GOLDMAN SACHS RETIREMENT PORTFOLIO COMPLETION FUND
Schedule of Investments
(continued)
January 31, 2014
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
|
Interest
Rate
|
|
|
Maturity
Date
|
|
Value
|
U.S. Treasury Obligations
(continued)
|
$
|
|
|
55,086
|
|
|
|
0.375
|
%
|
|
07/15/23
|
|
$ 54,837
|
|
|
|
46,989
|
|
|
|
2.375
|
|
|
01/15/25
|
|
55,799
|
|
|
|
31,708
|
|
|
|
2.000
|
|
|
01/15/26
|
|
36,325
|
|
|
|
25,428
|
|
|
|
2.375
|
|
|
01/15/27
|
|
30,310
|
|
|
|
23,364
|
|
|
|
1.750
|
|
|
01/15/28
|
|
25,971
|
|
|
|
33,146
|
|
|
|
3.625
|
|
|
04/15/28
|
|
45,301
|
|
|
|
20,627
|
|
|
|
2.500
|
|
|
01/15/29
|
|
25,142
|
|
|
|
36,864
|
|
|
|
3.875
|
|
|
04/15/29
|
|
52,301
|
|
|
|
9,192
|
|
|
|
3.375
|
|
|
04/15/32
|
|
12,757
|
|
|
|
21,568
|
|
|
|
2.125
|
|
|
02/15/40
|
|
25,656
|
|
|
|
34,060
|
|
|
|
2.125
|
|
|
02/15/41
|
|
40,605
|
|
|
|
31,977
|
|
|
|
0.750
|
|
|
02/15/42
|
|
27,596
|
|
|
|
31,428
|
|
|
|
0.625
|
|
|
02/15/43
|
|
26,036
|
|
TOTAL U.S. TREASURY OBLIGATIONS
|
|
$2,935,532
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Description
|
|
Value
|
|
Exchange Traded Funds
15.0%
|
|
28
|
|
|
iShares Dow Jones US Real Estate Index Fund
|
|
$ 1,827
|
|
28,348
|
|
|
PowerShares DB Commodity Index Tracking Fund
*
|
|
705,298
|
|
45
|
|
|
SPDR Dow Jones International Real Estate ETF
|
|
1,777
|
|
6,361
|
|
|
Vanguard MSCI Emerging Markets ETF
|
|
239,619
|
|
|
|
TOTAL EXCHANGE TRADED FUNDS
|
|
$ 948,521
|
|
|
|
|
|
|
|
|
|
|
Investment Company
(b)
20.9%
|
|
144,273
|
|
|
Goldman Sachs Absolute Return Tracker Fund - Institutional Shares
|
|
$1,315,767
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
Interest
Rate
|
|
|
Maturity
Date
|
|
Value
|
Short-term Investments
(c)
7.9%
|
Repurchase Agreement 7.9%
|
Joint Repurchase Agreement Account II
|
$ 500,000
|
|
|
0.025
|
%
|
|
02/03/14
|
|
$ 500,000
|
|
TOTAL INVESTMENTS 96.6%
|
|
$6,088,314
|
|
OTHER ASSETS IN EXCESS OF
LIABILITIES 3.4%
|
|
214,791
|
|
NET ASSETS 100.0%
|
|
$6,303,105
|
|
|
|
|
|
|
|
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)
|
|
Issued with a zero coupon. Income is recognized through the accretion of discount.
|
|
|
(b)
|
|
Represents Affiliated Funds.
|
|
|
(c)
|
|
Joint repurchase agreement was entered into on January 31, 2014. Additional information appears in the Notes to the Schedule of Investments
section.
|
|
|
|
|
Investment Abbreviations:
|
ETF
|
|
Exchange Traded Fund
|
REIT
|
|
Real Estate Investment Trust
|
|
|
For information on the mutual funds, please call our toll free Shareholder Services Line at
1-800-526-7384
or visit us on the web at www.GSAMFUNDS.com.
