | | | | | (6.79 | ) | | | | | 170,954 | | | | | | 0.93 | | | | | | 1.23 | | | | | | 3.17 | (e) | | | | | 121 | |
| | | 18.57 | | | | | | (7.28 | ) | | | | | 332 | | | | | | 1.43 | | | | | | 1.73 | | | | | | 2.62 | (e) | | | | | 121 | |
| | | 18.76 | | | | | | (6.90 | ) | | | | | 2,253 | | | | | | 1.07 | | | | | | 1.38 | | | | | | 3.73 | (e) | | | | | 121 | |
| | | 20.00 | | | | | | 31.94 | | | | | | 61,224 | | | | | | 1.46 | | | | | | 1.69 | | | | | | 0.89 | | | | | | 189 | |
| | | 18.65 | | | | | | 30.97 | | | | | | 17,910 | | | | | | 2.20 | | | | | | 2.44 | | | | | | 0.15 | | | | | | 189 | |
| | | 20.39 | | | | | | 32.50 | | | | | | 112,707 | | | | | | 1.06 | | | | | | 1.29 | | | | | | 1.29 | | | | | | 189 | |
| | | 20.08 | | | | | | 31.86 | | | | | | 364 | | | | | | 1.56 | | | | | | 1.79 | | | | | | 0.80 | | | | | | 189 | |
| | | 20.29 | | | | | | 32.36 | | | | | | 1,609 | | | | | | 1.20 | | | | | | 1.44 | | | | | | 0.89 | | | | | | 189 | |
| | | 15.58 | | | | | | 9.36 | (f) | | | | | 52,564 | | | | | | 1.48 | | | | | | 1.72 | | | | | | 1.95 | | | | | | 144 | |
| | | 14.60 | | | | | | 8.55 | (f) | | | | | 14,039 | | | | | | 2.23 | | | | | | 2.47 | | | | | | 1.14 | | | | | | 144 | |
| | | 15.92 | | | | | | 9.84 | (f) | | | | | 61,874 | | | | | | 1.08 | | | | | | 1.31 | | | | | | 2.11 | | | | | | 144 | |
| | | 15.69 | | | | | | 9.26 | (f) | | | | | 299 | | | | | | 1.58 | | | | | | 1.82 | | | | | | 1.77 | | | | | | 144 | |
| | | 15.87 | | | | | | 9.61 | (f) | | | | | 30 | | | | | | 1.23 | | | | | | 1.46 | | | | | | 1.87 | | | | | | 144 | |
| | | 14.74 | | | | | | (10.89 | ) | | | | | 118,977 | | | | | | 1.53 | | | | | | 1.67 | | | | | | 2.55 | (g) | | | | | 135 | |
| | | 13.82 | | | | | | (11.55 | ) | | | | | 15,883 | | | | | | 2.28 | | | | | | 2.42 | | | | | | 1.86 | (g) | | | | | 135 | |
| | | 15.07 | | | | | | (10.53 | ) | | | | | 28,105 | | | | | | 1.13 | | | | | | 1.27 | | | | | | 2.94 | (g) | | | | | 135 | |
| | | 14.85 | | | | | | (10.96 | ) | | | | | 300 | | | | | | 1.63 | | | | | | 1.77 | | | | | | 2.51 | (g) | | | | | 135 | |
| | | 15.06 | | | | | | (10.80 | ) | | | | | 3 | | | | | | 1.28 | | | | | | 1.42 | | | | | | 3.87 | (g) | | | | | 135 | |
| | | 16.81 | | | | | | 12.48 | | | | | | 162,231 | | | | | | 1.54 | | | | | | 1.61 | | | | | | 0.66 | | | | | | 182 | |
| | | 15.79 | | | | | | 11.72 | | | | | | 20,031 | | | | | | 2.29 | | | | | | 2.36 | | | | | | (0.11 | ) | | | | | 182 | |
| | | 17.18 | | | | | | 12.95 | | | | | | 36,693 | | | | | | 1.14 | | | | | | 1.21 | | | | | | 1.05 | | | | | | 182 | |
| | | 16.92 | | | | | | 12.37 | | | | | | 354 | | | | | | 1.64 | | | | | | 1.71 | | | | | | 0.54 | | | | | | 182 | |
| | | 17.22 | | | | | | 13.81 | | | | | | 1 | | | | | | 1.29 | (d) | | | | | 1.36 | (d) | | | | | 0.08 | (d) | | | | | 182 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 39 |
GOLDMAN SACHS INTERNATIONAL SMALL CAP FUND
Financial Highlights
Selected Data for a Share Outstanding Throughout Each Period
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | Income (loss) from
investment operations | | | | |
| | | Year - Share Class | | Net asset
value,
beginning
of period | | | Net
investment
income (loss)(a) | | | Net realized
and unrealized
gain (loss) | | | Total from
investment
operations | | | Distributions
to shareholders
from net
investment
income | |
| | FOR THE SIX MONTHS ENDED APRIL 30, (UNAUDITED) | |
| | 2015 - A | | $ | 18.84 | | | $ | 0.09 | | | $ | 1.39 | | | $ | 1.48 | | | $ | (0.27 | ) |
| | 2015 - C | | | 18.08 | | | | 0.02 | | | | 1.34 | | | | 1.36 | | | | (0.16 | ) |
| | 2015 - Institutional | | | 19.42 | | | | 0.12 | | | | 1.44 | | | | 1.56 | | | | (0.35 | ) |
| | 2015 - Service | | | 18.59 | | | | 0.08 | | | | 1.38 | | | | 1.46 | | | | (0.26 | ) |
| | 2015 - IR | | | 19.36 | | | | 0.12 | | | | 1.42 | | | | 1.54 | | | | (0.33 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
| | FOR THE FISCAL YEARS ENDED OCTOBER 31, | |
| | 2014 - A | | | 19.26 | | | | 0.19 | | | | (0.28 | ) | | | (0.09 | ) | | | (0.33 | ) |
| | 2014 - C | | | 18.52 | | | | 0.03 | | | | (0.25 | ) | | | (0.22 | ) | | | (0.22 | ) |
| | 2014 - Institutional | | | 19.82 | | | | 0.27 | | | | (0.29 | ) | | | (0.02 | ) | | | (0.38 | ) |
| | 2014 - Service | | | 19.00 | | | | 0.16 | | | | (0.27 | ) | | | (0.11 | ) | | | (0.30 | ) |
| | 2014 - IR | | | 19.77 | | | | 0.23 | | | | (0.28 | ) | | | (0.05 | ) | | | (0.36 | ) |
| | 2013 - A | | | 15.18 | | | | 0.16 | (e) | | | 4.04 | | | | 4.20 | | | | (0.12 | ) |
| | 2013 - C | | | 14.65 | | | | 0.04 | (e) | | | 3.88 | | | | 3.92 | | | | (0.05 | ) |
| | 2013 - Institutional | | | 15.67 | | | | 0.25 | (e) | | | 4.14 | | | | 4.39 | | | | (0.24 | ) |
| | 2013 - Service | | | 15.04 | | | | 0.14 | (e) | | | 3.99 | | | | 4.13 | | | | (0.17 | ) |
| | 2013 - IR | | | 15.65 | | | | 0.25 | (e) | | | 4.10 | | | | 4.35 | | | | (0.23 | ) |
| | 2012 - A | | | 14.06 | | | | 0.11 | | | | 1.26 | | | | 1.37 | | | | (0.25 | ) |
| | 2012 - C | | | 13.54 | | | | — | (f) | | | 1.24 | | | | 1.24 | | | | (0.13 | ) |
| | 2012 - Institutional | | | 14.53 | | | | 0.17 | | | | 1.29 | | | | 1.46 | | | | (0.32 | ) |
| | 2012 - Service | | | 13.98 | | | | 0.09 | | | | 1.25 | | | | 1.34 | | | | (0.28 | ) |
| | 2012 - IR | | | 14.50 | | | | 0.14 | | | | 1.30 | | | | 1.44 | | | | (0.29 | ) |
| | 2011 - A | | | 14.62 | | | | 0.08 | (g) | | | (0.39 | ) | | | (0.31 | ) | | | (0.25 | ) |
| | 2011 - C | | | 14.10 | | | | (0.03 | )(g) | | | (0.38 | ) | | | (0.41 | ) | | | (0.15 | ) |
| | 2011 - Institutional | | | 15.06 | | | | 0.15 | (g) | | | (0.38 | ) | | | (0.23 | ) | | | (0.30 | ) |
| | 2011 - Service | | | 14.53 | | | | 0.06 | (g) | | | (0.38 | ) | | | (0.32 | ) | | | (0.23 | ) |
| | 2011 - IR | | | 15.09 | | | | 0.18 | (g) | | | (0.47 | ) | | | (0.29 | ) | | | (0.30 | ) |
| | 2010 - A | | | 12.27 | | | | 0.04 | (h) | | | 2.74 | | | | 2.78 | | | | (0.43 | ) |
| | 2010 - C | | | 11.85 | | | | (0.05 | )(h) | | | 2.64 | | | | 2.59 | | | | (0.34 | ) |
| | 2010 - Institutional | | | 12.62 | | | | 0.10 | (h) | | | 2.81 | | | | 2.91 | | | | (0.47 | ) |
| | 2010 - Service | | | 12.20 | | | | 0.03 | (h) | | | 2.72 | | | | 2.75 | | | | (0.42 | ) |
| | 2010 - IR (Commenced August 31, 2010) | | | 12.90 | | | | 0.02 | (h) | | | 2.17 | | | | 2.19 | | | | — | |
| | (a) | | Calculated based on the average shares outstanding methodology. |
| | (b) | | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
| | (c) | | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | (e) | | Reflects income recognized from non-recurring special dividends which amounted to $0.06 per share and 0.31% of average net assets. |
| | (f) | | Amount is less than $0.005 per share. |
| | (g) | | Reflects income recognized from special dividends which amounted to $0.03 per share and 0.16% of average net assets. |
| | (h) | | Reflects income recognized from special dividends which amounted to $0.01 per share and 0.10% of average net assets. |
| | |
| 40 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL SMALL CAP FUND
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Net asset
value, end
of period | | | | | Total return(b) | | | | | Net assets,
end of period (in 000s) | | | | | Ratio of net expenses to average net assets | | | | | Ratio of
total expenses
to average
net assets | | | | | Ratio of
net investment
income (loss)
to average net assets | | | | | Portfolio
turnover
rate(c) | |
| | | | |
| | $ | 20.05 | | | | | | 7.96 | % | | | | $ | 15,535 | | | | | | 1.37 | %(d) | | | | | 1.81 | %(d) | | | | | 0.93 | %(d) | | | | | 42 | % |
| | | 19.28 | | | | | | 7.59 | | | | | | 3,804 | | | | | | 2.12 | (d) | | | | | 2.56 | (d) | | | | | 0.21 | (d) | | | | | 42 | |
| | | 20.63 | | | | | | 8.19 | | | | | | 156,524 | | | | | | 0.97 | (d) | | | | | 1.40 | (d) | | | | | 1.26 | (d) | | | | | 42 | |
| | | 19.79 | | | | | | 7.95 | | | | | | 1,297 | | | | | | 1.47 | (d) | | | | | 1.91 | (d) | | | | | 0.89 | (d) | | | | | 42 | |
| | | 20.57 | | | | | | 8.13 | | | | | | 5,495 | | | | | | 1.12 | (d) | | | | | 1.56 | (d) | | | | | 1.21 | (d) | | | | | 42 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | |
| | | 18.84 | | | | | | (0.48 | ) | | | | | 14,189 | | | | | | 1.50 | | | | | | 1.77 | | | | | | 0.97 | | | | | | 100 | |
| | | 18.08 | | | | | | (1.19 | ) | | | | | 3,183 | | | | | | 2.24 | | | | | | 2.52 | | | | | | 0.17 | | | | | | 100 | |
| | | 19.42 | | | | | | (0.06 | ) | | | | | 173,215 | | | | | | 1.09 | | | | | | 1.37 | | | | | | 1.34 | | | | | | 100 | |
| | | 18.59 | | | | | | (0.57 | ) | | | | | 1,052 | | | | | | 1.59 | | | | | | 1.86 | | | | | | 0.82 | | | | | | 100 | |
| | | 19.36 | | | | | | (0.23 | ) | | | | | 4,686 | | | | | | 1.21 | | | | | | 1.52 | | | | | | 1.16 | | | | | | 100 | |
| | | 19.26 | | | | | | 27.90 | | | | | | 14,029 | | | | | | 1.56 | | | | | | 1.88 | | | | | | 0.94 | (e) | | | | | 89 | |
| | | 18.52 | | | | | | 26.81 | | | | | | 2,389 | | | | | | 2.31 | | | | | | 2.63 | | | | | | 0.22 | (e) | | | | | 89 | |
| | | 19.82 | | | | | | 28.43 | | | | | | 171,473 | | | | | | 1.16 | | | | | | 1.46 | | | | | | 1.39 | (e) | | | | | 89 | |
| | | 19.00 | | | | | | 27.75 | | | | | | 1,035 | | | | | | 1.66 | | | | | | 1.98 | | | | | | 0.87 | (e) | | | | | 89 | |
| | | 19.77 | | | | | | 28.20 | | | | | | 968 | | | | | | 1.31 | | | | | | 1.62 | | | | | | 1.44 | (e) | | | | | 89 | |
| | | 15.18 | | | | | | 9.84 | | | | | | 10,551 | | | | | | 1.58 | | | | | | 2.18 | | | | | | 0.80 | | | | | | 85 | |
| | | 14.65 | | | | | | 9.14 | | | | | | 1,796 | | | | | | 2.33 | | | | | | 2.92 | | | | | | (0.01 | ) | | | | | 85 | |
| | | 15.67 | | | | | | 10.49 | | | | | | 67,614 | | | | | | 1.18 | | | | | | 1.73 | | | | | | 1.14 | | | | | | 85 | |
| | | 15.04 | | | | | | 9.77 | | | | | | 805 | | | | | | 1.68 | | | | | | 2.25 | | | | | | 0.65 | | | | | | 85 | |
| | | 15.65 | | | | | | 10.13 | | | | | | 362 | | | | | | 1.33 | | | | | | 1.84 | | | | | | 0.93 | | | | | | 85 | |
| | | 14.06 | | | | | | (1.97 | ) | | | | | 22,537 | | | | | | 1.60 | | | | | | 1.94 | | | | | | 0.54 | (g) | | | | | 117 | |
| | | 13.54 | | | | | | (2.68 | ) | | | | | 2,177 | | | | | | 2.35 | | | | | | 2.69 | | | | | | (0.23 | )(g) | | | | | 117 | |
| | | 14.53 | | | | | | (1.59 | ) | | | | | 36,067 | | | | | | 1.20 | | | | | | 1.54 | | | | | | 0.95 | (g) | | | | | 117 | |
| | | 13.98 | | | | | | (2.05 | ) | | | | | 730 | | | | | | 1.70 | | | | | | 2.04 | | | | | | 0.41 | (g) | | | | | 117 | |
| | | 14.50 | | | | | | (1.72 | ) | | | | | 24 | | | | | | 1.35 | | | | | | 1.69 | | | | | | 1.12 | (g) | | | | | 117 | |
| | | 14.62 | | | | | | 23.11 | | | | | | 23,503 | | | | | | 1.60 | | | | | | 1.86 | | | | | | 0.31 | (h) | | | | | 155 | |
| | | 14.10 | | | | | | 22.18 | | | | | | 2,120 | | | | | | 2.35 | | | | | | 2.61 | | | | | | (0.43 | )(h) | | | | | 155 | |
| | | 15.06 | | | | | | 23.61 | | | | | | 89,035 | | | | | | 1.20 | | | | | | 1.46 | | | | | | 0.78 | (h) | | | | | 155 | |
| | | 14.53 | | | | | | 22.91 | | | | | | 490 | | | | | | 1.70 | | | | | | 1.96 | | | | | | 0.23 | (h) | | | | | 155 | |
| | | 15.09 | | | | | | 16.74 | | | | | | 1 | | | | | | 1.35 | (d) | | | | | 1.61 | (d) | | | | | 0.73 | (d)(h) | | | | | 155 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 41 |
GOLDMAN SACHS STRATEGIC INTERNATIONAL EQUITY FUND
Financial Highlights
Selected Data for a Share Outstanding Throughout Each Period
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | Income (loss) from
investment operations | | | | |
| | | Year - Share Class | | Net asset
value, beginning of period | | | Net investment income(a) | | | Net realized and unrealized gain (loss) | | | Total from investment operations | | | Distributions to shareholders from net investment income | |
| | FOR THE SIX MONTHS ENDED APRIL 30, (UNAUDITED) | |
| | 2015 - A | | $ | 13.52 | | | $ | 0.07 | | | $ | 0.61 | | | $ | 0.68 | | | $ | (0.49 | ) |
| | 2015 - C | | | 12.17 | | | | 0.02 | | | | 0.55 | | | | 0.57 | | | | (0.39 | ) |
| | 2015 - Institutional | | | 14.13 | | | | 0.11 | | | | 0.63 | | | | 0.74 | | | | (0.54 | ) |
| | 2015 - IR | | | 13.55 | | | | 0.09 | | | | 0.61 | | | | 0.70 | | | | (0.53 | ) |
| | 2015 - R | | | 13.57 | | | | 0.06 | | | | 0.60 | | | | 0.66 | | | | (0.45 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
| | FOR THE FISCAL YEARS ENDED OCTOBER 31, | |
| | 2014 - A | | | 13.81 | | | | 0.45 | (e) | | | (0.63 | ) | | | (0.18 | ) | | | (0.11 | ) |
| | 2014 - C | | | 12.45 | | | | 0.31 | (e) | | | (0.57 | ) | | | (0.26 | ) | | | (0.02 | ) |
| | 2014 - Institutional | | | 14.44 | | | | 0.52 | (e) | | | (0.67 | ) | | | (0.15 | ) | | | (0.16 | ) |
| | 2014 - IR | | | 13.84 | | | | 0.40 | (e) | | | (0.56 | ) | | | (0.16 | ) | | | (0.13 | ) |
| | 2014 - R | | | 13.88 | | | | 0.41 | (e) | | | (0.63 | ) | | | (0.22 | ) | | | (0.09 | ) |
| | 2013 - A | | | 11.06 | | | | 0.14 | | | | 2.80 | | | | 2.94 | | | | (0.19 | )�� |
| | 2013 - C | | | 10.01 | | | | 0.04 | | | | 2.54 | | | | 2.58 | | | | (0.14 | ) |
| | 2013 - Institutional | | | 11.58 | | | | 0.19 | | | | 2.93 | | | | 3.12 | | | | (0.26 | ) |
| | 2013 - IR | | | 11.11 | | | | 0.18 | | | | 2.80 | | | | 2.98 | | | | (0.25 | ) |
| | 2013 - R | | | 11.14 | | | | 0.08 | | | | 2.85 | | | | 2.93 | | | | (0.19 | ) |
| | 2012 - A | | | 10.62 | | | | 0.20 | | | | 0.61 | | | | 0.81 | | | | (0.37 | ) |
| | 2012 - C | | | 9.64 | | | | 0.10 | | | | 0.57 | | | | 0.67 | | | | (0.30 | ) |
| | 2012 - Institutional | | | 11.11 | | | | 0.19 | | | | 0.71 | | | | 0.90 | | | | (0.43 | ) |
| | 2012 - IR | | | 10.70 | | | | 0.21 | | | | 0.63 | | | | 0.84 | | | | (0.43 | ) |
| | 2012 - R | | | 10.57 | | | | 0.16 | | | | 0.64 | | | | 0.80 | | | | (0.23 | ) |
| | 2011 - A | | | 11.71 | | | | 0.28 | (f) | | | (1.25 | ) | | | (0.97 | ) | | | (0.12 | ) |
| | 2011 - C | | | 10.63 | | | | 0.17 | (f) | | | (1.12 | ) | | | (0.95 | ) | | | (0.04 | ) |
| | 2011 - Institutional | | | 12.24 | | | | 0.25 | (f) | | | (1.22 | ) | | | (0.97 | ) | | | (0.16 | ) |
| | 2011 - IR | | | 11.70 | | | | 0.17 | (f) | | | (1.06 | ) | | | (0.89 | ) | | | (0.11 | ) |
| | 2011 - R | | | 11.64 | | | | 0.27 | (f) | | | (1.26 | ) | | | (0.99 | ) | | | (0.08 | ) |
| | 2010 - A | | | 10.55 | | | | 0.10 | | | | 1.19 | | | | 1.29 | | | | (0.13 | ) |
| | 2010 - C | | | 9.59 | | | | 0.01 | | | | 1.09 | | | | 1.10 | | | | (0.06 | ) |
| | 2010 - Institutional | | | 11.02 | | | | 0.10 | | | | 1.28 | | | | 1.38 | | | | (0.16 | ) |
| | 2010 - IR | | | 10.54 | | | | 0.12 | | | | 1.19 | | | | 1.31 | | | | (0.15 | ) |
| | 2010 - R | | | 10.52 | | | | 0.07 | | | | 1.19 | | | | 1.26 | | | | (0.14 | ) |
| | (a) | | Calculated based on the average shares outstanding methodology. |
| | (b) | | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
| | (c) | | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | (e) | | Reflects income recognized from a corporate action which amounted to $0.33 per share and 2.32% of average net assets. |
| | (f) | | Reflects income recognized from a corporate action which amounted to $0.14 per share and 1.22% of average net assets. |
| | |
| 42 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS STRATEGIC INTERNATIONAL EQUITY FUND
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | Net asset value, end of period | | | | | Total return(b) | | | | | Net assets, end of period (in 000s) | | | | | Ratio of net expenses to average net assets | | | | | Ratio of total expenses to average net assets | | | | | Ratio of net investment income to average net assets | | | | | Portfolio turnover rate(c) | |
| | | | |
| | $ | 13.71 | | | | | | 5.26 | % | | | | $ | 24,397 | | | | | | 1.30 | %(d) | | | | | 1.86 | %(d) | | | | | 1.14 | %(d) | | | | | 42 | % |
| | | 12.35 | | | | | | 4.87 | | | | | | 4,947 | | | | | | 2.05 | (d) | | | | | 2.61 | (d) | | | | | 0.39 | (d) | | | | | 42 | |
| | | 14.33 | | | | | | 5.52 | | | | | | 40,845 | | | | | | 0.90 | (d) | | | | | 1.46 | (d) | | | | | 1.55 | (d) | | | | | 42 | |
| | | 13.72 | | | | | | 5.44 | | | | | | 125 | | | | | | 1.05 | (d) | | | | | 1.60 | (d) | | | | | 1.35 | (d) | | | | | 42 | |
| | | 13.78 | | | | | | 5.11 | | | | | | 18 | | | | | | 1.55 | (d) | | | | | 2.11 | (d) | | | | | 0.89 | (d) | | | | | 42 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | |
| | | 13.52 | | | | | | (1.41 | ) | | | | | 22,384 | | | | | | 1.33 | | | | | | 1.77 | | | | | | 3.21 | (e) | | | | | 89 | |
| | | 12.17 | | | | | | (2.10 | ) | | | | | 4,873 | | | | | | 2.08 | | | | | | 2.52 | | | | | | 2.44 | (e) | | | | | 89 | |
| | | 14.13 | | | | | | (1.05 | ) | | | | | 45,118 | | | | | | 0.93 | | | | | | 1.37 | | | | | | 3.55 | (e) | | | | | 89 | |
| | | 13.55 | | | | | | (1.14 | ) | | | | | 128 | | | | | | 1.07 | | | | | | 1.52 | | | | | | 2.86 | (e) | | | | | 89 | |
| | | 13.57 | | | | | | (1.58 | ) | | | | | 17 | | | | | | 1.58 | | | | | | 2.02 | | | | | | 2.92 | (e) | | | | | 89 | |
| | | 13.81 | | | | | | 27.11 | | | | | | 23,850 | | | | | | 1.47 | | | | | | 1.87 | | | | | | 1.16 | | | | | | 102 | |
| | | 12.45 | | | | | | 26.06 | | | | | | 5,700 | | | | | | 2.22 | | | | | | 2.62 | | | | | | 0.37 | | | | | | 102 | |
| | | 14.44 | | | | | | 27.63 | | | | | | 41,058 | | | | | | 1.07 | | | | | | 1.47 | | | | | | 1.51 | | | | | | 102 | |
| | | 13.84 | | | | | | 27.37 | | | | | | 65 | | | | | | 1.22 | | | | | | 1.62 | | | | | | 1.49 | | | | | | 102 | |
| | | 13.88 | | | | | | 26.72 | | | | | | 17 | | | | | | 1.72 | | | | | | 2.11 | | | | | | 0.61 | | | | | | 102 | |
| | | 11.06 | | | | | | 8.17 | | | | | | 21,854 | | | | | | 1.45 | | | | | | 1.95 | | | | | | 1.91 | | | | | | 119 | |
| | | 10.01 | | | | | | 7.35 | | | | | | 5,147 | | | | | | 2.20 | | | | | | 2.70 | | | | | | 1.01 | | | | | | 119 | |
| | | 11.58 | | | | | | 8.58 | | | | | | 23,684 | | | | | | 1.05 | | | | | | 1.51 | | | | | | 1.68 | | | | | | 119 | |
| | | 11.11 | | | | | | 8.42 | | | | | | 79 | | | | | | 1.20 | | | | | | 1.68 | | | | | | 2.01 | | | | | | 119 | |
| | | 11.14 | | | | | | 7.87 | | | | | | 7 | | | | | | 1.70 | | | | | | 2.19 | | | | | | 1.49 | | | | | | 119 | |
| | | 10.62 | | | | | | (8.40 | ) | | | | | 41,862 | | | | | | 1.45 | | | | | | 1.78 | | | | | | 2.36 | (f) | | | | | 139 | |
| | | 9.64 | | | | | | (9.00 | ) | | | | | 6,643 | | | | | | 2.20 | | | | | | 2.53 | | | | | | 1.63 | (f) | | | | | 139 | |
| | | 11.11 | | | | | | (8.04 | ) | | | | | 6,416 | | | | | | 1.05 | | | | | | 1.38 | | | | | | 2.02 | (f) | | | | | 139 | |
| | | 10.70 | | | | | | (7.69 | ) | | | | | 56 | | | | | | 1.20 | | | | | | 1.53 | | | | | | 1.56 | (f) | | | | | 139 | |
| | | 10.57 | | | | | | (8.61 | ) | | | | | 7 | | | | | | 1.70 | | | | | | 2.03 | | | | | | 2.30 | (f) | | | | | 139 | |
| | | 11.71 | | | | | | 12.34 | | | | | | 60,561 | | | | | | 1.45 | | | | | | 1.71 | | | | | | 0.89 | | | | | | 121 | |
| | | 10.63 | | | | | | 11.48 | | | | | | 8,845 | | | | | | 2.20 | | | | | | 2.46 | | | | | | 0.13 | | | | | | 121 | |
| | | 12.24 | | | | | | 12.69 | | | | | | 21,434 | | | | | | 1.05 | | | | | | 1.31 | | | | | | 0.90 | | | | | | 121 | |
| | | 11.70 | | | | | | 12.55 | | | | | | 7 | | | | | | 1.20 | | | | | | 1.46 | | | | | | 1.13 | | | | | | 121 | |
| | | 11.64 | | | | | | 12.06 | | | | | | 28 | | | | | | 1.70 | | | | | | 1.96 | | | | | | 0.67 | | | | | | 121 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 43 |
GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS
Notes to Financial Statements
April 30, 2015 (Unaudited)
Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”), along with their corresponding share classes and respective diversification status under the Act:
| | | | |
| Fund | | Share Classes Offered | | Diversified/ Non-diversified |
Focused International Equity and International Small Cap | | A, C, Institutional, Service and IR | | Diversified |
Strategic International Equity | | A, C, Institutional, IR and R | | Diversified |
Class A Shares are sold with a front-end sales charge of up to 5.50%. Class C Shares are sold with a contingent deferred sales charge (“CDSC”) of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Class IR and Class R Shares are not subject to a sales charge.
At the close of business on November 14, 2014, Class B Shares of each Fund were converted to Class A Shares of the Fund.
Goldman Sachs Asset Management International (“GSAMI”), an affiliate of Goldman, Sachs & Co. (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to a management agreement (the “Agreement”) with the Trust.
|
| 2. SIGNIFICANT ACCOUNTING POLICIES |
The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions.
A. Investment Valuation — The Funds’ valuation policy is to value investments at fair value.
B. Investment Income and Investments — Investment income includes interest income and dividend income, net of any foreign withholding taxes, less any amounts reclaimable. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds’ investments in United States (“U.S.”) real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.
For derivative contracts, realized gains and losses are recorded upon settlement of the contract.
44
GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS
|
| 2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agent and Service and Shareholder Administration fees. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the respective Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses.
D. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies (mutual funds) and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, the Funds are not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid annually.
Net capital losses are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.
Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.
The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from net investment income, net realized gain or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.
E. Foreign Currency Translation — The accounting records and reporting currency of the Funds are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency transactions. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.
|
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS |
The fair value of a financial instrument is 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). GAAP establishes a fair value
45
GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS
Notes to Financial Statements (continued)
April 30, 2015 (Unaudited)
|
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
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 GSAMI’s assumptions in determining fair value measurement).
The Trustees have adopted 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 GSAMI day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ portfolio investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAMI 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 and investment companies traded on a U.S. securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or it is believed by the investment adviser to not represent fair value, equity securities and exchange traded investment companies are valued at the last bid price for long positions and at the last ask price for short positions. Investments in investment companies (other than those that are exchange traded) are valued at the NAV on the valuation date. 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.
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. 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.
46
GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS
|
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. The Funds enter 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.
Exchange-traded derivatives, including futures contracts, are valued at the last sale or settlement price and typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.
i. Forward Contracts — A forward contract is a contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract settlement can occur on a cash or delivery basis. Forward contracts are marked-to-market daily using independent vendor prices, and the change in value, if any, is recorded as an unrealized gain or loss.
A forward foreign currency contract is a forward contract in which a Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.
ii. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security and are valued based on exchanged settlement prices or independent market quotes. Futures contracts are valued at the last settlement price, or in the absence of a sale, the last bid price for long positions and at the last ask price for short positions, at the end of each day on the board of trade or exchange upon which they are traded. 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 GSAMI believes that such quotations do not accurately reflect fair value, the fair value of the Funds’ investments may be determined under Valuation Procedures approved by the Trustees. GSAMI, 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. Significant events which could affect a large number of securities in a particular market may include, but are not limited to: significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions; or unscheduled market closings. Significant events which could also affect a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; ratings downgrades; and bankruptcies.
47
GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS
Notes to Financial Statements (continued)
April 30, 2015 (Unaudited)
|
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of April 30, 2015:
| | | | | | | | | | | | |
| | | |
| FOCUSED INTERNATIONAL EQUITY | | | | | | | | | | | | |
| | | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 | |
| Assets | | | | | | | | | | | | |
Common Stock and/or Other Equity Investments(a) | | | | | | | | | | | | |
Asia | | $ | — | | | $ | 67,314,033 | | | $ | — | |
Australia and Oceania | | | — | | | | 9,074,616 | | | | — | |
Europe | | | — | | | | 128,625,956 | | | | — | |
North America | | | 7,661,099 | | | | — | | | | — | |
| Total | | $ | 7,661,099 | | | $ | 205,014,605 | | | $ | — | |
| | | |
| INTERNATIONAL SMALL CAP | | | | | | | | | | | | |
| | | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 | |
| Assets | | | | | | | | | | | | |
Common Stock and/or Other Equity Investments(a) | | | | | | | | | | | | |
Africa | | $ | — | | | $ | 1,170,405 | | | $ | — | |
Asia | | | 2,508,335 | | | | 50,885,617 | | | | — | |
Australia and Oceania | | | — | | | | 10,003,440 | | | | — | |
Europe | | | — | | | | 94,309,174 | | | | — | |
North America | | | 15,746,918 | | | | — | | | | — | |
| Total | | $ | 18,255,253 | | | $ | 156,368,636 | | | $ | — | |
| | | |
| Derivative Type | | | | | | | | | |
| Liabilities(b) | | | | | | | | | | | | |
Futures Contracts | | $ | (10,040 | ) | | $ | — | | | $ | — | |
| | | |
| STRATEGIC INTERNATIONAL EQUITY | | | | | | | | | | | | |
| | | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 | |
| Assets | | | | | | | | | | | | |
Common Stock and/or Other Equity Investments(a) | | | | | | | | | | | | |
Asia | | $ | — | | | $ | 16,905,826 | | | $ | — | |
Australia and Oceania | | | — | | | | 2,391,033 | | | | — | |
Europe | | | — | | | | 43,470,460 | | | | — | |
North America | | | 4,037,555 | | | | — | | | | — | |
| Total | | $ | 4,037,555 | | | $ | 62,767,319 | | | $ | — | |
| (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 international equities, resulting in a Level 2 classification. |
| (b) | | Amount shown represents unrealized loss at period end. |
For further information regarding security characteristics, see the Schedules of Investments.
48
GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS
|
| 4. INVESTMENTS IN DERIVATIVES |
The following table sets forth, by certain risk types, the gross value of derivative contracts as of April 30, 2015. These instruments were used to meet the Fund’s investment objectives and to obtain and/or manage exposure related to the risks below. The values in the table below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Fund’s net exposure:
| | | | | | | | | | |
| Fund | | | | Risk | | Statements of Assets and Liabilities | | Liabilities | |
International Small Cap | | | | Equity | | Variation margin on certain derivative contracts | | $ | (10,040) | (a) |
| (a) | | Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedules of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
The following table sets forth, by certain risk types, the Fund’s gains (losses) related to these derivatives and their indicative volumes for the six months ended April 30, 2015. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:
| | | | | | | | | | | | | | |
| | | |
| INTERNATIONAL SMALL CAP | | | | | | | | | | | | |
| Risk | | Statements of Operations | | Net Realized
Gain (Loss) | | | Net Change in
Unrealized
Gain (Loss) | | | Average
Number of
Contracts(a) | |
| Currency | | Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts | | $ | (107,513 | ) | | $ | 100,593 | | | | 1 | |
| Equity | | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | | | 119,613 | | | | (18,715 | ) | | | 22 | |
| Total | | | | $ | 12,100 | | | $ | 81,878 | | | | 23 | |
| (a) | | Average number of contracts is based on the average of month end balances for the period ended April 30, 2015. |
|
| 5. AGREEMENTS AND AFFILIATED TRANSACTIONS |
A. Management Agreement — Under the Agreement, GSAMI manages the Funds, subject to the general supervision of the Trustees.
As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAMI is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets.
49
GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS
Notes to Financial Statements (continued)
April 30, 2015 (Unaudited)
|
| 5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
For the six months ended April 30, 2015, contractual and effective net management fees with GSAMI were at the following rates:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Contractual Management Rate | | | Effective Net
Management
Rate^ | |
| Fund | | | | First $1 billion | | | Next $1 billion | | | Next $3 billion | | | Next $3 billion | | | Over $8 billion | | | Effective
Rate | | |
Focused International Equity | | | | | 1.00 | % | | | 0.90 | % | | | 0.86 | % | | | 0.84 | % | | | 0.82 | % | | | 1.00 | % | | | 0.85 | %* |
International Small Cap | | | | | 1.10 | | | | 1.10 | | | | 0.99 | | | | 0.94 | | | | 0.92 | | | | 1.10 | | | | 0.90 | * |
Strategic International Equity | | | | | 0.85 | | | | 0.77 | | | | 0.73 | | | | 0.72 | | | | 0.71 | | | | 0.85 | | | | 0.85 | |
| ^ | | Effective Net Management Rate includes the impact of management fee waivers of affiliated underlying funds, if any. |
| * | | GSAMI agreed to waive a portion of its management fee in order to achieve effective net management fee rates of 0.85% and 0.90% for the Focused International Equity and International Small Cap Funds, respectively, through at least February 29, 2016. Prior to such date GSAMI may not terminate the arrangement without the approval of the Trustees. |
B. Distribution and Service Plans — The Trust, on behalf of each Fund, has adopted Distribution and Service Plans (the “Plans”). Under the Plans, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly, for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers, at the following annual rates calculated on a Fund’s average daily net assets of each respective share class:
| | | | | | | | | | | | |
| | | Distribution and Service Plan Rates | |
| | | Class A* | | | Class C | | | Class R* | |
Distribution Plan | | | 0.25 | % | | | 0.75 | % | | | 0.50 | % |
Service Plan | | | — | | | | 0.25 | | | | — | |
| * | | With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority. |
C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A front end sales charge and Class C Shares’ CDSC. During the six months ended April 30, 2015, Goldman Sachs advised that it retained the following amounts:
| | | | | | | | | | |
| | | | | Front End
Sales Charge | | | Contingent Deferred
Sales Charge | |
| Fund | | | | Class A | | | Class C | |
Focused International Equity | | | | $ | 2,619 | | | $ | 239 | |
International Small Cap | | | | | 755 | | | | — | |
Strategic International Equity | | | | | 1,668 | | | | — | |
D. Service Plan and Shareholder Administration Plan — The Trust, on behalf of each Fund that offers Service Shares, has adopted a Service Plan and a Shareholder Administration Plan. These plans allow for service organizations to provide varying levels of personal and account maintenance and shareholder administration services to their customers who are beneficial owners of such shares. The Service Plan and Shareholder Administration Plan each provide for compensation to the service organizations which is accrued daily and paid monthly at an annual rate of 0.25% (0.50% in aggregate) of the average daily net assets of the Service Shares.
50
GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS
|
| 5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.19% of the average daily net assets of Class A, Class C, Class IR and Class R Shares; and 0.04% of the average daily net assets of Institutional and Service Shares.
F. Other Expense Agreements and Affiliated Transactions — GSAMI has agreed to limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, shareholder meetings, litigation, indemnification and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAMI for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Focused International Equity, International Small Cap and Strategic International Equity Funds are 0.014%, 0.034% and 0.014%, respectively. These Other Expense limitations will remain in place through at least February 29, 2016, and prior to such date GSAMI may not terminate the arrangements without the approval of the Trustees. The Funds bear their respective share of costs related to proxy and shareholder meetings and GSAMI has agreed to reimburse each Fund to the extent such expenses exceed a specified percentage of the Fund’s net assets. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.
For the six months ended April 30, 2015, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:
| | | | | | | | | | | | | | | | | | |
| Fund | | | | Management
Fee Waiver | | | Custody Fee
Credits | | | Other Expense
Reimbursement | | | Total Expense
Reductions | |
Focused International Equity | | | | $ | 166,249 | | | $ | 2,037 | | | $ | 204,645 | | | $ | 372,931 | |
International Small Cap | | | | | 190,209 | | | | 1,773 | | | | 220,659 | | | | 412,641 | |
Strategic International Equity | | | | | — | | | | 748 | | | | 182,454 | | | | 183,202 | |
G. Line of Credit Facility — As of April 30, 2015, the Funds participated in a $1,080,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and registered investment companies having management agreements with GSAMI or its affiliates (“Other Borrowers”). Pursuant to the terms of the facility, the Funds and Other Borrowers could increase the credit amount by an additional $120,000,000, for a total of up to $1,200,000,000. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended April 30, 2015, the Funds did not have any borrowings under the facility. The facility was increased to $1,205,000,000 effective May 5, 2015.
H. Other Transactions with Affiliates — For the six months ended April 30, 2015, Goldman Sachs earned $902 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the International Small Cap Fund.
As of April 30, 2015, the Goldman Sachs Satellite Strategies Portfolio was the beneficial owner of approximately 39% of total outstanding shares of the International Small Cap Fund.
As of April 30, 2015, the Goldman Sachs Group, Inc. was the beneficial owner of approximately 8% and 53% of the Class IR and Class R Shares of the Strategic International Equity Fund, respectively.