|
GOLDMAN SACHS RETIREMENT PORTFOLIO COMPLETION FUND
Schedule of Investments
(continued)
January 31, 2014
(Unaudited)
ADDITIONAL INVESTMENT INFORMATION
SWAP CONTRACTS
At January 31, 2014, the Fund had
outstanding swap contracts with the following terms:
CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market Value
|
|
Referenced Obligation
|
|
Notional
Amount
(000s)
|
|
|
Rates
Received
(Paid)
|
|
Termination
Date
|
|
Credit
Spread at
January 31, 2014
(a)
|
|
Upfront
Payments
Made (Received)
|
|
|
Unrealized
Gain (Loss)
|
|
|
|
Protection Sold:
|
|
CDX Emerging Markets Index 20
|
|
$
|
1,320
|
|
|
5.000%
|
|
12/20/18
|
|
3.400%
|
|
$
|
130,009
|
|
|
$
|
(30,637
|
)
|
CDX North America High Yield Index 21
|
|
|
1,160
|
|
|
5.000
|
|
12/20/18
|
|
3.447
|
|
|
64,007
|
|
|
|
20,272
|
|
|
|
TOTAL
|
|
|
|
|
|
|
|
|
|
|
|
$
|
194,016
|
|
|
$
|
(10,365
|
)
|
|
|
(a)
|
|
Credit spread on the Referenced Obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event
occurring which would require a fund to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase.
|
TOTAL RETURN SWAP CONTRACTS ON EQUITY INDICES
(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Counterparty
|
|
Referenced
Obligation
|
|
Notional
Amount
(000s)
|
|
|
Rate
Received
(Paid)
|
|
Termination
Date
|
|
Unrealized
Gain (Loss)*
|
|
|
|
Bank of America Securities LLC
|
|
MSCI Emerging Markets Net TR Index
|
|
$
|
147
|
|
|
(0.592)%
|
|
07/03/14
|
|
$
|
(9,641
|
)
|
|
|
(b)
|
|
The Fund receives quarterly payments based on any positive quarterly return of the Referenced Obligation. The Fund makes payments on any negative quarterly return of
such Referenced Obligation.
|
*
|
|
There are no upfront payments on the swap contract(s), therefore the unrealized gain (loss) on the swap contracts is equal to their market value.
|
TAX INFORMATION
At January 31, 2014, the Funds aggregate security unrealized gains and losses based on
cost for U.S. federal income tax purposes were as follows:
|
|
|
|
|
|
|
Tax Cost
|
|
$
|
6,225,213
|
|
|
|
Gross unrealized gain
|
|
|
20,087
|
|
Gross unrealized loss
|
|
|
(156,986
|
)
|
|
|
Net unrealized security loss
|
|
$
|
(136,899
|
)
|
|
|
Additional information regarding the Fund is available in the Funds most recent Annual and Semi-Annual Reports
to Shareholders. This information is available on the Securities and Exchange Commissions website (www.sec.gov).
GOLDMAN SACHS RETIREMENT PORTFOLIO COMPLETION FUND
Schedule of Investments
(continued)
January 31, 2014
(Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS
Investment Valuation
The Funds valuation policy is to
value investments at fair value.
Investments and Fair Value Measurements
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). Accounting principles generally accepted in the United States of America
(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 Goldman
Sachs Asset Management, L.P. (GSAM) assumptions in determining fair value measurement).
The Trustees have adopted Valuation
Procedures that govern the valuation of the portfolio investments held by the Fund, 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.
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:
GOLDMAN SACHS RETIREMENT PORTFOLIO COMPLETION FUND
Schedule of Investments
(continued)
January 31, 2014
(Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
Debt Securities
Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service 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. Short-term debt obligations that mature in sixty days or less and that do not exhibit signs of credit deterioration are valued at amortized cost, which approximates fair value.
With the exception of treasury securities of G8 countries (not held in money market funds), which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.
i. Treasury Inflation Protected Securities
TIPS are treasury securities in which the principal amount is adjusted daily to
keep pace with inflation, as measured by the U.S. Consumer Pricing Index for Urban Consumers. The repayment of the original bond principal upon maturity is guaranteed by the full faith and credit of the U.S. Government.
Equity Securities
Equity securities and investment companies traded on a United States (U.S.) securities exchange or the NASDAQ
system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If no sale occurs,
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 net asset value (NAV) on the valuation date. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy.
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.
Derivative
Contracts
A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors.
Exchange-traded derivatives, including futures contracts, typically fall within Level 1 of the fair value hierarchy. Over-the-counter (OTC) 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 an
OTC derivative 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
GOLDMAN SACHS RETIREMENT PORTFOLIO COMPLETION FUND
Schedule of Investments
(continued)
January 31, 2014
(Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC derivatives that trade in
liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market
evidence.
Swap Contracts
Bilateral swap contracts are agreements in which a Fund and a counterparty agree to exchange periodic
payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between a Fund and the counterparty. By contrast,
certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member (DCM), acting in an agency capacity, and submitted to a central counterparty (CCP)
(centrally cleared swaps), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in
value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, a Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a
triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a
receivable or payable for variation margin.