51
GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS
Notes to Financial Statements (continued)
April 30, 2015 (Unaudited)
|
| 6. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended April 30, 2015, were as follows:
| | | | | | | | | | |
| Fund | | | | Purchases | | | Sales and Maturities | |
Focused International Equity | | | | $ | 106,001,013 | | | $ | 151,857,051 | |
International Small Cap | | | | | 77,122,166 | | | | 105,859,512 | |
Strategic International Equity | | | | | 26,920,516 | | | | 35,011,295 | |
As of the Funds’ most recent fiscal year end, October 31, 2014, the Funds’ capital loss carryforwards on a tax-basis were as follows:
| | | | | | | | | | | | | | |
| | | | | Focused International
Equity | | | International Small
Cap | | | Strategic International
Equity | |
Capital loss carryforwards(1): | | | | | | | | | | | | | | |
Expiring 2016 | | | | $ | (89,358,426 | ) | | $ | — | | | $ | (15,319,008 | ) |
Expiring 2017 | | | | | (106,107,378 | ) | | | (8,401,592 | ) | | | (28,233,535 | ) |
Expiring 2019 | | | | | (9,250,431 | ) | | | — | | | | — | |
Total capital loss carryforwards | | | | $ | (204,716,235 | ) | | $ | (8,401,592 | ) | | $ | (43,552,543 | ) |
| (1) | | Expiration occurs on October 31 of the year indicated. |
As of April 30, 2015, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
| | | | | | | | | | | | | | |
| | | | | Focused International
Equity | | | International Small
Cap | | | Strategic International
Equity | |
Tax cost | | | | $ | 219,716,938 | | | $ | 169,727,411 | | | $ | 63,743,881 | |
Gross unrealized gain | | | | | 9,616,353 | | | | 15,340,417 | | | | 6,337,511 | |
Gross unrealized loss | | | | | (16,657,587 | ) | | | (10,443,939 | ) | | | (3,276,518 | ) |
Net unrealized security gain (loss) | | | | $ | (7,041,234 | ) | | $ | 4,896,478 | | | $ | 3,060,993 | |
The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales and differences related to the tax treatment of passive foreign investment company investments.
GSAMI has reviewed the Funds’ tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.
The Funds’ risks include, but are not limited to, the following:
Foreign Custody Risk — A Fund that invests in foreign securities may hold such securities and foreign currency with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign
52
GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS
|
| 8. OTHER RISKS (continued) |
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 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 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 — As a shareholder of another investment company, including an exchange traded fund (“ETF”), a Fund will directly 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 Focused International Equity Fund intends to invest in a relatively small number of issuers. As a result, it 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 Fund may affect the overall value of the Fund more than it would affect a mutual fund that holds more investments. In particular, the Fund may be more susceptible to adverse developments affecting any single issuer in the Fund 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 may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s NAV and liquidity. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that a Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. 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.
Liquidity Risk — The Funds 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 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.
Market and Credit Risks — In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, the Funds 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 Funds have unsettled or open transactions defaults.
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 the Fund invests. Loss may also result from the imposition of exchange controls, confiscations and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody. 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 the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that the Fund also invests in securities of issuers located in emerging markets, these risks may be more pronounced.
53
GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS
Notes to Financial Statements (continued)
April 30, 2015 (Unaudited)
Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAMI believes the risk of loss under these arrangements to be remote.
Subsequent events after the Statement of Assets and Liabilities date have been evaluated through the date the financial statements were issued. GSAMI has concluded that there is no impact requiring adjustment or disclosure in the financial statements.
54
GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS
Notes to Financial Statements (continued)
April 30, 2015 (Unaudited)
|
| 11. SUMMARY OF SHARE TRANSACTIONS |
Share activity is as follows:
| | | | | | | | | | | | | | | | |
| | | Focused International Equity Fund | |
| | | | |
| | | For the Six Months Ended
April 30, 2015
(Unaudited) | | | For the Fiscal Year Ended
October 31, 2014 | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| | | | |
| Class A Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 151,424 | | | $ | 2,734,304 | | | | 810,545 | | | $ | 16,129,234 | |
Shares converted from Class B | | | 4,363 | | | | 79,894 | | | | 1,752 | | | | 34,678 | |
Reinvestment of distributions | | | 94,946 | | | | 1,684,348 | | | | 11,140 | | | | 220,455 | |
Shares redeemed | | | (522,592 | ) | | | (9,266,071 | ) | | | (729,100 | ) | | | (14,367,121 | ) |
| | | | (271,859 | ) | | | (4,767,525 | ) | | | 94,337 | | | | 2,017,246 | |
| Class B Shares(a) | | | | | | | | | | | | | | | | |
Shares sold | | | — | | | | — | | | | 1,969 | | | | 37,951 | |
Shares converted to Class A | | | (4,448 | ) | | | (79,894 | ) | | | (1,778 | ) | | | (34,678 | ) |
Shares redeemed | | | (10,228 | ) | | | (183,739 | ) | | | (14,882 | ) | | | (290,077 | ) |
| | | | (14,676 | ) | | | (263,633 | ) | | | (14,691 | ) | | | (286,804 | ) |
| Class C Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 125,269 | | | | 2,080,654 | | | | 302,550 | | | | 5,604,612 | |
Reinvestment of distributions | | | 26,339 | | | | 435,904 | | | | — | | | | — | |
Shares redeemed | | | (140,726 | ) | | | (2,367,104 | ) | | | (200,946 | ) | | | (3,633,294 | ) |
| | | | 10,882 | | | | 149,454 | | | | 101,604 | | | | 1,971,318 | |
| Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 627,844 | | | | 11,298,805 | | | | 5,268,434 | | | | 106,829,174 | |
Reinvestment of distributions | | | 296,452 | | | | 5,345,040 | | | | 45,024 | | | | 905,437 | |
Shares redeemed | | | (2,251,474 | ) | | | (40,966,915 | ) | | | (1,779,054 | ) | | | (35,339,890 | ) |
| | | | (1,327,178 | ) | | | (24,323,070 | ) | | | 3,534,404 | | | | 72,394,721 | |
| Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 516 | | | | 9,234 | | | | 1,479 | | | | 29,637 | |
Reinvestment of distributions | | | 63 | | | | 1,120 | | | | 6 | | | | 107 | |
Shares redeemed | | | (16,435 | ) | | | (284,841 | ) | | | (1,715 | ) | | | (33,946 | ) |
| | | | (15,856 | ) | | | (274,487 | ) | | | (230 | ) | | | (4,202 | ) |
| Class IR Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 13,584 | | | | 250,777 | | | | 179,185 | | | | 3,632,048 | |
Reinvestment of distributions | | | 3,938 | | | | 70,733 | | | | 706 | | | | 14,137 | |
Shares redeemed | | | (35,518 | ) | | | (644,897 | ) | | | (139,046 | ) | | | (2,781,071 | ) |
| | | | (17,996 | ) | | | (323,387 | ) | | | 40,845 | | | | 865,114 | |
NET INCREASE (DECREASE) | | | (1,636,683 | ) | | $ | (29,802,648 | ) | | | 3,756,269 | | | $ | 76,957,393 | |
| (a) | | Class B Shares converted into Class A Shares at the close of business on November 14, 2014. |
55
GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS
Notes to Financial Statements (continued)
April 30, 2015 (Unaudited)
|
| 11. SUMMARY OF SHARE TRANSACTIONS (continued) |
Share activity is as follows:
| | | | | | | | | | | | | | | | |
| | | International Small Cap Fund | |
| | | | |
| | | For the Six Months Ended
April 30, 2015
(Unaudited) | | | For the Fiscal Year Ended
October 31, 2014 | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| | | | |
| Class A Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 119,307 | | | $ | 2,262,388 | | | | 323,285 | | | $ | 6,313,379 | |
Shares converted from Class B | | | 2,533 | | | | 47,348 | | | | 788 | | | | 15,330 | |
Reinvestment of distributions | | | 9,774 | | | | 179,944 | | | | 11,580 | | | | 217,128 | |
Shares redeemed | | | (110,011 | ) | | | (2,087,840 | ) | | | (311,187 | ) | | | (6,123,835 | ) |
| | | | 21,603 | | | | 401,840 | | | | 24,466 | | | | 422,002 | |
| Class B Shares(a) | | | | | | | | | | | | | | | | |
Shares sold | | | — | | | | — | | | | 447 | | | | 8,625 | |
Shares converted to Class A | | | (2,585 | ) | | | (47,348 | ) | | | (801 | ) | | | (15,330 | ) |
Reinvestment of distributions | | | — | | | | — | | | | 164 | | | | 3,040 | |
Shares redeemed | | | (9,887 | ) | | | (181,106 | ) | | | (11,188 | ) | | | (215,433 | ) |
| | | | (12,472 | ) | | | (228,454 | ) | | | (11,378 | ) | | | (219,098 | ) |
| Class C Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 59,440 | | | | 1,059,778 | | | | 90,302 | | | | 1,723,658 | |
Reinvestment of distributions | | | 1,390 | | | | 24,687 | | | | 1,298 | | | | 23,503 | |
Shares redeemed | | | (39,543 | ) | | | (706,940 | ) | | | (44,567 | ) | | | (832,733 | ) |
| | | | 21,287 | | | | 377,525 | | | | 47,033 | | | | 914,428 | |
| Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 1,341,944 | | | | 25,442,805 | | | | 2,553,932 | | | | 50,907,382 | |
Reinvestment of distributions | | | 151,458 | | | | 2,864,067 | | | | 168,944 | | | | 3,252,168 | |
Shares redeemed | | | (2,825,860 | ) | | | (55,303,381 | ) | | | (2,456,065 | ) | | | (49,189,267 | ) |
| | | | (1,332,458 | ) | | | (26,996,509 | ) | | | 266,811 | | | | 4,970,283 | |
| Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 14,921 | | | | 273,459 | | | | 1,583 | | | | 28,818 | |
Reinvestment of distributions | | | 796 | | | | 14,470 | | | | 884 | | | | 16,362 | |
Shares redeemed | | | (6,733 | ) | | | (122,734 | ) | | | (382 | ) | | | (7,173 | ) |
| | | | 8,984 | | | | 165,195 | | | | 2,085 | | | | 38,007 | |
| Class IR Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 37,749 | | | | 727,875 | | | | 205,667 | | | | 4,149,180 | |
Reinvestment of distributions | | | 4,295 | | | | 81,045 | | | | 969 | | | | 18,633 | |
Shares redeemed | | | (16,904 | ) | | | (328,372 | ) | | | (13,552 | ) | | | (268,430 | ) |
| | | | 25,140 | | | | 480,548 | | | | 193,084 | | | | 3,899,383 | |
NET INCREASE (DECREASE) | | | (1,267,916 | ) | | $ | (25,799,855 | ) | | | 522,101 | | | $ | 10,025,005 | |
| | | | |
| (a) | | Class B Shares converted into Class A Shares at the close of business on November 14, 2014. |
56
GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS
|
| 11. SUMMARY OF SHARE TRANSACTIONS (continued) |
Share activity is as follows:
| | | | | | | | | | | | | | | | |
| | | Strategic International Equity Fund | |
| | | | |
| | | For the Six Months Ended
April 30, 2015
(Unaudited) | | | For the Fiscal Year Ended
October 31, 2014 | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| | | | |
| Class A Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 126,402 | | | $ | 1,672,641 | | | | 198,704 | | | $ | 2,763,446 | |
Shares converted from Class B | | | 82,119 | | | | 1,098,759 | | | | 32,994 | | | | 459,442 | |
Reinvestment of distributions | | | 64,638 | | | | 831,893 | | | | 13,124 | | | | 178,224 | |
Shares redeemed | | | (149,390 | ) | | | (1,944,568 | ) | | | (315,548 | ) | | | (4,390,132 | ) |
| | | | 123,769 | | | | 1,658,725 | | | | (70,726 | ) | | | (989,020 | ) |
| Class B Shares(a) | | | | | | | | | | | | | | | | |
Shares sold | | | — | | | | — | | | | 2,579 | | | | 32,762 | |
Shares converted to Class A | | | (92,333 | ) | | | (1,098,759 | ) | | | (36,933 | ) | | | (459,442 | ) |
Reinvestment of distributions | | | — | | | | — | | | | 87 | | | | 1,060 | |
Shares redeemed | | | (19,706 | ) | | | (234,677 | ) | | | (58,436 | ) | | | (727,361 | ) |
| | | | (112,039 | ) | | | (1,333,436 | ) | | | (92,703 | ) | | | (1,152,981 | ) |
| Class C Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 27,052 | | | | 318,238 | | | | 82,020 | | | | 1,031,878 | |
Reinvestment of distributions | | | 11,938 | | | | 138,834 | | | | 605 | | | | 7,442 | |
Shares redeemed | | | (38,894 | ) | | | (460,756 | ) | | | (139,914 | ) | | | (1,749,533 | ) |
| | | | 96 | | | | (3,684 | ) | | | (57,289 | ) | | | (710,213 | ) |
| Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 820,966 | | | | 11,316,920 | | | | 701,638 | | | | 10,194,170 | |
Reinvestment of distributions | | | 113,557 | | | | 1,525,074 | | | | 32,742 | | | | 463,301 | |
Shares redeemed | | | (1,276,058 | ) | | | (17,599,414 | ) | | | (386,526 | ) | | | (5,573,406 | ) |
| | | | (341,535 | ) | | | (4,757,420 | ) | | | 347,854 | | | | 5,084,065 | |
| Class IR Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 334 | | | | 4,227 | | | | 5,492 | | | | 76,480 | |
Reinvestment of distributions | | | 391 | | | | 5,027 | | | | 46 | | | | 623 | |
Shares redeemed | | | (1,085 | ) | | | (14,175 | ) | | | (773 | ) | | | (10,433 | ) |
| | | | (360 | ) | | | (4,921 | ) | | | 4,765 | | | | 66,670 | |
| Class R Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 20 | | | | 265 | | | | 4 | | | | 53 | |
Reinvestment of distributions | | | 23 | | | | 293 | | | | 4 | | | | 58 | |
| | | | 43 | | | | 558 | | | | 8 | | | | 111 | |
NET INCREASE (DECREASE) | | | (330,026 | ) | | $ | (4,440,178 | ) | | | 131,909 | | | $ | 2,298,632 | |
| (a) | | Class B Shares converted into Class A Shares at the close of business on November 14, 2014. |
57
GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS
Fund Expenses — Six Month Period Ended April 30, 2015 (Unaudited)
As a shareholder of Class A, Class C, Institutional, Service, Class IR or Class R Shares of a Fund you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares) and contingent deferred sales charges on redemptions (with respect to and Class C Shares); and (2) ongoing costs, including management fees; distribution and service (12b-1) fees (with respect to Class A, Class C and Class R Shares); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Service, Class IR and Class R Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2014 through April 30, 2015.
Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual net expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fee or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Focused International Equity Fund | | | International Small Cap Fund | | | Strategic International Equity Fund | |
| Share Class | | Beginning Account
Value 11/01/14 | | | Ending Account Value 04/30/15 | | | Expenses Paid for the 6 Months Ended 04/30/15* | | | Beginning Account Value 11/01/14 | | | Ending Account Value 04/30/15 | | | Expenses Paid for the 6 Months Ended 04/30/15* | | | Beginning Account Value 11/01/14 | | | Ending Account Value 04/30/15 | | | Expenses Paid for the 6 Months Ended 04/30/15* | |
| Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | $ | 1,000 | | | $ | 1,056.40 | | | $ | 6.63 | | | $ | 1,000 | | | $ | 1,079.60 | | | $ | 7.06 | | | $ | 1,000 | | | $ | 1,052.60 | | | $ | 6.62 | |
Hypothetical 5% return | | | 1,000 | | | | 1,018.35 | + | | | 6.51 | | | | 1,000 | | | | 1,018.00 | + | | | 6.85 | | | | 1,000 | | | | 1,018.35 | + | | | 6.51 | |
| Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | 1,000 | | | | 1,052.60 | | | | 10.43 | | | | 1,000 | | | | 1,075.90 | | | | 10.91 | | | | 1,000 | | | | 1,048.70 | | | | 10.41 | |
Hypothetical 5% return | | | 1,000 | | | | 1,014.63 | + | | | 10.24 | | | | 1,000 | | | | 1,014.28 | + | | | 10.59 | | | | 1,000 | | | | 1,014.63 | + | | | 10.24 | |
| Institutional | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | 1,000 | | | | 1,058.50 | | | | 4.59 | | | | 1,000 | | | | 1,081.90 | | | | 5.01 | | | | 1,000 | | | | 1,055.20 | | | | 4.59 | |
Hypothetical 5% return | | | 1,000 | | | | 1,020.33 | + | | | 4.51 | | | | 1,000 | | | | 1,019.98 | + | | | 4.86 | | | | 1,000 | | | | 1,020.33 | + | | | 4.51 | |
| Service | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | 1,000 | | | | 1,055.80 | | | | 7.14 | | | | 1,000 | | | | 1,079.50 | | | | 7.58 | | | | N/A | | | | N/A | | | | N/A | |
Hypothetical 5% return | | | 1,000 | | | | 1,017.85 | + | | | 7.00 | | | | 1,000 | | | | 1,017.50 | + | | | 7.35 | | | | N/A | | | | N/A | | | | N/A | |
| Class IR | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | 1,000 | | | | 1,057.40 | | | | 5.36 | | | | 1,000 | | | | 1,081.30 | | | | 5.78 | | | | 1,000 | | | | 1,054.40 | | | | 5.35 | |
Hypothetical 5% return | | | 1,000 | | | | 1,019.59 | + | | | 5.26 | | | | 1,000 | | | | 1,019.24 | + | | | 5.61 | | | | 1,000 | | | | 1,019.59 | + | | | 5.26 | |
| Class R | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | N/A | | | | N/A | | | | N/A | | | | N/A | | | | N/A | | | | N/A | | | | 1,000 | | | | 1,051.10 | | | | 7.88 | |
Hypothetical 5% return | | | N/A | | | | N/A | | | | N/A | | | | N/A | | | | N/A | | | | N/A | | | | 1,000 | | | | 1,017.11 | | | | 7.75 | |
| * | | Expenses are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended April 30, 2015. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Fund | | Class A | | | Class C | | | Institutional | | | Service | | | Class IR | | | Class R | |
Focused International Equity | | | 1.30 | % | | | 2.05 | % | | | 0.90 | % | | | 1.40 | % | | | 1.05 | % | | | N/A | |
International Small Cap | | | 1.37 | | | | 2.12 | | | | 0.97 | | | | 1.47 | | | | 1.12 | | | | N/A | |
Strategic International Equity | | | 1.30 | | | | 2.05 | | | | 0.90 | | | | N/A | | | | 1.05 | | | | 1.55 | % |
| + | | Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses. |
58
FUNDS PROFILE
Goldman Sachs Funds
Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.
Today, the Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.02 trillion in assets under supervision as of March 31, 2015, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman, Sachs & Co. subject to legal, internal and regulatory restrictions.
Money Market1
Financial Square FundsSM
| n | | Financial Square Tax-Exempt Funds |
| n | | Financial Square Federal Fund |
| n | | Financial Square Government Fund |
| n | | Financial Square Money Market Fund |
| n | | Financial Square Prime Obligations Fund |
| n | | Financial Square Treasury Instruments Fund |
| n | | Financial Square Treasury Obligations Fund |
Fixed Income
Short Duration and Government
| n | | High Quality Floating Rate Fund |
| n | | Limited Maturity Obligations Fund |
| n | | Short Duration Government Fund |
| n | | Short Duration Income Fund |
| n | | Inflation Protected Securities Fund |
Multi-Sector
Municipal and Tax-Free
| n | | High Yield Municipal Fund |
| n | | Dynamic Municipal Income Fund3 |
| n | | Short Duration Tax-Free Fund |
Single Sector
| n | | Investment Grade Credit Fund |
| n | | High Yield Floating Rate Fund |
| n | | Emerging Markets Debt Fund |
| n | | Local Emerging Markets Debt Fund |
| n | | Dynamic Emerging Markets Debt Fund |
Fixed Income Alternatives
| n | | Long Short Credit Strategies Fund |
| n | | Fixed Income Macro Strategies Fund |
Fundamental Equity
| n | | Small/Mid Cap Value Fund |
| n | | Small/Mid Cap Growth Fund |
| n | | Flexible Cap Growth Fund |
| n | | Concentrated Growth Fund |
| n | | Technology Tollkeeper Fund |
| n | | Growth Opportunities Fund |
| n | | Rising Dividend Growth Fund |
| n | | Dynamic U.S. Equity Fund4 |
Tax-Advantaged Equity
| n | | U.S. Tax-Managed Equity Fund |
| n | | International Tax-Managed Equity Fund |
| n | | U.S. Equity Dividend and Premium Fund |
| n | | International Equity Dividend and Premium Fund |
Equity Insights
| n | | Small Cap Equity Insights Fund |
| n | | U.S. Equity Insights Fund |
| n | | Small Cap Growth Insights Fund |
| n | | Large Cap Growth Insights Fund |
| n | | Large Cap Value Insights Fund |
| n | | Small Cap Value Insights Fund |
| n | | International Small Cap Insights Fund |
| n | | International Equity Insights Fund |
| n | | Emerging Markets Equity Insights Fund |
Fundamental Equity
International
| n | | Strategic International Equity Fund |
| n | | Focused International Equity Fund |
| n | | International Small Cap Fund |
| n | | Emerging Markets Equity Fund |
| n | | BRIC Fund (Brazil, Russia, India, China) |
Select Satellite5
| n | | Global Managed Beta Fund |
| n | | Multi-Manager Non-Core Fixed Income Fund |
| n | | Real Estate Securities Fund |
| n | | International Real Estate Securities Fund |
| n | | Commodity Strategy Fund |
| n | | Dynamic Commodity Strategy Fund |
| n | | Dynamic Allocation Fund |
| n | | Absolute Return Tracker Fund |
| n | | Managed Futures Strategy Fund |
| n | | MLP Energy Infrastructure Fund |
| n | | Multi-Manager Alternatives Fund |
| n | | Multi-Asset Real Return Fund |
| n | | Retirement Portfolio Completion Fund |
| n | | Tactical Tilt Implementation Fund |
Total Portfolio Solutions5
| n | | Balanced Strategy Portfolio |
| n | | Growth and Income Strategy Portfolio |
| n | | Growth Strategy Portfolio |
| n | | Equity Growth Strategy Portfolio |
| n | | Satellite Strategies Portfolio |
| n | | Enhanced Dividend Global Equity Portfolio |
| n | | Tax Advantaged Global Equity Portfolio |
| 1 | | An investment in a money market fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency. Although the Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Funds. |
| 2 | | Effective on October 1, 2014, the Goldman Sachs Core Plus Fixed Income Fund was renamed the Goldman Sachs Bond Fund. |
| 3 | | Effective on December 18, 2014, the Goldman Sachs Municipal Income Fund was renamed the Goldman Sachs Dynamic Municipal Income Fund. |
| 4 | | Effective on April 30, 2015, the Goldman Sachs U.S. Equity Fund was renamed the Goldman Sachs Dynamic U.S. Equity Fund. |
| 5 | | Individual Funds within the Total Portfolio Solutions and Select Satellite categories will have various placement on the risk/return spectrum and may have greater or lesser risk than that indicated by the placement of the general Total Portfolio Solutions or Select Satellite category. |
Financial Square FundsSM is a registered service mark of Goldman, Sachs & Co.
| *This | | list covers open-end funds only. Please visit our website at www.GSAMFUNDS.com to learn about our closed-end funds. |
| | |
TRUSTEES Ashok N. Bakhru, Chairman Kathryn A. Cassidy John P. Coblentz, Jr. Diana M. Daniels Joseph P. LoRusso Herbert J. Markley James A. McNamara Jessica Palmer Alan A. Shuch Richard P. Strubel Roy W. Templin Gregory G. Weaver | | OFFICERS James A. McNamara, President Scott M. McHugh, Principal Financial Officer and Treasurer Caroline L. Kraus, Secretary |
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GOLDMAN, SACHS & CO. Distributor and Transfer Agent | | GOLDMAN SACHS ASSET MANAGEMENT INTERNATIONAL Investment Adviser |
Visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.
Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282
The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (I) without charge, upon request by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (II) on the Securities and Exchange Commission Web site at http://www.sec.gov.
The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s web site at http://www.sec.gov within 60 days after the Funds’ first and third fiscal quarters. The Funds’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. Forms N-Q may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).
The website links provided are for your convenience only and are not an endorsement or recommendation by GSAM of any of these websites or the products or services offered. GSAM is not responsible for the accuracy and validity of the content of these websites.
Fund holdings and allocations shown are as of April 30, 2015 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.
This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider a Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your authorized dealer or from Goldman, Sachs & Co. by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550).
© 2015 Goldman Sachs. All rights reserved. 164842.MF.MED.TMPL/6/2015 EQINTSAR-15/10.6K
Goldman Sachs Funds
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| Semi-Annual Report | | | | April 30, 2015 |
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| | | | International Equity Insights Funds |
| | | | Emerging Markets Equity Insights |
| | | | International Equity Insights |
| | | | International Small Cap Insights |
Goldman Sachs International Equity
Insights Funds
| n | | EMERGING MARKETS EQUITY INSIGHTS |
| n | | INTERNATIONAL EQUITY INSIGHTS |
| n | | INTERNATIONAL SMALL CAP INSIGHTS |
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| NOT FDIC-INSURED | | May Lose Value | | No Bank Guarantee |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
Principal Investment Strategies and Risks
This is not a complete list of risks that may affect the Funds. For additional information concerning the risks applicable to the Funds, please see the Funds’ Prospectus.
The Goldman Sachs Emerging Markets Equity Insights Fund invests primarily in a diversified portfolio of equity investments in emerging country issuers. The Fund’s investments are subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular sectors and/or general economic conditions. Foreign and emerging markets investments may be more volatile and less liquid than investments in U.S. securities and are subject to the risks of currency fluctuations and adverse economic and political developments. The securities markets of emerging countries have less government regulation and are subject to less extensive accounting and financial reporting requirements than the markets of more developed countries. At times, the Fund may be unable to sell certain of its illiquid investments without a substantial drop in price, if at all. The Investment Adviser’s use of quantitative models to execute the Fund’s investment strategy may fail to produce the intended result. Different investment styles (e.g., “quantitative”) tend to shift in and out of favor, and at times the Fund may underperform other funds that invest in similar asset classes. The Fund may have a high rate of portfolio turnover, which involves correspondingly greater expenses which must be borne by the Fund, and is also likely to result in short-term capital gains taxable to shareholders.
The Goldman Sachs International Equity Insights Fund invests primarily in a broadly diversified portfolio of equity investments in companies that are organized outside the United States or whose securities are principally traded outside the United States. The Fund’s investments are subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular sectors and/or general economic conditions. Foreign and emerging markets investments may be more volatile and less liquid than investments in U.S. securities and are subject to the risks of currency fluctuations and adverse economic or political developments. The Investment Adviser’s use of quantitative models to execute the Fund’s investment strategy may fail to produce the intended result. Different investment styles (e.g., “quantitative”) tend to shift in and out of favor, and at times the Fund may underperform other funds that invest in similar asset classes. The Fund may have a high rate of portfolio turnover, which involves correspondingly greater expenses which must be borne by the Fund, and is also likely to result in short-term capital gains taxable to shareholders.
The Goldman Sachs International Small Cap Insights Fund invests primarily in a broadly diversified portfolio of equity investments in small capitalization non-U.S. issuers. The Fund’s investments are subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular sectors and/or general economic conditions. Foreign and emerging markets investments may be more volatile and less liquid than investments in U.S. securities and are subject to the risks of currency fluctuations and adverse economic or political developments. The securities of mid- and small-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. The Investment Adviser’s use of quantitative models to execute the Fund’s investment strategy may fail to produce the intended result. Different investment styles (e.g., “quantitative”) tend to shift in and out of favor, and at times the Fund may underperform other funds that invest in similar asset classes. The Fund may have a high rate of portfolio turnover, which involves correspondingly greater expenses which must be borne by the Fund, and is also likely to result in short-term capital gains taxable to shareholders.
3
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
Goldman Sachs’ International Equity Insights Investment Process
| n | | Comprehensive – We forecast returns on over 8,000 international stocks and 43 equity markets on a daily basis. |
| n | | Rigorous – We evaluate stocks, countries and currencies based on fundamental investment criteria that have outperformed historically. |
| n | | Objective – Our stock and equity market selection process is free from emotion that may lead to biased investment decisions. |
| n | | Our computer optimization process allocates risk to our best investment ideas and constructs funds that strive to neutralize systematic risks and deliver better returns. |
| n | | We use proprietary risk models that are designed to be more precise, more focused and faster to respond because they seek to identify, track and manage risk specific to our process, using daily data. |
Fully invested, well-diversified international portfolio that seeks to:
| n | | Blend top-down market views with bottom-up stock selection. |
| n | | Maintain style, sector, risk and capitalization characteristics similar to the benchmark. |
| n | | Achieve excess returns by taking many small diversified stock positions. Additionally, in the Goldman Sachs Emerging Markets Equity Insights Fund and the Goldman Sachs International Equity Insights Fund we take intentional country bets. |
| | | The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk. |
4
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
Enhancements Made to Proprietary Quantitative Model during the Six-Month Period Ended April 30, 2015
We continuously look for ways to improve our investment process. Accordingly, we introduced a number of enhancements to our proprietary quantitative model during the six-month period ended April 30, 2015.
We implemented an enhancement to our Valuation theme to evaluate energy companies’ reserves. Energy reserves are not capitalized on the balance sheet, so we believe reserve-based valuation metrics provide a more accurate picture of the intrinsic value of an energy company. In addition, we implemented an enhancement to our Sentiment theme through which we analyze short selling of stocks in order to gain a more comprehensive understanding of investor views about potential future price declines. We analyze more than 9,000 stocks on a daily basis to identify companies with large, “fresh” short positions that may indicate negative return expectations. Also, in all global regions except Europe, we implemented an enhancement to our Momentum theme, evaluating price pressures created through consistent trade imbalances between buyers and sellers. In certain instances, traders may push prices as they engage in end-of-day hedging, inventory management and index trading. Such activities, when persistent, can create buying and selling opportunities as stock prices revert to long-term views. Additionally, for India, we enhanced our ability, through our global linkages theme, to examine the relationship between the separate companies that belong to a single conglomerate as well as between public sector companies that belong to the same state owned industry sub-group. In Japan, we enhanced our global linkages theme to look at economic relationships between companies along the automotive supply chain from parts manufacturers to auto dealers.
5
MARKET REVIEW
Goldman Sachs International Equity
Insights Funds
Market Review
During the six-month period ended April 30, 2015 (the “Reporting Period”), emerging markets equities and international developed markets equities generated positive returns.
Emerging Markets Equities
Emerging markets equities advanced during the Reporting Period despite concerns about slowing economic growth, particularly in China, and the impact of weak commodity prices, particularly the sharp decline in oil prices.
During the Reporting Period, China’s Gross Domestic Product (“GDP”) growth slowed to 7% for the first quarter of 2015, down from 7.3% for calendar year 2014, while many other economic indicators similarly deteriorated. However, the Chinese central bank took a number of steps toward easing its monetary policy during the Reporting Period. Most notably, perhaps, in April 2015, the People’s Bank of China slashed its reserve requirement ratio by 100 basis points to 18.5% for the largest banks, which is the lowest level since 2012. (A basis point is 1/100th of a percentage point. The reserve requirement ratio is the portion, expressed as a percent, of depositors’ balances banks must have on hand as cash. This is a requirement determined by a country’s central bank. The reserve ratio affects the money supply in a country.) Chinese equities soared on the news, sparking a sharp rally in emerging markets equities broadly in April 2015. Indeed, outperformance of Chinese equities accounted for most of the gains of the MSCI® Emerging Markets Standard Index (unhedged, with dividends reinvested, net of dividend withholding taxes) (“MSCI® EM Index”) for the Reporting Period as a whole.
As for oil prices, the international Brent Crude oil benchmark price fell rather steadily from a high of $115 per barrel in June 2014 to a low of $47 per barrel in January 2015 before rebounding to almost $70 per barrel by the end of April 2015. In turn, big commodity-exporting countries, including Brazil and Russia, as well as the energy sector of the MSCI® EM Index, were negatively impacted by the low prices for most of the Reporting Period. However, both countries’ equity markets and the broader MSCI® EM Index rallied with the rebound in oil prices in April 2015.
For the Reporting Period overall, the MSCI® EM Index returned 3.92%.* Eight of the 23 countries in the MSCI® EM Index were up for the Reporting Period, with China (+29.60%) and Hungary (+23.75%) posting the largest gains. China was also the largest positive contributor on the basis of impact, which takes both weightings and total returns into account.
Five of the 10 sectors in the MSCI® EM Index were up for the Reporting Period, with information technology (+9.76%) and financials (+8.49%) generating the strongest returns. The financials sector was the largest positive contributor to MSCI® EM Index returns on the basis of impact.
| * | | All index returns are expressed in U.S. dollar terms. |
6
MARKET REVIEW
International Equities
International developed markets equities recorded a solid gain during the Reporting Period, with central bank policy, currency movements and the sharp decline in oil prices among the dominant themes.
Both the European Central Bank and the Bank of Japan employed easy monetary policy in an effort to stimulate economic growth. With interest rates near zero in both regions, both the euro and the yen fell against the U.S. dollar, which helped increase exports, an important source of revenue to companies in Europe and Japan. The euro sank to a 12-year low against the U.S. dollar in March 2015 before rebounding slightly in April 2015, and the impact of depreciation was already noticeable in many European corporate earnings reports, many of which were better than expected. Japanese companies also began to benefit from the weak yen. Strong equity markets in both regions reflected optimism that the monetary stimulus would stave off deflation and promote economic growth. While progress was slow, a number of economic indicators in both regions appeared to be improving toward the end of the Reporting Period.
As for oil prices, the international Brent Crude oil benchmark price fell rather steadily from a high of $115 per barrel in June 2014 to a low of $47 per barrel in January 2015 before rebounding to almost $70 per barrel by the end of April 2015. The low price of crude oil forced many energy companies to lower their earnings projections. As a result, the energy sector, and those countries’ equity markets most closely tied to the commodities markets, declined most during the Reporting Period. That said, market participants perceived the combination of lower energy prices, aggressive monetary stimulus and improving economies as beneficial for consumers in Europe and Japan. As consumer confidence and consumer spending slowly improved during the Reporting Period, the stocks of many consumer-oriented companies rose in anticipation of a further increase in consumption.
For the Reporting Period overall, the MSCI® EAFE Index returned 6.81%.* Seventeen of the 21 countries in the MSCI® EAFE Index were up for the Reporting Period, with Denmark (+16.29%) and Ireland (+15.43%) recording the largest gains. Japan (+12.62%) was the largest contributor on the basis of impact, which takes both weightings and total returns into account.
Eight of the 10 sectors in the MSCI® EAFE Index generated positive returns during the Reporting Period, with consumer discretionary (+14.40%) and information technology (+10.71%) gaining the most. The consumer discretionary sector was also the largest contributor to MSCI® EAFE Index returns on the basis of impact.
In the international small cap arena, the MSCI® EAFE Small Cap Index (unhedged, with dividends reinvested, net of dividend withholding taxes) (“MSCI® EAFE Small Cap Index”) gained 10.08%* during the Reporting Period. Nineteen of the 21 countries in the MSCI® EAFE Small Cap Index were up for the Reporting Period, with Ireland (+27.44%) and Italy (+21.48%) advancing the most. Japan (+10.60%) was also the largest contributor on the basis of impact, which takes both weightings and total returns into account.
Eight of the 10 sectors in the MSCI® EAFE Small Cap Index recorded positive returns during the Reporting Period, with materials (+13.58%) and consumer discretionary (+12.03%) posting the largest gains. The financials sector (+11.98%) was the largest contributor to MSCI® EAFE Small Cap Index returns on the basis of impact.
| * | | All index returns are expressed in U.S. dollar terms. |
7
MARKET REVIEW
Looking Ahead
At the end of the Reporting Period, we continued to believe that less expensive stocks should outpace more expensive stocks. In addition, we expected stocks with good momentum to outperform those with poor momentum. We plan to focus on seeking companies about which fundamental research analysts are becoming more positive as well as profitable companies with what we view as sustainable earnings and a track record of using their capital to enhance shareholder value. As such, we anticipate remaining fully invested, with long-term performance likely to be the result of stock selection rather than sector or capitalization allocations.
We stand behind our investment philosophy that sound economic investment principles, coupled with a disciplined quantitative approach, can provide strong, uncorrelated returns over the long term. Our research agenda is robust, and we continue to enhance our existing models, add new proprietary forecasting signals and improve our trading execution as we seek to provide the most value to our shareholders.
8
PORTFOLIO RESULTS
Goldman Sachs Emerging Markets Equity Insights Fund
Investment Objective
The Fund seeks long-term growth of capital.
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs Emerging Markets Equity Insights Fund’s (the “Fund”) performance and positioning for the six-month period ended April 30, 2015 (the “Reporting Period”).
| Q | | How did the Fund perform during the Reporting Period? |
| A | | During the Reporting Period, the Fund’s Class A, C, Institutional, IR and R Shares generated cumulative total returns, without sales charges, of 6.32%, 5.93%, 6.61%, 6.48% and 6.34%, respectively. These returns compare to the 3.92% cumulative total return of the Fund’s benchmark, the MSCI® Emerging Markets Standard Index (unhedged, with dividends reinvested, net of dividend withholding taxes) (the “MSCI® EM Index” or the “Index”), during the same period. |
| Q | | What key factors were most responsible for the Fund’s performance during the Reporting Period? |
| A | | We use two distinct strategies — a bottom-up stock selection strategy and a top-down country/currency selection strategy — to manage the Fund. These strategies are uncorrelated, that is, they tend to perform independently of each other over time, which enables us to greater diversify the portfolio. During the Reporting Period, our stock selection strategy, which uses fundamental research and stock selection models based on six investment themes, added to the Fund’s relative performance. Our country/currency selection strategy also enhanced relative returns. |
| Q | | Which investment themes helped and which hurt within the Team’s stock selection strategy? |
| A | | Our bottom-up stock selection strategy contributed positively to the Fund’s relative performance during the Reporting Period. We use a quantitative model and six investment themes to take a long-term view of market patterns and look for inefficiencies, selecting stocks for the Fund and overweighting or underweighting those stocks chosen by the model. Over time and by design, the performance of any one of our model’s investment themes tends to have a low correlation with the model’s other themes, demonstrating the diversification benefit of our theme-driven quantitative model. The variance in performance supports our research indicating that the diversification provided by our different investment themes is a significant investment advantage over the long term, even though the Fund may experience underperformance in the short term. Of course, diversification does not protect an investor from market risk nor does it ensure a profit. |
| | During the Reporting Period, five of our six investment themes added to the Fund’s relative returns. Momentum was our best performing theme. The Momentum theme seeks to predict drifts in stock prices caused by delayed investor reaction to company-specific information and information about related companies. Sentiment, Management, Profitability and Valuation also added to relative results. The Sentiment theme reflects selected investment views and decisions of individuals and financial intermediaries. The Management theme assesses the characteristics, policies and strategic decisions of company management. The Profitability theme assesses whether a company is earning more than its cost of capital. The Valuation theme attempts to capture potential mispricings of securities, typically by comparing a measure of the company’s intrinsic value to its market value. |
| | Our Quality theme, which seeks to assess both firm and management quality, had a rather neutral impact on relative performance during the Reporting Period. |
| Q | | How did the Fund’s sector and industry allocations affect relative results? |
| A | | In constructing the portfolio, we focus on picking stocks rather than on making sector or industry bets. Consequently, the Fund is similar to the Index in terms of its sector and industry allocations and its style. Changes in its sector or industry weights generally do not have a meaningful impact on relative returns. |
9
PORTFOLIO RESULTS
| Q | | Did stock selection help or hurt Fund performance during the Reporting Period? |
| A | | We seek to outpace the Index by overweighting stocks we expect to outperform and underweighting those we think may lag. At the same time, we strive to maintain a risk profile similar to the Index. The Fund’s investments are selected using fundamental research and a variety of quantitative techniques based on our investment themes. For example, the Fund aims to hold a basket of stocks with better Momentum characteristics than the benchmark. |
| | During the Reporting Period, our stock selection bolstered the Fund’s relative performance. Investments in the industrials, consumer staples and financials sectors added to relative returns. Holdings in health care, utilities and energy detracted from results. |
| Q | | Which stock positions contributed most to the Fund’s relative returns during the Reporting Period? |
| A | | The Fund benefited from overweight positions in Pegatron, a Taiwan-based electronics manufacturing company; Bank of China; and China Southern Airlines. We chose to overweight Pegatron and China Southern Airlines because of our positive views on Momentum and Valuation. The overweight in Bank of China was the result of our positive views of Management and Valuation. |
| Q | | Which Fund positions detracted most from results during the Reporting Period? |
| A | | The Fund was hurt by an underweight in Infosys, an India-based business and information technology consulting company. Overweight positions in China-based Sihuan Pharmaceutical and Brazil-based bank Banco do Brasil also dampened relative returns. The underweight in Infosys was adopted because of our negative views on Momentum. We assumed the overweights in Sihuan Pharmaceutical and Banco do Brasil due to our positive views on Momentum and Valuation (The Fund exited its position in Pegatron during the Reporting Period.). |
| Q | | What impact did the Team’s country/currency selection strategy have on the Fund’s relative performance during the Reporting Period? |
| A | | Our country/currency strategy added to relative performance during the Reporting Period. Overweight positions in Hungary and India, as well as an underweight in Poland, contributed positively. The Fund was hampered by overweight positions in Turkey and Malaysia. An underweight in China also detracted from results. |
| | We made our picks using our proprietary models, which, during the Reporting Period, were based on three investment themes specific to our country/currency strategy — Valuation, Risk Premium and Macro. Valuation favors equity and currency markets that appear cheap relative to accounting measures of value and purchasing power. Risk Premium evaluates whether a country is overcompensating investors for various types of risk. Macro assesses a market’s macroeconomic environment and growth prospects. |
| Q | | How did the Fund use derivatives and similar instruments during the Reporting Period? |
| A | | During the Reporting Period, we used financial futures contracts to equitize the Fund’s cash holdings. In other words, we put the Fund’s cash holdings to work by using them as collateral for the purchase of financial futures contracts. |
| Q | | What changes did you make to the Fund’s country weightings during the Reporting Period? |
| A | | During the Reporting Period, we moved the Fund from underweight positions relative to the Index in Turkey and Mexico to overweight positions. We reduced the size of the Fund’s underweight in India and the size of its overweight in Brazil. In addition, we shifted the Fund from overweight positions in Poland and Hungary to underweight positions relative to the Index. |
| Q | | What were the Fund’s sector and country weightings at the end of the Reporting Period? |
| A | | At the end of the Reporting Period, the Fund was overweight relative to the Index in the consumer staples, industrials, information technology and health care sectors. Compared to the Index, the Fund was underweight utilities, energy, consumer discretionary and telecommunications services. The Fund was relatively neutral compared to the Index in the financials and materials sectors at the end of the Reporting Period. |
| | In terms of countries, the Fund was overweight China, Mexico, Turkey, South Korea and Brazil at the end of the Reporting Period. Compared to the Index, the Fund was underweight Hungary, Malaysia, Poland, Chile and South Africa. The Fund was relatively neutral compared to the Index in Peru, Taiwan, Russia, Greece, Thailand, Egypt, India, Qatar, United Arab Emirates, Colombia, the Philippines, Indonesia and the Czech Republic at the end of the Reporting Period. |
10
FUND BASICS
Emerging Markets Equity Insights Fund
as of April 30, 2015
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| | PERFORMANCE REVIEW | |
| | | November 1, 2014–April 30, 2015 | | Fund Total Return
(based on NAV)1 | | | MSCI® EM Index2 | |
| | Class A | | | 6.32 | % | | | 3.92 | % |
| | Class C | | | 5.93 | | | | 3.92 | |
| | Institutional | | | 6.61 | | | | 3.92 | |
| | Class IR | | | 6.48 | | | | 3.92 | |
| | | Class R | | | 6.34 | | | | 3.92 | |
| | 1 | | The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges. |
| | 2 | | The MSCI® EM Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. As of April 30, 2015, the MSCI® EM Index consists of the following 23 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index. |
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| | STANDARDIZED TOTAL RETURNS3 | |
| | | For the period ended 3/31/15 | | One Year | | | Five Years | | | Since Inception | | | Inception Date | |
| | Class A | | | -1.66 | % | | | 1.60 | % | | | -1.48 | % | | | 10/5/07 | |
| | Class C | | | 2.28 | | | | 1.99 | | | | -1.41 | | | | 10/5/07 | |
| | Institutional | | | 4.54 | | | | 3.18 | | | | -0.34 | | | | 10/5/07 | |
| | Class IR | | | 4.43 | | | | N/A | | | | 4.45 | | | | 8/31/10 | |
| | | Class R | | | 3.77 | | | | N/A | | | | 5.65 | | | | 2/28/14 | |
| | 3 | | The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Class R and Class IR Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
11
FUND BASICS
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| | EXPENSE RATIOS4 | |
| | | | | Net Expense Ratio (Current) | | | Gross Expense Ratio (Before Waivers) | |
| | Class A | | | 1.58 | % | | | 1.66 | % |
| | Class C | | | 2.33 | | | | 2.41 | |
| | Institutional | | | 1.18 | | | | 1.26 | |
| | Class IR | | | 1.34 | | | | 1.39 | |
| | | Class R | | | 1.82 | | | | 2.07 | |
| | 4 | | The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least February 29, 2016, and prior to such date the investment adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval. |
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| | TOP TEN HOLDINGS AS OF 4/30/155 |
| | | Holding | | % of Total
Net Assets | | | Line of Business | | Country |
| | Tencent Holdings Ltd. | | | 3.0 | % | | Software & Services | | China |
| | Bank of China Ltd. Class H | | | 2.7 | | | Banks | | China |
| | Samsung Electronics Co. Ltd. | | | 2.5 | | | Technology Hardware &
Equipment | | South Korea |
| | Taiwan Semiconductor Manufacturing Co. Ltd. ADR | | | 2.3 | | | Semiconductors &
Semiconductor Equipment | | Taiwan |
| | Itau Unibanco Holding SA ADR | | | 2.2 | | | Banks | | Brazil |
| | Infosys Ltd. ADR | | | 2.0 | | | Software & Services | | India |
| | America Movil SAB de CV Class L ADR | | | 1.9 | | | Telecommunication Services | | Mexico |
| | Fubon Financial Holding Co. Ltd. | | | 1.8 | | | Diversified Financials | | Taiwan |
| | BRF SA | | | 1.8 | | | Food, Beverage & Tobacco | | Brazil |
| | | Amorepacific Corp. | | | 1.8 | | | Household & Personal
Products | | South Korea |
| | 5 | | The top 10 holdings may not be representative of the Fund’s future investments. |
12
FUND BASICS
| | |
| | FUND VS. BENCHMARK SECTOR ALLOCATIONS6 |
| | | As of April 30, 2015 |
| | 6 | | The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. Underlying sector allocations of exchange traded funds held by the Fund are not reflected in the graph above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. |
13
PORTFOLIO RESULTS
Goldman Sachs International Equity Insights Fund
Investment Objective
The Fund seeks long-term growth of capital.
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs International Equity Insights Fund’s (the “Fund”) performance and positioning for the six-month period ended April 30, 2015 (the “Reporting Period”).
| Q | | How did the Fund perform during the Reporting Period? |
| A | | During the Reporting Period, the Fund’s Class A, C, Institutional, Service, IR and R Shares generated cumulative total returns, without sales charges, of 6.08%, 5.66%, 6.29%, 5.95%, 6.22% and 5.89%, respectively. These returns compare to the 6.81% cumulative total return of the Fund’s benchmark, the MSCI® EAFE Standard Index (unhedged, with dividends reinvested, net of dividend withholding taxes) (the “MSCI® EAFE (Net) Index” or the “Index”), during the same period. |
| Q | | What key factors were most responsible for the Fund’s performance during the Reporting Period? |
| A | | We use two distinct strategies — a bottom-up stock selection strategy and a top-down country/currency selection strategy — to manage the Fund. These strategies are uncorrelated, that is, they tend to perform independently of each other over time, which enables us to greater diversify the portfolio. Our bottom-up stock selection strategy, which uses fundamental research and stock selection models based on six investment themes, added to relative performance during the Reporting Period. Our country/currency selection strategy detracted from relative returns. |
| Q | | Which investment themes helped and which hurt within the Team’s stock selection strategy? |
| A | | Our bottom-up stock selection strategy contributed positively to relative performance during the Reporting Period. We use a quantitative model and six investment themes to take a long-term view of market patterns and look for inefficiencies, selecting stocks for the Fund and overweighting or underweighting those stocks chosen by the model. Over time and by design, the performance of any one of our model’s investment themes tends to have a low correlation with the model’s other themes, demonstrating the diversification benefit of our theme-driven quantitative model. The variance in performance supports our research indicating that the diversification provided by our different investment themes is a significant investment advantage over the long term, even though the Fund may experience underperformance in the short term. Of course, diversification does not protect an investor from market risk nor does it ensure a profit. |
| | During the Reporting Period, five of our six investment themes added to the Fund’s relative returns. Our best performing theme was Momentum. The Momentum theme seeks to predict drifts in stock prices caused by delayed investor reaction to company-specific information and information about related companies. Sentiment, Valuation, Profitability and Quality also enhanced results. The Sentiment theme reflects selected investment views and decisions of individuals and financial intermediaries. The Valuation theme attempts to capture potential mispricings of securities, typically by comparing a measure of the company’s intrinsic value to its market value. The Profitability theme assesses whether a company is earning more than its cost of capital. The Quality theme seeks to assess both firm and management quality. |
| | The Management theme, which assesses the characteristics, policies and strategic decisions of company management, detracted slightly from relative performance during the Reporting Period. |
| Q | | How did the Fund’s sector and industry allocations affect relative results? |
| A | | In constructing the portfolio, we focus on picking stocks rather than on making sector or industry bets. Consequently, the Fund is similar to the Index in terms of its sector and industry allocations and its style. Changes in its sector or industry weights generally do not have a meaningful impact on relative returns. |
14
PORTFOLIO RESULTS
| Q | | Did stock selection help or hurt Fund performance during the Reporting Period? |
| A | | We seek to outpace the Index by overweighting stocks we expect to outperform and underweighting those we think may lag. At the same time, we strive to maintain a risk profile similar to the Index. The Fund’s investments are selected using fundamental research and a variety of quantitative techniques based on our investment themes. For example, the Fund aims to hold a basket of stocks with better Momentum characteristics than the benchmark. |
| | During the Reporting Period, certain stock positions hurt the Fund’s relative performance. Stock choices in telecommunication services, financial and consumer staples detracted from returns. Investments in the industrials, information technology and consumer discretionary sectors contributed positively. |
| Q | | Which stock positions contributed most to the Fund’s relative returns during the Reporting Period? |
| A | | The Fund benefited from overweight positions in Duerr, a German mechanical and plant engineering firm; Renault, a French vehicle manufacturer; and AMS, an Austrian-headquartered semiconductor maker. We adopted the overweight in Duerr because of our positive views on Valuation and Sentiment, while the overweight in Renault was the result of our positive views on Valuation. The Fund was overweight AMS due to our positive views on Momentum and Sentiment. |
| Q | | Which Fund positions detracted most from results during the Reporting Period? |
| A | | The Fund was hampered by its lack of exposure to Japan-based Toyota Motor; stock exchange Hong Kong Exchanges and Clearing; and Swiss pharmaceutical company Novartis. Our negative views on Momentum led us to underweight Toyota Motor. The underweight in Hong Kong Exchanges and Clearing was due to our negative views on Valuation and Profitability. The Fund was underweight Novartis because of our negative views on Momentum and Sentiment. |
| Q | | What impact did the Team’s country/currency selection strategy have on the Fund’s relative performance during the Reporting Period? |
| A | | Our country/currency selection strategy hurt Fund returns during the Reporting Period. Overweight positions in Norway, Germany and Switzerland detracted from relative performance. The Fund benefited from underweight positions in Australia and Spain as well as from an overweight in Japan. |
| | We made our picks using our proprietary models, which, during the Reporting Period, were based on five investment themes specific to our country/currency strategy — Valuation, Momentum, Risk Premium, Fund Flows and Macro. Valuation favors equity and currency markets that appear cheap relative to accounting measures of value and purchasing power. The Momentum factor favors countries and currencies that have had strong recent outperformance. Risk Premium evaluates whether a country is overcompensating investors for various types of risk, while Fund Flows evaluates the strength of capital market inflows. Finally, Macro assesses a market’s macroeconomic environment and growth prospects. |
| Q | | How did the Fund use derivatives and similar instruments during the Reporting Period? |
| A | | During the Reporting Period, we used financial futures contracts to equitize the Fund’s cash holdings. In other words, we put the Fund’s cash holdings to work by using them as collateral for the purchase of financial futures contracts. |
| Q | | What changes did you make to the Fund’s country weightings during the Reporting Period? |
| A | | During the Reporting Period, we shifted the Fund from underweight positions in Germany and France to overweight positions relative to the Index. We reduced the size of the Fund’s underweight in the U.K., increased the size of its underweight in Australia and decreased the size of its overweight in Finland. In addition, we moved the Fund from an overweight position in Switzerland to an underweight position relative to the Index. |
| Q | | What were the Fund’s sector and country weightings at the end of the Reporting Period? |
| A | | At the end of the Reporting Period, the Fund was overweight the health care, industrials and information technology sectors relative to the Index. Compared to the Index, the Fund was underweight the financials, utilities and energy sectors. The Fund was relatively neutral compared to the Index in the telecommunication services, materials, consumer staples and consumer discretionary sectors at the end of the Reporting Period. |
| | In terms of countries, the Fund was overweight relative to the Index in Japan, the Netherlands, Germany, Denmark and Norway. Compared to the Index, the Fund was underweight in Switzerland, Australia, Spain and Italy. The Fund was relatively neutral compared to the Index in Finland, Hong Kong, Singapore, France, Austria, New Zealand, Portugal, the U.K., Sweden, Ireland, Israel and Belgium at the end of the Reporting Period. |
15
FUND BASICS
International Equity Insights Fund
as of April 30, 2015
| | | | | | | | | | |
| | PERFORMANCE REVIEW | |
| | | November 1, 2014–April 30, 2015 | | Fund Total Return
(based on NAV)1 | | | MSCI® EAFE
(Net) Index2 | |
| | Class A | | | 6.08 | % | | | 6.81 | % |
| | Class C | | | 5.66 | | | | 6.81 | |
| | Institutional | | | 6.29 | | | | 6.81 | |
| | Service | | | 5.95 | | | | 6.81 | |
| | Class IR | | | 6.22 | | | | 6.81 | |
| | | Class R | | | 5.89 | | | | 6.81 | |
| | 1 | | The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges. |
| | 2 | | The unmanaged MSCI® EAFE (Net) Index is a market capitalization-weighted composite of securities in 21 developed markets. As of April 30, 2015, the MSCI® EAFE (Net) Index consists of the following 21 developed countries: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index. |
| | | | | | | | | | | | | | | | | | | | |
| | STANDARDIZED TOTAL RETURNS3 |
| | | For the period ended 3/31/15 | | One Year | | | Five Years | | | Ten Years | | | Since Inception | | | Inception Date |
| | Class A | | | -8.48 | % | | | 3.48 | % | | | 3.39 | % | | | 3.10 | % | | 8/15/97 |
| | Class C | | | -4.79 | | | | 3.90 | | | | 3.21 | | | | 2.78 | | | 8/15/97 |
| | Institutional | | | -2.74 | | | | 5.09 | | | | 4.40 | | | | 3.95 | | | 8/15/97 |
| | Service | | | -3.20 | | | | 4.56 | | | | 3.88 | | | | 3.44 | | | 8/15/97 |
| | Class IR | | | -2.89 | | | | 4.92 | | | | N/A | | | | -1.16 | | | 11/30/07 |
| | | Class R | | | -3.39 | | | | 4.44 | | | | N/A | | | | -1.63 | | | 11/30/07 |
| | 3 | | The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Class IR and Class R Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
16
FUND BASICS
| | | | | | | | | | |
| | EXPENSE RATIOS4 | |
| | | | | Net Expense Ratio (Current) | | | Gross Expense Ratio (Before Waivers) | |
| | Class A | | | 1.25 | % | | | 1.36 | % |
| | Class C | | | 2.00 | | | | 2.11 | |
| | Institutional | | | 0.85 | | | | 0.96 | |
| | Service | | | 1.35 | | | | 1.45 | |
| | Class IR | | | 1.00 | | | | 1.10 | |
| | | Class R | | | 1.50 | | | | 1.61 | |
| | 4 | | The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least February 29, 2016, and prior to such date the investment adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval. |
| | | | | | | | | | |
| | TOP TEN HOLDINGS AS OF 4/30/155 |
| | | Holding | | % of Total
Net Assets | | | Line of Business | | Country |
| | British American Tobacco PLC | | | 2.0 | % | | Food, Beverage & Tobacco | | United Kingdom |
| | Unilever NV CVA | | | 1.8 | | | Food, Beverage & Tobacco | | United Kingdom |
| | HSBC Holdings PLC | | | 1.7 | | | Banks | | United Kingdom |
| | AIA Group Ltd. | | | 1.5 | | | Insurance | | Hong Kong |
| | Allianz SE (Registered) | | | 1.3 | | | Insurance | | Germany |
| | BHP Billiton PLC | | | 1.3 | | | Materials | | Australia |
| | Sanofi | | | 1.3 | | | Pharmaceuticals, Biotechnology &
Life Sciences | | France |
| | Royal Dutch Shell PLC Class A | | | 1.2 | | | Energy | | Netherlands |
| | Deutsche Telekom AG (Registered) | | | 1.2 | | | Telecommunication Services | | Germany |
| | | Vodafone Group PLC ADR | | | 1.2 | | | Telecommunication Services | | United Kingdom |
| | 5 | | The top 10 holdings may not be representative of the Fund’s future investments. |
17
FUND BASICS
| | |
| | FUND VS. BENCHMARK SECTOR ALLOCATIONS6 |
| | | As of April 30, 2015 |
| | 6 | | The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 6.3% of the Fund’s net assets at April 30, 2015. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments |
18
PORTFOLIO RESULTS
Goldman Sachs International Small Cap
Insights Fund
Investment Objective
The Fund seeks long-term growth of capital.
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs International Small Cap Insights Fund’s (the “Fund”) performance and positioning for the six-month period ended April 30, 2015 (the “Reporting Period”).
| Q | | How did the Fund perform during the Reporting Period? |
| A | | During the Reporting Period, the Fund’s Class A, C, Institutional and IR Shares generated cumulative total returns, without sales charges, of 9.26%, 8.79%, 9.37% and 9.37%, respectively. These returns compare to the 10.08% cumulative total return of the Fund’s benchmark, the MSCI® EAFE Small Cap Index (unhedged, with dividends reinvested, net of dividend withholding taxes) (the “MSCI® EAFE Small Cap (Net) Index” or the “Index”), during the same period. |
| Q | | What key factors were most responsible for the Fund’s performance during the Reporting Period? |
| A | | During the Reporting Period, stock selection driven by our quantitative model and five of its six investment themes contributed positively to relative returns, but the Fund underperformed the Index after fees and expenses. During the Reporting Period, certain stock positions detracted from the Fund’s relative performance. |
| Q | | What impact did the Fund’s investment themes have on performance during the Reporting Period? |
| A | | As expected, and in keeping with our investment approach, our quantitative model and six investment themes had the greatest impact on relative performance. We use these themes to take a long-term view of market patterns and look for inefficiencies, selecting stocks for the Fund and overweighting or underweighting those stocks chosen by the model. Over time and by design, the performance of any one of our model’s investment themes tends to have a low correlation with the model’s other themes, demonstrating the diversification benefit of our theme-driven quantitative model. The variance in performance supports our research indicating that the diversification provided by our different investment themes is a significant investment advantage over the long term, even though the Fund may experience underperformance in the short term. Of course, diversification does not protect an investor from market risk nor does it ensure a profit. |
| | During the Reporting Period, five of our six investment themes contributed positively to the Fund’s relative returns. Sentiment was the Fund’s best performing theme. The Sentiment theme reflects selected investment views and decisions of individuals and financial intermediaries. Valuation and Momentum also contributed positively. The Valuation theme attempts to capture potential mispricings of securities, typically by comparing a measure of the company’s intrinsic value to its market value. The Momentum theme seeks to predict drifts in stock prices caused by delayed investor reaction to company-specific information and information about related companies. In addition, Quality and Profitability added value, though to a lesser extent. The Quality theme seeks to assess both firm and management quality. The Profitability theme assesses whether a company is earning more than its cost of capital. |
| | Our Management theme, which assesses the characteristics, policies and strategic decisions of company management, had a rather neutral impact on relative performance during the Reporting Period. |
| Q | | How did the Fund’s sector and industry allocations affect relative results? |
| A | | In constructing the portfolio, we focus on picking stocks rather than on making sector or industry bets. Consequently, the Fund is similar to the Index in terms of its sector and industry allocations and its style. Changes in its sector or industry weights generally do not have a meaningful impact on relative returns. |
19
PORTFOLIO RESULTS
| Q | | Did stock selection help or hurt Fund performance during the Reporting Period? |
| A | | We seek to outpace the Index by overweighting stocks we expect to outperform and underweighting those we think may lag. At the same time, we strive to maintain a risk profile similar to the Index. The Fund’s investments are selected using fundamental research and a variety of quantitative techniques based on our investment themes. For example, the Fund aims to hold a basket of stocks with better Momentum characteristics than the benchmark. |
| | During the Reporting Period, our security selection enhanced relative performance. Investments in the industrials, information technology and consumer discretionary sectors contributed positively. Stock choices in telecommunication services, financials and consumer staples detracted from returns. |
| Q | | Which Fund positions detracted most from results during the Reporting Period? |
| A | | Detracting from relative returns were the Fund’s overweight positions in Portugal Telecom, a telecommunication services provider; Vedanta Resources, a U.K.-headquartered metals and mining company; and Marine Harvest, a Norwegian seafood company. The Fund was overweight Portugal Telecom as a result of our positive views on Valuation and Management. We adopted the overweight in Vedanta Resources based on our positive views on Valuation and Management. The overweight in Marine Harvest was due to our positive views on Momentum and Valuation. (The Fund exited its positions in all three stocks during the Reporting Period.) |
| Q | | Which stock positions contributed most to the Fund’s relative returns during the Reporting Period? |
| A | | The Fund benefited from overweight positions in Duerr, a German mechanical and plant engineering firm; AMS, an Austrian-headquartered semiconductor maker; and JVC Kenwood, a Japanese electronics company. We adopted the overweight in Duerr because of our positive views on Sentiment and Valuation, while the overweight in AMS was due to our positive views on Momentum and Sentiment. Our positive views on Profitability and Quality led to the Fund’s overweight in JVC Kenwood. |
| Q | | What impact did country selection have on the Fund’s relative performance during the Reporting Period? |
| A | | To construct the portfolio, we focus on security selection rather than on making country bets. As a result, the Fund is similar to the Index in terms of its country allocation; changes in its country weightings are generally the result of our stock picking. That said, the Fund benefited during the Reporting Period from its overweights relative to the Index in Japan, Switzerland and Sweden. Compared to the Index, the Fund was hurt by its overweight position in Portugal as well as by its underweights in Finland and Ireland. Security selection in all six countries added to returns. |
| Q | | How did the Fund use derivatives and similar instruments during the Reporting Period? |
| A | | During the Reporting Period, we used financial futures contracts to equitize the Fund’s cash holdings. In other words, we put the Fund’s cash holdings to work by using them as collateral for the purchase of financial futures contracts. |
| Q | | What changes did you make to the Fund’s country weightings during the Reporting Period? |
| A | | During the Reporting Period, we increased the size of the Fund’s overweight positions relative to the Index in Japan and Portugal. In addition, we reduced the size of its overweight in the Netherlands and the size of its underweight in the U.K. We also shifted the Fund from overweight positions in Switzerland and Australia to underweight positions relative to the Index. |
| Q | | What were the Fund’s sector and country weightings at the end of the Reporting Period? |
| A | | At the end of the Reporting Period, the Fund was overweight the consumer discretionary, information technology, health care and materials sectors relative to the Index. Compared to the Index, the Fund was underweight utilities, industrials, energy, financials and telecommunication services. The Fund was relatively neutral compared to the Index in the consumer staples sector at the end of the Reporting Period. |
| | In terms of countries, the Fund was overweight Japan and France relative to the Index. Compared to the Index, the Fund was underweight Singapore, the U.K. and Denmark. The Fund was relatively neutral compared to the Index in Portugal, Italy, Germany, Austria, Sweden, the Netherlands, Norway, Spain, Switzerland, New Zealand, Australia, Hong Kong, Finland, Belgium, Israel and Ireland at the end of the Reporting Period. |
20
FUND BASICS
International Small Cap Insights Fund
as of April 30, 2015
| | | | | | | | | | |
| | PERFORMANCE REVIEW | | | | | | | | |
| | | November 1, 2014–April 30, 2015 | | Fund Total Return
(based on NAV)1 | | | MSCI® EAFE Small Cap
(Net) Index2 | |
| | Class A | | | 9.26 | % | | | 10.08 | % |
| | Class C | | | 8.79 | | | | 10.08 | |
| | Institutional | | | 9.37 | | | | 10.08 | |
| | | Class IR | | | 9.37 | | | | 10.08 | |
| | 1 | | The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charge. |
| | 2 | | The MSCI® EAFE Small Cap (Net) Index (unhedged and net of dividend withholding taxes) is a free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the U.S. and Canada. MSCI selects the most liquid securities across developed markets relative to their market capitalization, and targets for index inclusion 40% of the full market capitalization of the eligible small cap universe within each industry group, within each country. Its returns include net reinvested dividends but, unlike Fund returns, do not reflect the payment of sales commissions or other expenses incurred in the purchase or sale of the securities included in the Index. It is not possible to invest directly in an index. |
| | | | | | | | | | | | | | | | | | |
| | STANDARDIZED TOTAL RETURNS3 | |
| | | For the period ended 3/31/15 | | One Year | | | Five Years | | | Since Inception | | | Inception Date | |
| | Class A | | | -7.98 | % | | | 8.86 | % | | | 2.68 | % | | | 9/28/07 | |
| | Class C | | | -4.20 | | | | 9.29 | | | | 2.73 | | | | 9/28/07 | |
| | Institutional | | | -2.24 | | | | 10.53 | | | | 3.88 | | | | 9/28/07 | |
| | | Class IR | | | -2.37 | | | | N/A | | | | 12.96 | | | | 8/31/10 | |
| | 3 | | The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional and Class IR Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
21
FUND BASICS
| | | | | | | | | | |
| | EXPENSE RATIOS4 | |
| | | | | Net Expense Ratio (Current) | | | Gross Expense Ratio (Before Waivers) | |
| | Class A | | | 1.30 | % | | | 1.39 | % |
| | Class C | | | 2.05 | | | | 2.15 | |
| | Institutional | | | 0.90 | | | | 0.99 | |
| | | Class IR | | | 1.05 | | | | 1.14 | |
| | 4 | | The expense ratios of the Fund, both current (net of applicable fee waivers and/ or expense limitations) and before waivers (gross of applicable fee waivers and/ or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least February 29, 2016, and prior to such date the investment adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval. |
| | | | | | | | | | |
| | TOP TEN HOLDINGS AS OF 4/30/155 |
| | | Holding | | % of Total
Net Assets | | | Line of Business | | Country |
| | Mondi PLC | | | 1.0 | % | | Materials | | South Africa |
| | DS Smith PLC | | | 0.9 | | | Materials | | United Kingdom |
| | Inchcape PLC | | | 0.9 | | | Retailing | | United Kingdom |
| | Catlin Group Ltd. | | | 0.9 | | | Insurance | | Bermuda |
| | ams AG | | | 0.8 | | | Semiconductors &
Semiconductor Equipment | | Austria |
| | Mediaset SpA | | | 0.8 | | | Media | | Italy |
| | Man Group PLC | | | 0.8 | | | Diversified Financials | | United Kingdom |
| | Berkeley Group Holdings PLC | | | 0.8 | | | Consumer Durables & Apparel | | United Kingdom |
| | Dialog Semiconductor PLC | | | 0.8 | | | Semiconductors &
Semiconductor Equipment | | Germany |
| | | Duerr AG | | | 0.8 | | | Capital Goods | | Germany |
| | 5 | | The top 10 holdings may not be representative of the Fund’s future investments. |
22
FUND BASICS
| | |
| | FUND VS. BENCHMARK SECTOR ALLOCATIONS6 |
| | | As of April 30, 2015 |
| | 6 | | The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 7.8% of the Fund’s net assets at April 30, 2015. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. |
23
GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND
Schedule of Investments
April 30, 2015 (Unaudited)
| | | | | | | | |
Shares | | | Description | | Value | |
| | | | | | | | |
| | Common Stocks – 95.5% | |
| | Brazil – 8.6% | |
| | 269,240 | | | Banco Bradesco SA (Banks) | | $ | 2,684,402 | |
| | 108,620 | | | Banco Bradesco SA ADR (Banks) | | | 1,161,148 | |
| | 1,233,700 | | | Banco do Brasil SA (Banks) | | | 10,899,980 | |
| | 23,500 | | | BB Seguridade Participacoes SA (Insurance) | | | 274,938 | |
| | 541,500 | | | BRF SA (Food, Beverage & Tobacco) | | | 11,574,238 | |
| | 35,400 | | | Cosan SA Industria e Comercio (Energy) | | | 346,604 | |
| | 151,200 | | | Fibria Celulose SA (Materials)* | | | 2,120,248 | |
| | 213,200 | | | Grendene SA (Consumer Durables & Apparel) | | | 1,273,702 | |
| | 1,104,920 | | | Itau Unibanco Holding SA ADR (Banks) | | | 14,165,074 | |
| | 440,700 | | | JBS SA (Food, Beverage & Tobacco) | | | 2,273,014 | |
| | 147,500 | | | Odontoprev SA (Health Care Equipment & Services) | | | 514,031 | |
| | 510,000 | | | Telefonica Brasil SA ADR (Telecommunication Services)(a) | | | 8,374,200 | |
| | | | | | | | |
| | | | | | | 55,661,579 | |
| | |
| | China – 24.0% | |
| | 11,535,000 | | | Agricultural Bank of China Ltd. Class H (Banks) | | | 6,493,979 | |
| | 3,648,000 | | | Air China Ltd. Class H (Transportation) | | | 4,399,921 | |
| | 1,221,000 | | | ANTA Sports Products Ltd. (Consumer Durables & Apparel) | | | 2,690,736 | |
| | 25,709,000 | | | Bank of China Ltd. Class H (Banks) | | | 17,615,897 | |
| | 9,203,000 | | | Bank of Communications Co. Ltd. Class H (Banks) | | | 9,433,638 | |
| | 1,274,000 | | | Beijing Capital International Airport Co. Ltd. Class H (Transportation) | | | 1,354,105 | |
| | 11,645,000 | | | China Construction Bank Corp. Class H (Banks) | | | 11,304,206 | |
| | 401,000 | | | China Everbright Bank Co. Ltd. Class H (Banks) | | | 271,695 | |
| | 741,000 | | | China Medical System Holdings Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | | | 1,307,682 | |
| | 6,746,000 | | | China Southern Airlines Co. Ltd. Class H (Transportation) | | | 6,629,396 | |
| | 14,952,000 | | | China Telecom Corp. Ltd. Class H (Telecommunication Services) | | | 11,076,566 | |
| | 6,143,000 | | | Chongqing Rural Commercial Bank Co. Ltd. Class H (Banks) | | | 5,479,632 | |
| | 137,000 | | | CITIC Securities Co. Ltd. Class H (Diversified Financials) | | | 606,896 | |
| | 766,000 | | | Datang International Power Generation Co. Ltd. Class H (Utilities) | | | 448,083 | |
| | 5,840,000 | | | Dongfeng Motor Group Co. Ltd. Class H (Automobiles & Components) | | | 9,702,323 | |
| | |
| | | | | | | | |
| | Common Stocks – (continued) | |
| | China – (continued) | |
| | 510,000 | | | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. Class H (Pharmaceuticals, Biotechnology & Life Sciences) | | $ | 1,950,383 | |
| | 1,379,200 | | | Haitong Securities Co. Ltd. Class H (Diversified Financials) | | | 4,504,599 | |
| | 218,000 | | | Hengan International Group Co. Ltd. (Household & Personal Products) | | | 2,689,450 | |
| | 347,000 | | | Industrial & Commercial Bank of China Ltd. Class H (Banks) | | | 301,009 | |
| | 3,376,500 | | | KWG Property Holding Ltd. (Real Estate) | | | 3,411,603 | |
| | 5,929,000 | | | Metallurgical Corp of China Ltd. Class H (Capital Goods) | | | 3,498,882 | |
| | 30,900 | | | NetEase, Inc. ADR (Software & Services) | | | 3,961,071 | |
| | 4,780,000 | | | PICC Property & Casualty Co. Ltd. Class H (Insurance) | | | 10,590,240 | |
| | 1,556,000 | | | Shenzhen Expressway Co. Ltd. Class H (Transportation) | | | 1,484,383 | |
| | 7,986,000 | | | Sihuan Pharmaceutical Holdings Group Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | | | 4,543,969 | |
| | 590,000 | | | Sinopec Shanghai Petrochemical Co. Ltd. Class H (Materials) | | | 356,449 | |
| | 1,324,000 | | | Sunac China Holdings Ltd. (Real Estate) | | | 1,740,987 | |
| | 936,600 | | | Tencent Holdings Ltd. (Software & Services) | | | 19,330,376 | |
| | 301,000 | | | Travelsky Technology Ltd. Class H (Software & Services) | | | 583,647 | |
| | 107,500 | | | Vipshop Holdings Ltd. ADR (Retailing)* | | | 3,041,175 | |
| | 3,282,000 | | | Zhejiang Expressway Co. Ltd. Class H (Transportation) | | | 5,212,451 | |
| | | | | | | | |
| | | | | | | 156,015,429 | |
| | |
| | Czech Republic – 0.4% | |
| | 10,524 | | | Komercni Banka AS (Banks) | | | 2,346,924 | |
| | |
| | Greece – 0.3% | |
| | 209,744 | | | OPAP SA (Consumer Services) | | | 1,876,471 | |
| | |
| | Hong Kong – 3.0% | |
| | 288,000 | | | China Everbright Ltd. (Diversified Financials) | | | 952,083 | |
| | 2,316,000 | | | China Travel International Investment Hong Kong Ltd. (Consumer Services) | | | 1,031,725 | |
| | 350,000 | | | Far East Horizon Ltd. (Diversified Financials) | | | 369,626 | |
| | 2,886,400 | | | Hua Han Bio-Pharmaceutical Holdings Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | | | 791,492 | |
| | 4,470,000 | | | Huabao International Holdings Ltd. (Materials) | | | 5,020,898 | |
| | |
| | |
| 24 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND
| | | | | | | | |
Shares | | | Description | | Value | |
| | | | | | | | |
| | Common Stocks – (continued) | |
| | Hong Kong – (continued) | |
| | 8,332,000 | | | Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | | $ | 9,512,464 | |
| | 1,952,000 | | | Skyworth Digital Holdings Ltd. (Consumer Durables & Apparel) | | | 1,738,921 | |
| | | | | | | | |
| | | | | | | 19,417,209 | |
| | |
| | Hungary – 0.2% | |
| | 11,421 | | | MOL Hungarian Oil and Gas PLC (Energy) | | | 635,317 | |
| | 29,289 | | | OTP Bank PLC (Banks) | | | 647,645 | |
| | | | | | | | |
| | | | | | | 1,282,962 | |
| | |
| | India – 5.8% | |
| | 11,355 | | | Bajaj Auto Ltd. (Automobiles & Components) | | | 348,010 | |
| | 58,196 | | | Bajaj Holdings & Investment Ltd. (Diversified Financials) | | | 1,184,811 | |
| | 422,981 | | | Bharat Petroleum Corp. Ltd. (Energy) | | | 5,085,994 | |
| | 133,079 | | | Cadila Healthcare Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | | | 3,565,675 | |
| | 6,653 | | | Colgate-Palmolive India Ltd. (Household & Personal Products) | | | 208,036 | |
| | 345,327 | | | Indian Oil Corp. Ltd. (Energy) | | | 1,960,849 | |
| | 414,715 | | | Infosys Ltd. ADR (Software & Services) | | | 12,847,871 | |
| | 382,520 | | | Power Finance Corp. Ltd. (Diversified Financials) | | | 1,596,755 | |
| | 896,073 | | | Rural Electrification Corp. Ltd. (Diversified Financials) | | | 4,390,922 | |
| | 572,666 | | | Tata Motors Ltd. Class A (Automobiles & Components) | | | 2,798,272 | |
| | 468,717 | | | UPL Ltd. (Materials) | | | 3,617,280 | |
| | | | | | | | |
| | | | | | | 37,604,475 | |
| | |
| | Indonesia – 1.4% | |
| | 18,411,800 | | | PT Bank Negara Indonesia (Persero) Tbk (Banks) | | | 9,086,534 | |
| | |
| | Malaysia – 0.3% | |
| | 31,900 | | | British American Tobacco Malaysia Bhd (Food, Beverage & Tobacco) | | | 598,824 | |
| | 383,600 | | | DiGi.Com Bhd (Telecommunication Services) | | | 646,693 | |
| | 94,900 | | | Tenaga Nasional Bhd (Utilities) | | | 381,948 | |
| | | | | | | | |
| | | | | | | 1,627,465 | |
| | |
| | Mexico – 6.2% | |
| | 585,015 | | | America Movil SAB de CV Class L ADR (Telecommunication Services) | | | 12,220,963 | |
| | 75,200 | | | El Puerto de Liverpool SAB de CV (Retailing)* | | | 826,063 | |
| | 721,400 | | | Gruma SAB de CV Class B (Food, Beverage & Tobacco) | | | 8,698,461 | |
| | |
| | | | | | | | |
| | Common Stocks – (continued) | |
| | Mexico – (continued) | |
| | 66,060 | | | Grupo Aeroportuario del Pacifico SAB de CV ADR (Transportation) | | $ | 4,693,563 | |
| | 67,521 | | | Grupo Aeroportuario del Sureste SAB de CV ADR (Transportation)* | | | 9,761,511 | |
| | 1,861,400 | | | Wal-Mart de Mexico SAB de CV (Food & Staples Retailing) | | | 4,396,893 | |
| | | | | | | | |
| | | | | | | 40,597,454 | |
| | |
| | Peru – 1.3% | |
| | 54,291 | | | Credicorp Ltd. (Banks) | | | 8,282,092 | |
| | |
| | Poland – 0.6% | |
| | 33,481 | | | KGHM Polska Miedz SA (Materials) | | | 1,173,928 | |
| | 81,980 | | | Polski Koncern Naftowy Orlen SA (Energy) | | | 1,556,929 | |
| | 670,057 | | | Polskie Gornictwo Naftowe i Gazownictwo SA (Energy) | | | 1,208,588 | |
| | | | | | | | |
| | | | | | | 3,939,445 | |
| | |
| | Qatar – 0.1% | |
| | 16,849 | | | Qatar National Bank SAQ (Banks) | | | 914,039 | |
| | |
| | Russia – 4.1% | |
| | 1,279,565 | | | OAO Gazprom ADR (Energy) | | | 7,496,910 | |
| | 111,185 | | | OAO Lukoil ADR (Energy) | | | 5,687,726 | |
| | 65,235 | | | OAO Tatneft ADR (Energy) | | | 2,237,700 | |
| | 578,690 | | | OJSC MMC Norilsk Nickel ADR (Materials) | | | 10,901,097 | |
| | | | | | | | |
| | | | | | | 26,323,433 | |
| | |
| | South Africa – 5.3% | |
| | 30,087 | | | Barclays Africa Group Ltd. (Banks) | | | 481,936 | |
| | 181,948 | | | Clicks Group Ltd. (Food & Staples Retailing) | | | 1,394,388 | |
| | 2,296,719 | | | FirstRand Ltd. (Diversified Financials) | | | 10,971,649 | |
| | 276,631 | | | Investec Ltd. (Diversified Financials) | | | 2,630,365 | |
| | 612,603 | | | Life Healthcare Group Holdings Ltd. (Health Care Equipment & Services) | | | 2,103,956 | |
| | 479,544 | | | MMI Holdings Ltd. (Insurance) | | | 1,364,511 | |
| | 269,014 | | | Mondi Ltd. (Materials) | | | 5,424,564 | |
| | 26,231 | | | Nedbank Group Ltd. (Banks) | | | 566,574 | |
| | 835,371 | | | Netcare Ltd. (Health Care Equipment & Services) | | | 2,922,310 | |
| | 73,167 | | | Rand Merchant Insurance Holdings Ltd. (Insurance) | | | 287,738 | |
| | 255,394 | | | Standard Bank Group Ltd. (Banks) | | | 3,743,548 | |
| | 568,608 | | | Super Group Ltd. (Retailing)* | | | 1,720,223 | |
| | 75,170 | | | The Foschini Group Ltd. (Retailing) | | | 1,113,003 | |
| | | | | | | | |
| | | | | | | 34,724,765 | |
| | |
| | South Korea – 15.5% | |
| | 5,043 | | | AK Holdings, Inc. (Materials) | | | 400,400 | |
| | 3,175 | | | Amorepacific Corp. (Household & Personal Products) | | | 11,503,451 | |
| | 6,857 | | | AMOREPACIFIC Group (Household & Personal Products) | | | 10,426,222 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 25 |
GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND
Schedule of Investments (continued)
April 30, 2015 (Unaudited)
| | | | | | | | |
Shares | | | Description | | Value | |
| | | | | | | | |
| | Common Stocks – (continued) | |
| | South Korea – (continued) | |
| | 416,738 | | | Asiana Airlines, Inc. (Transportation)* | | $ | 2,991,536 | |
| | 16,577 | | | Bukwang Pharmaceutical Co. Ltd (Pharmaceuticals, Biotechnology & Life Sciences) | | | 380,813 | |
| | 20,476 | | | GOLFZONYUWONHOLDINGS Co. Ltd. (Retailing) | | | 252,419 | |
| | 9,123 | | | Hanjin Transportation Co. Ltd. (Transportation) | | | 516,593 | |
| | 8,069 | | | Hansae Co. Ltd. (Consumer Durables & Apparel) | | | 309,273 | |
| | 4,626 | | | Hanssem Co. Ltd. (Consumer Durables & Apparel) | | | 853,638 | |
| | 9,850 | | | Huchems Fine Chemical Corp. (Materials) | | | 243,299 | |
| | 14,337 | | | Hyosung Corp. (Materials) | | | 1,585,792 | |
| | 47,249 | | | Hyundai Development Co. – Engineering & Construction (Capital Goods) | | | 2,515,066 | |
| | 115,998 | | | Korea Electric Power Corp. (Utilities) | | | 5,044,050 | |
| | 62,449 | | | Korea Investment Holdings Co. Ltd. (Diversified Financials) | | | 3,998,435 | |
| | 176,503 | | | Korea Real Estate Investment & Trust Co. Ltd. (REIT) | | | 531,226 | |
| | 207,244 | | | Kwang Dong Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | | | 3,189,663 | |
| | 6,063 | | | LG Hausys Ltd. (Capital Goods) | | | 942,398 | |
| | 13,148 | | | LG Household & Health Care Ltd. (Household & Personal Products) | | | 9,664,761 | |
| | 33,065 | | | Macquarie Korea Infrastructure Fund (Diversified Financials) | | | 243,978 | |
| | 10,618 | | | Medy-Tox, Inc. (Pharmaceuticals, Biotechnology & Life Sciences) | | | 3,670,673 | |
| | 475,230 | | | Meritz Securities Co. Ltd. (Diversified Financials) | | | 2,777,932 | |
| | 156,734 | | | Mirae Asset Securities Co. Ltd. (Diversified Financials) | | | 8,644,738 | |
| | 12,380 | | | Samsung Electronics Co. Ltd. (Technology Hardware & Equipment) | | | 16,240,751 | |
| | 8,455 | | | Samyang Holdings Corp. (Food, Beverage & Tobacco) | | | 803,587 | |
| | 246,787 | | | SK Hynix, Inc. (Semiconductors & Semiconductor Equipment) | | | 10,558,804 | |
| | 30,025 | | | S-Oil Corp. (Energy) | | | 2,045,730 | |
| | 342,996 | | | Tongyang, Inc. (Materials)* | | | 455,942 | |
| | | | | | | | |
| | | | | | | 100,791,170 | |
| | |
| | Taiwan – 11.9% | |
| | 5,954,000 | | | Advanced Semiconductor Engineering, Inc. (Semiconductors & Semiconductor Equipment) | | | 8,443,515 | |
| | 2,784,000 | | | Cathay Financial Holding Co. Ltd. (Insurance) | | | 4,863,719 | |
| | |
| | | | | | | | |
| | Common Stocks – (continued) | |
| | Taiwan – (continued) | |
| | 94,000 | | | Elite Advanced Laser Corp. (Semiconductors & Semiconductor Equipment) | | $ | 407,776 | |
| | 2,117,000 | | | Elite Material Co. Ltd. (Technology Hardware & Equipment) | | | 3,529,183 | |
| | 414,000 | | | Elite Semiconductor Memory Technology, Inc. (Semiconductors & Semiconductor Equipment) | | | 580,614 | |
| | 5,499,000 | | | Fubon Financial Holding Co. Ltd. (Diversified Financials) | | | 11,825,913 | |
| | 142,000 | | | Grape King Bio Ltd. (Household & Personal Products) | | | 773,598 | |
| | 213,000 | | | Highwealth Construction Corp. (Real Estate) | | | 555,630 | |
| | 3,489,120 | | | Hon Hai Precision Industry Co. Ltd. (Technology Hardware & Equipment) | | | 10,454,966 | |
| | 552,000 | | | Nien Hsing Textile Co. Ltd. (Consumer Durables & Apparel) | | | 516,656 | |
| | 274,000 | | | Novatek Microelectronics Corp. (Semiconductors & Semiconductor Equipment) | | | 1,432,098 | |
| | 5,822,000 | | | Siliconware Precision Industries Co. Ltd. (Semiconductors & Semiconductor Equipment) | | | 9,564,415 | |
| | 376,000 | | | Simplo Technology Co. Ltd. (Technology Hardware & Equipment) | | | 1,860,933 | |
| | 273,000 | | | Sitronix Technology Corp. (Semiconductors & Semiconductor Equipment) | | | 984,813 | |
| | 247,000 | | | Soft-World International Corp. (Software & Services) | | | 702,355 | |
| | 643,000 | | | Taiwan Paiho Ltd. (Consumer Durables & Apparel) | | | 1,745,883 | |
| | 136,000 | | | Taiwan PCB Techvest Co. Ltd. (Technology Hardware & Equipment) | | | 221,014 | |
| | 621,400 | | | Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Semiconductors & Semiconductor Equipment) | | | 15,187,016 | |
| | 1,169,000 | | | TXC Corp. (Technology Hardware & Equipment) | | | 1,517,322 | |
| | 401,000 | | | United Integrated Services Co. Ltd. (Capital Goods) | | | 464,809 | |
| | 1,640,000 | | | Wan Hai Lines Ltd. (Transportation) | | | 1,818,376 | |
| | | | | | | | |
| | | | | | | 77,450,604 | |
| | |
| | Thailand – 1.8% | |
| | 770,100 | | | Airports of Thailand PCL (Transportation) | | | 6,752,075 | |
| | 245,800 | | | Delta Electronics Thailand PCL (Technology Hardware & Equipment) | | | 620,714 | |
| | |
| | |
| 26 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND
| | | | | | | | |
Shares | | | Description | | Value | |
| | | | | | | | |
| | Common Stocks – (continued) | |
| | Thailand – (continued) | |
| | 394,800 | | | PTT PCL (Energy) | | $ | 4,256,759 | |
| | | | | | | | |
| | | | | | | 11,629,548 | |
| | |
| | Turkey – 4.7% | |
| | 688,048 | | | Akbank TAS (Banks) | | | 2,004,657 | |
| | 78,459 | | | Aksa Akrilik Kimya Sanayii AS (Consumer Durables & Apparel) | | | 316,888 | |
| | 4,894,839 | | | Eregli Demir ve Celik Fabrikalari TAS (Materials) | | | 8,260,120 | |
| | 318,480 | | | TAV Havalimanlari Holding AS (Transportation)* | | | 2,800,038 | |
| | 692,557 | | | Tofas Turk Otomobil Fabrikasi AS (Automobiles & Components) | | | 4,244,312 | |
| | 322,046 | | | Tupras Turkiye Petrol Rafinerileri AS (Energy)* | | | 7,822,379 | |
| | 1,552,441 | | | Turk Hava Yollari AO (Transportation)* | | | 5,149,796 | |
| | | | | | | | |
| | | | | | | 30,598,190 | |
| | |
| | TOTAL COMMON STOCKS | |
| | (Cost $533,207,371) | | $ | 620,169,788 | |
| | |
| | | | | | | | |
| | Preferred Stocks – 0.9% | |
| | Brazil – 0.2% | |
| | 73,500 | | | Itau Unibanco Holding SA (Banks) | | $ | 939,928 | |
| | |
| | South Korea – 0.7% | |
| | 2,621 | | | Hyundai Motor Co. (Automobiles & Components) | | | 297,194 | |
| | 2,457 | | | LG Household & Health Care Ltd. (Household & Personal Products) | | | 822,099 | |
| | 3,528 | | | Samsung Electronics Co. Ltd. (Technology Hardware & Equipment) | | | 3,579,833 | |
| | | | | | | | |
| | | | | | | 4,699,126 | |
| | |
| | TOTAL PREFERRED STOCKS | |
| | (Cost $4,126,063) | | $ | 5,639,054 | |
| | |
| | | | | | | | |
| | Exchange Traded Fund(a) – 1.6% | |
| | United States – 1.6% | |
| | 239,108 | | | Vanguard FTSE Emerging Markets Fund | | | | |
| | (Cost $9,484,530) | | $ | 10,489,668 | |
| | |
| | | | | | | | | | | | |
| Units | | | Description | | Expiration
Month | | | Value | |
| | Right* – 0.0% | |
| | India – 0.0% | |
| | 42,753 | | | Tata Motors Ltd., Class A (Automobiles & Components) | | | 05/15 | | | | | |
| | (Cost $0) | | | | | | | | | $ | 26,494 | |
| | |
| | | | | | | | | | | | |
| | Warrant* – 0.0% | |
| | Thailand – 0.0% | |
| | 1,567,600 | | | BTS Group Holdings PCL (Transportation) | | | 11/18 | | | | | |
| | (Cost $0) | | | | | | $ | 52,784 | |
| | |
| TOTAL INVESTMENTS BEFORE SECURITIES
LENDING REINVESTMENT VEHICLE |
| | | | |
| | (Cost $546,817,964) | | | | | | $ | 636,377,788 | |
| | |
| | | | | | | | |
Shares | | | Distribution Rate | | Value | |
| | Securities Lending Reinvestment Vehicle(b)(c) – 1.5% | |
| Goldman Sachs Financial Square Money Market Fund – FST
Shares |
|
| | 9,827,275 | | | 0.111% | | | | |
| | (Cost $9,827,275) | | $ | 9,827,275 | |
| | |
| | TOTAL INVESTMENTS – 99.5% | |
| | (Cost $556,645,239) | | $ | 646,205,063 | |
| | |
| OTHER ASSETS IN EXCESS OF
LIABILITIES – 0.5% | | | 3,382,956 | |
| | |
| | NET ASSETS – 100.0% | | $ | 649,588,019 | |
| | |
| | |
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
* | | Non-income producing security. |
(a) | | All or a portion of security is on loan. |
(b) | | Represents an affiliated issuer. |
(c) | | Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on April 30, 2015. |
| | |
|
Investment Abbreviations: |
ADR | | —American Depositary Receipt |
REIT | | —Real Estate Investment Trust |
|
| | |
| The accompanying notes are an integral part of these financial statements. | | 27 |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND
Schedule of Investments
April 30, 2015 (Unaudited)
| | | | | | | | |
Shares | | | Description | | Value | |
| | | | | | | | |
| | Common Stocks – 96.8% | |
| | Australia – 3.8% | |
| | 226,286 | | | Australian Pharmaceutical Industries Ltd. (Health Care Equipment & Services) | | $ | 299,945 | |
| | 437,917 | | | BHP Billiton PLC (Materials) | | | 10,525,985 | |
| | 181,032 | | | Caltex Australia Ltd. (Energy) | | | 5,048,960 | |
| | 98,131 | | | Domino’s Pizza Enterprises Ltd. (Consumer Services) | | | 2,824,280 | |
| | 37,327 | | | nib holdings Ltd. (Insurance) | | | 107,622 | |
| | 330,409 | | | Northern Star Resources Ltd. (Materials) | | | 587,601 | |
| | 1,386,037 | | | Qantas Airways Ltd. (Transportation)* | | | 3,704,792 | |
| | 7,752 | | | Ramsay Health Care Ltd. (Health Care Equipment & Services) | | | 382,144 | |
| | 342,259 | | | Treasury Wine Estates Ltd. (Food, Beverage & Tobacco) | | | 1,501,067 | |
| | 187,790 | | | Woodside Petroleum Ltd. (Energy) | | | 5,178,724 | |
| | | | | | | | |
| | | | | | | 30,161,120 | |
| | |
| | Austria – 0.8% | |
| | 89,084 | | | ams AG (Semiconductors & Semiconductor Equipment) | | | 4,843,263 | |
| | 1,778 | | | Lenzing AG (Materials) | | | 121,144 | |
| | 37,501 | | | OMV AG (Energy) | | | 1,248,170 | |
| | 4,060 | | | Strabag SE (Capital Goods) | | | 95,005 | |
| | | | | | | | |
| | | | | | | 6,307,582 | |
| | |
| | Belgium – 0.5% | |
| | 50,159 | | | Delhaize Group SA (Food & Staples Retailing) | | | 4,037,819 | |
| | |
| | Denmark – 3.1% | |
| | 2,348 | | | A.P. Moeller—Maersk A/S Class A (Transportation) | | | 4,526,701 | |
| | 2,984 | | | A.P. Moller—Maersk A/S Class B (Transportation) | | | 5,922,000 | |
| | 26,539 | | | NKT Holding A/S (Capital Goods) | | | 1,684,166 | |
| | 165,242 | | | Novo Nordisk A/S Class B (Pharmaceuticals, Biotechnology & Life Sciences) | | | 9,276,797 | |
| | 64,061 | | | Vestas Wind Systems A/S (Capital Goods) | | | 2,905,644 | |
| | | | | | | | |
| | | | | | | 24,315,308 | |
| | |
| | Finland – 1.5% | |
| | 32,441 | | | Huhtamaki OYJ (Materials) | | | 1,037,066 | |
| | 4,297 | | | Kesko OYJ Class B (Food & Staples Retailing) | | | 175,570 | |
| | 73,023 | | | Metsa Board OYJ Class B (Materials) | | | 431,458 | |
| | 89,667 | | | Orion OYJ Class B (Pharmaceuticals, Biotechnology & Life Sciences) | | | 2,932,026 | |
| | 396,481 | | | UPM-Kymmene OYJ (Materials) | | | 7,174,151 | |
| | | | | | | | |
| | | | | | | 11,750,271 | |
| | |
| | | | | | | | |
| | Common Stocks – (continued) | |
| | France – 9.4% | |
| | 4,521 | | | Alten SA (Software & Services) | | $ | 220,682 | |
| | 27,591 | | | Arkema SA (Materials) | | | 2,220,338 | |
| | 127,938 | | | BNP Paribas SA (Banks) | | | 8,079,453 | |
| | 33,566 | | | Cie Generale des Etablissements Michelin Class B (Automobiles & Components) | | | 3,743,141 | |
| | 234,957 | | | Credit Agricole SA (Banks) | | | 3,655,546 | |
| | 43,169 | | | Fonciere Des Regions (REIT)(a) | | | 4,086,744 | |
| | 41,399 | | | Havas SA (Media) | | | 345,299 | |
| | 53,279 | | | Klepierre (REIT) | | | 2,584,333 | |
| | 12,419 | | | L’Oreal SA (Household & Personal Products)*(a) | | | 2,370,053 | |
| | 12,144 | | | Metropole Television SA (Media) | | | 253,455 | |
| | 514,735 | | | Orange SA (Telecommunication Services) | | | 8,478,370 | |
| | 36,541 | | | Peugeot SA (Automobiles & Components)* | | | 690,830 | |
| | 46,485 | | | Plastic Omnium SA (Automobiles & Components) | | | 1,294,441 | |
| | 71,080 | | | Renault SA (Automobiles & Components) | | | 7,478,874 | |
| | 92,870 | | | Safran SA (Capital Goods)(a) | | | 6,785,765 | |
| | 100,533 | | | Sanofi (Pharmaceuticals, Biotechnology & Life Sciences) | | | 10,233,305 | |
| | 142,574 | | | SCOR SE (Insurance)(a) | | | 5,131,489 | |
| | 2,396 | | | Societe BIC SA (Commercial & Professional Services) | | | 409,312 | |
| | 104,364 | | | Technicolor SA (Registered) (Media)* | | | 708,063 | |
| | 34,338 | | | Valeo SA (Automobiles & Components) | | | 5,505,059 | |
| | | | | | | | |
| | | | | | | 74,274,552 | |
| | |
| | Germany – 10.9% | |
| | 62,490 | | | Allianz SE (Registered) (Insurance)(a) | | | 10,636,719 | |
| | 40,061 | | | Axel Springer SE (Media) | | | 2,234,931 | |
| | 48,408 | | | BASF SE (Materials)(a) | | | 4,809,239 | |
| | 40,207 | | | Bayerische Motoren Werke AG (Automobiles & Components) | | | 4,743,004 | |
| | 62,425 | | | Beiersdorf AG (Household & Personal Products) | | | 5,430,083 | |
| | 19,247 | | | Deutsche Post AG (Registered) (Transportation) | | | 633,770 | |
| | 519,536 | | | Deutsche Telekom AG (Registered) (Telecommunication Services) | | | 9,549,410 | |
| | 182,833 | | | Dialog Semiconductor PLC (Semiconductors & Semiconductor Equipment)* | | | 8,243,736 | |
| | 41,403 | | | Duerr AG (Capital Goods) | | | 4,237,915 | |
| | 112,280 | | | Fresenius SE & Co. KGaA (Health Care Equipment & Services) | | | 6,679,867 | |
| | 18,965 | | | Gerresheimer AG (Pharmaceuticals, Biotechnology & Life Sciences) | | | 1,073,357 | |
| | 21,871 | | | Grammer AG (Automobiles & Components) | | | 839,980 | |
| | |
| | |
| 28 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND
| | | | | | | | |
Shares | | | Description | | Value | |
| | | | | | | | |
| | Common Stocks – (continued) | |
| | Germany – (continued) | |
| | 12,687 | | | Hamburger Hafen und Logistik AG (Transportation) | | $ | 279,823 | |
| | 49,227 | | | Hannover Rueck SE (Insurance)(a) | | | 5,003,961 | |
| | 11,677 | | | Hochtief AG (Capital Goods)(a) | | | 902,245 | |
| | 21,436 | | | K+S AG (Registered) (Materials) | | | 698,802 | |
| | 21,916 | | | Merck KGaA (Pharmaceuticals, Biotechnology & Life Sciences) | | | 2,362,657 | |
| | 32,732 | | | Muenchener Rueckversicherungs-Gesellschaft AG (Registered) (Insurance) | | | 6,389,206 | |
| | 57,373 | | | Nordex SE (Capital Goods)* | | | 1,227,991 | |
| | 84,994 | | | ProSiebenSat.1 Media AG (Registered) (Media) | | | 4,345,505 | |
| | 121,355 | | | Rhoen Klinikum AG (Health Care Equipment & Services) | | | 3,359,738 | |
| | 14,494 | | | Siemens AG (Registered) (Capital Goods) | | | 1,576,685 | |
| | 27,874 | | | Software AG (Software & Services) | | | 804,689 | |
| | 2,621 | | | United Internet AG (Registered) (Software & Services) | | | 117,182 | |
| | | | | | | | |
| | | | | | | 86,180,495 | |
| | |
| | Hong Kong – 3.8% | |
| | 1,798,400 | | | AIA Group Ltd. (Insurance) | | | 11,960,224 | |
| | 195,000 | | | Cathay Pacific Airways Ltd. (Transportation) | | | 502,135 | |
| | 5,498,000 | | | China Travel International Investment Hong Kong Ltd. (Consumer Services) | | | 2,449,234 | |
| | 239,000 | | | Hang Lung Properties Ltd. (Real Estate) | | | 807,955 | |
| | 148,900 | | | Hongkong Land Holdings Ltd. (Real Estate) | | | 1,206,090 | |
| | 309,000 | | | Hutchison Whampoa Ltd. (Capital Goods) | | | 4,542,831 | |
| | 31,700 | | | Jardine Strategic Holdings Ltd. (Capital Goods) | | | 1,087,865 | |
| | 90,600 | | | Swire Properties Ltd. (Real Estate) | | | 311,261 | |
| | 1,762,000 | | | The United Laboratories International Holdings Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)* | | | 1,188,682 | |
| | 500,000 | | | Wheelock & Co. Ltd. (Real Estate) | | | 2,815,465 | |
| | 851,000 | | | Yue Yuen Industrial Holdings Ltd. (Consumer Durables & Apparel) | | | 3,233,541 | |
| | | | | | | | |
| | | | | | | 30,105,283 | |
| | |
| | Ireland – 0.4% | |
| | 489,992 | | | Beazley PLC (Insurance) | | | 2,107,252 | |
| | 10,591 | | | Shire PLC (Pharmaceuticals, Biotechnology & Life Sciences) | | | 860,663 | |
| | 834 | | | Shire PLC ADR (Pharmaceuticals, Biotechnology & Life Sciences) | | | 203,088 | |
| | | | | | | | |
| | | | | | | 3,171,003 | |
| | |
| | | | | | | | |
| | Common Stocks – (continued) | |
| | Italy – 0.7% | |
| | 519,710 | | | Enel SpA (Utilities) | | $ | 2,463,396 | |
| | 74,894 | | | ERG SpA (Energy) | | | 1,078,935 | |
| | 335,473 | | | Mediaset SpA (Media)* | | | 1,724,202 | |
| | | | | | | | |
| | | | | | | 5,266,533 | |
| | |
| | Japan – 25.8% | |
| | 99,400 | | | Accordia Golf Co. Ltd. (Consumer Services) | | | 1,010,961 | |
| | 15,600 | | | Aderans Co. Ltd. (Household & Personal Products) | | | 147,124 | |
| | 125,100 | | | Alfresa Holdings Corp. (Health Care Equipment & Services) | | | 1,874,837 | |
| | 58,200 | | | Alpine Electronics, Inc. (Consumer Durables & Apparel) | | | 1,182,701 | |
| | 296,300 | | | Amada Holdings Co. Ltd. (Capital Goods) | | | 2,990,038 | |
| | 569,700 | | | Astellas Pharma, Inc. (Pharmaceuticals, Biotechnology & Life Sciences) | | | 8,870,627 | |
| | 5,700 | | | Avex Group Holdings, Inc. (Media) | | | 87,972 | |
| | 287,400 | | | Brother Industries Ltd. (Technology Hardware & Equipment) | | | 4,572,664 | |
| | 68,200 | | | Chubu Electric Power Co., Inc. (Utilities) | | | 903,963 | |
| | 17,700 | | | COMSYS Holdings Corp. (Capital Goods) | | | 246,592 | |
| | 406,800 | | | Daiichi Sankyo Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | | | 7,065,586 | |
| | 206,000 | | | Daiwa House Industry Co. Ltd. (Real Estate) | | | 4,598,955 | |
| | 782,000 | | | Daiwa Securities Group, Inc. (Diversified Financials) | | | 6,487,329 | |
| | 35,400 | | | DCM Holdings Co. Ltd. (Retailing) | | | 295,222 | |
| | 157,100 | | | Fuji Heavy Industries Ltd. (Automobiles & Components) | | | 5,253,427 | |
| | 122,200 | | | Fuji Media Holdings, Inc. (Media) | | | 1,710,767 | |
| | 107,400 | | | FUJIFILM Holdings Corp. (Technology Hardware & Equipment) | | | 4,045,438 | |
| | 88,500 | | | Gree, Inc. (Software & Services)(a) | | | 571,398 | |
| | 35,900 | | | H2O Retailing Corp. (Retailing) | | | 645,939 | |
| | 11,100 | | | Heiwa Corp. (Consumer Durables & Apparel) | | | 231,429 | |
| | 23,000 | | | Hisamitsu Pharmaceutical Co., Inc. (Pharmaceuticals, Biotechnology & Life Sciences) | | | 991,161 | |
| | 34,300 | | | Hokuriku Electric Power Co. (Utilities) | | | 507,080 | |
| | 281,700 | | | Ibiden Co. Ltd. (Technology Hardware & Equipment) | | | 4,926,828 | |
| | 525,500 | | | ITOCHU Corp. (Capital Goods) | | | 6,470,520 | |
| | 125,900 | | | Japan Airlines Co. Ltd. (Transportation) | | | 4,197,782 | |
| | 167,200 | | | JTEKT Corp. (Capital Goods) | | | 2,847,701 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 29 |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND
Schedule of Investments (continued)
April 30, 2015 (Unaudited)
| | | | | | | | |
Shares | | | Description | | Value | |
| | | | | | | | |
| | Common Stocks – (continued) | |
| | Japan – (continued) | |
| | 580,400 | | | JX Holdings, Inc. (Energy) | | $ | 2,527,458 | |
| | 1,648,000 | | | Kawasaki Kisen Kaisha Ltd. (Transportation) | | | 4,256,971 | |
| | 197,200 | | | KDDI Corp. (Telecommunication Services) | | | 4,666,214 | |
| | 12,700 | | | Kokuyo Co. Ltd. (Commercial & Professional Services) | | | 116,010 | |
| | 47,000 | | | Kureha Corp. (Materials) | | | 215,101 | |
| | 22,100 | | | KYORIN Holdings, Inc. (Pharmaceuticals, Biotechnology & Life Sciences) | | | 508,340 | |
| | 55,500 | | | Medipal Holdings Corp. (Health Care Equipment & Services) | | | 757,159 | |
| | 509,000 | | | Mitsubishi Electric Corp. (Capital Goods) | | | 6,647,392 | |
| | 965,000 | | | Mitsubishi Gas Chemical Co., Inc. (Materials) | | | 5,392,210 | |
| | 1,060,000 | | | Mitsubishi Heavy Industries Ltd. (Capital Goods) | | | 5,873,166 | |
| | 286,300 | | | Mitsubishi Tanabe Pharma Corp. (Pharmaceuticals, Biotechnology & Life Sciences) | | | 4,871,427 | |
| | 61,400 | | | Mitsubishi UFJ Lease & Finance Co. Ltd. (Diversified Financials) | | | 329,367 | |
| | 392,600 | | | Mitsui & Co. Ltd. (Capital Goods) | | | 5,490,954 | |
| | 3,994,300 | | | Mizuho Financial Group, Inc. (Banks) | | | 7,614,258 | |
| | 77,000 | | | MS&AD Insurance Group Holdings, Inc. (Insurance) | | | 2,203,513 | |
| | 33,600 | | | NET One Systems Co. Ltd. (Software & Services) | | | 241,312 | |
| | 197,000 | | | Nexon Co. Ltd. (Software & Services) | | | 2,512,752 | |
| | 15,000 | | | NH Foods Ltd. (Food, Beverage & Tobacco) | | | 327,728 | |
| | 40,300 | | | Nikon Corp. (Consumer Durables & Apparel) | | | 573,005 | |
| | 448,000 | | | Nippon Electric Glass Co. Ltd. (Technology Hardware & Equipment) | | | 2,547,630 | |
| | 146,400 | | | Nippon Paper Industries Co. Ltd. (Materials)(a) | | | 2,552,935 | |
| | 1,114,000 | | | Nippon Steel & Sumitomo Metal Corp. (Materials) | | | 2,897,755 | |
| | 27,600 | | | Nippon Suisan Kaisha Ltd. (Food, Beverage & Tobacco) | | | 83,790 | |
| | 54,800 | | | Nippon Telegraph & Telephone Corp. (Telecommunication Services) | | | 3,700,370 | |
| | 9,600 | | | Nippon Television Holdings, Inc. (Media) | | | 165,541 | |
| | 5,100 | | | Nitto Kogyo Corp. (Capital Goods) | | | 92,323 | |
| | 1,021,500 | | | Nomura Holdings, Inc. (Diversified Financials) | | | 6,626,899 | |
| | 28,900 | | | NTT DOCOMO, Inc. (Telecommunication Services) | | | 511,891 | |
| | |
| | | | | | | | |
| | Common Stocks – (continued) | |
| | Japan – (continued) | |
| | 528,500 | | | ORIX Corp. (Diversified Financials) | | $ | 8,127,485 | |
| | 164,800 | | | Otsuka Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | | | 5,201,837 | |
| | 10,500 | | | Paltac Corp. (Retailing) | | | 150,441 | |
| | 559,200 | | | Panasonic Corp. (Consumer Durables & Apparel) | | | 8,009,909 | |
| | 16,100 | | | Parco Co. Ltd. (Retailing) | | | 152,538 | |
| | 24,300 | | | Rohm Co. Ltd. (Semiconductors & Semiconductor Equipment) | | | 1,685,564 | |
| | 29,700 | | | SoftBank Corp. (Telecommunication Services) | | | 1,856,557 | |
| | 17,900 | | | Sompo Japan Nipponkoa Holdings, Inc. (Insurance) | | | 584,790 | |
| | 435,000 | | | Sumitomo Dainippon Pharma Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | | | 4,915,052 | |
| | 195,700 | | | Sumitomo Mitsui Financial Group, Inc. (Banks) | | | 8,545,162 | |
| | 172,000 | | | T&D Holdings, Inc. (Insurance) | | | 2,481,924 | |
| | 10,400 | | | Taisho Pharmaceutical Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | | | 730,855 | |
| | 43,000 | | | The Chugoku Electric Power Co., Inc. (Utilities) | | | 631,298 | |
| | 183,100 | | | The Dai-ichi Life Insurance Co. Ltd. (Insurance) | | | 3,009,413 | |
| | 15,900 | | | Tohoku Electric Power Co., Inc. (Utilities) | | | 200,018 | |
| | 164,700 | | | Tokio Marine Holdings, Inc. (Insurance) | | | 6,714,112 | |
| | 402,000 | | | Toko, Inc. (Technology Hardware & Equipment)(a) | | | 1,192,356 | |
| | 92,000 | | | Tokyo Tatemono Co. Ltd. (Real Estate) | | | 667,060 | |
| | 8,600 | | | Toppan Forms Co. Ltd. (Commercial & Professional Services) | | | 103,081 | |
| | 243,000 | | | Toppan Printing Co. Ltd. (Commercial & Professional Services) | | | 2,037,395 | |
| | 33,100 | | | Wacom Co. Ltd. (Technology Hardware & Equipment)(a) | | | 171,621 | |
| | 13,400 | | | Yamaha Motor Co. Ltd. (Automobiles & Components) | | | 315,331 | |
| | | | | | | | |
| | | | | | | 204,521,311 | |
| | |
| | Netherlands – 6.0% | |
| | 104,733 | | | Boskalis Westminster NV (Capital Goods) | | | 5,441,994 | |
| | 16,836 | | | Euronext NV (Diversified Financials)*(b) | | | 706,789 | |
| | 80,651 | | | Heineken Holding NV (Food, Beverage & Tobacco) | | | 5,622,135 | |
| | 550,692 | | | ING Groep NV CVA (Banks)* | | | 8,448,471 | |
| | 227,681 | | | Koninklijke Ahold NV (Food & Staples Retailing) | | | 4,411,123 | |
| | |
| | |
| 30 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND
| | | | | | | | |
Shares | | | Description | | Value | |
| | | | | | | | |
| | Common Stocks – (continued) | |
| | Netherlands – (continued) | |
| | 302,894 | | | Royal Dutch Shell PLC Class A (Energy) | | $ | 9,603,918 | |
| | 216,157 | | | Royal Dutch Shell PLC, Class B (Energy) | | | 6,920,445 | |
| | 123,577 | | | TomTom NV (Consumer Durables & Apparel)* | | | 1,096,718 | |
| | 175,212 | | | Wolters Kluwer NV (Media)(a) | | | 5,676,439 | |
| | | | | | | | |
| | | | | | | 47,928,032 | |
| | |
| | Norway – 2.0% | |
| | 143,465 | | | Kongsberg Automotive Holding ASA (Automobiles & Components)* | | | 119,352 | |
| | 5,109 | | | Kongsberg Gruppen ASA (Capital Goods) | | | 109,783 | |
| | 9,557 | | | Leroey Seafood Group ASA (Food, Beverage & Tobacco) | | | 317,068 | |
| | 18,681 | | | Marine Harvest ASA (Food, Beverage & Tobacco) | | | 227,696 | |
| | 207,609 | | | Norsk Hydro ASA (Materials) | | | 983,195 | |
| | 310,141 | | | Orkla ASA (Food, Beverage & Tobacco) | | | 2,435,438 | |
| | 259,099 | | | Statoil ASA (Energy) | | | 5,492,994 | |
| | 115,253 | | | Yara International ASA (Materials) | | | 5,905,274 | |
| | | | | | | | |
| | | | | | | 15,590,800 | |
| | |
| | Singapore – 1.4% | |
| | 7,316,200 | | | Golden Agri-Resources Ltd. (Food, Beverage & Tobacco) | | | 2,314,500 | |
| | 23,000 | | | Jardine Cycle & Carriage Ltd. (Retailing) | | | 700,838 | |
| | 201,000 | | | OUE Ltd. (Consumer Services) | | | 335,459 | |
| | 314,900 | | | Singapore Airlines Ltd. (Transportation) | | | 2,901,548 | |
| | 1,930,700 | | | Wilmar International Ltd. (Food, Beverage & Tobacco) | | | 4,742,038 | |
| | | | | | | | |
| | | | | | | 10,994,383 | |
| | |
| | South Africa – 0.9% | |
| | 35,931 | | | Investec PLC (Diversified Financials) | | | 343,101 | |
| | 336,188 | | | Mondi PLC (Materials) | | | 6,807,190 | |
| | | | | | | | |
| | | | | | | 7,150,291 | |
| | |
| | Spain – 2.0% | |
| | 54,391 | | | ACS Actividades de Construccion y Servicios SA (Capital Goods) | | | 1,916,507 | |
| | 1,016,834 | | | Banco Santander SA (Banks) | | | 7,687,848 | |
| | 64,645 | | | eDreams ODIGEO SA (Consumer Services)*(a) | | | 247,224 | |
| | 25,531 | | | Ence Energia y Celulosa SA (Materials) | | | 92,092 | |
| | 88,641 | | | Gamesa Corp. Tecnologica SA (Capital Goods)* | | | 1,185,342 | |
| | 113,900 | | | Grifols SA (Pharmaceuticals, Biotechnology & Life Sciences) | | | 4,832,961 | |
| | | | | | | | |
| | | | | | | 15,961,974 | |
| | |
| | | | | | | | |
| | Common Stocks – (continued) | |
| | Sweden – 2.6% | |
| | 48,868 | | | Assa Abloy AB Class B (Capital Goods) | | $ | 2,835,019 | |
| | 26,009 | | | BillerudKorsnas AB (Materials) | | | 450,219 | |
| | 248,734 | | | Boliden AB (Materials) | | | 5,403,915 | |
| | 12,305 | | | Electrolux AB Series B (Consumer Durables & Apparel) | | | 368,444 | |
| | 31,856 | | | Holmen AB Class B (Materials) | | | 1,054,050 | |
| | 101,084 | | | Husqvarna AB Class B (Consumer Durables & Apparel) | | | 747,684 | |
| | 123,605 | | | JM AB (Consumer Durables & Apparel)(a) | | | 3,677,497 | |
| | 9,467 | | | Loomis AB Class B (Commercial & Professional Services) | | | 303,412 | |
| | 108,145 | | | Meda AB Class A (Pharmaceuticals, Biotechnology & Life Sciences) | | | 1,815,257 | |
| | 42,221 | | | Modern Times Group AB Class B (Media) | | | 1,404,072 | |
| | 15,064 | | | Mycronic AB (Technology Hardware & Equipment) | | | 109,510 | |
| | 14,248 | | | Skandinaviska Enskilda Banken AB Class A (Banks) | | | 180,047 | |
| | 66,253 | | | Swedish Match AB (Food, Beverage & Tobacco) | | | 2,039,539 | |
| | | | | | | | |
| | | | | | | 20,388,665 | |
| | |
| | Switzerland – 4.3% | |
| | 130,800 | | | ABB Ltd. (Registered) (Capital Goods)* | | | 2,866,147 | |
| | 69,869 | | | Actelion Ltd. (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)* | | | 9,193,423 | |
| | 5,192 | | | Adecco SA (Registered) (Commercial & Professional Services)* | | | 423,131 | |
| | 51,191 | | | Ascom Holding AG (Registered) (Technology Hardware & Equipment) | | | 911,421 | |
| | 7,637 | | | Baloise Holding AG (Registered) (Insurance)* | | | 993,850 | |
| | 316,307 | | | Logitech International SA (Registered) (Technology Hardware & Equipment) | | | 4,748,501 | |
| | 16,796 | | | Lonza Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)* | | | 2,374,788 | |
| | 17,603 | | | Nestle SA (Registered) (Food, Beverage & Tobacco) | | | 1,365,715 | |
| | 552 | | | Partners Group Holding AG (Diversified Financials) | | | 173,017 | |
| | 510,004 | | | STMicroelectronics NV (Semiconductors & Semiconductor Equipment) | | | 4,061,297 | |
| | 80,285 | | | Swiss Re AG (Insurance)* | | | 7,121,874 | |
| | | | | | | | |
| | | | | | | 34,233,164 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 31 |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND
Schedule of Investments (continued)
April 30, 2015 (Unaudited)
| | | | | | | | |
Shares | | | Description | | Value | |
| | | | | | | | |
| | Common Stocks – (continued) | |
| | United Kingdom – 16.9% | |
| | 246,001 | | | 3i Group PLC (Diversified Financials) | | $ | 1,905,706 | |
| | 48,599 | | | ARM Holdings PLC (Semiconductors & Semiconductor Equipment) | | | 825,764 | |
| | 27,193 | | | Ashmore Group PLC (Diversified Financials) | | | 128,549 | |
| | 81,757 | | | AstraZeneca PLC (Pharmaceuticals, Biotechnology & Life Sciences) | | | 5,610,707 | |
| | 8,328 | | | AstraZeneca PLC ADR (Pharmaceuticals, Biotechnology & Life Sciences) | | | 570,301 | |
| | 13,610 | | | Berendsen PLC (Commercial & Professional Services) | | | 216,366 | |
| | 86,853 | | | Berkeley Group Holdings PLC (Consumer Durables & Apparel) | | | 3,344,074 | |
| | 293,799 | | | British American Tobacco PLC (Food, Beverage & Tobacco) | | | 16,142,386 | |
| | 509,414 | | | BT Group PLC (Telecommunication Services) | | | 3,552,954 | |
| | 408,901 | | | Dixons Carphone PLC (Retailing) | | | 2,653,700 | |
| | 148,302 | | | DS Smith PLC (Materials) | | | 792,964 | |
| | 1,318,038 | | | HSBC Holdings PLC (Banks) | | | 13,166,547 | |
| | 135,798 | | | Imperial Tobacco Group PLC (Food, Beverage & Tobacco) | | | 6,631,086 | |
| | 125,385 | | | Indivior PLC (Pharmaceuticals, Biotechnology & Life Sciences)* | | | 383,970 | |
| | 101,085 | | | InterContinental Hotels Group PLC (Consumer Services) | | | 4,322,952 | |
| | 52,604 | | | International Consolidated Airlines Group SA (Transportation)* | | | 438,780 | |
| | 1,709,658 | | | ITV PLC (Media) | | | 6,637,779 | |
| | 571,579 | | | National Grid PLC (Utilities) | | | 7,689,651 | |
| | 113,097 | | | Persimmon PLC (Consumer Durables & Apparel)* | | | 2,936,489 | |
| | 102,714 | | | Reckitt Benckiser Group PLC (Household & Personal Products) | | | 9,142,003 | |
| | 117,250 | | | Reed Elsevier NV (Media)(a) | | | 2,827,768 | |
| | 39,156 | | | Rio Tinto PLC (Materials) | | | 1,752,275 | |
| | 35,523 | | | Rio Tinto PLC ADR (Materials)(a) | | | 1,591,075 | |
| | 58,307,898 | | | Rolls-Royce Holdings PLC (Capital Goods)* | | | 6,635,334 | |
| | 405,920 | | | Standard Chartered PLC (Banks) | | | 6,645,808 | |
| | 25,109 | | | Tullett Prebon PLC (Diversified Financials) | | | 137,495 | |
| | 327,565 | | | Unilever NV CVA (Food, Beverage & Tobacco) | | | 14,288,583 | |
| | 81,097 | | | Unilever PLC (Food, Beverage & Tobacco) | | | 3,554,847 | |
| | 266,964 | | | Vodafone Group PLC ADR (Telecommunication Services)(c) | | | 9,397,133 | |
| | | | | | | | |
| | | | | | | 133,923,046 | |
| | |
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING
REINVESTMENT VEHICLE |
|
| | (Cost $724,069,243) | | $ | 766,261,632 | |
| | |
Shares | | Distribution
Rate | | Value | |
| Securities Lending Reinvestment Vehicle(d)(e) – 6.3% | |
Goldman Sachs Financial Square Money Market Fund – FST Shares | |
| 49,557,959 | | 0.111% | | | | |
| (Cost $49,557,959) | | $ | 49,557,959 | |
| |
| TOTAL INVESTMENTS – 103.1% | |
| (Cost $773,627,202) | | $ | 815,819,591 | |
| |
LIABILITIES IN EXCESS OF
OTHER ASSETS – (3.1)% | | | (24,608,773 | ) |
| |
| NET ASSETS – 100.0% | | $ | 791,210,818 | |
| |
| | |
| 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. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $706,789, which represents approximately 0.1% of net assets as of April 30, 2015. |
(c) | | All or a portion of security is segregated as collateral for initial margin requirements on futures transactions. |
(d) | | Represents an affiliated issuer. |
(e) | | Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on April 30, 2015. |
| | |
|
Investment Abbreviations: |
ADR | | —American Depositary Receipt |
CVA | | —Dutch Certification |
REIT | | —Real Estate Investment Trust |
|
| | |
| 32 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND
|
| ADDITIONAL INVESTMENT INFORMATION |
FUTURES CONTRACTS — At April 30, 2015, the Fund had the following futures contracts:
| | | | | | | | | | | | | | |
| Type | | Number of
Contracts
Long (Short) | | | Expiration
Date | | Current
Value | | | Unrealized
Gain (Loss) | |
EURO STOXX 50 Index | | | 92 | | | June 2015 | | $ | 3,685,822 | | | $ | (68,030 | ) |
FTSE 100 Index | | | 16 | | | June 2015 | | | 1,701,762 | | | | 46,766 | |
Hang Seng Index | | | 1 | | | May 2015 | | | 181,310 | | | | 590 | |
MSCI Singapore Index | | | 2 | | | May 2015 | | | 119,105 | | | | 653 | |
SPI 200 Index | | | 6 | | | June 2015 | | | 683,370 | | | | (19,312 | ) |
TSE TOPIX Index | | | 12 | | | June 2015 | | | 1,596,482 | | | | 40,757 | |
| TOTAL | | | | | | | | | | | | $ | 1,424 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 33 |
GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND
Schedule of Investments
April 30, 2015 (Unaudited)
| | | | | | | | |
Shares | | | Description | | Value | |
| | Common Stocks – 96.3% | |
| | Australia – 5.5% | |
| | 81,564 | | | Abacus Property Group (REIT) | | $ | 190,028 | |
| | 700,005 | | | Beach Energy Ltd. (Energy) | | | 610,587 | |
| | 102,963 | | | BT Investment Management Ltd. (Diversified Financials)(a) | | | 775,093 | |
| | 529,279 | | | Cabcharge Australia Ltd. (Commercial & Professional Services)(a) | | | 1,885,706 | |
| | 279,262 | | | Charter Hall Group (REIT) | | | 1,128,101 | |
| | 1,789,047 | | | CSR Ltd. (Materials) | | | 5,141,788 | |
| | 186,960 | | | Domino’s Pizza Enterprises Ltd. (Consumer Services) | | | 5,380,841 | |
| | 1,109,067 | | | Downer EDI Ltd. (Commercial & Professional Services) | | | 3,856,581 | |
| | 326,847 | | | Evolution Mining Ltd. (Materials) | | | 260,806 | |
| | 152,204 | | | Genworth Mortgage Insurance Australia Ltd. (Banks) | | | 402,026 | |
| | 106,954 | | | GUD Holdings Ltd. (Consumer Durables & Apparel) | | | 668,328 | |
| | 1,004,402 | | | Independence Group NL (Materials) | | | 4,686,800 | |
| | 127,364 | | | Investa Office Fund (REIT) | | | 373,067 | |
| | 60,078 | | | JB Hi-Fi Ltd. (Retailing)(a) | | | 928,026 | |
| | 793,635 | | | M2 Group Ltd. (Telecommunication Services)(a) | | | 6,867,968 | |
| | 149,717 | | | Magellan Financial Group Ltd. (Diversified Financials) | | | 2,349,729 | |
| | 1,829,412 | | | Northern Star Resources Ltd. (Materials) | | | 3,253,434 | |
| | 896,654 | | | Nufarm Ltd. (Materials) | | | 5,139,052 | |
| | 250,026 | | | OZ Minerals Ltd. (Materials) | | | 920,441 | |
| | 46,737 | | | Pact Group Holdings Ltd. (Materials) | | | 151,918 | |
| | 140,440 | | | Premier Investments Ltd. (Retailing) | | | 1,415,193 | |
| | 162,250 | | | RCR Tomlinson Ltd. (Capital Goods) | | | 240,032 | |
| | 66,919 | | | Sandfire Resources NL (Materials) | | | 258,915 | |
| | 3,863,667 | | | Sigma Pharmaceuticals Ltd. (Health Care Equipment & Services) | | | 2,648,992 | |
| | 65,507 | | | Sirtex Medical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | | | 1,094,655 | |
| | 44,057 | | | Slater & Gordon Ltd. (Consumer Services) | | | 220,613 | |
| | 44,142 | | | Technology One Ltd. (Software & Services) | | | 135,531 | |
| | 75,473 | | | Thorn Group Ltd. (Retailing) | | | 157,428 | |
| | | | | | | | |
| | | | | | | 51,141,679 | |
| | |
| | Austria – 1.9% | |
| | 141,541 | | | ams AG (Semiconductors & Semiconductor Equipment) | | | 7,695,212 | |
| | 61,452 | | | Austria Technologie & Systemtechnik AG (Technology Hardware & Equipment) | | | 975,631 | |
| | 135,796 | | | CA Immobilien Anlagen AG (Real Estate)* | | | 2,464,414 | |
| | 4,521 | | | DO & CO AG (Consumer Services)(a) | | | 334,586 | |
| | 22,924 | | | Flughafen Wien AG (Transportation)(a) | | | 2,059,217 | |
| | 10,656 | | | Lenzing AG (Materials) | | | 726,047 | |
| | |
| | Common Stocks – (continued) | |
| | Austria – (continued) | |
| | 2,992 | | | Mayr Melnhof Karton AG (Materials) | | $ | 347,547 | |
| | 56,182 | | | Oesterreichische Post AG (Transportation)(a) | | | 2,734,374 | |
| | 24,771 | | | S IMMO AG (Real Estate)* | | | 231,747 | |
| | | | | | | | |
| | | | | | | 17,568,775 | |
| | |
| | Belgium – 0.9% | |
| | 85,475 | | | bpost SA (Transportation) | | | 2,451,296 | |
| | 3,961 | | | Fagron (Health Care Equipment & Services) | | | 175,076 | |
| | 8,441 | | | Galapagos NV (Pharmaceuticals, Biotechnology & Life Sciences)* | | | 356,087 | |
| | 2,157 | | | Gimv NV (Diversified Financials) | | | 100,634 | |
| | 5,411 | | | KBC Ancora (Diversified Financials)* | | | 202,991 | |
| | 28,120 | | | Kinepolis Group NV (Media)(a) | | | 1,090,900 | |
| | 51,396 | | | Melexis NV (Semiconductors & Semiconductor Equipment) | | | 3,172,943 | |
| | 22,870 | | | Tessenderlo Chemie NV (Materials)* | | | 752,745 | |
| | | | | | | | |
| | | | | | | 8,302,672 | |
| | |
| | Bermuda – 1.2% | |
| | 730,486 | | | Catlin Group Ltd. (Insurance) | | | 7,944,382 | |
| | 225,947 | | | Hiscox Ltd. (Insurance) | | | 2,846,795 | |
| | | | | | | | |
| | | | | | | 10,791,177 | |
| | |
| | Canada – 0.1% | |
| | 181,510 | | | Entertainment One Ltd. (Media) | | | 874,388 | |
| | |
| | China – 0.4% | |
| | 6,302,000 | | | FIH Mobile Ltd. (Technology Hardware & Equipment)* | | | 3,366,249 | |
| | |
| | Denmark – 1.1% | |
| | 154,221 | | | Bakkafrost P/F (Food, Beverage & Tobacco) | | | 3,621,717 | |
| | 2,490 | | | Bavarian Nordic A/S (Pharmaceuticals, Biotechnology & Life Sciences)* | | | 116,683 | |
| | 8,437 | | | Dfds A/S (Transportation) | | | 944,111 | |
| | 39,815 | | | NKT Holding A/S (Capital Goods) | | | 2,526,662 | |
| | 579 | | | PER Aarsleff A/S Class B (Capital Goods) | | | 162,502 | |
| | 3,931 | | | Royal Unibrew A/S (Food, Beverage & Tobacco)(a) | | | 752,542 | |
| | 24,541 | | | Schouw & Co. A/S (Food, Beverage & Tobacco) | | | 1,257,782 | |
| | 26,875 | | | SimCorp A/S (Software & Services) | | | 929,602 | |
| | | | | | | | |
| | | | | | | 10,311,601 | |
| | |
| | Finland – 0.8% | |
| | 24,672 | | | Huhtamaki OYJ (Materials) | | | 788,709 | |
| | 47,735 | | | Kesko OYJ Class B (Food & Staples Retailing) | | | 1,950,395 | |
| | 148,780 | | | Metsa Board OYJ Class B (Materials) | | | 879,069 | |
| | 23,413 | | | Sanoma OYJ (Media) | | | 123,325 | |
| | 434,070 | | | Sponda OYJ (Real Estate) | | | 1,898,325 | |
| | |
| | |
| 34 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND
| | | | | | | | |
Shares | | | Description | | Value | |
| | Common Stocks – (continued) | |
| | Finland – (continued) | |
| | 29,337 | | | Tieto OYJ (Software & Services) | | $ | 703,512 | |
| | 102,744 | | | Valmet OYJ (Capital Goods) | | | 1,190,739 | |
| | | | | | | | |
| | | | | | | 7,534,074 | |
| | |
| | France – 4.7% | |
| | 32,526 | | | ABC Arbitrage (Diversified Financials) | | | 182,244 | |
| | 260,970 | | | Air France-KLM (Transportation)*(a) | | | 2,249,791 | |
| | 12,856 | | | Alten SA (Software & Services) | | | 627,536 | |
| | 39,576 | | | Assystem (Commercial & Professional Services) | | | 862,095 | |
| | 69,864 | | | Belvedere SA (Food, Beverage & Tobacco)*(a) | | | 1,377,525 | |
| | 21,396 | | | Boiron SA (Pharmaceuticals, Biotechnology & Life Sciences) | | | 2,387,314 | |
| | 20,806 | | | Cegid Group (Software & Services) | | | 911,729 | |
| | 12,279 | | | Euler Hermes Group (Insurance) | | | 1,344,279 | |
| | 23,664 | | | GameLoft SE (Software & Services)* | | | 125,131 | |
| | 5,837 | | | Guerbet (Health Care Equipment & Services) | | | 248,072 | |
| | 348,198 | | | Havas SA (Media) | | | 2,904,232 | |
| | 41,911 | | | Ipsen SA (Pharmaceuticals, Biotechnology & Life Sciences) | | | 2,406,867 | |
| | 100,996 | | | IPSOS (Media) | | | 2,979,336 | |
| | 173,132 | | | Mercialys SA (REIT) | | | 4,302,100 | |
| | 182,712 | | | Metropole Television SA (Media) | | | 3,813,351 | |
| | 74,537 | | | Plastic Omnium SA (Automobiles & Components) | | | 2,075,589 | |
| | 9,312 | | | Rallye SA (Food & Staples Retailing) | | | 347,867 | |
| | 65,939 | | | Saft Groupe SA (Capital Goods) | | | 2,629,873 | |
| | 9,966 | | | Societe de la Tour Eiffel (REIT)(a) | | | 594,094 | |
| | 959,394 | | | Technicolor SA (Registered) (Media)* | | | 6,509,058 | |
| | 139,003 | | | UBISOFT Entertainment (Software & Services)* | | | 2,563,183 | |
| | 42,823 | | | Valneva SE (Pharmaceuticals, Biotechnology & Life Sciences)*(a) | | | 187,009 | |
| | 19,547 | | | Vicat (Materials) | | | 1,409,476 | |
| | | | | | | | |
| | | | | | | 43,037,751 | |
| | |
| | Germany – 6.1% | |
| | 3,172 | | | Amadeus Fire AG (Commercial & Professional Services) | | | 257,093 | |
| | 12,997 | | | Aurubis AG (Materials) | | | 821,269 | |
| | 363,510 | | | Borussia Dortmund GmbH & Co. KGaA (Media)(a) | | | 1,394,032 | |
| | 37,608 | | | CENTROTEC Sustainable AG (Capital Goods) | | | 600,531 | |
| | 13,928 | | | CTS Eventim AG & Co. KGaA (Media) | | | 476,600 | |
| | 71,938 | | | Deutsche Beteiligungs AG (Diversified Financials) | | | 2,394,596 | |
| | 95,324 | | | Deutsche Euroshop AG (Real Estate) | | | 4,745,168 | |
| | 200,928 | | | Deutz AG (Capital Goods) | | | 972,530 | |
| | 162,218 | | | Dialog Semiconductor PLC (Semiconductors & Semiconductor Equipment)* | | | 7,314,228 | |
| | |
| | Common Stocks – (continued) | |
| | Germany – (continued) | |
| | 24,889 | | | DIC Asset AG (Real Estate) | | $ | 250,693 | |
| | 8,679 | | | DMG Mori Seiki AG (Capital Goods) | | | 304,520 | |
| | 3,821 | | | Draegerwerk AG & Co. KGaA (Health Care Equipment & Services) | | | 335,097 | |
| | 70,726 | | | Duerr AG (Capital Goods) | | | 7,239,349 | |
| | 108,828 | | | Gerresheimer AG (Pharmaceuticals, Biotechnology & Life Sciences)(a) | | | 6,159,308 | |
| | 71,022 | | | Grammer AG (Automobiles & Components) | | | 2,727,678 | |
| | 23,995 | | | Hamburger Hafen und Logistik AG (Transportation) | | | 529,232 | |
| | 23,168 | | | Homag Group AG (Capital Goods) | | | 910,236 | |
| | 38,417 | | | Krones AG (Capital Goods) | | | 4,239,749 | |
| | 6,223 | | | Nemetschek AG (Software & Services) | | | 808,981 | |
| | 94,504 | | | Nordex SE (Capital Goods)* | | | 2,022,729 | |
| | 1,733 | | | Pfeiffer Vacuum Technology AG (Capital Goods) | | | 161,501 | |
| | 5,749 | | | R Stahl AG (Capital Goods) | | | 257,307 | |
| | 229,363 | | | Rhoen Klinikum AG (Health Care Equipment & Services) | | | 6,349,961 | |
| | 46,585 | | | Software AG (Software & Services) | | | 1,344,852 | |
| | 8,080 | | | STRATEC Biomedical AG (Health Care Equipment & Services) | | | 403,913 | |
| | 50,780 | | | Takkt AG (Retailing) | | | 925,150 | |
| | 9,041 | | | Tom Tailor Holding AG (Retailing)* | | | 111,755 | |
| | 19,891 | | | Wacker Neuson SE (Capital Goods) | | | 510,551 | |
| | 7,599 | | | XING AG (Software & Services) | | | 1,255,622 | |
| | | | | | | | |
| | | | | | | 55,824,231 | |
| | |
| | Hong Kong – 2.1% | |
| | 3,131,000 | | | Brightoil Petroleum Holdings Ltd. (Energy)*(a) | | | 997,744 | |
| | 386,400 | | | Dah Sing Financial Holdings Ltd. (Banks) | | | 2,712,759 | |
| | 493,926 | | | Dickson Concepts International Ltd. (Retailing) | | | 213,221 | |
| | 890,000 | | | Emperor Entertainment Hotel Ltd. (Consumer Services) | | | 207,843 | |
| | 1,418,000 | | | Emperor International Holdings (Real Estate) | | | 350,592 | |
| | 263,600 | | | Esprit Holdings Ltd. (Retailing) | | | 249,732 | |
| | 1,552,000 | | | Giordano International Ltd. (Retailing) | | | 776,946 | |
| | 2,212,000 | | | Global Brands Group Holding Ltd. (Consumer Durables & Apparel)* | | | 452,474 | |
| | 908,000 | | | Hutchison Telecommunications Hong Kong Holdings Ltd. (Telecommunication Services) | | | 419,988 | |
| | 2,686,000 | | | Newocean Energy Holdings Ltd. (Energy)(a) | | | 1,495,635 | |
| | 135,500 | | | Orient Overseas International Ltd. (Transportation) | | | 831,629 | |
| | 210,000 | | | Regal Hotels International Holdings Ltd. (Consumer Services) | | | 130,223 | |
| | 1,453,000 | | | Samson Holding Ltd. (Consumer Durables & Apparel) | | | 211,375 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 35 |
GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND
Schedule of Investments (continued)
April 30, 2015 (Unaudited)
| | | | | | | | |
Shares | | | Description | | Value | |
| | Common Stocks – (continued) | |
| | Hong Kong – (continued) | |
| | 3,506,000 | | | Shun Tak Holdings Ltd. (Capital Goods) | | $ | 2,035,872 | |
| | 514,208 | | | SmarTone Telecommunications Holdings Ltd. (Telecommunication Services) | | | 936,957 | |
| | 109,138 | | | SOCAM Development Ltd. (Capital Goods)* | | | 97,612 | |
| | 187,000 | | | Sun Hung Kai & Co. Ltd. (Diversified Financials) | | | 194,490 | |
| | 607,000 | | | Sunlight Real Estate Investment Trust (REIT) | | | 306,565 | |
| | 288,000 | | | Texwinca Holdings Ltd. (Consumer Durables & Apparel) | | | 279,284 | |
| | 4,326,000 | | | The United Laboratories International Holdings Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)* | | | 2,918,410 | |
| | 100,000 | | | Tian An China Investments Co. Ltd. (Real Estate) | | | 66,189 | |
| | 4,824,000 | | | Truly International Holdings Ltd. (Technology Hardware & Equipment) | | | 2,278,011 | |
| | 657,600 | | | VST Holdings Ltd. (Technology Hardware & Equipment) | | | 259,069 | |
| | 19,100 | | | VTech Holdings Ltd. (Technology Hardware & Equipment) | | | 265,607 | |
| | 438,000 | | | Xinyi Glass Holdings Ltd. (Automobiles & Components) | | | 291,878 | |
| | | | | | | | |
| | | | | | | 18,980,105 | |
| | |
| | Ireland – 0.8% | |
| | 583,667 | | | Aer Lingus Group PLC (Transportation) | | | 1,520,460 | |
| | 688,056 | | | Beazley PLC (Insurance) | | | 2,959,043 | |
| | 76,774 | | | Grafton Group PLC (Capital Goods) | | | 968,862 | |
| | 129,410 | | | Irish Continental Group PLC (Transportation) | | | 581,232 | |
| | 203,700 | | | UDG Healthcare PLC (Health Care Equipment & Services) | | | 1,665,018 | |
| | | | | | | | |
| | | | | | | 7,694,615 | |
| | |
| | Israel – 0.7% | |
| | 157,026 | | | Delek Automotive Systems Ltd. (Retailing) | | | 1,907,116 | |
| | 5,548 | | | Elbit Systems Ltd. (Capital Goods) | | | 439,029 | |
| | 5,798 | | | Melisron Ltd. (Real Estate) | | | 222,317 | |
| | 389,222 | | | Oil Refineries Ltd. (Energy)* | | | 139,075 | |
| | 2,770 | | | Paz Oil Co. Ltd. (Energy) | | | 423,152 | |
| | 253,918 | | | Plus500 Ltd. (Diversified Financials)(a) | | | 2,925,180 | |
| | | | | | | | |
| | | | | | | 6,055,869 | |
| | |
| | Italy – 4.7% | |
| | 36,120 | | | ACEA SpA (Utilities) | | | 486,318 | |
| | 23,499 | | | Amplifon SpA (Health Care Equipment & Services) | | | 183,034 | |
| | 134,855 | | | ASTM SpA (Transportation) | | | 1,917,292 | |
| | 132,048 | | | Banca IFIS SpA (Diversified Financials) | | | 2,709,304 | |
| | |
| | Common Stocks – (continued) | |
| | Italy – (continued) | |
| | 1,172,281 | | | Banca Popolare di Milano Scarl (Banks)* | | $ | 1,207,950 | |
| | 65,795 | | | Banca Popolare di Sondrio Scarl (Banks) | | | 298,614 | |
| | 21,263 | | | Brembo SpA (Automobiles & Components) | | | 850,577 | |
| | 249,136 | | | Cementir Holding SpA (Materials) | | | 1,756,870 | |
| | 13,608 | | | Cosmo Pharmaceuticals SA (Pharmaceuticals, Biotechnology & Life Sciences)* | | | 2,300,211 | |
| | 187,748 | | | Credito Emiliano SpA (Banks) | | | 1,566,211 | |
| | 54,324 | | | DiaSorin SpA (Health Care Equipment & Services) | | | 2,483,826 | |
| | 272,839 | | | ERG SpA (Energy) | | | 3,930,564 | |
| | 822,662 | | | Immobiliare Grande Distribuzione (REIT) | | | 809,469 | |
| | 59,884 | | | Industria Macchine Automatiche SpA (Capital Goods) | | | 3,049,066 | |
| | 10,275 | | | MARR SpA (Food & Staples Retailing) | | | 206,393 | |
| | 1,468,289 | | | Mediaset SpA (Media)* | | | 7,546,439 | |
| | 230,821 | | | Recordati SpA (Pharmaceuticals, Biotechnology & Life Sciences) | | | 4,599,305 | |
| | 9,441 | | | Reply SpA (Software & Services)* | | | 1,010,441 | |
| | 39,156 | | | Salini Impregilo SpA (Capital Goods)* | | | 170,858 | |
| | 98,677 | | | Saras SpA (Energy)* | | | 191,330 | |
| | 575,052 | | | Societa Cattolica di Assicurazioni Scarl (Insurance) | | | 4,912,837 | |
| | 15,866 | | | Societa Iniziative Autostradali e Servizi SpA (Transportation) | | | 183,242 | |
| | 101,748 | | | Sogefi SpA (Automobiles & Components)* | | | 339,773 | |
| | 182,664 | | | Sorin SpA (Health Care Equipment & Services)* | | | 574,953 | |
| | 69,255 | | | Tamburi Investment Partners SpA (Diversified Financials) | | | 274,898 | |
| | | | | | | | |
| | | | | | | 43,559,775 | |
| | |
| | Japan – 31.2% | |
| | 151,300 | | | Accordia Golf Co. Ltd. (Consumer Services) | | | 1,538,817 | |
| | 212,900 | | | Aderans Co. Ltd. (Household & Personal Products) | | | 2,007,870 | |
| | 773 | | | Advance Residence Investment Corp. (REIT) | | | 1,823,722 | |
| | 606 | | | AEON REIT Investment Corp. (REIT) | | | 837,706 | |
| | 31,500 | | | Aisan Industry Co. Ltd. (Automobiles & Components) | | | 296,520 | |
| | 36,300 | | | Alpen Co. Ltd. (Retailing) | | | 593,129 | |
| | 184,500 | | | Alpine Electronics, Inc. (Consumer Durables & Apparel) | | | 3,749,283 | |
| | 32,200 | | | AOKI Holdings, Inc. (Retailing) | | | 446,329 | |
| | 81,600 | | | Aoyama Trading Co. Ltd. (Retailing) | | | 2,822,396 | |
| | 62,700 | | | Arcs Co. Ltd. (Food & Staples Retailing) | | | 1,311,841 | |
| | |
| | |
| 36 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND
| | | | | | | | |
Shares | | | Description | | Value | |
| | Common Stocks – (continued) | |
| | Japan – (continued) | |
| | 56,900 | | | Artnature, Inc. (Household & Personal Products) | | $ | 529,287 | |
| | 127,600 | | | ASKA Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | | | 1,272,947 | |
| | 212,100 | | | Avex Group Holdings, Inc. (Media) | | | 3,273,485 | |
| | 10,600 | | | C. Uyemura & Co. Ltd. (Materials) | | | 525,339 | |
| | 86,900 | | | Canon Marketing Japan, Inc. (Retailing) | | | 1,632,390 | |
| | 21,300 | | | Cawachi Ltd. (Food & Staples Retailing) | | | 341,948 | |
| | 177,000 | | | Central Glass Co. Ltd. (Capital Goods) | | | 813,260 | |
| | 100,000 | | | Century Tokyo Leasing Corp. (Diversified Financials) | | | 3,157,483 | |
| | 41,500 | | | Chiyoda Integre Co. Ltd. (Capital Goods) | | | 1,030,415 | |
| | 212,000 | | | Chugoku Marine Paints Ltd. (Materials) | | | 1,836,894 | |
| | 39,300 | | | CKD Corp. (Capital Goods) | | | 360,139 | |
| | 103,400 | | | Coca-Cola West Co. Ltd. (Food, Beverage & Tobacco) | | | 1,645,080 | |
| | 35,600 | | | Cocokara fine, Inc. (Food & Staples Retailing) | | | 1,086,026 | |
| | 264,200 | | | COMSYS Holdings Corp. (Capital Goods) | | | 3,680,773 | |
| | 76,900 | | | Daido Metal Co. Ltd. (Automobiles & Components) | | | 834,538 | |
| | 93,400 | | | Daiichikosho Co. Ltd. (Media) | | | 3,012,313 | |
| | 31,000 | | | Daiwa Industries Ltd. (Capital Goods) | | | 213,013 | |
| | 44 | | | Daiwa Office Investment Corp. (REIT) | | | 231,597 | |
| | 337,000 | | | Daiwabo Holdings Co. Ltd. (Technology Hardware & Equipment) | | | 561,808 | |
| | 466,300 | | | DCM Holdings Co. Ltd. (Retailing) | | | 3,888,754 | |
| | 141,000 | | | Denki Kagaku Kogyo KK (Materials) | | | 575,730 | |
| | 165,700 | | | Doutor Nichires Holdings Co. Ltd. (Consumer Services) | | | 3,129,756 | |
| | 89,800 | | | DTS Corp. (Software & Services) | | | 1,827,676 | |
| | 7,800 | | | Dydo Drinco, Inc. (Food, Beverage & Tobacco) | | | 322,689 | |
| | 586,600 | | | EDION Corp. (Retailing)(a) | | | 4,281,516 | |
| | 4,700 | | | Eizo Corp. (Technology Hardware & Equipment) | | | 104,256 | |
| | 157,600 | | | Fancl Corp. (Household & Personal Products)(a) | | | 2,049,137 | |
| | 111,300 | | | Foster Electric Co. Ltd. (Consumer Durables & Apparel) | | | 2,880,183 | |
| | 413 | | | Frontier Real Estate Investment Corp. (REIT) | | | 2,019,545 | |
| | 286,300 | | | Fuji Machine Manufacturing Co. Ltd. (Capital Goods) | | | 3,532,866 | |
| | 80,900 | | | Fuji Soft, Inc. (Software & Services) | | | 1,644,782 | |
| | 703,000 | | | Fujikura Ltd. (Capital Goods) | | | 3,348,288 | |
| | 31,600 | | | Fujitec Co. Ltd. (Capital Goods) | | | 343,596 | |
| | 112,000 | | | Fukuyama Transporting Co. Ltd. (Transportation)(a) | | | 634,635 | |
| | |
| | Common Stocks – (continued) | |
| | Japan – (continued) | |
| | 256,000 | | | Funai Electric Co. Ltd. (Consumer Durables & Apparel) | | $ | 3,024,282 | |
| | 45,700 | | | Fuyo General Lease Co. Ltd. (Diversified Financials) | | | 1,869,329 | |
| | 12,900 | | | Geo Holdings Corp. (Retailing) | | | 140,115 | |
| | 1,455 | | | Global One Real Estate Investment Corp. (REIT) | | | 5,133,308 | |
| | 253,300 | | | Gree, Inc. (Software & Services)(a) | | | 1,635,426 | |
| | 85,200 | | | G-Tekt Corp. (Automobiles & Components) | | | 819,538 | |
| | 1,647 | | | Hankyu REIT, Inc. (REIT) | | | 2,095,533 | |
| | 35,300 | | | Happinet Corp. (Retailing) | | | 406,993 | |
| | 20,600 | | | Heiwa Corp. (Consumer Durables & Apparel) | | | 429,500 | |
| | 35,800 | | | Heiwa Real Estate Co. Ltd. (Real Estate) | | | 485,867 | |
| | 229,600 | | | Hitachi Capital Corp. (Diversified Financials) | | | 5,201,622 | |
| | 93,500 | | | Hitachi Transport System Ltd. (Transportation) | | | 1,507,906 | |
| | 27,800 | | | Hokkaido Electric Power Co., Inc. (Utilities)* | | | 256,388 | |
| | 115,200 | | | Hokuetsu Kishu Paper Co. Ltd. (Materials) | | | 626,642 | |
| | 19,000 | | | Hosokawa Micron Corp. (Capital Goods) | | | 98,923 | |
| | 116,500 | | | IBJ Leasing Co. Ltd. (Diversified Financials) | | | 2,605,101 | |
| | 1,908 | | | Ichigo Real Estate Investment Corp. (REIT)(a) | | | 1,430,576 | |
| | 41,200 | | | Ines Corp. (Software & Services) | | | 390,879 | |
| | 290,000 | | | IT Holdings Corp. (Software & Services) | | | 5,710,655 | |
| | 307,000 | | | Jaccs Co. Ltd. (Diversified Financials) | | | 1,611,708 | |
| | 157,900 | | | Jafco Co. Ltd. (Diversified Financials) | | | 5,916,313 | |
| | 47,000 | | | Japan Digital Laboratory Co. Ltd. (Technology Hardware & Equipment) | | | 715,785 | |
| | 518 | | | Japan Logistics Fund, Inc. (REIT) | | | 1,098,475 | |
| | 57,000 | | | Japan Petroleum Exploration Co. Ltd. (Energy) | | | 2,194,236 | |
| | 120,400 | | | Japan Securities Finance Co. Ltd. (Diversified Financials) | | | 787,849 | |
| | 145,000 | | | Japan Vilene Co. Ltd. (Consumer Durables & Apparel) | | | 728,563 | |
| | 170,000 | | | J-Oil Mills, Inc. (Food, Beverage & Tobacco) | | | 574,784 | |
| | 330,700 | | | Kadokawa Dwango (Media)* | | | 5,205,331 | |
| | 179,000 | | | Kato Works Co. Ltd. (Capital Goods) | | | 1,146,496 | |
| | 2,514,000 | | | Kawasaki Kisen Kaisha Ltd. (Transportation) | | | 6,493,947 | |
| | 21,500 | | | Keihin Corp. (Automobiles & Components) | | | 352,162 | |
| | 125,800 | | | Kissei Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | | | 3,733,871 | |
| | 540,500 | | | Kitz Corp. (Capital Goods) | | | 2,741,150 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 37 |
GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND
Schedule of Investments (continued)
April 30, 2015 (Unaudited)
| | | | | | | | |
Shares | | | Description | | Value | |
| | Common Stocks – (continued) | |
| | Japan – (continued) | |
| | 128,000 | | | Koa Corp. (Technology Hardware & Equipment) | | $ | 1,311,162 | |
| | 140,800 | | | Koei Tecmo Holdings Co. Ltd. (Software & Services) | | | 2,133,498 | |
| | 202,100 | | | Kohnan Shoji Co. Ltd. (Retailing) | | | 2,254,189 | |
| | 266,200 | | | Kokuyo Co. Ltd. (Commercial & Professional Services) | | | 2,431,634 | |
| | 76,600 | | | Konoike Transport Co. Ltd. (Transportation) | | | 819,057 | |
| | 210,000 | | | Kurabo Industries Ltd. (Consumer Durables & Apparel) | | | 368,001 | |
| | 307,000 | | | Kureha Corp. (Materials) | | | 1,405,023 | |
| | 74,800 | | | KYORIN Holdings, Inc. (Pharmaceuticals, Biotechnology & Life Sciences) | | | 1,720,534 | |
| | 298,600 | | | Kyowa Exeo Corp. (Capital Goods) | | | 3,483,609 | |
| | 52,750 | | | Macnica Fuji Electronics Holdings, Inc. (Technology Hardware & Equipment)* | | | 649,876 | |
| | 117,000 | | | Maeda Road Construction Co. Ltd. (Capital Goods) | | | 1,928,231 | |
| | 4,900 | | | Mandom Corp. (Household & Personal Products) | | | 188,865 | |
| | 240,000 | | | Marudai Food Co. Ltd. (Food, Beverage & Tobacco) | | | 863,878 | |
| | 44,200 | | | Marusan Securities Co. Ltd. (Diversified Financials) | | | 441,543 | |
| | 19,400 | | | Maruwa Co. Ltd. (Technology Hardware & Equipment) | | | 439,576 | |
| | 40,400 | | | Matsumotokiyoshi Holdings Co. Ltd. (Food & Staples Retailing) | | | 1,471,005 | |
| | 31,700 | | | Megmilk Snow Brand Co. Ltd. (Food, Beverage & Tobacco) | | | 380,122 | |
| | 85,000 | | | Melco Holdings, Inc. (Technology Hardware & Equipment)(a) | | | 1,753,596 | |
| | 1,131 | | | MID REIT, Inc. (REIT) | | | 3,343,816 | |
| | 24,500 | | | Ministop Co. Ltd. (Food & Staples Retailing) | | | 363,267 | |
| | 69,400 | | | Mirait Holdings Corp. (Capital Goods) | | | 784,269 | |
| | 200,000 | | | Mito Securities Co. Ltd. (Diversified Financials) | | | 750,671 | |
| | 84,500 | | | Mitsui High-Tec, Inc. (Semiconductors & Semiconductor Equipment) | | | 635,796 | |
| | 678,000 | | | Morinaga Milk Industry Co. Ltd. (Food, Beverage & Tobacco) | | | 2,512,378 | |
| | 125,600 | | | NEC Networks & System Integration Corp. (Software & Services) | | | 2,691,470 | |
| | 589,000 | | | NET One Systems Co. Ltd. (Software & Services) | | | 4,230,143 | |
| | 81,000 | | | Nichias Corp. (Capital Goods)(a) | | | 488,766 | |
| | 41,700 | | | Nichi-iko Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | | | 877,816 | |
| | 13,300 | | | NIFTY Corp. (Software & Services) | | | 169,397 | |
| | |
| | Common Stocks – (continued) | |
| | Japan – (continued) | |
| | 382,000 | | | Nippon Chemi-Con Corp. (Technology Hardware & Equipment)* | | $ | 1,151,851 | |
| | 206,000 | | | Nippon Flour Mills Co. Ltd. (Food, Beverage & Tobacco) | | | 1,016,452 | |
| | 1,061,600 | | | Nippon Light Metal Holdings Co. Ltd. (Materials) | | | 1,644,578 | |
| | 389,000 | | | Nippon Paper Industries Co. Ltd. (Materials)(a) | | | 6,783,414 | |
| | 55,700 | | | Nippon Suisan Kaisha Ltd. (Food, Beverage & Tobacco) | | | 169,099 | |
| | 239,000 | | | Nippon Thompson Co. Ltd. (Capital Goods) | | | 1,361,645 | |
| | 58,000 | | | Nissha Printing Co. Ltd. (Commercial & Professional Services) | | | 1,123,101 | |
| | 138,000 | | | Nissin Electric Co. Ltd. (Capital Goods) | | | 903,902 | |
| | 69,400 | | | Nitto Kogyo Corp. (Capital Goods) | | | 1,256,311 | |
| | 3,486 | | | Nomura Real Estate Master Fund, Inc. (REIT) | | | 4,535,192 | |
| | 437 | | | Nomura Real Estate Office Fund, Inc. (REIT) | | | 2,008,710 | |
| | 311 | | | Nomura Real Estate Residential Fund, Inc. (REIT) | | | 1,758,920 | |
| | 16,300 | | | NSD Co. Ltd. (Software & Services) | | | 236,336 | |
| | 30,400 | | | Ohsho Food Service Corp. (Consumer Services) | | | 1,080,007 | |
| | 143,900 | | | Paltac Corp. (Retailing) | | | 2,061,756 | |
| | 45,900 | | | Paramount Bed Holdings Co. Ltd. (Health Care Equipment & Services) | | | 1,243,669 | |
| | 76,600 | | | Parco Co. Ltd. (Retailing) | | | 725,738 | |
| | 103,700 | | | Plenus Co. Ltd. (Consumer Services) | | | 2,025,236 | |
| | 58,900 | | | Pola Orbis Holdings, Inc. (Household & Personal Products) | | | 3,056,104 | |
| | 62,300 | | | Riso Kagaku Corp. (Technology Hardware & Equipment) | | | 1,031,198 | |
| | 352,000 | | | Rohto Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | | | 5,025,507 | |
| | 6,200 | | | Roland DG Corp. (Technology Hardware & Equipment) | | | 165,961 | |
| | 285,500 | | | Round One Corp. (Consumer Services) | | | 1,512,757 | |
| | 82,000 | | | Ryobi Ltd. (Capital Goods) | | | 267,744 | |
| | 6,000 | | | Ryosan Co. Ltd. (Technology Hardware & Equipment) | | | 142,890 | |
| | 110,000 | | | Sakai Chemical Industry Co. Ltd. (Materials) | | | 363,029 | |
| | 35,700 | | | San-A Co. Ltd. (Food & Staples Retailing) | | | 1,492,862 | |
| | 90,500 | | | Sankyo Tateyama, Inc. (Capital Goods) | | | 1,691,477 | |
| | 1,142,000 | | | Sankyu, Inc. (Transportation) | | | 5,355,906 | |
| | 291,000 | | | Sanyo Special Steel Co. Ltd. (Materials) | | | 1,408,230 | |
| | |
| | |
| 38 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND
| | | | | | | | |
Shares | | | Description | | Value | |
| | Common Stocks – (continued) | |
| | Japan – (continued) | |
| | 210,700 | | | Seino Holdings Co. Ltd. (Transportation) | | $ | 2,418,606 | |
| | 457 | | | Sekisui House SI Residential Investment Corp. (REIT) | | | 508,256 | |
| | 381,000 | | | Senko Co. Ltd. (Transportation)(a) | | | 2,405,678 | |
| | 57,000 | | | Senshu Ikeda Holdings, Inc. (Banks) | | | 252,982 | |
| | 279,000 | | | Shindengen Electric Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | | | 1,428,568 | |
| | 51,700 | | | Shinko Electric Industries Co. Ltd. (Semiconductors & Semiconductor Equipment) | | | 413,142 | |
| | 206,000 | | | SMK Corp. (Technology Hardware & Equipment) | | | 853,198 | |
| | 46,200 | | | St. Marc Holdings Co. Ltd. (Consumer Services) | | | 1,553,941 | |
| | 75,000 | | | Sumitomo Bakelite Co. Ltd. (Materials) | | | 341,921 | |
| | 19,800 | | | Sumitomo Densetsu Co. Ltd. (Capital Goods) | | | 238,965 | |
| | 186,000 | | | Sumitomo Seika Chemicals Co. Ltd. (Materials) | | | 1,397,197 | |
| | 137,400 | | | Tamron Co. Ltd. (Consumer Durables & Apparel) | | | 3,246,145 | |
| | 9,000 | | | The Nippon Road Co. Ltd. (Capital Goods) | | | 48,560 | |
| | 33,000 | | | The Nippon Signal Co. Ltd. (Technology Hardware & Equipment) | | | 316,009 | |
| | 74,000 | | | The Nippon Synthetic Chemical Industry Co. Ltd. (Materials) | | | 517,889 | |
| | 348,000 | | | The Nisshin Oillio Group Ltd. (Food, Beverage & Tobacco) | | | 1,279,793 | |
| | 7,700 | | | The Okinawa Electric Power Co., Inc. (Utilities) | | | 292,543 | |
| | 323,000 | | | The Towa Bank Ltd. (Banks) | | | 280,514 | |
| | 329,000 | | | Toagosei Co. Ltd. (Materials) | | | 1,460,050 | |
| | 15,100 | | | Tocalo Co. Ltd. (Capital Goods) | | | 296,483 | |
| | 101,000 | | | Toei Co. Ltd. (Media) | | | 744,410 | |
| | 186,500 | | | Toho Holdings Co. Ltd. (Health Care Equipment & Services) | | | 3,247,722 | |
| | 19,900 | | | Tohokushinsha Film Corp. (Media) | | | 164,485 | |
| | 215,000 | | | Tokai Carbon Co. Ltd. (Materials) | | | 630,167 | |
| | 2,400 | | | Token Corp. (Consumer Durables & Apparel) | | | 121,496 | |
| | 68,000 | | | Toko, Inc. (Technology Hardware & Equipment) | | | 201,692 | |
| | 1,603,000 | | | Tokuyama Corp. (Materials)* | | | 3,566,362 | |
| | 236,400 | | | Tokyo Seimitsu Co. Ltd. (Semiconductors & Semiconductor Equipment) | | | 5,095,439 | |
| | 843 | | | Tokyu REIT, Inc. (REIT) | | | 1,135,321 | |
| | 864 | | | Top REIT, Inc. (REIT) | | | 3,727,022 | |
| | 176,700 | | | Toppan Forms Co. Ltd. (Commercial & Professional Services) | | | 2,117,954 | |
| | |
| | Common Stocks – (continued) | |
| | Japan – (continued) | |
| | 17,900 | | | Torii Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | | $ | 473,514 | |
| | 69,100 | | | Towa Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | | | 3,654,206 | |
| | 137,000 | | | Toyo Ink SC Holdings Co. Ltd. (Materials) | | | 652,343 | |
| | 59,000 | | | Tsubakimoto Chain Co. (Capital Goods) | | | 483,018 | |
| | 57,400 | | | Tsumura & Co. (Pharmaceuticals, Biotechnology & Life Sciences) | | | 1,345,070 | |
| | 152,200 | | | TV Asahi Holdings Corp. (Media) | | | 2,808,433 | |
| | 1,678,000 | | | Ube Industries Ltd. (Materials) | | | 2,783,872 | |
| | 25,100 | | | UNY Group Holdings Co. Ltd. (Food & Staples Retailing) | | | 141,927 | |
| | 24,030 | | | Usen Corp. (Media)* | | | 70,651 | |
| | 86,600 | | | Wacom Co. Ltd. (Technology Hardware & Equipment)(a) | | | 449,013 | |
| | 139,100 | | | Wakita & Co. Ltd. (Capital Goods) | | | 1,387,002 | |
| | 37,000 | | | Warabeya Nichiyo Co. Ltd. (Food, Beverage & Tobacco) | | | 828,533 | |
| | | | | | | | |
| | | | | | | 288,089,872 | |
| | |
| | Jersey – 0.1% | |
| | 537,790 | | | Centamin PLC (Materials) | | | 525,242 | |
| | |
| | Luxembourg – 0.1% | |
| | 48,538 | | | Oriflame Cosmetics SA SDR (Household & Personal Products) | | | 838,162 | |
| | |
| | Netherlands – 2.0% | |
| | 5,504 | | | ASM International NV (Semiconductors & Semiconductor Equipment) | | | 267,230 | |
| | 182,781 | | | BE Semiconductor Industries NV (Semiconductors & Semiconductor Equipment) | | | 5,213,350 | |
| | 320,279 | | | BinckBank NV (Diversified Financials) | | | 3,210,084 | |
| | 26,729 | | | Eurocommercial Properties NV CVA (Real Estate) | | | 1,221,378 | |
| | 56,745 | | | Euronext NV (Diversified Financials)*(b) | | | 2,382,203 | |
| | 26,306 | | | NSI NV (REIT) | | | 123,548 | |
| | 349,050 | | | SNS REAAL NV (Diversified Financials)*(a) | | | — | |
| | 43,006 | | | TKH Group NV CVA (Capital Goods) | | | 1,595,800 | |
| | 56,373 | | | Vastned Retail NV (REIT)(a) | | | 2,752,777 | |
| | 28,394 | | | Wereldhave NV (REIT)(a) | | | 1,822,598 | |
| | | | | | | | |
| | | | | | | 18,588,968 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 39 |
GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND
Schedule of Investments (continued)
April 30, 2015 (Unaudited)
| | | | | | | | |
Shares | | | Description | | Value | |
| | Common Stocks – (continued) | |
| | New Zealand – 0.7% | |
| | 2,868,023 | | | Air New Zealand Ltd. (Transportation) | | $ | 5,893,892 | |
| | 190,667 | | | Summerset Group Holdings Ltd. (Health Care Equipment & Services) | | | 504,396 | |
| | | | | | | | |
| | | | | | | 6,398,288 | |
| | |
| | Norway – 1.4% | |
| | 265,401 | | | Austevoll Seafood ASA (Food, Beverage & Tobacco) | | | 1,543,620 | |
| | 47,054 | | | Avance Gas Holding Ltd. (Energy)(b) | | | 742,838 | |
| | 196,575 | | | Borregaard ASA (Materials)(a) | | | 1,519,826 | |
| | 1,474,133 | | | Kongsberg Automotive Holding ASA (Automobiles & Components)* | | | 1,226,366 | |
| | 84,036 | | | Leroey Seafood Group ASA (Food, Beverage & Tobacco) | | | 2,788,023 | |
| | 93,555 | | | Norwegian Property ASA (Real Estate)* | | | 126,112 | |
| | 160,062 | | | Salmar ASA (Food, Beverage & Tobacco) | | | 2,598,677 | |
| | 32,558 | | | Selvaag Bolig ASA (Real Estate) | | | 122,800 | |
| | 135,030 | | | SpareBanken 1 SMN (Banks) | | | 1,206,191 | |
| | 378,864 | | | Storebrand ASA (Insurance)* | | | 1,339,550 | |
| | | | | | | | |
| | | | | | | 13,214,003 | |
| | |
| | Portugal – 1.3% | |
| | 96,237 | | | Altri SGPS SA (Materials) | | | 412,738 | |
| | 547,360 | | | CTT-Correios de Portugal SA (Transportation) | | | 6,173,658 | |
| | 364,531 | | | NOS SGPS SA (Media) | | | 2,655,149 | |
| | 651,857 | | | Portucel SA (Materials) | | | 3,189,154 | |
| | | | | | | | |
| | | | | | | 12,430,699 | |
| | |
| | Singapore – 0.8% | |
| | 239,800 | | | Chip Eng Seng Corp. Ltd. (Capital Goods) | | | 161,031 | |
| | 785,000 | | | Indofood Agri Resources Ltd. (Food, Beverage & Tobacco) | | | 431,457 | |
| | 59,000 | | | OUE Ltd. (Consumer Services) | | | 98,468 | |
| | 27,061 | | | REC Solar ASA (Semiconductors & Semiconductor Equipment)* | | | 366,578 | |
| | 954,300 | | | United Engineers Ltd. (Capital Goods) | | | 1,911,196 | |
| | 413,600 | | | Venture Corp. Ltd. (Technology Hardware & Equipment) | | | 2,637,781 | |
| | 882,800 | | | Wing Tai Holdings Ltd. (Real Estate) | | | 1,306,310 | |
| | | | | | | | |
| | | | | | | 6,912,821 | |
| | |
| | South Africa – 1.0% | |
| | 465,576 | | | Mondi PLC (Materials) | | | 9,427,059 | |
| | 15,018 | | | Mota-Engil Africa NV (Capital Goods)* | | | 117,748 | |
| | | | | | | | |
| | | | | | | 9,544,807 | |
| | |
| | Spain – 2.4% | |
| | 70,950 | | | Almirall SA (Pharmaceuticals, Biotechnology & Life Sciences) | | | 1,337,738 | |
| | 74,120 | | | Bolsas y Mercados Espanoles SHMSF SA (Diversified Financials)(a) | | | 3,315,898 | |
| | |
| | Common Stocks – (continued) | |
| | Spain – (continued) | |
| | 13,034 | | | Cie Automotive SA (Automobiles & Components) | | $ | 198,072 | |
| | 37,067 | | | Duro Felguera SA (Capital Goods) | | | 149,367 | |
| | 169,639 | | | Ebro Foods SA (Food, Beverage & Tobacco) | | | 3,290,685 | |
| | 351,260 | | | Ence Energia y Celulosa SA (Materials) | | | 1,267,020 | |
| | 42,858 | | | Faes Farma SA (Pharmaceuticals, Biotechnology & Life Sciences) | | | 110,755 | |
| | 212,599 | | | Gamesa Corp. Tecnologica SA (Capital Goods)* | | | 2,842,958 | |
| | 56,492 | | | Hispania Activos Inmobiliarios SAU (Real Estate)* | | | 805,587 | |
| | 83,355 | | | Lar Espana Real Estate Socimi SA (REIT)* | | | 982,749 | |
| | 30,191 | | | Let’s GOWEX SA (Telecommunication Services)*(a) | | | — | |
| | 506,232 | | | Mediaset Espana Comunicacion SA (Media)*(a) | | | 6,861,802 | |
| | 2,504 | | | Miquel y Costas & Miquel SA (Materials) | | | 91,687 | |
| | 88,715 | | | Papeles y Cartones de Europa SA (Materials) | | | 574,747 | |
| | | | | | | | |
| | | | | | | 21,829,065 | |
| | |
| | Sweden – 4.0% | |
| | 67,020 | | | Axfood AB (Food & Staples Retailing) | | | 1,058,758 | |
| | 44,906 | | | Betsson AB (Consumer Services)* | | | 1,880,010 | |
| | 99,991 | | | Bilia AB Class A (Retailing) | | | 3,550,256 | |
| | 313,733 | | | BillerudKorsnas AB (Materials) | | | 5,430,753 | |
| | 25,966 | | | BioGaia AB Class B (Pharmaceuticals, Biotechnology & Life Sciences) | | | 710,428 | |
| | 54,651 | | | Clas Ohlson AB Class B (Retailing) | | | 937,809 | |
| | 38,222 | | | Dios Fastigheter AB (Real Estate) | | | 297,690 | |
| | 9,542 | | | Fabege AB (Real Estate) | | | 145,457 | |
| | 26,948 | | | Gunnebo AB (Commercial & Professional Services) | | | 134,201 | |
| | 71,855 | | | Haldex AB (Capital Goods) | | | 1,073,757 | |
| | 13,051 | | | Hexpol AB (Materials) | | | 1,398,563 | |
| | 39,296 | | | Holmen AB Class B (Materials) | | | 1,300,224 | |
| | 45,778 | | | Industrial & Financial Systems AB Class B (Software & Services)(a) | | | 1,582,084 | |
| | 117,693 | | | Intrum Justitia AB (Commercial & Professional Services)(a) | | | 3,706,411 | |
| | 138,257 | | | JM AB (Consumer Durables & Apparel)(a) | | | 4,113,424 | |
| | 98,297 | | | Loomis AB Class B (Commercial & Professional Services) | | | 3,150,362 | |
| | 67,772 | | | Modern Times Group AB Class B (Media) | | | 2,253,777 | |
| | 23,182 | | | Net Entertainment NE AB Class B (Software & Services)* | | | 876,477 | |
| | |
| | |
| 40 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND
| | | | | | | | |
Shares | | | Description | | Value | |
| | Common Stocks – (continued) | |
| | Sweden – (continued) | |
| | 148,341 | | | Nobia AB (Consumer Durables & Apparel)(a) | | $ | 1,604,750 | |
| | 85,789 | | | Nolato AB Class B (Capital Goods) | | | 2,059,292 | |
| | | | | | | | |
| | | | | | | 37,264,483 | |
| | |
| | Switzerland – 3.4% | |
| | 64,018 | | | Ascom Holding AG (Registered) (Technology Hardware & Equipment) | | | 1,139,797 | |
| | 20,816 | | | Autoneum Holding AG (Automobiles & Components)* | | | 4,596,681 | |
| | 8,867 | | | Flughafen Zuerich AG (Registered) (Transportation) | | | 6,905,504 | |
| | 3,606 | | | Forbo Holding AG (Registered) (Consumer Durables & Apparel)* | | | 4,367,279 | |
| | 3,956 | | | Georg Fischer AG (Registered) (Capital Goods) | | | 2,798,100 | |
| | 7,673 | | | Inficon Holding AG (Registered) (Technology Hardware & Equipment)* | | | 2,913,511 | |
| | 297 | | | Intershop Holding AG (Real Estate) | | | 127,338 | |
| | 9,362 | | | Komax Holding AG (Registered) (Capital Goods)* | | | 1,721,778 | |
| | 2,513 | | | Kuoni Reisen Holding AG (Registered) (Consumer Services)* | | | 845,792 | |
| | 32,609 | | | Mobilezone Holding AG (Registered) (Retailing) | | | 513,803 | |
| | 5,729 | | | Mobimo Holding AG (Registered) (Real Estate)* | | | 1,278,353 | |
| | 38,669 | | | Nobel Biocare Holding AG (Registered) (Health Care Equipment & Services)* | | | 708,762 | |
| | 2,417 | | | Rieter Holding AG (Registered) (Capital Goods)* | | | 398,135 | |
| | 4,971 | | | Siegfried Holding AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)* | | | 847,193 | |
| | 29,531 | | | Temenos Group AG (Registered) (Software & Services)* | | | 1,073,161 | |
| | 27,086 | | | Zehnder Group AG (Capital Goods) | | | 1,283,243 | |
| | | | | | | | |
| | | | | | | 31,518,430 | |
| | |
| | United Kingdom – 16.9% | |
| | 57,439 | | | Advanced Medical Solutions Group PLC (Health Care Equipment & Services) | | | 124,979 | |
| | 22,126 | | | Alent PLC (Materials) | | | 122,875 | |
| | 926,028 | | | Amlin PLC (Insurance) | | | 6,489,612 | |
| | 1,025,643 | | | Ashmore Group PLC (Diversified Financials)(a) | | | 4,848,520 | |
| | 170,374 | | | Barratt Developments PLC (Consumer Durables & Apparel) | | | 1,351,637 | |
| | 44,747 | | | Bellway PLC (Consumer Durables & Apparel) | | | 1,360,408 | |
| | 215,695 | | | Berendsen PLC (Commercial & Professional Services) | | | 3,429,023 | |
| | |
| | Common Stocks – (continued) | |
| | United Kingdom – (continued) | |
| | 193,776 | | | Berkeley Group Holdings PLC (Consumer Durables & Apparel) | | $ | 7,460,897 | |
| | 73,269 | | | Betfair Group PLC (Consumer Services) | | | 2,610,878 | |
| | 194,837 | | | Big Yellow Group PLC (REIT) | | | 1,992,127 | |
| | 126,724 | | | Bodycote PLC (Capital Goods) | | | 1,334,611 | |
| | 149,209 | | | Chesnara PLC (Insurance) | | | 732,875 | |
| | 74,868 | | | Close Brothers Group PLC (Diversified Financials) | | | 1,750,073 | |
| | 68,740 | | | Concentric AB (Capital Goods)(a) | | | 972,664 | |
| | 77,701 | | | CSR PLC (Semiconductors & Semiconductor Equipment) | | | 1,049,585 | |
| | 228,886 | | | Dart Group PLC (Transportation) | | | 1,359,686 | |
| | 189,725 | | | Diploma PLC (Capital Goods) | | | 2,315,262 | |
| | 1,556,369 | | | DS Smith PLC (Materials) | | | 8,321,837 | |
| | 203,569 | | | Fenner PLC (Capital Goods) | | | 654,200 | |
| | 252,666 | | | Galliford Try PLC (Capital Goods) | | | 5,813,886 | |
| | 1,383,678 | | | Globo PLC (Software & Services)*(a) | | | 1,125,691 | |
| | 74,935 | | | Go-Ahead Group PLC (Transportation) | | | 2,829,479 | |
| | 151,334 | | | Great Portland Estates PLC (REIT) | | | 1,847,346 | |
| | 112,206 | | | Greggs PLC (Food & Staples Retailing) | | | 2,039,194 | |
| | 537,298 | | | Halfords Group PLC (Retailing) | | | 3,741,940 | |
| | 272,558 | | | Hansteen Holdings PLC (REIT)(a) | | | 492,848 | |
| | 1,648,798 | | | Henderson Group PLC (Diversified Financials) | | | 7,035,425 | |
| | 175,344 | | | Hikma Pharmaceuticals PLC (Pharmaceuticals, Biotechnology & Life Sciences) | | | 5,483,390 | |
| | 1,922,932 | | | Home Retail Group PLC (Retailing) | | | 4,913,746 | |
| | 64,229 | | | Homeserve PLC (Commercial & Professional Services) | | | 375,330 | |
| | 634,086 | | | IG Group Holdings PLC (Diversified Financials) | | | 7,149,412 | |
| | 625,401 | | | Inchcape PLC (Retailing) | | | 7,955,142 | |
| | 1,200,713 | | | Indivior PLC (Pharmaceuticals, Biotechnology & Life Sciences)* | | | 3,676,973 | |
| | 394,277 | | | Intermediate Capital Group PLC (Diversified Financials) | | | 3,184,438 | |
| | 103,994 | | | John Wood Group PLC (Energy) | | | 1,095,728 | |
| | 33,452 | | | Keller Group PLC (Capital Goods) | | | 511,681 | |
| | 150,578 | | | Lancashire Holdings Ltd. (Insurance) | | | 1,472,016 | |
| | 740,729 | | | Londonmetric Property PLC (REIT) | | | 1,876,081 | |
| | 347,782 | | | Lookers PLC (Retailing) | | | 834,630 | |
| | 2,533,453 | | | Man Group PLC (Diversified Financials) | | | 7,469,921 | |
| | 212,100 | | | Micro Focus International PLC (Software & Services) | | | 4,092,459 | |
| | 447,465 | | | Moneysupermarket.com Group PLC (Software & Services) | | | 1,917,409 | |
| | 39,680 | | | Northgate PLC (Transportation) | | | 392,862 | |
| | 649,713 | | | Pace PLC (Technology Hardware & Equipment) | | | 4,119,295 | |
| | 959,617 | | | QinetiQ Group PLC (Capital Goods) | | | 2,970,005 | |
| | 720,072 | | | Redefine International PLC (REIT) | | | 648,265 | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 41 |
GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND
Schedule of Investments (continued)
April 30, 2015 (Unaudited)
| | | | | | | | |
Shares | | | Description | | Value | |
| | Common Stocks – (continued) | |
| | United Kingdom – (continued) | |
| | 155,898 | | | Safestore Holdings PLC (REIT) | | $ | 669,061 | |
| | 68,311 | | | Savills PLC (Real Estate) | | | 865,129 | |
| | 224,092 | | | Soco International PLC (Energy) | | | 619,656 | |
| | 673,806 | | | Speedy Hire PLC (Capital Goods) | | | 765,376 | |
| | 1,790,935 | | | Spirit Pub Co. PLC (Consumer Services) | | | 3,081,725 | |
| | 164,929 | | | Stobart Group Ltd. (Transportation)(a) | | | 274,685 | |
| | 89,843 | | | SVG Capital PLC (Diversified Financials)* | | | 687,583 | |
| | 33,807 | | | Synergy Health PLC (Health Care Equipment & Services)* | | | 1,149,446 | |
| | 146,626 | | | Trinity Mirror PLC (Media)* | | | 414,130 | |
| | 309,732 | | | TT electronics PLC (Technology Hardware & Equipment) | | | 633,598 | |
| | 461,077 | | | Tullett Prebon PLC (Diversified Financials) | | | 2,524,822 | |
| | 18,060 | | | Vesuvius PLC (Capital Goods) | | | 125,599 | |
| | 69,039 | | | Victrex PLC (Materials) | | | 2,089,579 | |
| | 191,650 | | | WH Smith PLC (Retailing) | | | 4,204,819 | |
| | 49,682 | | | Workspace Group PLC (REIT) | | | 641,480 | |
| | 180,449 | | | WS Atkins PLC (Commercial & Professional Services) | | | 3,702,478 | |
| | 97,989 | | | Xchanging PLC (Software & Services) | | | 183,267 | |
| | | | | | | | |
| | | | | | | 155,978,774 | |
| | |
| | TOTAL COMMON STOCKS | |
| | (Cost $781,220,054) | | $ | 888,176,575 | |
| | |
| | | | | | | | |
| | Preferred Stocks – 0.2% | |
| | Germany – 0.1% | |
| | 1,161 | | | Biotest AG (Pharmaceuticals, Biotechnology & Life Sciences) | | $ | 97,387 | |
| | 915 | | | Draegerwerk AG & Co. KGaA (Health Care Equipment & Services) | | | 105,662 | |
| | 19,801 | | | Sixt SE (Transportation) | | | 728,859 | |
| | | | | | | | |
| | | | | | | 931,908 | |
| | |
| | Italy – 0.1% | |
| | 162,039 | | | Unipol Gruppo Finanziario SpA (Insurance) | | | 851,681 | |
| | |
| | TOTAL PREFERRED STOCKS | |
| | (Cost $1,346,455) | | $ | 1,783,589 | |
| | |
| | | | | | |
| Shares | | Distribution Rate | | Value | |
| Investment Company(c)(d) – 2.0% | |
Goldman Sachs Financial Square Government Fund – FST Shares | |
| 18,403,042 | | 0.006% | | | | |
| (Cost $18,403,042) | | $ | 18,403,042 | |
| |
| | | | | | | | | | |
| Units | | Description | | Expiration
Month | | | Value | |
| Warrant – 0.0% | |
| France – 0.0% | | | | | |
| 9,966 | | Societe de la Tour Eiffel
(Real Estate)*(a) | | | 07/16 | | | | | |
| (Cost $0) | | | | | | $ | — | |
| |
TOTAL INVESTMENTS BEFORE SECURITIES
LENDING REINVESTMENT VEHICLE | |
| (Cost $800,969,551) | | | | | | $ | 908,363,206 | |
| |
| | | | | | |
Shares | | Distribution Rate | | Value | |
| Securities Lending Reinvestment Vehicle(c)(d) – 7.8% | |
Goldman Sachs Financial Square Money Market Fund – FST Shares | |
| 72,351,865 | | 0.111% | | | | |
| (Cost $72,351,865) | | $ | 72,351,865 | |
| |
| TOTAL INVESTMENTS – 106.3% | |
| (Cost $873,321,416) | | $ | 980,715,071 | |
| |
LIABILITIES IN EXCESS OF OTHER ASSETS – (6.3)% | | | (57,771,143 | ) |
| |
| NET ASSETS – 100.0% | | $ | 922,943,928 | |
| |
| | |
| 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. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $3,125,041, which represents approximately 0.3% of net assets as of April 30, 2015. |
(c) | | Represents an affiliated issuer. |
(d) | | Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on April 30, 2015. |
| | |
|
Investment Abbreviations: |
CVA | | —Dutch Certification |
REIT | | —Real Estate Investment Trust |
SDR | | —Swedish Depositary Receipt |
|
| | |
| 42 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND
|
| ADDITIONAL INVESTMENT INFORMATION |
FUTURES CONTRACTS — At April 30, 2015, the Fund had the following futures contracts:
| | | | | | | | | | | | | | |
| Type | | Number of
Contracts
Long (Short) | | | Expiration
Date | | Current
Value | | | Unrealized
Gain (Loss) | |
EURO STOXX 50 Index | | | 172 | | | June 2015 | | $ | 6,890,885 | | | $ | (99,182 | ) |
FTSE 100 Index | | | 34 | | | June 2015 | | | 3,616,245 | | | | 28,855 | |
Hang Seng Index | | | 2 | | | May 2015 | | | 362,619 | | | | 2,039 | |
MSCI Singapore Index | | | 7 | | | May 2015 | | | 416,868 | | | | 2,038 | |
SPI 200 Index | | | 14 | | | June 2015 | | | 1,594,531 | | | | (29,457 | ) |
TSE TOPIX Index | | | 32 | | | June 2015 | | | 4,257,286 | | | | 152,413 | |
| TOTAL | | | | | | | | | | | | $ | 56,706 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 43 |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
Statements of Assets and Liabilities
April 30, 2015 (Unaudited)
| | | | | | | | | | | | | | |
| | | | | Emerging Markets
Equity Insights
Fund | | | International
Equity Insights
Fund | | | International
Small Cap Insights
Fund | |
| | Assets: | | | | | | | | | | | | |
| | Investments in unaffiliated issuers, at value (cost $546,817,964, $724,069,243 and $782,566,509)(a) | | $ | 636,377,788 | | | $ | 766,261,632 | | | $ | 889,960,164 | |
| | Investments in affiliated issuers, at value (cost $–, $– and $18,403,042) | | | — | | | | — | | | | 18,403,042 | |
| | Investments in affiliated securities lending reinvestment vehicle, at value which equals cost | | | 9,827,275 | | | | 49,557,959 | | | | 72,351,865 | |
| | Cash | | | 1,068,242 | | | | 9,767,022 | | | | 49,947 | |
| | Foreign currencies, at value (cost $109,068, $7,175,615 and $8,530,139) | | | 110,187 | | | | 7,258,679 | | | | 8,803,751 | |
| | Due from custodian | | | — | | | | 1,722,877 | | | | — | |
| | Receivables: | | | | | | | | | | | | |
| | Investments sold | | | 23,223,693 | | | | 9,972,887 | | | | 26,456,264 | |
| | Fund shares sold | | | 9,106,332 | | | | 83,826 | | | | 4,356,968 | |
| | Dividends | | | 1,064,056 | | | | 3,453,271 | | | | 4,494,406 | |
| | Securities lending income | | | 7,437 | | | | 108,838 | | | | 80,907 | |
| | Reimbursement from investment adviser | | | 1,228 | | | | 48,461 | | | | 138,079 | |
| | Foreign tax reclaims | | | 864 | | | | 653,716 | | | | 274,112 | |
| | Collateral on certain derivative contracts(b) | | | — | | | | 530,000 | | | | 912,172 | |
| | Other assets | | | 2,243 | | | | 57,272 | | | | 2,151 | |
| | Total assets | | | 680,789,345 | | | | 849,476,440 | | | | 1,026,283,828 | |
| | | | | | | | | | | | | | |
| | Liabilities: | | | | | | | | | | | | |
| | Payables: | | | | | | | | | | | | |
| | Investments purchased | | | 12,478,665 | | | | 7,307,173 | | | | 27,820,711 | |
| | Payable upon return of securities loaned | | | 9,827,275 | | | | 49,557,959 | | | | 72,351,865 | |
| | Fund shares redeemed | | | 7,293,659 | | | | 665,649 | | | | 2,187,307 | |
| | Foreign capital gains taxes | | | 839,292 | | | | — | | | | — | |
| | Management fees | | | 538,698 | | | | 525,290 | | | | 629,860 | |
| | Distribution and Service fees and Transfer Agent fees | | | 36,319 | | | | 59,039 | | | | 107,193 | |
| | Variation margin on certain derivative contracts | | | — | | | | 39,805 | | | | 112,422 | |
| | Accrued expenses | | | 187,418 | | | | 110,707 | | | | 130,542 | |
| | Total liabilities | | | 31,201,326 | | | | 58,265,622 | | | | 103,339,900 | |
| | | | | | | | | | | | | | |
| | Net Assets: | | | | | | | | | | | | |
| | Paid-in capital | | | 588,391,796 | | | | 2,097,409,366 | | | | 833,019,283 | |
| | Undistributed (distributions in excess of) net investment income | | | (39,172 | ) | | | 1,025,212 | | | | 525,678 | |
| | Accumulated net realized loss | | | (27,649,791 | ) | | | (1,349,544,577 | ) | | | (18,392,655 | ) |
| | Net unrealized gain | | | 88,885,186 | | | | 42,320,817 | | | | 107,791,622 | |
| | | NET ASSETS | | $ | 649,588,019 | | | $ | 791,210,818 | | | $ | 922,943,928 | |
| | | Net Assets: | | | | | | | | | | | | |
| | | Class A | | $ | 38,730,699 | | | $ | 83,627,751 | | | $ | 162,995,220 | |
| | | Class C | | | 949,029 | | | | 3,646,250 | | | | 25,043,938 | |
| | | Institutional | | | 606,139,255 | | | | 701,748,211 | | | | 708,194,953 | |
| | | Service | | | — | | | | 1,749,144 | | | | — | |
| | | Class IR | | | 902,631 | | | | 304,109 | | | | 26,709,817 | |
| | | Class R | | | 2,866,405 | | | | 135,353 | | | | — | |
| | | Total Net Assets | | $ | 649,588,019 | | | $ | 791,210,818 | | | $ | 922,943,928 | |
| | | Shares outstanding $0.001 par value (unlimited shares authorized): | | | | | | | | | | | | |
| | | Class A | | | 4,145,554 | | | | 7,670,642 | | | | 15,279,861 | |
| | | Class C | | | 102,227 | | | | 339,111 | | | | 2,411,765 | |
| | | Institutional | | | 65,025,202 | | | | 62,795,095 | | | | 66,416,721 | |
| | | Service | | | — | | | | 158,945 | | | | — | |
| | | Class IR | | | 96,850 | | | | 28,357 | | | | 2,512,719 | |
| | | Class R | | | 309,281 | | | | 12,647 | | | | — | |
| | | Net asset value, offering and redemption price per share:(c) | | | | | | | | | | | | |
| | | Class A | | | $9.34 | | | | $10.90 | | | | $10.67 | |
| | | Class C | | | 9.28 | | | | 10.75 | | | | 10.38 | |
| | | Institutional | | | 9.32 | | | | 11.18 | | | | 10.66 | |
| | | Service | | | — | | | | 11.00 | | | | — | |
| | | Class IR | | | 9.32 | | | | 10.72 | | | | 10.63 | |
| | | Class R | | | 9.27 | | | | 10.70 | | | | — | |
| | (a) | | Includes loaned securities having a market value of $9,373,460, $47,236,512 and $68,790,722 for the Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds, respectively. |
| | (b) | | Includes amounts segregated for initial margin and/or collateral on futures transactions of $530,000 and $912,712, respectively for the International Equity Insights and International Small Cap Insights Funds. |
| | (c) | | Maximum public offering price per share for Class A Shares of the Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds is $9.88, $11.53 and $11.29, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares. |
| | |
| 44 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
Statements of Operations
For the Six Months Ended April 30, 2015 (Unaudited)
| | | | | | | | | | | | | | |
| | | | | Emerging Markets
Equity Insights
Fund | | | International
Equity Insights
Fund | | | International
Small Cap Insights
Fund | |
| | Investment income: | | | | | | | | | | | | |
| | Dividends — unaffiliated issuers (net of foreign taxes withheld of $663,792, $785,043 and $790,591) | | $ | 7,282,808 | | | $ | 10,928,163 | | | $ | 11,083,249 | |
| | Dividends — affiliated issuer | | | — | | | | — | | | | 54 | |
| | Securities lending income — affiliated issuer | | | 29,125 | | | | 324,169 | | | | 427,830 | |
| | Total investment income | | | 7,311,933 | | | | 11,252,332 | | | | 11,511,133 | |
| | | | | | | | | | | | | | |
| | Expenses: | | | | | | | | | | | | |
| | Management fees | | | 3,258,174 | | | | 3,162,465 | | | | 3,552,011 | |
| | Custody, accounting and administrative services | | | 533,865 | | | | 128,967 | | | | 264,925 | |
| | Transfer Agent fees(a) | | | 160,313 | | | | 209,803 | | | | 307,579 | |
| | Professional fees | | | 98,472 | | | | 69,858 | | | | 58,142 | |
| | Distribution and Service fees(a) | | | 54,629 | | | | 113,893 | | | | 281,279 | |
| | Registration fees | | | 39,300 | | | | 46,115 | | | | 62,392 | |
| | Printing and mailing costs | | | 35,037 | | | | 29,033 | | | | 56,191 | |
| | Trustee fees | | | 10,929 | | | | 11,056 | | | | 10,882 | |
| | Service share fees — Service Plan | | | — | | | | 2,436 | | | | — | |
| | Service share fees — Shareholder Administration Plan | | | — | | | | 2,436 | | | | — | |
| | Other | | | 21,774 | | | | 5,431 | | | | 5,476 | |
| | Total expenses | | | 4,212,493 | | | | 3,781,493 | | | | 4,598,877 | |
| | Less — expense reductions | | | (272,279 | ) | | | (330,592 | ) | | | (403,195 | ) |
| | Net expenses | | | 3,940,214 | | | | 3,450,901 | | | | 4,195,682 | |
| | NET INVESTMENT INCOME | | | 3,371,719 | | | | 7,801,431 | | | | 7,315,451 | |
| | | | | | | | | | | | | | |
| | Realized and unrealized gain (loss): | | | | | | | | | | | | |
| | Net realized gain (loss) from: | | | | | | | | | | | | |
| | Investments | | | (21,132,519 | ) | | | (12,208,247 | ) | | | (17,401,199 | ) |
| | Futures contracts | | | — | | | | 3,254,012 | | | | 2,096,698 | |
| | Foreign currency transactions | | | (882,650 | ) | | | (1,599,382 | ) | | | (1,323,626 | ) |
| | Net change in unrealized gain (loss) on: | | | | | | | | | | | | |
| | Investments (including the effects of the net change in the foreign capital gains tax liability of $162,633, $0 and $0) | | | 54,868,573 | | | | 44,604,209 | | | | 85,609,272 | |
| | Futures contracts | | | — | | | | (163,167 | ) | | | 145,742 | |
| | Foreign currency translation | | | (222,539 | ) | | | 400,745 | | | | 305,916 | |
| | Net realized and unrealized gain | | | 32,630,865 | | | | 34,288,170 | | | | 69,432,803 | |
| | NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 36,002,584 | | | $ | 42,089,601 | | | $ | 76,748,254 | |
| | (a) | | Class specific Distribution and Service, and Transfer Agent fees were as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Distribution and Service Fees | | | Transfer Agent Fees | |
Fund | | Class A | | | Class B(b) | | | Class C | | | Class R | | | Class A | | | Class B(b) | | | Class C | | | Institutional | | | Service | | | Class IR | | | Class R | |
Emerging Markets Equity Insights | | $ | 45,643 | | | $ | — | | | $ | 4,210 | | | $ | 4,776 | | | $ | 34,689 | | | $ | — | | | $ | 800 | | | $ | 122,332 | | | $ | — | | | $ | 677 | | | $ | 1,815 | |
International Equity Insights | | | 97,313 | | | | 520 | | | | 15,580 | | | | 480 | | | | 73,959 | | | | 99 | | | | 2,960 | | | | 132,136 | | | | 390 | | | | 259 | | | | — | |
International Small Cap Insights | | | 182,295 | | | | — | | | | 98,984 | | | | — | | | | 138,546 | | | | — | | | | 18,807 | | | | 129,708 | | | | — | | | | 20,518 | | | | — | |
| | (b) | | Class B Shares were converted into Class A Shares at the close of business on November 14, 2014. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 45 |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
Statements of Changes in Net Assets
| | | | | | | | | | |
| | | | | Emerging Markets Equity Insights Fund | |
| | | | | For the
Six Months Ended
April 30, 2015
(Unaudited) | | | For the Fiscal
Year Ended
October 31, 2014 | |
| | From operations: | | | | | | | | |
| | Net investment income | | $ | 3,371,719 | | | $ | 12,799,775 | |
| | Net realized gain (loss) | | | (22,015,169 | ) | | | 20,522,961 | |
| | Net change in unrealized gain (loss) | | | 54,646,034 | | | | (20,788,323 | ) |
| | Net increase (decrease) in net assets resulting from operations | | | 36,002,584 | | | | 12,534,413 | |
| | | | | | | | | | |
| | Distributions to shareholders: | | | | | | | | |
| | From net investment income | | | | | | | | |
| | Class A Shares | | | (540,220 | ) | | | (223,899 | ) |
| | Class B Shares(a) | | | — | | | | — | |
| | Class C Shares | | | (4,206 | ) | | | (9,186 | ) |
| | Institutional Shares | | | (11,716,286 | ) | | | (7,745,349 | ) |
| | Service Shares | | | — | | | | — | |
| | Class IR Shares | | | (11,352 | ) | | | (21,586 | ) |
| | Class R Shares | | | (21,187 | ) | | | — | (b) |
| | From net realized gains | | | | | | | | |
| | Class A Shares | | | (300,785 | ) | | | — | |
| | Class C Shares | | | (6,674 | ) | | | — | |
| | Institutional Shares | | | (5,218,737 | ) | | | — | |
| | Class IR Shares | | | (5,790 | ) | | | — | |
| | Class R Shares | | | (10,409 | ) | | | — | (b) |
| | Total distributions to shareholders | | | (17,835,646 | ) | | | (8,000,020 | ) |
| | | | | | | | | | |
| | From share transactions: | | | | | | | | |
| | Proceeds from sales of shares | | | 73,621,575 | | | | 294,676,544 | |
| | Reinvestment of distributions | | | 17,524,245 | | | | 7,753,915 | |
| | Cost of shares redeemed | | | (161,368,392 | ) | | | (189,151,733 | ) |
| | Net increase (decrease) in net assets resulting from share transactions | | | (70,222,572 | ) | | | 113,278,726 | |
| | TOTAL INCREASE (DECREASE) | | | (52,055,634 | ) | | | 117,813,119 | |
| | | | | | | | | | |
| | Net assets: | | | | | | | | |
| | Beginning of period | | | 701,643,653 | | | | 583,830,534 | |
| | End of period | | $ | 649,588,019 | | | $ | 701,643,653 | |
| | Undistributed (distributions in excess of) net investment income | | $ | (39,172 | ) | | $ | 8,882,360 | |
| | (a) | | Class B Shares were converted into Class A Shares at the close of business on November 14, 2014. |
| | (b) | | Commenced operations on February 28, 2014. |
| | |
| 46 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
| | | | | | | | | | | | | | | | | | | | | | |
| | | International Equity Insights Fund | | | | | International Small Cap Insights Fund | |
| | | For the
Six Months Ended
April 30, 2015
(Unaudited) | | | | | For the Fiscal
Year Ended
October 31, 2014 | | | | | For the
Six Months Ended
April 30, 2015
(Unaudited) | | | | | For the Fiscal
Year Ended
October 31, 2014 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | $ | 7,801,431 | | | | | $ | 35,027,660 | | | | | $ | 7,315,451 | | | | | $ | 12,216,255 | |
| | | (10,553,617 | ) | | | | | 83,169,464 | | | | | | (16,628,127 | ) | | | | | 11,015,151 | |
| | | 44,841,787 | | | | | | (110,793,926 | ) | | | | | 86,060,930 | | | | | | (57,025,466 | ) |
| | | 42,089,601 | | | | | | 7,403,198 | | | | | | 76,748,254 | | | | | | (33,794,060 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | (3,035,885 | ) | | | | | (2,365,617 | ) | | | | | (2,355,924 | ) | | | | | (1,904,636 | ) |
| | | — | | | | | | (33,551 | ) | | | | | — | | | | | | — | |
| | | (98,011 | ) | | | | | (69,048 | ) | | | | | (229,064 | ) | | | | | (136,885 | ) |
| | | (29,792,716 | ) | | | | | (28,809,684 | ) | | | | | (13,054,172 | ) | | | | | (14,879,493 | ) |
| | | (85,003 | ) | | | | | (158,000 | ) | | | | | — | | | | | | — | |
| | | (11,495 | ) | | | | | (12,760 | ) | | | | | (400,411 | ) | | | | | (148,164 | ) |
| | | (6,273 | ) | | | | | (3,366 | ) | | | | | — | | | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | — | | | | | | — | | | | | | (1,419,007 | ) | | | | | (413,382 | ) |
| | | — | | | | | | — | | | | | | (191,500 | ) | | | | | (32,138 | ) |
| | | — | | | | | | — | | | | | | (6,378,743 | ) | | | | | (3,027,072 | ) |
| | | — | | | | | | — | | | | | | (208,754 | ) | | | | | (30,480 | ) |
| | | — | | | | | | — | | | | | | — | | | | | | — | |
| | | (33,029,383 | ) | | | | | (31,452,026 | ) | | | | | (24,237,575 | ) | | | | | (20,572,250 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | 127,146,824 | | | | | | 130,617,325 | | | | | | 202,972,172 | | | | | | 653,580,757 | |
| | | 32,820,575 | | | | | | 31,175,399 | | | | | | 20,405,481 | | | | | | 18,076,085 | |
| | | (206,522,557 | ) | | | | | (359,418,669 | ) | | | | | (204,541,383 | ) | | | | | (268,341,118 | ) |
| | | (46,555,158 | ) | | | | | (197,625,945 | ) | | | | | 18,836,270 | | | | | | 403,315,724 | |
| | | (37,494,940 | ) | | | | | (221,674,773 | ) | | | | | 71,346,949 | | | | | | 348,949,414 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | 828,705,758 | | | | | | 1,050,380,531 | | | | | | 851,596,979 | | | | | | 502,647,565 | |
| | $ | 791,210,818 | | | | | $ | 828,705,758 | | | | | $ | 922,943,928 | | | | | $ | 851,596,979 | |
| | $ | 1,025,212 | | | | | $ | 26,253,164 | | | | | $ | 525,678 | | | | | $ | 9,249,798 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 47 |
GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND
Financial Highlights
Selected Data for a Share Outstanding Throughout Each Period
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | Income (loss) from
investment operations | | | Distributions
to shareholders | |
| | | Year - Share Class | | Net asset
value,
beginning
of period | | | Net
investment
income(a) | | | Net realized
and unrealized
gain (loss) | | | Total from
investment
operations | | | From net
investment
income | | | From net
realized
gains | | | Total
distributions | |
| | FOR THE SIX MONTHS ENDED APRIL 30, (UNAUDITED) | |
| | 2015 - A | | $ | 8.99 | | �� | $ | 0.03 | | | $ | 0.52 | | | $ | 0.55 | | | $ | (0.13 | ) | | $ | (0.07 | ) | | $ | (0.20 | ) |
| | 2015 - C | | | 8.88 | | | | — | (e) | | | 0.51 | | | | 0.51 | | | | (0.04 | ) | | | (0.07 | ) | | | (0.11 | ) |
| | 2015 - Institutional | | | 8.98 | | | | 0.05 | | | | 0.52 | | | | 0.57 | | | | (0.16 | ) | | | (0.07 | ) | | | (0.23 | ) |
| | 2015 - IR | | | 8.97 | | | | 0.04 | | | | 0.52 | | | | 0.56 | | | | (0.14 | ) | | | (0.07 | ) | | | (0.21 | ) |
| | 2015 - R | | | 8.94 | | | | 0.01 | | | | 0.53 | | | | 0.54 | | | | (0.14 | ) | | | (0.07 | ) | | | (0.21 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | FOR THE FISCAL YEARS ENDED OCTOBER 31, | |
| | 2014 - A | | | 8.95 | | | | 0.14 | | | | (0.02 | ) | | | 0.12 | | | | (0.08 | ) | | | — | | | | (0.08 | ) |
| | 2014 - C | | | 8.90 | | | | 0.07 | | | | (0.01 | ) | | | 0.06 | | | | (0.08 | ) | | | — | | | | (0.08 | ) |
| | 2014 - Institutional | | | 8.95 | | | | 0.17 | | | | (0.02 | ) | | | 0.15 | | | | (0.12 | ) | | | — | | | | (0.12 | ) |
| | 2014 - IR | | | 8.94 | | | | 0.13 | | | | 0.02 | | | | 0.15 | | | | (0.12 | ) | | | — | | | | (0.12 | ) |
| | 2014 - R (Commenced February 28, 2014) | | | 8.26 | | | | 0.02 | | | | 0.66 | | | | 0.68 | | | | — | | | | — | | | | — | |
| | 2013 - A | | | 8.40 | | | | 0.07 | | | | 0.60 | | | | 0.67 | | | | (0.12 | ) | | | — | | | | (0.12 | ) |
| | 2013 - C | | | 8.36 | | | | 0.04 | | | | 0.55 | | | | 0.59 | | | | (0.05 | ) | | | — | | | | (0.05 | ) |
| | 2013 - Institutional | | | 8.40 | | | | 0.16 | | | | 0.53 | | | | 0.69 | | | | (0.14 | ) | | | — | | | | (0.14 | ) |
| | 2013 - IR | | | 8.39 | | | | 0.14 | | | | 0.54 | | | | 0.68 | | | | (0.13 | ) | | | — | | | | (0.13 | ) |
| | 2012 - A | | | 8.08 | | | | 0.13 | | | | 0.28 | | | | 0.41 | | | | (0.09 | ) | | | — | | | | (0.09 | ) |
| | 2012 - C | | | 8.00 | | | | 0.08 | | | | 0.28 | | | | 0.36 | | | | — | | | | — | | | | — | |
| | 2012 - Institutional | | | 8.12 | | | | 0.16 | | | | 0.28 | | | | 0.44 | | | | (0.16 | ) | | | — | | | | (0.16 | ) |
| | 2012 - IR | | | 8.11 | | | | 0.25 | | | | 0.18 | | | | 0.43 | | | | (0.15 | ) | | | — | | | | (0.15 | ) |
| | 2011 - A | | | 8.91 | | | | 0.11 | | | | (0.87 | ) | | | (0.76 | ) | | | (0.07 | ) | | | — | | | | (0.07 | ) |
| | 2011 - C | | | 8.82 | | | | — | (e) | | | (0.81 | ) | | | (0.81 | ) | | | (0.01 | ) | | | — | | | | (0.01 | ) |
| | 2011 - Institutional | | | 8.96 | | | | 0.16 | | | | (0.88 | ) | | | (0.72 | ) | | | (0.12 | ) | | | — | | | | (0.12 | ) |
| | 2011 - IR | | | 8.98 | | | | 0.15 | | | | (0.90 | ) | | | (0.75 | ) | | | (0.12 | ) | | | — | | | | (0.12 | ) |
| | 2010 - A | | | 7.14 | | | | 0.08 | | | | 1.76 | | | | 1.84 | | | | (0.07 | ) | | | — | | | | (0.07 | ) |
| | 2010 - C | | | 7.11 | | | | — | (e) | | | 1.77 | | | | 1.77 | | | | (0.06 | ) | | | — | | | | (0.06 | ) |
| | 2010 - Institutional | | | 7.17 | | | | 0.10 | | | | 1.79 | | | | 1.89 | | | | (0.10 | ) | | | — | | | | (0.10 | ) |
| | 2010 - IR (Commenced August 31, 2010) | | | 7.67 | | | | 0.01 | | | | 1.30 | | | | 1.31 | | | | — | | | | — | | | | — | |
| | (a) | | Calculated based on the average shares outstanding methodology. |
| | (b) | | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
| | (c) | | The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher. |
| | (e) | | Amount is less than $0.005 per share. |
| | |
| 48 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Net asset
value, end
of period | | | | | Total
return(b) | | | | | Net assets,
end of period (in 000s) | | | | | Ratio of
net expenses
to average
net assets | | | | | Ratio of
total expenses
to average
net assets | | | | | Ratio of
net investment
income (loss)
to average net assets | | | | | Portfolio
turnover
rate(c) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 9.34 | | | | | | 6.32 | % | | | | $ | 38,731 | | | | | | 1.58 | %(d) | | | | | 1.67 | %(d) | | | | | 0.68 | %(d) | | | | | 86 | % |
| | | 9.28 | | | | | | 5.93 | | | | | | 949 | | | | | | 2.33 | (d) | | | | | 2.41 | (d) | | | | | (0.10 | )(d) | | | | | 86 | |
| | | 9.32 | | | | | | 6.61 | | | | | | 606,139 | | | | | | 1.18 | (d) | | | | | 1.27 | (d) | | | | | 1.06 | (d) | | | | | 86 | |
| | | 9.32 | | | | | | 6.48 | | | | | | 903 | | | | | | 1.33 | (d) | | | | | 1.41 | (d) | | | | | 0.87 | (d) | | | | | 86 | |
| | | 9.27 | | | | | | 6.34 | | | | | | 2,866 | | | | | | 1.83 | (d) | | | | | 1.91 | (d) | | | | | 0.32 | (d) | | | | | 86 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 8.99 | | | | | | 1.38 | | | | | | 37,905 | | | | | | 1.58 | | | | | | 1.66 | | | | | | 1.59 | | | | | | 180 | |
| | | 8.88 | | | | | | 0.66 | | | | | | 944 | | | | | | 2.33 | | | | | | 2.41 | | | | | | 0.80 | | | | | | 180 | |
| | | 8.98 | | | | | | 1.65 | | | | | | 660,922 | | | | | | 1.18 | | | | | | 1.26 | | | | | | 1.95 | | | | | | 180 | |
| | | 8.97 | | | | | | 1.70 | | | | | | 875 | | | | | | 1.34 | | | | | | 1.39 | | | | | | 1.47 | | | | | | 180 | |
| | | 8.94 | | | | | | 8.23 | | | | | | 998 | | | | | | 1.82 | (d) | | | | | 2.07 | (d) | | | | | 0.31 | (d) | | | | | 180 | |
| | | 8.95 | | | | | | 8.00 | | | | | | 24,758 | | | | | | 1.52 | | | | | | 1.65 | | | | | | 0.82 | | | | | | 249 | |
| | | 8.90 | | | | | | 7.02 | | | | | | 989 | | | | | | 2.31 | | | | | | 2.48 | | | | | | 0.51 | | | | | | 249 | |
| | | 8.95 | | | | | | 8.41 | | | | | | 556,434 | | | | | | 1.14 | | | | | | 1.27 | | | | | | 1.87 | | | | | | 249 | |
| | | 8.94 | | | | | | 8.16 | | | | | | 1,649 | | | | | | 1.32 | | | | | | 1.50 | | | | | | 1.59 | | | | | | 249 | |
| | | 8.40 | | | | | | 5.26 | | | | | | 50,760 | | | | | | 1.45 | | | | | | 1.69 | | | | | | 1.58 | | | | | | 180 | |
| | | 8.36 | | | | | | 4.49 | | | | | | 228 | | | | | | 2.20 | | | | | | 2.46 | | | | | | 0.97 | | | | | | 180 | |
| | | 8.40 | | | | | | 5.68 | | | | | | 464,180 | | | | | | 1.05 | | | | | | 1.30 | | | | | | 1.98 | | | | | | 180 | |
| | | 8.39 | | | | | | 5.48 | | | | | | 118 | | | | | | 1.20 | | | | | | 1.41 | | | | | | 3.06 | | | | | | 180 | |
| | | 8.08 | | | | | | (8.58 | ) | | | | | 17,089 | | | | | | 1.45 | | | | | | 1.71 | | | | | | 1.17 | | | | | | 200 | |
| | | 8.00 | | | | | | (9.23 | ) | | | | | 207 | | | | | | 2.20 | | | | | | 2.46 | | | | | | 0.01 | | | | | | 200 | |
| | | 8.12 | | | | | | (8.19 | ) | | | | | 273,027 | | | | | | 1.05 | | | | | | 1.31 | | | | | | 1.75 | | | | | | 200 | |
| | | 8.11 | | | | | | (8.54 | ) | | | | | 1 | | | | | | 1.20 | | | | | | 1.46 | | | | | | 1.67 | | | | | | 200 | |
| | | 8.91 | | | | | | 25.91 | | | | | | 52,030 | | | | | | 1.45 | | | | | | 1.70 | | | | | | 0.99 | | | | | | 214 | |
| | | 8.82 | | | | | | 25.07 | | | | | | 1,282 | | | | | | 2.20 | | | | | | 2.45 | | | | | | 0.04 | | | | | | 214 | |
| | | 8.96 | | | | | | 26.56 | | | | | | 364,053 | | | | | | 1.05 | | | | | | 1.30 | | | | | | 1.25 | | | | | | 214 | |
| | | 8.98 | | | | | | 17.08 | | | | | | 1 | | | | | | 1.20 | (d) | | | | | 1.45 | (d) | | | | | 0.51 | (d) | | | | | 214 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 49 |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND
Financial Highlights
Selected Data for a Share Outstanding Throughout Each Period
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | Income (loss) from
investment operations | | | | |
| | | Year - Share Class | | Net asset
value,
beginning
of period | | | Net
investment
income(a) | | | Net realized
and unrealized
gain (loss) | | | Total from
investment
operations | | | Distributions
to shareholders
from net
investment
income | |
| | FOR THE SIX MONTHS ENDED APRIL 30, (UNAUDITED) | |
| | 2015 - A | | $ | 10.69 | | | $ | 0.09 | | | $ | 0.53 | | | $ | 0.62 | | | $ | (0.41 | ) |
| | 2015 - C | | | 10.51 | | | | 0.06 | | | | 0.51 | | | | 0.57 | | | | (0.33 | ) |
| | 2015 - Institutional | | | 10.97 | | | | 0.11 | | | | 0.55 | | | | 0.66 | | | | (0.45 | ) |
| | 2015 - Service | | | 10.76 | | | | 0.08 | | | | 0.53 | | | | 0.61 | | | | (0.37 | ) |
| | 2015 - IR | | | 10.53 | | | | 0.10 | | | | 0.52 | | | | 0.62 | | | | (0.43 | ) |
| | 2015 - R | | | 10.52 | | | | 0.07 | | | | 0.52 | | | | 0.59 | | | | (0.41 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
| | FOR THE FISCAL YEARS ENDED OCTOBER 31, | |
| | 2014 - A | | | 10.99 | | | | 0.37 | (e) | | | (0.39 | ) | | | (0.02 | ) | | | (0.28 | ) |
| | 2014 - C | | | 10.83 | | | | 0.28 | (e) | | | (0.37 | ) | | | (0.09 | ) | | | (0.23 | ) |
| | 2014 - Institutional | | | 11.29 | | | | 0.42 | (e) | | | (0.40 | ) | | | 0.02 | | | | (0.34 | ) |
| | 2014 - Service | | | 11.06 | | | | 0.35 | (e) | | | (0.37 | ) | | | (0.02 | ) | | | (0.28 | ) |
| | 2014 - IR | | | 10.86 | | | | 0.38 | (e) | | | (0.38 | ) | | | — | (f) | | | (0.33 | ) |
| | 2014 - R | | | 10.85 | | | | 0.34 | (e) | | | (0.38 | ) | | | (0.04 | ) | | | (0.29 | ) |
| | 2013 - A | | | 9.00 | | | | 0.19 | | | | 2.11 | | | | 2.30 | | | | (0.31 | ) |
| | 2013 - C | | | 8.87 | | | | 0.16 | | | | 2.04 | | | | 2.20 | | | | (0.24 | ) |
| | 2013 - Institutional | | | 9.25 | | | | 0.30 | | | | 2.09 | | | | 2.39 | | | | (0.35 | ) |
| | 2013 - Service | | | 9.06 | | | | 0.22 | | | | 2.08 | | | | 2.30 | | | | (0.30 | ) |
| | 2013 - IR | | | 8.91 | | | | 0.22 | | | | 2.08 | | | | 2.30 | | | | (0.35 | ) |
| | 2013 - R | | | 8.88 | | | | 0.21 | | | | 2.04 | | | | 2.25 | | | | (0.28 | ) |
| | 2012 - A | | | 9.02 | | | | 0.19 | | | | 0.21 | | | | 0.40 | | | | (0.42 | ) |
| | 2012 - C | | | 8.89 | | | | 0.13 | | | | 0.20 | | | | 0.33 | | | | (0.35 | ) |
| | 2012 - Institutional | | | 9.27 | | | | 0.24 | | | | 0.21 | | | | 0.45 | | | | (0.47 | ) |
| | 2012 - Service | | | 9.08 | | | | 0.18 | | | | 0.21 | | | | 0.39 | | | | (0.41 | ) |
| | 2012 - IR | | | 8.97 | | | | 0.20 | | | | 0.21 | | | | 0.41 | | | | (0.47 | ) |
| | 2012 - R | | | 8.93 | | | | 0.17 | | | | 0.20 | | | | 0.37 | | | | (0.42 | ) |
| | 2011 - A | | | 10.21 | | | | 0.28 | | | | (1.26 | ) | | | (0.98 | ) | | | (0.21 | ) |
| | 2011 - C | | | 10.06 | | | | 0.19 | | | | (1.23 | ) | | | (1.04 | ) | | | (0.13 | ) |
| | 2011 - Institutional | | | 10.49 | | | | 0.33 | | | | (1.30 | ) | | | (0.97 | ) | | | (0.25 | ) |
| | 2011 - Service | | | 10.27 | | | | 0.27 | | | | (1.27 | ) | | | (1.00 | ) | | | (0.19 | ) |
| | 2011 - IR | | | 10.15 | | | | 0.23 | | | | (1.18 | ) | | | (0.95 | ) | | | (0.23 | ) |
| | 2011 - R | | | 10.12 | | | | 0.19 | | | | (1.18 | ) | | | (0.99 | ) | | | (0.20 | ) |
| | 2010 - A | | | 9.61 | | | | 0.18 | | | | 0.63 | | | | 0.81 | | | | (0.21 | ) |
| | 2010 - C | | | 9.47 | | | | 0.10 | | | | 0.63 | | | | 0.73 | | | | (0.14 | ) |
| | 2010 - Institutional | | | 9.86 | | | | 0.22 | | | | 0.66 | | | | 0.88 | | | | (0.25 | ) |
| | 2010 - Service | | | 9.67 | | | | 0.16 | | | | 0.65 | | | | 0.81 | | | | (0.21 | ) |
| | 2010 - IR | | | 9.56 | | | | 0.20 | | | | 0.63 | | | | 0.83 | | | | (0.24 | ) |
| | 2010 - R | | | 9.55 | | | | 0.15 | | | | 0.63 | | | | 0.78 | | | | (0.21 | ) |
| | (a) | | Calculated based on the average shares outstanding methodology. |
| | (b) | | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
| | (c) | | The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher. |
| | (e) | | Reflects income recognized from a corporate action which amounted to $0.13 per share and 1.18% of average net assets. |
| | (f) | | Amount is less than $0.005 per share. |
| | |
| 50 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Net asset
value, end
of period | | | | | Total
return(b) | | | | | Net assets, end of period (in 000s) | | | | | Ratio of
net expenses
to average
net assets | | | | | Ratio of
total expenses
to average
net assets | | | | | Ratio of
net investment
income to average net assets | | | | | Portfolio
turnover
rate(c) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 10.90 | | | | | | 6.08 | % | | | | $ | 83,628 | | | | | | 1.28 | %(d) | | | | | 1.37 | %(d) | | | | | 1.80 | %(d) | | | | | 82 | % |
| | | 10.75 | | | | | | 5.66 | | | | | | 3,646 | | | | | | 2.03 | (d) | | | | | 2.12 | (d) | | | | | 1.10 | (d) | | | | | 82 | |
| | | 11.18 | | | | | | 6.29 | | | | | | 701,748 | | | | | | 0.88 | (d) | | | | | 0.97 | (d) | | | | | 2.14 | (d) | | | | | 82 | |
| | | 11.00 | | | | | | 5.95 | | | | | | 1,749 | | | | | | 1.38 | (d) | | | | | 1.47 | (d) | | | | | 1.52 | (d) | | | | | 82 | |
| | | 10.72 | | | | | | 6.22 | | | | | | 304 | | | | | | 1.03 | (d) | | | | | 1.12 | (d) | | | | | 2.02 | (d) | | | | | 82 | |
| | | 10.70 | | | | | | 5.89 | | | | | | 135 | | | | | | 1.53 | (d) | | | | | 1.62 | (d) | | | | | 1.41 | (d) | | | | | 82 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 10.69 | | | | | | (0.14 | ) | | | | | 79,214 | | | | | | 1.29 | | | | | | 1.36 | | | | | | 3.31 | (e) | | | | | 142 | |
| | | 10.51 | | | | | | (0.85 | ) | | | | | 3,054 | | | | | | 2.04 | | | | | | 2.11 | | | | | | 2.61 | (e) | | | | | 142 | |
| | | 10.97 | | | | | | 0.22 | | | | | | 742,016 | | | | | | 0.89 | | | | | | 0.96 | | | | | | 3.74 | (e) | | | | | 142 | |
| | | 10.76 | | | | | | (0.17 | ) | | | | | 2,779 | | | | | | 1.39 | | | | | | 1.45 | | | | | | 3.17 | (e) | | | | | 142 | |
| | | 10.53 | | | | | | 0.12 | | | | | | 278 | | | | | | 1.04 | | | | | | 1.10 | | | | | | 3.52 | (e) | | | | | 142 | |
| | | 10.52 | | | | | | (0.33 | ) | | | | | 161 | | | | | | 1.54 | | | | | | 1.61 | | | | | | 3.09 | (e) | | | | | 142 | |
| | | 10.99 | | | | | | 26.31 | | | | | | 92,919 | | | | | | 1.29 | | | | | | 1.37 | | | | | | 1.98 | | | | | | 189 | |
| | | 10.83 | | | | | | 25.33 | | | | | | 3,166 | | | | | | 2.04 | | | | | | 2.11 | | | | | | 1.61 | | | | | | 189 | |
| | | 11.29 | | | | | | 26.71 | | | | | | 945,546 | | | | | | 0.89 | | | | | | 0.96 | | | | | | 2.99 | | | | | | 189 | |
| | | 11.06 | | | | | | 26.13 | | | | | | 6,237 | | | | | | 1.39 | | | | | | 1.46 | | | | | | 2.25 | | | | | | 189 | |
| | | 10.86 | | | | | | 26.55 | | | | | | 468 | | | | | | 1.04 | | | | | | 1.11 | | | | | | 2.22 | | | | | | 189 | |
| | | 10.85 | | | | | | 25.99 | | | | | | 95 | | | | | | 1.54 | | | | | | 1.61 | | | | | | 2.14 | | | | | | 189 | |
| | | 9.00 | | | | | | 4.94 | | | | | | 210,612 | | | | | | 1.28 | | | | | | 1.37 | | | | | | 2.21 | | | | | | 203 | |
| | | 8.87 | | | | | | 4.10 | | | | | | 3,087 | | | | | | 2.04 | | | | | | 2.12 | | | | | | 1.48 | | | | | | 203 | |
| | | 9.25 | | | | | | 5.47 | | | | | | 596,986 | | | | | | 0.88 | | | | | | 0.97 | | | | | | 2.69 | | | | | | 203 | |
| | | 9.06 | | | | | | 4.77 | | | | | | 7,945 | | | | | | 1.38 | | | | | | 1.47 | | | | | | 2.09 | | | | | | 203 | |
| | | 8.91 | | | | | | 5.16 | | | | | | 65 | | | | | | 1.04 | | | | | | 1.11 | | | | | | 2.33 | | | | | | 203 | |
| | | 8.88 | | | | | | 4.69 | | | | | | 71 | | | | | | 1.53 | | | | | | 1.62 | | | | | | 1.98 | | | | | | 203 | |
| | | 9.02 | | | | | | (9.87 | ) | | | | | 314,225 | | | | | | 1.25 | | | | | | 1.31 | | | | | | 2.74 | | | | | | 101 | |
| | | 8.89 | | | | | | (10.50 | ) | | | | | 3,660 | | | | | | 2.00 | | | | | | 2.06 | | | | | | 1.94 | | | | | | 101 | |
| | | 9.27 | | | | | | (9.52 | ) | | | | | 1,013,458 | | | | | | 0.85 | | | | | | 0.91 | | | | | | 3.18 | | | | | | 101 | |
| | | 9.08 | | | | | | (9.91 | ) | | | | | 12,982 | | | | | | 1.35 | | | | | | 1.41 | | | | | | 2.60 | | | | | | 101 | |
| | | 8.97 | | | | | | (9.58 | ) | | | | | 45 | | | | | | 1.00 | | | | | | 1.06 | | | | | | 2.53 | | | | | | 101 | |
| | | 8.93 | | | | | | (9.99 | ) | | | | | 116 | | | | | | 1.50 | | | | | | 1.56 | | | | | | 1.87 | | | | | | 101 | |
| | | 10.21 | | | | | | 8.59 | | | | | | 530,086 | | | | | | 1.25 | | | | | | 1.29 | | | | | | 1.89 | | | | | | 111 | |
| | | 10.06 | | | | | | 7.78 | | | | | | 5,023 | | | | | | 2.00 | | | | | | 2.04 | | | | | | 1.12 | | | | | | 111 | |
| | | 10.49 | | | | | | 9.05 | | | | | | 1,819,375 | | | | | | 0.85 | | | | | | 0.89 | | | | | | 2.24 | | | | | | 111 | |
| | | 10.27 | | | | | | 8.49 | | | | | | 23,267 | | | | | | 1.35 | | | | | | 1.39 | | | | | | 1.68 | | | | | | 111 | |
| | | 10.15 | | | | | | 8.77 | | | | | | 8 | | | | | | 1.00 | | | | | | 1.04 | | | | | | 2.13 | | | | | | 111 | |
| | | 10.12 | | | | | | 8.30 | | | | | | 192 | | | | | | 1.50 | | | | | | 1.54 | | | | | | 1.59 | | | | | | 111 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 51 |
GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND
Financial Highlights
Selected Data for a Share Outstanding Throughout Each Period
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | Income (loss) from
investment operations | | | Distributions
to shareholders | |
| | | Year - Share Class | | Net asset
value,
beginning
of period | | | Net
investment
income(a) | | | Net realized
and unrealized
gain (loss) | | | Total from
investment
operations | | | From net
investment
income | | | From net
realized
gains | | | Total
distributions | |
| | FOR THE SIX MONTHS ENDED APRIL 30, (UNAUDITED) | |
| | 2015 - A | | $ | 10.03 | | | $ | 0.07 | | | $ | 0.83 | | | $ | 0.90 | | | $ | (0.16 | ) | | $ | (0.10 | ) | | $ | (0.26 | ) |
| | 2015 - C | | | 9.76 | | | | 0.04 | | | | 0.80 | | | | 0.84 | | | | (0.12 | ) | | | (0.10 | ) | | | (0.22 | ) |
| | 2015 - Institutional | | | 10.05 | | | | 0.09 | | | | 0.82 | | | | 0.91 | | | | (0.20 | ) | | | (0.10 | ) | | | (0.30 | ) |
| | 2015 - IR | | | 10.01 | | | | 0.09 | | | | 0.82 | | | | 0.91 | | | | (0.19 | ) | | | (0.10 | ) | | | (0.29 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | FOR THE FISCAL YEARS ENDED OCTOBER 31, | |
| | 2014 - A | | | 10.62 | | | | 0.14 | | | | (0.34 | ) | | | (0.20 | ) | | | (0.32 | ) | | | (0.07 | ) | | | (0.39 | ) |
| | 2014 - C | | | 10.40 | | | | 0.06 | | | | (0.33 | ) | | | (0.27 | ) | | | (0.30 | ) | | | (0.07 | ) | | | (0.37 | ) |
| | 2014 - Institutional | | | 10.62 | | | | 0.17 | | | | (0.33 | ) | | | (0.16 | ) | | | (0.34 | ) | | | (0.07 | ) | | | (0.41 | ) |
| | 2014 - IR | | | 10.59 | | | | 0.18 | | | | (0.35 | ) | | | (0.17 | ) | | | (0.34 | ) | | | (0.07 | ) | | | (0.41 | ) |
| | 2013 - A | | | 8.29 | | | | 0.23 | | | | 2.49 | | | | 2.72 | | | | (0.39 | ) | | | — | | | | (0.39 | ) |
| | 2013 - C | | | 8.13 | | | | 0.14 | | | | 2.47 | | | | 2.61 | | | | (0.34 | ) | | | — | | | | (0.34 | ) |
| | 2013 - Institutional | | | 8.30 | | | | 0.26 | | | | 2.50 | | | | 2.76 | | | | (0.44 | ) | | | — | | | | (0.44 | ) |
| | 2013 - IR | | | 8.28 | | | | 0.22 | | | | 2.52 | | | | 2.74 | | | | (0.43 | ) | | | — | | | | (0.43 | ) |
| | 2012 - A | | | 7.92 | | | | 0.17 | | | | 0.38 | | | | 0.55 | | | | (0.18 | ) | | | — | | | | (0.18 | ) |
| | 2012 - C | | | 7.79 | | | | 0.11 | | | | 0.38 | | | | 0.49 | | | | (0.15 | ) | | | — | | | | (0.15 | ) |
| | 2012 - Institutional | | | 7.94 | | | | 0.20 | | | | 0.38 | | | | 0.58 | | | | (0.22 | ) | | | — | | | | (0.22 | ) |
| | 2012 - IR | | | 7.93 | | | | 0.16 | | | | 0.40 | | | | 0.56 | | | | (0.21 | ) | | | — | | | | (0.21 | ) |
| | 2011 - A | | | 8.20 | | | | 0.17 | | | | (0.21 | ) | | | (0.04 | ) | | | (0.24 | ) | | | — | | | | (0.24 | ) |
| | 2011 - C | | | 8.08 | | | | 0.13 | | | | (0.23 | ) | | | (0.10 | ) | | | (0.19 | ) | | | — | | | | (0.19 | ) |
| | 2011 - Institutional | | | 8.21 | | | | 0.20 | | | | (0.20 | ) | | | — | | | | (0.27 | ) | | | — | | | | (0.27 | ) |
| | 2011 - IR | | | 8.21 | | | | 0.20 | | | | (0.21 | ) | | | (0.01 | ) | | | (0.27 | ) | | | — | | | | (0.27 | ) |
| | 2010 - A | | | 7.03 | | | | 0.12 | (e) | | | 1.21 | | | | 1.33 | | | | (0.16 | ) | | | — | | | | (0.16 | ) |
| | 2010 - C | | | 6.95 | | | | 0.09 | (e) | | | 1.17 | | | | 1.26 | | | | (0.13 | ) | | | — | | | | (0.13 | ) |
| | 2010 - Institutional | | | 7.04 | | | | 0.16 | (e) | | | 1.19 | | | | 1.35 | | | | (0.18 | ) | | | — | | | | (0.18 | ) |
| | 2010 - IR (Commenced August 31, 2010) | | | 7.00 | | | | 0.03 | (e) | | | 1.18 | | | | 1.21 | | | | — | | | | — | | | | — | |
| | (a) | | Calculated based on the average shares outstanding methodology. |
| | (b) | | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
| | (c) | | The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher. |
| | (e) | | Reflects income recognized from special dividends which amounted to $0.01 per share and 0.19% of average net assets. |
| | |
| 52 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Net asset
value, end
of period | | | | | Total
return(b) | | | | | Net assets,
end of period (in 000s) | | | | | Ratio of
net expenses
to average
net assets | | | | | Ratio of
total expenses
to average
net assets | | | | | Ratio of
net investment
income to average net assets | | | | | Portfolio
turnover
rate(c) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 10.67 | | | | | | 9.26 | % | | | | $ | 162,995 | | | | | | 1.30 | %(d) | | | | | 1.40 | %(d) | | | | | 1.46 | %(d) | | | | | 61 | % |
| | | 10.38 | | | | | | 8.79 | | | | | | 25,044 | | | | | | 2.05 | (d) | | | | | 2.15 | (d) | | | | | 0.78 | (d) | | | | | 61 | |
| | | 10.66 | | | | | | 9.37 | | | | | | 708,195 | | | | | | 0.90 | (d) | | | | | 1.00 | (d) | | | | | 1.84 | (d) | | | | | 61 | |
| | | 10.63 | | | | | | 9.37 | | | | | | 26,710 | | | | | | 1.05 | (d) | | | | | 1.15 | (d) | | | | | 1.78 | (d) | | | | | 61 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 10.03 | | | | | | (1.94 | ) | | | | | 144,558 | | | | | | 1.30 | | | | | | 1.39 | | | | | | 1.33 | | | | | | 129 | |
| | | 9.76 | | | | | | (2.71 | ) | | | | | 19,158 | | | | | | 2.05 | | | | | | 2.15 | | | | | | 0.57 | | | | | | 129 | |
| | | 10.05 | | | | | | (1.54 | ) | | | | | 668,746 | | | | | | 0.90 | | | | | | 0.99 | | | | | | 1.65 | | | | | | 129 | |
| | | 10.01 | | | | | | (1.68 | ) | | | | | 19,134 | | | | | | 1.05 | | | | | | 1.14 | | | | | | 1.66 | | | | | | 129 | |
| | | 10.62 | | | | | | 34.41 | | | | | | 53,564 | | | | | | 1.30 | | | | | | 1.48 | | | | | | 2.52 | | | | | | 166 | |
| | | 10.40 | | | | | | 33.40 | | | | | | 3,514 | | | | | | 2.05 | | | | | | 2.24 | | | | | | 1.53 | | | | | | 166 | |
| | | 10.62 | | | | | | 34.96 | | | | | | 441,964 | | | | | | 0.90 | | | | | | 1.07 | | | | | | 2.85 | | | | | | 166 | |
| | | 10.59 | | | | | | 34.77 | | | | | | 3,605 | | | | | | 1.05 | | | | | | 1.26 | | | | | | 2.28 | | | | | | 166 | |
| | | 8.29 | | | | | | 7.32 | | | | | | 18,914 | | | | | | 1.30 | | | | | | 1.51 | | | | | | 2.13 | | | | | | 150 | |
| | | 8.13 | | | | | | 6.56 | | | | | | 896 | | | | | | 2.05 | | | | | | 2.26 | | | | | | 1.44 | | | | | | 150 | |
| | | 8.30 | | | | | | 7.80 | | | | | | 244,135 | | | | | | 0.90 | | | | | | 1.11 | | | | | | 2.59 | | | | | | 150 | |
| | | 8.28 | | | | | | 7.54 | | | | | | 345 | | | | | | 1.05 | | | | | | 1.26 | | | | | | 2.06 | | | | | | 150 | |
| | | 7.92 | | | | | | (0.68 | ) | | | | | 29,729 | | | | | | 1.30 | | | | | | 1.47 | | | | | | 1.95 | | | | | | 79 | |
| | | 7.79 | | | | | | (1.39 | ) | | | | | 856 | | | | | | 2.05 | | | | | | 2.22 | | | | | | 1.56 | | | | | | 79 | |
| | | 7.94 | | | | | | (0.16 | ) | | | | | 249,545 | | | | | | 0.90 | | | | | | 1.07 | | | | | | 2.30 | | | | | | 79 | |
| | | 7.93 | | | | | | (0.33 | ) | | | | | 1,368 | | | | | | 1.05 | | | | | | 1.22 | | | | | | 2.39 | | | | | | 79 | |
| | | 8.20 | | | | | | 19.36 | | | | | | 34,154 | | | | | | 1.30 | | | | | | 1.50 | | | | | | 1.71 | (e) | | | | | 113 | |
| | | 8.08 | | | | | | 18.50 | | | | | | 213 | | | | | | 2.05 | | | | | | 2.25 | | | | | | 1.24 | (e) | | | | | 113 | |
| | | 8.21 | | | | | | 19.67 | | | | | | 236,265 | | | | | | 0.90 | | | | | | 1.10 | | | | | | 2.18 | (e) | | | | | 113 | |
| | | 8.21 | | | | | | 17.29 | | | | | | 1 | | | | | | 1.05 | (d) | | | | | 1.25 | (d) | | | | | 2.49 | (d)(e) | | | | | 113 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 53 |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
Notes to Financial Statements
April 30, 2015 (Unaudited)
Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”), along with their corresponding share classes and respective diversification status under the Act:
| | | | |
| Fund | | Share Classes Offered | | Diversified/ Non-diversified |
Emerging Markets Equity Insights | | A, C, Institutional, IR and R | | Diversified |
International Equity Insights | | A, C, Institutional, Service, IR and R | | Diversified |
International Small Cap Insights | | A, C, Institutional and IR | | Diversified |
Class A Shares are sold with a front-end sales charge of up to 5.50%. Class C Shares are sold with a contingent deferred sales charge (“CDSC”) of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Class IR and Class R Shares are not subject to a sales charge.
At the close of business on November 14, 2014, Class B Shares of the International Equity Insights Fund were converted to Class A Shares of the Fund.
Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman, Sachs & Co. (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to a management agreement (the “Agreement”) with the Trust.
| | |
| 2. SIGNIFICANT ACCOUNTING POLICIES | | |
The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions.
A. Investment Valuation — The Funds’ valuation policy is to value investments at fair value.
B. Investment Income and Investments — Investment income includes interest income and dividend income, net of any foreign withholding taxes, less any amounts reclaimable. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds’ investments in United States (“U.S.”) real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.
For derivative contracts, realized gains and losses are recorded upon settlement of the contract.
C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agent and Service and Shareholder Administration fees. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the respective Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses.
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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
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| 2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
D. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies (mutual funds) and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, the Funds are not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid annually.
Net capital losses are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.
Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long term capital losses rather than being considered all short-term as under previous law.
The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from net investment income, net realized gain or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.
E. Foreign Currency Translation — The accounting records and reporting currency of the Funds are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency transactions. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.
| | |
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS | | |
The fair value of a financial instrument is 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). 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).
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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
Notes to Financial Statements (continued)
April 30, 2015 (Unaudited)
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| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
The Trustees have adopted 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’ portfolio 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 and investment companies traded on a U.S. securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or it is believed by the investment adviser to not represent fair value, equity securities and exchange traded investment companies are valued at the last bid price for long positions and at the last ask price for short positions. Investments in investment companies (other than those that are exchange traded) are valued at the NAV on the valuation date. 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.
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. 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 are valued at the NAV of the FST Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy.
The Goldman Sachs Financial Square Government Fund may invest in debt securities which are valued daily on the basis of quotations supplied by dealers, if market quotations are readily available, or an independent pricing service approved by the Trustees. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value.
Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. The Funds enter 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.
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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
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| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
Exchange-traded derivatives, including futures contracts, are valued at the last sale or settlement price and typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.
i. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security and are valued based on exchanged settlement prices or independent market quotes. Futures contracts are valued at the last settlement price, or in the absence of a sale, the last bid price for long positions and at the last ask price for short positions, at the end of each day on the board of trade or exchange upon which they are traded. 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 the Funds’ investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. Significant events which could affect a large number of securities in a particular market may include, but are not limited to: significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions; or unscheduled market closings. Significant events which could also affect a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; ratings downgrades; and bankruptcies.
C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of April 30, 2015:
| | | | | | | | | | | | |
| | | |
| EMERGING MARKETS EQUITY INSIGHTS | | | | | | | | | | | | |
| | | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 | |
| Assets | | | | | | | | | | | | |
Common Stock and/or Other Equity Investments(a) | | | | | | | | | | | | |
Africa | | $ | — | | | $ | 34,724,765 | | | $ | — | |
Asia | | | 35,037,133 | | | | 441,199,367 | | | | — | |
Europe | | | — | | | | 9,445,802 | | | | — | |
North America | | | 51,087,122 | | | | — | | | | — | |
South America | | | 63,943,671 | | | | 939,928 | | | | — | |
Securities Lending Reinvestment Vehicle | | | 9,827,275 | | | | — | | | | — | |
| Total | | $ | 159,895,201 | | | $ | 486,309,862 | | | $ | — | |
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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
Notes to Financial Statements (continued)
April 30, 2015 (Unaudited)
|
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
| | | | | | | | | | | | |
| | | |
| INTERNATIONAL EQUITY INSIGHTS | | | | | | | | | | | | |
| | | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 | |
| Assets | | | | | | | | | | | | |
Common Stock and/or Other Equity Investments(a) | | | | | | | | | | | | |
Africa | | $ | — | | | $ | 7,150,291 | | | $ | — | |
Asia | | | — | | | | 245,620,977 | | | | — | |
Australia and Oceania | | | — | | | | 30,161,120 | | | | — | |
Europe | | | 11,761,597 | | | | 471,567,647 | | | | — | |
Securities Lending Reinvestment Vehicle | | | 49,557,959 | | | | — | | | | — | |
| Total | | $ | 61,319,556 | | | $ | 754,500,035 | | | $ | — | |
| | | |
| Derivative Type | | | | | | | | | |
| Assets(b) | | | | | | | | | | | | |
Futures Contracts | | $ | 88,766 | | | $ | — | | | $ | — | |
| Liabilities(b) | | | | | | | | | | | | |
Futures Contracts | | $ | (87,342 | ) | | $ | — | | | $ | — | |
| | | |
| INTERNATIONAL SMALL CAP INSIGHTS | | | | | | | | | | | | |
| | | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 | |
| Assets | | | | | | | | | | | | |
Common Stock and/or Other Equity Investments(a) | | | | | | | | | | | | |
Africa | | $ | — | | | $ | 9,544,807 | | | $ | — | |
Asia | | | — | | | | 323,404,916 | | | | — | |
Australia and Oceania | | | — | | | | 57,539,967 | | | | — | |
Europe | | | — | | | | 487,804,909 | | | | — | |
North America | | | — | | | | 11,665,565 | | | | — | |
Investment Company | | | 18,403,042 | | | | — | | | | — | |
Securities Lending Reinvestment Vehicle | | | 72,351,865 | | | | — | | | | — | |
| Total | | $ | 90,754,907 | | | $ | 889,960,164 | | | $ | — | |
| | | |
| Derivative Type | | | | | | | | | |
| Assets(b) | | | | | | | | | | | | |
Futures Contracts | | $ | 185,345 | | | $ | — | | | $ | — | |
| Liabilities(b) | | | | | | | | | | | | |
Futures Contracts | | $ | (128,639 | ) | | $ | — | | | $ | — | |
| (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 international equities, resulting in a Level 2 classification. |
| (b) | | Amount shown represents unrealized gain (loss) at period end. |
For further information regarding security characteristics, see the Schedules of Investments.
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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
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| 4. INVESTMENTS IN DERIVATIVES |
The following table sets forth, by certain risk types, the gross value of derivative contracts as of April 30, 2015. These instruments were used to meet the Funds’ investment objectives and to obtain and/or manage exposure related to the risks below. The values in the table below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure:
| | | | | | | | | | | | | | |
| Fund | | Risk | | Statements of Assets and Liabilities | | Assets(a) | | | Statements of Assets and Liabilities | | Liabilities(a) | |
International Equity Insights | | Equity | | Receivable for unrealized gain on futures variation margin | | | $88,766 | | | Payable for unrealized loss on futures variation margin | | | $(87,342) | |
International Small Cap Insights | | Equity | | Receivable for unrealized gain on futures variation margin | | �� | 185,345 | | | Payable for unrealized loss on futures variation margin | | | (128,639) | |
| (a) | | Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedules of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities. |
The following table sets forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the six months ended April 30, 2015. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:
| | | | | | | | | | | | | | | | |
| Fund | | Risk | | Statements of Operations | | Net Realized
Gain (Loss) | | | Net Change in
Unrealized
Gain (Loss) | | | Average
Number of
Contracts(a) | |
International Equity Insights | | Equity | | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | | | 3,254,012 | | | | (163,167 | ) | | | 205 | |
International Small Cap Insights | | Equity | | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | | | 2,096,698 | | | | 145,742 | | | | 168 | |
| (a) | | Average number of contracts is based on the average of month end balances for the period ended April 30, 2015. |
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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
Notes to Financial Statements (continued)
April 30, 2015 (Unaudited)
|
| 5. AGREEMENTS AND AFFILIATED TRANSACTIONS |
A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.
As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets.
For the six months ended April 30, 2015, contractual and effective net management fees with GSAM were at the following rates:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Contractual Management Rate | | | Effective Net
Management Rate^ | |
| Fund | | | | First $1 billion | | | Next $1 billion | | | Next $3 billion | | | Next $3 billion | | | Over $8 billion | | | Effective
Rate | | |
Emerging Markets Equity Insights | | | | | 1.00 | % | | | 1.00 | % | | | 0.90 | % | | | 0.86 | % | | | 0.84 | % | | | 1.00 | % | | | 1.00 | % |
International Equity Insights | | | | | 0.85 | | | | 0.77 | | | | 0.73 | | | | 0.72 | | | | 0.71 | | | | 0.85 | | | | 0.84 | * |
International Small Cap Insights | | | | | 0.85 | | | | 0.85 | | | | 0.77 | | | | 0.73 | | | | 0.72 | | | | 0.85 | | | | 0.85 | |
| ^ | | Effective Net Management Rate includes the impact of management fee waivers of affiliated underlying funds, if any. |
| * | | GSAM has agreed to waive a portion of its management fee in order to achieve an effective net management rate of 0.81% for the International Equity Insights Fund through at least February 29, 2016. Prior to such date, GSAM may not terminate the arrangement without the approval of the Trustees. Prior to February 27, 2015, the effective net management rate for the International Equity Insights Fund was 0.85%. |
The International Small Cap Insights Fund invests in FST Shares of the Goldman Sachs Financial Square Government Fund. This Underlying Fund is considered to be affiliated with the Fund. GSAM has agreed to waive a portion of its management fee payable by the Fund in an amount equal to the management fee it earns as an investment adviser to any of the affiliated funds in which the Fund invests. For the six months ended April 30, 2015, GSAM waived $1,408 of the Fund’s management fee.
B. Distribution and Service Plans — The Trust, on behalf of each Fund, has adopted Distribution and Service Plans (the “Plans”). Under the Plans, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly, for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers, at the following annual rates calculated on a Fund’s average daily net assets of each respective share class:
| | | | | | | | | | | | |
| | | Distribution and Service Plan Rates | |
| | | Class A* | | | Class C | | | Class R* | |
Distribution Plan | | | 0.25 | % | | | 0.75 | % | | | 0.50 | % |
Service Plan | | | — | | | | 0.25 | | | | — | |
| * | | With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority. |
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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
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| 5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A front end sales charge and Class C Shares’ CDSC. During the six months ended April 30, 2015, Goldman Sachs advised that it retained the following amounts:
| | | | | | | | | | |
| | | | | Front End
Sales Charge | | | Contingent Deferred
Sales Charge | |
| Fund | | | | Class A | | | Class C | |
Emerging Markets Equity Insights | | | | $ | 489 | | | $ | — | |
International Equity Insights | | | | | 2,537 | | | | — | |
International Small Cap Insights | | | | | 14,972 | | | | — | |
D. Service Plan and Shareholder Administration Plan — The Trust, on behalf of each Fund that offers Service Shares, has adopted a Service Plan and a Shareholder Administration Plan. These plans allow for service organizations to provide varying levels of personal and account maintenance and shareholder administration services to their customers who are beneficial owners of such shares. The Service Plan and Shareholder Administration Plan each provide for compensation to the service organizations which is accrued daily and paid monthly at an annual rate of 0.25% (0.50% in aggregate) of the average daily net assets of the Service Shares.
E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.19% of the average daily net assets of Class A, Class C, Class IR and Class R Shares and 0.04% of the average daily net assets of Institutional and Service Shares.
F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, shareholder meetings, litigation, indemnification and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds are 0.144%, 0.004% and 0.014%, respectively. These Other Expense limitations will remain in place through at least February 29, 2016, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. The Funds bear their respective share of costs related to proxy and shareholder meetings, and GSAM has agreed to reimburse each Fund to the extent such expenses exceed a specified percentage of the Fund’s net assets. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.
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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
Notes to Financial Statements (continued)
April 30, 2015 (Unaudited)
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| 5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
For the six months ended April 30, 2015, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:
| | | | | | | | | | | | | | | | | | |
| Fund | | | | Management
Fee Waiver | | | Custody Fee
Credits | | | Other Expense
Reimbursement | | | Total Expense
Reductions | |
Emerging Markets Equity Insights | | | | $ | — | | | $ | 2,177 | | | $ | 270,102 | | | $ | 272,279 | |
International Equity Insights | | | | | 51,728 | | | | 3,288 | | | | 275,576 | | | | 330,592 | |
International Small Cap Insights | | | | | 1,408 | | | | 2,305 | | | | 399,482 | | | | 403,195 | |
G. Line of Credit Facility — As of April 30, 2015, the Funds participated in a $1,080,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates (“Other Borrowers”). Pursuant to the terms of the facility, the Funds and Other Borrowers could increase the credit amount by an additional $120,000,000, for a total of up to $1,200,000,000. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended April 30, 2015, the Funds did not have any borrowings under the facility. The facility was increased to $1,205,000,000 effective May 5, 2015.
H. Other Transactions with Affiliates — For the six months ended April 30, 2015, Goldman Sachs earned $8,892 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the International Equity Insights Fund.
The following table provides information about the International Small Cap Insights Fund’s investment in the Goldman Sachs Financial Square Government Fund as of and for the six months ended April 30, 2015:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Fund | | | | Number of
Shares Held
Beginning
of Period | | | Shares Bought | | | Shares Sold | | | Number of
Shares Held
End of Period | | | Value at
End of Period | | | Dividend
Income | |
International Small Cap Insights | | | | | — | | | | 31,262,429 | | | | (12,859,387 | ) | | | 18,403,042 | | | $ | 18,403,042 | | | $ | 54 | |
As of April 30, 2015, the following Goldman Sachs Fund of Funds Portfolios were the beneficial owners of 5% or more of total outstanding shares of the following Funds:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Fund | | | | Goldman Sachs
Balanced
Strategy
Portfolio | | | Goldman Sachs
Enhanced
Dividend
Global Equity
Portfolio | | | Goldman Sachs
Equity Growth
Strategy
Portfolio | | | Goldman Sachs Growth
Strategy Portfolio | | | Goldman Sachs Growth and
Income Strategy
Portfolio | | | Goldman Sachs Satellite
Strategies
Portfolio | | | Goldman Sachs Tax-Advantaged Global Equity Portfolio | |
Emerging Markets Equity Insights | | | | | — | % | | | 5 | % | | | 5 | % | | | 9 | % | | | 6 | % | | | 11 | % | | | 20 | % |
International Equity Insights | | | | | 5 | | | | — | | | | 16 | | | | 26 | | | | 19 | | | | — | | | | — | |
International Small Cap Insights | | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 12 | | | | 6 | |
As of April 30, 2015, the Goldman Sachs Group, Inc. was the beneficial owner of approximately 7% of the Class R Shares of the International Equity Insights Fund.
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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
|
| 6. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended April 30, 2015, were as follows:
| | | | | | | | | | |
| Fund | | | | Purchases | | | Sales and Maturities | |
Emerging Markets Equity Insights | | | | $ | 560,417,265 | | | $ | 660,485,725 | |
International Equity Insights | | | | | 610,496,365 | | | | 683,875,451 | |
International Small Cap Insights | | | | | 511,686,924 | | | | 548,996,126 | |
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 Statement of Operations.
The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Money Market Fund (“Money Market Fund”), an affiliated series of the Trust. The 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 an investment advisory fee of up to 0.205% on an annualized basis of the average daily net assets of the 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, despite such efforts by GSAL to exercise these remedies, the Funds sustain losses as a result of a borrower’s default, GSAL indemnifies the Funds by purchasing replacement securities at its expense, or paying the Funds an amount equal to the market value of the replacement securities, subject to an exclusion for any shortfalls resulting from a loss of value in the cash collateral pool due to reinvestment risk and a requirement that the Funds agree to assign rights to the collateral to GSAL for purpose of using the collateral to cover purchase of replacement securities as more fully described in the Securities Lending Agency Agreement. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral is at least equal to the value of the cash received. The value of loaned securities and cash collateral at period end are disclosed in the Funds’ Statement of Assets and Liabilities.
Both the Funds and GSAL received compensation relating to the lending of the Funds’ securities. The amounts earned by the Funds for the six months ended April 30, 2015, are reported under Investment Income on the Statements of Operations.
63
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
Notes to Financial Statements (continued)
April 30, 2015 (Unaudited)
|
| 7. SECURITIES LENDING (continued) |
The table below details securities lending activity with affiliates of Goldman Sachs:
| | | | | | | | | | | | | | |
| | | | | For the Six Months ended April 30, 2015 | | | Amounts Payable to
Goldman Sachs upon
Return of Securities
Loaned as of
April 30, 2015 | |
| Fund | | | | Earnings of GSAL Relating
to Securities Loaned | | | Amounts Received by the
Funds from Lending to
Goldman Sachs | | |
Emerging Markets Equity Insights | | | | $ | 3,223 | | | $ | 10,366 | | | $ | 298,425 | |
International Equity Insights | | | | | 35,935 | | | | 79,163 | | | | 585,300 | |
International Small Cap Insights | | | | | 47,601 | | | | 52,334 | | | | 13,896,055 | |
The following table provides information about the Funds’ investment in the Money Market Fund for the six months ended April 30, 2015:
| | | | | | | | | | | | | | | | | | | | | | |
| Fund | | | | Number of Shares Held Beginning
of Period | | | Shares Bought | | | Shares Sold | | | Number of Shares Held End of Period | | | Value at End of Period | |
Emerging Markets Equity Insights | | | | | 10,631,042 | | | | 142,759,613 | | | | (143,563,380 | ) | | | 9,827,275 | | | $ | 9,827,275 | |
International Equity Insights | | | | | 10,729,897 | | | | 202,178,898 | | | | (163,350,836 | ) | | | 49,557,959 | | | | 49,557,959 | |
International Small Cap Insights | | | | | 52,882,281 | | | | 114,535,304 | | | | (95,065,720 | ) | | | 72,351,865 | | | | 72,351,865 | |
As of the Fund’s most recent fiscal year end, October 31, 2014, the International Equity Insights Fund’s capital loss carryforwards on a tax-basis were as follows:
| | | | |
Capital loss carryforwards(1): | | | | |
Expiring 2016 | | $ | (392,336,296 | ) |
Expiring 2017 | | | (940,883,655 | ) |
Expiring 2019 | | | (2,867,280 | ) |
Total capital loss carryforwards | | $ | (1,336,087,231 | ) |
| (1) | | Expiration occurs on October 31 of the year indicated. |
As of April 30, 2015, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
| | | | | | | | | | | | |
| | | Emerging
Markets Equity Insights | | | International
Equity Insights | | | International
Small Cap
Insights | |
Tax cost | | $ | 562,511,559 | | | $ | 776,943,568 | | | $ | 880,171,924 | |
Gross unrealized gain | | | 100,654,904 | | | | 62,739,213 | | | | 122,908,716 | |
Gross unrealized loss | | | (16,961,400 | ) | | | (23,863,190 | ) | | | (22,365,569 | ) |
Net unrealized security gain | | $ | 83,693,504 | | | $ | 38,876,023 | | | $ | 100,543,147 | |
64
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
|
| 8. TAX INFORMATION (continued) |
The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains (losses) on regulated futures and foreign currency contracts and differences in the tax treatment of passive foreign investment company investments.
GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.
The Funds’ risks include, but are not limited to, the following:
Foreign Custody Risk — A Fund that invests in foreign securities may hold such securities and foreign currency 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 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 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 — As a shareholder of another investment company, including an exchange traded fund (“ETF”), a Fund will directly 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.
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 may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s NAV and liquidity. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that a Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. 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.
Liquidity Risk — The Funds 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 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.
65
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
Notes to Financial Statements (continued)
April 30, 2015 (Unaudited)
|
| 9. OTHER RISKS (continued) |
Market and Credit Risks — In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, the Funds 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 Funds have unsettled or open transactions defaults.
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 the Fund invests. Loss may also result from the imposition of exchange controls, confiscations and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody. 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 the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that the Fund also invests in securities of issuers located in emerging markets, these risks may be more pronounced.
Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.
Subsequent events after the Statement of Assets and Liabilities date have been evaluated through the date the financial statements were issued. GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.
66
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
|
| 12. SUMMARY OF SHARE TRANSACTIONS |
Share activity is as follows:
| | | | | | | | | | | | | | | | |
| | | Emerging Markets Equity Insights Fund | |
| | | | |
| | | For the Six Months Ended
April 30, 2015 (Unaudited) | | | For the Fiscal Year Ended
October 31, 2014 | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| | | | |
| Class A Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 718,720 | | | $ | 6,168,890 | | | | 3,106,867 | | | $ | 27,111,536 | |
Reinvestment of distributions | | | 97,926 | | | | 827,477 | | | | 24,616 | | | | 213,173 | |
Shares redeemed | | | (889,284 | ) | | | (7,722,821 | ) | | | (1,679,618 | ) | | | (14,419,969 | ) |
| | | | (72,638 | ) | | | (726,454 | ) | | | 1,451,865 | | | | 12,904,740 | |
| Class C Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 16,005 | | | | 139,476 | | | | 59,922 | | | | 513,470 | |
Reinvestment of distributions | | | 1,125 | | | | 9,472 | | | | 921 | | | | 7,932 | |
Shares redeemed | | | (21,209 | ) | | | (184,159 | ) | | | (65,655 | ) | | | (556,076 | ) |
| | | | (4,079 | ) | | | (35,211 | ) | | | (4,812 | ) | | | (34,674 | ) |
| Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 7,555,456 | | | | 65,205,740 | | | | 30,442,332 | | | | 265,225,820 | |
Reinvestment of distributions | | | 1,976,076 | | | | 16,638,558 | | | | 871,372 | | | | 7,511,224 | |
Shares redeemed | | | (18,093,978 | ) | | | (152,962,026 | ) | | | (19,875,721 | ) | | | (172,622,441 | ) |
| | | | (8,562,446 | ) | | | (71,117,728 | ) | | | 11,437,983 | | | | 100,114,603 | |
| Class IR Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 42,475 | | | | 373,614 | | | | 89,237 | | | | 748,653 | |
Reinvestment of distributions | | | 2,036 | | | | 17,142 | | | | 2,504 | | | | 21,586 | |
Shares redeemed | | | (45,260 | ) | | | (389,745 | ) | | | (178,606 | ) | | | (1,494,845 | ) |
| | | | (749 | ) | | | 1,011 | | | | (86,865 | ) | | | (724,606 | ) |
| Class R(a) | | | | | | | | | | | | | | | | |
Shares sold | | | 206,479 | | | | 1,733,855 | | | | 118,145 | | | | 1,077,065 | |
Reinvestment of distributions | | | 3,766 | | | | 31,596 | | | | — | | | | — | |
Shares redeemed | | | (12,588 | ) | | | (109,641 | ) | | | (6,521 | ) | | | (58,402 | ) |
| | | | 197,657 | | | | 1,655,810 | | | | 111,624 | | | | 1,018,663 | |
NET INCREASE (DECREASE) | | | (8,442,255 | ) | | $ | (70,222,572 | ) | | | 12,909,795 | | | $ | 113,278,726 | |
| (a) | | Commenced operations on February 28, 2014. |
67
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
Notes to Financial Statements (continued)
April 30, 2015 (Unaudited)
|
| 12. SUMMARY OF SHARE TRANSACTIONS (continued) |
Share activity is as follows:
| | | | | | | | | | | | | | | | |
| | | International Equity Insights Fund | |
| | | | |
| | | For the Six Months Ended
April 30, 2015 (Unaudited) | | | For the Fiscal Year Ended
October 31, 2014 | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| | | | |
| Class A Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 1,073,529 | | | $ | 11,068,655 | | | | 994,006 | | | $ | 10,922,575 | |
Shares converted from Class B | | | 24,889 | | | | 263,075 | | | | 8,834 | | | | 97,775 | |
Reinvestment of distributions | | | 291,811 | | | | 2,932,700 | | | | 213,135 | | | | 2,272,021 | |
Shares redeemed | | | (1,128,585 | ) | | | (11,571,048 | ) | | | (2,260,250 | ) | | | (24,974,383 | ) |
| | | | 261,644 | | | | 2,693,382 | | | | (1,044,275 | ) | | | (11,682,012 | ) |
| Class B Shares(a) | | | | | | | | | | | | | | | | |
Shares sold | | | — | | | | — | | | | 6,157 | | | | 68,430 | |
Shares converted to Class A | | | (25,175 | ) | | | (263,075 | ) | | | (8,903 | ) | | | (97,775 | ) |
Reinvestment of distributions | | | — | | | | — | | | | 3,037 | | | | 32,250 | |
Shares redeemed | | | (88,787 | ) | | | (927,959 | ) | | | (65,819 | ) | | | (723,014 | ) |
| | | | (113,962 | ) | | | (1,191,034 | ) | | | (65,528 | ) | | | (720,109 | ) |
| Class C Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 70,963 | | | | 734,664 | | | | 44,285 | | | | 480,131 | |
Reinvestment of distributions | | | 8,739 | | | | 86,865 | | | | 5,864 | | | | 61,859 | |
Shares redeemed | | | (31,193 | ) | | | (314,078 | ) | | | (51,788 | ) | | | (558,069 | ) |
| | | | 48,509 | | | | 507,451 | | | | (1,639 | ) | | | (16,079 | ) |
| Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 10,865,889 | | | | 115,200,396 | | | | 10,491,344 | | | | 118,751,786 | |
Reinvestment of distributions | | | 2,889,476 | | | | 29,732,706 | | | | 2,634,973 | | | | 28,747,556 | |
Shares redeemed | | | (18,577,945 | ) | | | (192,481,355 | ) | | | (29,263,086 | ) | | | (329,167,069 | ) |
| | | | (4,822,580 | ) | | | (47,548,253 | ) | | | (16,136,769 | ) | | | (181,667,727 | ) |
| Service Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 8,248 | | | | 85,254 | | | | 24,284 | | | | 268,840 | |
Reinvestment of distributions | | | 5,162 | | | | 52,390 | | | | 4,316 | | | | 46,355 | |
Shares redeemed | | | (112,844 | ) | | | (1,150,872 | ) | | | (333,898 | ) | | | (3,752,225 | ) |
| | | | (99,434 | ) | | | (1,013,228 | ) | | | (305,298 | ) | | | (3,437,030 | ) |
| Class IR Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 4,446 | | | | 45,897 | | | | 3,519 | | | | 38,821 | |
Reinvestment of distributions | | | 1,163 | | | | 11,495 | | | | 1,216 | | | | 12,760 | |
Shares redeemed | | | (3,624 | ) | | | (35,650 | ) | | | (21,446 | ) | | | (224,962 | ) |
| | | | 1,985 | | | | 21,742 | | | | (16,711 | ) | | | (173,381 | ) |
| Class R Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 1,199 | | | | 11,958 | | | | 8,023 | | | | 86,742 | |
Reinvestment of distributions | | | 447 | | | | 4,419 | | | | 247 | | | | 2,598 | |
Shares redeemed | | | (4,280 | ) | | | (41,595 | ) | | | (1,736 | ) | | | (18,947 | ) |
| | | | (2,634 | ) | | | (25,218 | ) | | | 6,534 | | | | 70,393 | |
NET DECREASE | | | (4,726,472 | ) | | $ | (46,555,158 | ) | | | (17,563,686 | ) | | $ | (197,625,945 | ) |
| (a) | | Class B Shares converted into Class A Shares at the close of business on November 14, 2014. |
68
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
|
| 12. SUMMARY OF SHARE TRANSACTIONS (continued) |
Share activity is as follows:
| | | | | | | | | | | | | | | | |
| | | International Small Cap Insights Fund | |
| | | | |
| | | For the Six Months Ended
April 30, 2015 (Unaudited) | | | For the Fiscal Year Ended
October 31, 2014 | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| | | | |
| Class A Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 3,553,731 | | | $ | 36,012,996 | | | | 14,255,876 | | | $ | 150,928,252 | |
Reinvestment of distributions | | | 377,041 | | | | 3,661,067 | | | | 218,400 | | | | 2,232,053 | |
Shares redeemed | | | (3,061,265 | ) | | | (30,806,680 | ) | | | (5,106,460 | ) | | | (54,190,286 | ) |
| | | | 869,507 | | | | 8,867,383 | | | | 9,367,816 | | | | 98,970,019 | |
| Class C Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 743,352 | | | | 7,398,481 | | | | 1,790,510 | | | | 18,547,023 | |
Reinvestment of distributions | | | 39,196 | | | | 371,581 | | | | 14,055 | | | | 140,693 | |
Shares redeemed | | | (333,401 | ) | | | (3,203,839 | ) | | | (179,887 | ) | | | (1,805,896 | ) |
| | | | 449,147 | | | | 4,566,223 | | | | 1,624,678 | | | | 16,881,820 | |
| Institutional Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 14,980,093 | | | | 150,099,142 | | | | 42,785,209 | | | | 453,931,646 | |
Reinvestment of distributions | | | 1,626,828 | | | | 15,763,967 | | | | 1,522,029 | | | | 15,524,695 | |
Shares redeemed | | | (16,755,141 | ) | | | (166,577,418 | ) | | | (19,364,419 | ) | | | (199,413,158 | ) |
| | | | (148,220 | ) | | | (714,309 | ) | | | 24,942,819 | | | | 270,043,183 | |
| Class IR Shares | | | | | | | | | | | | | | | | |
Shares sold | | | 938,885 | | | | 9,461,553 | | | | 2,844,465 | | | | 30,173,836 | |
Reinvestment of distributions | | | 63,030 | | | | 608,866 | | | | 17,549 | | | | 178,644 | |
Shares redeemed | | | (400,560 | ) | | | (3,953,446 | ) | | | (1,290,996 | ) | | | (12,931,778 | ) |
| | | | 601,355 | | | | 6,116,973 | | | | 1,571,018 | | | | 17,420,702 | |
NET INCREASE | | | 1,771,789 | | | $ | 18,836,270 | | | | 37,506,331 | | | $ | 403,315,724 | |
69
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
Fund Expenses — Six Month Period Ended April 30, 2015 (Unaudited)
As a shareholder of Class A, Class C, Institutional, Service, Class IR or Class R Shares of a Fund you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares) and contingent deferred sales charges on redemptions (with respect to Class C Shares); and (2) ongoing costs, including management fees; distribution and service (12b-1) fees (with respect to Class A, Class C and Class R Shares); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Service, Class IR and Class R Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2014 through April 30, 2015.
Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual net expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Emerging Markets Equity Insights Fund | | | International Equity Insights Fund | | | International Small Cap Insights Fund | |
| Share Class | | Beginning
Account
Value
11/01/14 | | | Ending
Account
Value
04/30/15 | | | Expenses
Paid for the
6 Months Ended
04/30/15* | | | Beginning
Account
Value
11/01/14 | | | Ending
Account
Value
04/30/15 | | | Expenses
Paid for the
6 Months Ended
04/30/15* | | | Beginning
Account
Value
11/01/14 | | | Ending
Account
Value
04/30/15 | | | Expenses
Paid for the
6 Months Ended
04/30/15* | |
| Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | $ | 1,000 | | | $ | 1,063.20 | | | $ | 8.08 | | | $ | 1,000 | | | $ | 1,060.80 | | | $ | 6.54 | | | $ | 1,000 | | | $ | 1,092.60 | | | $ | 6.75 | |
Hypothetical 5% return | | | 1,000 | | | | 1,016.96 | + | | | 7.90 | | | | 1,000 | | | | 1,018.45 | + | | | 6.41 | | | | 1,000 | | | | 1,018.35 | + | | | 6.51 | |
| Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | 1,000 | | | | 1,059.30 | | | | 11.90 | | | | 1,000 | | | | 1,056.60 | | | | 10.35 | | | | 1,000 | | | | 1,087.90 | | | | 10.61 | |
Hypothetical 5% return | | | 1,000 | | | | 1,013.24 | + | | | 11.63 | | | | 1,000 | | | | 1,014.73 | + | | | 10.14 | | | | 1,000 | | | | 1,014.63 | + | | | 10.24 | |
| Institutional | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | 1,000 | | | | 1,066.10 | | | | 6.04 | | | | 1,000 | | | | 1,062.90 | | | | 4.50 | | | | 1,000 | | | | 1,093.70 | | | | 4.67 | |
Hypothetical 5% return | | | 1,000 | | | | 1,018.94 | + | | | 5.91 | | | | 1,000 | | | | 1,020.43 | + | | | 4.41 | | | | 1,000 | | | | 1,020.33 | + | | | 4.51 | |
| Service | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | N/A | | | | N/A | | | | N/A | | | | 1,000 | | | | 1,059.50 | | | | 7.05 | | | | N/A | | | | N/A | | | | N/A | |
Hypothetical 5% return | | | N/A | | | | N/A | | | | N/A | | | | 1,000 | | | | 1,017.95 | + | | | 6.90 | | | | N/A | | | | N/A | | | | N/A | |
| Class IR | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | 1,000 | | | | 1,064.80 | | | | 6.81 | | | | 1,000 | | | | 1,062.20 | | | | 5.27 | | | | 1,000 | | | | 1,093.70 | | | | 5.45 | |
Hypothetical 5% return | | | 1,000 | | | | 1,018.20 | + | | | 6.66 | | | | 1,000 | | | | 1,019.69 | + | | | 5.16 | | | | 1,000 | | | | 1,019.59 | + | | | 5.26 | |
| Class R | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | 1,000 | | | | 1,063.40 | | | | 9.36 | | | | 1,000 | | | | 1,058.90 | | | | 7.81 | | | | N/A | | | | N/A | | | | N/A | |
Hypothetical 5% return | | | 1,000 | | | | 1,015.72 | + | | | 9.15 | | | | 1,000 | | | | 1,017.21 | + | | | 7.65 | | | | N/A | | | | N/A | | | | N/A | |
| * | | Expenses are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended April 30, 2015. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Fund | | Class A | | | Class C | | | Institutional | | | Service | | | Class IR | | | Class R | |
Emerging Markets Equity Insights | | | 1.58 | % | | | 2.33 | % | | | 1.18 | % | | | N/A | | | | 1.33 | % | | | 1.83 | % |
International Equity Insights | | | 1.28 | | | | 2.03 | | | | 0.88 | | | | 1.38 | % | | | 1.03 | | | | 1.53 | |
International Small Cap Insights | | | 1.30 | | | | 2.05 | | | | 0.90 | | | | N/A | | | | 1.05 | | | | N/A | |
| + | | Hypothetical expenses are based on each Fund's actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses. |
70
FUNDS PROFILE
Goldman Sachs Funds
Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.
Today, the Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.02 trillion in assets under supervision as of March 31, 2015, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman, Sachs & Co. subject to legal, internal and regulatory restrictions.
Money Market1
Financial Square FundsSM
| n | | Financial Square Tax-Exempt Funds |
| n | | Financial Square Federal Fund |
| n | | Financial Square Government Fund |
| n | | Financial Square Money Market Fund |
| n | | Financial Square Prime Obligations Fund |
| n | | Financial Square Treasury Instruments Fund |
| n | | Financial Square Treasury Obligations Fund |
Fixed Income
Short Duration and Government
| n | | High Quality Floating Rate Fund |
| n | | Limited Maturity Obligations Fund |
| n | | Short Duration Government Fund |
| n | | Short Duration Income Fund |
| n | | Inflation Protected Securities Fund |
Multi-Sector
Municipal and Tax-Free
| n | | High Yield Municipal Fund |
| n | | Dynamic Municipal Income Fund3 |
| n | | Short Duration Tax-Free Fund |
Single Sector
| n | | Investment Grade Credit Fund |
| n | | High Yield Floating Rate Fund |
| n | | Emerging Markets Debt Fund |
| n | | Local Emerging Markets Debt Fund |
| n | | Dynamic Emerging Markets Debt Fund |
Fixed Income Alternatives
| n | | Long Short Credit Strategies Fund |
| n | | Fixed Income Macro Strategies Fund |
Fundamental Equity
| n | | Small/Mid Cap Value Fund |
| n | | Small/Mid Cap Growth Fund |
| n | | Flexible Cap Growth Fund |
| n | | Concentrated Growth Fund |
| n | | Technology Tollkeeper Fund |
| n | | Growth Opportunities Fund |
| n | | Rising Dividend Growth Fund |
| n | | Dynamic U.S. Equity Fund4 |
Tax-Advantaged Equity
| n | | U.S. Tax-Managed Equity Fund |
| n | | International Tax-Managed Equity Fund |
| n | | U.S. Equity Dividend and Premium Fund |
| n | | International Equity Dividend and Premium Fund |
Equity Insights
| n | | Small Cap Equity Insights Fund |
| n | | U.S. Equity Insights Fund |
| n | | Small Cap Growth Insights Fund |
| n | | Large Cap Growth Insights Fund |
| n | | Large Cap Value Insights Fund |
| n | | Small Cap Value Insights Fund |
| n | | International Small Cap Insights Fund |
| n | | International Equity Insights Fund |
| n | | Emerging Markets Equity Insights Fund |
Fundamental Equity International
| n | | Strategic International Equity Fund |
| n | | Focused International Equity Fund |
| n | | International Small Cap Fund |
| n | | Emerging Markets Equity Fund |
| n | | BRIC Fund (Brazil, Russia, India, China) |
Select Satellite5
| n | | Global Managed Beta Fund |
| n | | Multi-Manager Non-Core Fixed Income Fund |
| n | | Real Estate Securities Fund |
| n | | International Real Estate Securities Fund |
| n | | Commodity Strategy Fund |
| n | | Dynamic Commodity Strategy Fund |
| n | | Dynamic Allocation Fund |
| n | | Absolute Return Tracker Fund |
| n | | Managed Futures Strategy Fund |
| n | | MLP Energy Infrastructure Fund |
| n | | Multi-Manager Alternatives Fund |
| n | | Multi-Asset Real Return Fund |
| n | | Retirement Portfolio Completion Fund |
| n | | Tactical Tilt Implementation Fund |
Total Portfolio Solutions5
| n | | Balanced Strategy Portfolio |
| n | | Growth and Income Strategy Portfolio |
| n | | Growth Strategy Portfolio |
| n | | Equity Growth Strategy Portfolio |
| n | | Satellite Strategies Portfolio |
| n | | Enhanced Dividend Global Equity Portfolio |
| n | | Tax Advantaged Global Equity Portfolio |
| 1 | | An investment in a money market fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency. Although the Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Funds. |
| 2 | | Effective on October 1, 2014, the Goldman Sachs Core Plus Fixed Income Fund was renamed the Goldman Sachs Bond Fund. |
| 3 | | Effective on December 18, 2014, the Goldman Sachs Municipal Income Fund was renamed the Goldman Sachs Dynamic Municipal Income Fund. |
| 4 | | Effective on April 30, 2015, the Goldman Sachs U.S. Equity Fund was renamed the Goldman Sachs Dynamic U.S. Equity Fund. |
| 5 | | Individual Funds within the Total Portfolio Solutions and Select Satellite categories will have various placement on the risk/return spectrum and may have greater or lesser risk than that indicated by the placement of the general Total Portfolio Solutions or Select Satellite category. |
Financial Square FundsSM is a registered service mark of Goldman, Sachs & Co.
| * | | This list covers open-end funds only. Please visit our web site at www.GSAMFUNDS.com to learn about our closed-end funds. |
| | |
TRUSTEES Ashok N. Bakhru, Chairman Kathryn A. Cassidy John P. Coblentz, Jr. Diana M. Daniels Joseph P. LoRusso Herbert J. Markley James A. McNamara Jessica Palmer Alan A. Shuch Richard P. Strubel Roy W. Templin Gregory G. Weaver | | OFFICERS James A. McNamara, President Scott M. McHugh, Principal Financial Officer and Treasurer Caroline L. Kraus, Secretary |
| |
GOLDMAN, SACHS & CO. Distributor and Transfer Agent | | GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser |
Visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.
Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282
The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (I) without charge, upon request by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (II) on the Securities and Exchange Commission web site at http://www.sec.gov.
The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s web site at http://www.sec.gov within 60 days after the Funds’ first and third fiscal quarters. The Funds’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C., and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. Forms N-Q may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).
The website links provided are for your convenience only and are not an endorsement or recommendation by GSAM of any of these websites or the products or services offered. GSAM is not responsible for the accuracy and validity of the content of these websites.
Fund holdings and allocations shown are unaudited, and may not be representative of current or future investments. Fund holdings and allocations may not include the Fund’s entire investment portfolio, which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.
Economic and market forecasts presented herein reflect a series of assumptions and judgments as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.
This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider a Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your authorized dealer or from Goldman, Sachs & Co. by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550).
© 2015 Goldman Sachs. All rights reserved. 164859.MF.MED.TMPL/6/2015 INTINSSAR-15/19K