A credit default swap
is an agreement that involves one party (the buyer of
protection) making a stream of payments to another party (the seller of protection) in exchange for the right to receive protection on a reference security or obligation, including a group of assets or exposure to the performance of an index. A
Funds investment in credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and
obligation acceleration. If a Fund buys protection through a credit default swap and no credit event occurs, its payments are limited to the periodic payments previously made to the counterparty. Upon the occurrence of a specified credit event, a
Fund, as a buyer of credit protection, is entitled to receive an amount equal to the notional amount of the swap and deliver to the seller the defaulted reference obligation in a physically settled trade. A Fund may also receive a net settlement
amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in cash settled trade.
As a seller of protection, a Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if a Fund sells protection through a credit
default swap, a Fund could suffer a loss because the value of the referenced obligation and the premium payments received may be less than the notional amount of the swap paid to the buyer of protection. Upon the occurrence of a specified credit
event, a Fund, as a seller of credit protection, may be required to take possession of the defaulted reference obligation and pay the buyer an amount equal to the notional amount of the swap in a physically settled trade. A Fund may also pay a net
settlement amount in the form of cash or securities equal to the notional amount of the
GOLDMAN SACHS RETIREMENT PORTFOLIO COMPLETION FUND
Schedule of Investments
(continued)
January 31, 2014
(Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
swap reduced by the recovery value of the reference obligation in cash settled trade. Recovery values are at times established through the credit event auction process in which market
participants are ensured that a transparent price has been set for the defaulted security or obligation. In addition, a Fund is entitled to a return of any assets, which have been pledged as collateral to the counterparty.
The maximum potential amount of future payments (undiscounted) that a Fund as seller of protection could be required to make under a
credit default swap would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or net amounts received from a settlement of a
credit default swap for the same reference security or obligation where a Fund bought credit protection.
Short Term Investments
Short-term investments having a maturity of 60 days or less are generally valued at amortized cost which approximates fair market value. These investments are classified as Level 2 of the fair value hierarchy.
i. Repurchase Agreements
Repurchase agreements involve the purchase of securities subject to the sellers
agreement to repurchase the securities at a mutually agreed upon date and price, under the terms of a Master Repurchase Agreement (MRA). During the term of a repurchase agreement, the value of the underlying securities held as collateral
on behalf of a Fund, including accrued interest is required to exceed the value of the repurchase agreement, including accrued interest. The underlying securities for all repurchase agreements are held at the Funds custodian or designated
sub-custodians under tri-party repurchase agreements.
Pursuant to exemptive relief granted by the Securities
and Exchange Commission (SEC) and terms and conditions contained therein, the Fund, together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates, may transfer
uninvested cash into joint accounts, the daily aggregate balance of which is invested in one or more repurchase agreements. Under these joint accounts, the Fund maintains pro-rata credit exposure to the underlying repurchase agreements
counterparties. With the exception of certain transaction fees, the Fund is not subject to any expenses in relation to these investments.
Level 3 Fair Value Investments
To the extent that the aforementioned significant inputs 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 Funds 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
GOLDMAN SACHS RETIREMENT PORTFOLIO COMPLETION FUND
Schedule of Investments
(continued)
January 31, 2014
(Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
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.
Fair Value Hierarchy
The following is a summary of the Funds investments and
derivatives classified in the fair value hierarchy as of January 31, 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Type
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
Assets
|
|
Common Stock and/or Other Equity Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
North and South America
|
|
$
|
1,176,097
|
|
|
$
|
1,254
|
|
|
$
|
|
|
Other
|
|
|
3,302
|
|
|
|
156,362
|
(a)
|
|
|
|
|
Fixed Income
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury Obligations
|
|
|
2,935,532
|
|
|
|
|
|
|
|
|
|
Investment Company
|
|
|
1,315,767
|
|
|
|
|
|
|
|
|
|
Short-term Investments
|
|
|
|
|
|
|
500,000
|
|
|
|
|
|
Total
|
|
$
|
5,430,698
|
|
|
$
|
657,616
|
|
|
$
|
|
|
|
|
|
|
Derivative Type
|
|
|
|
|
|
|
|
|
|
Assets
(b)
|
|
Credit Default Swaps Contracts
|
|
$
|
|
|
|
$
|
20,272
|
|
|
$
|
|
|
Liabilities
(b)
|
|
Credit Default Swap Contracts
|
|
$
|
|
|
|
$
|
(30,637
|
)
|
|
$
|
|
|
Total Return Swap Contract
|
|
|
|
|
|
|
(9,641
|
)
|
|
|
|
|
Total
|
|
|
|
|
|
|
(40,278
|
)
|
|
|
|
|
(a)
|
|
To adjust for the time difference between local market close and the calculation of net asset value. The Fund utilizes fair value model prices for international
equities provided by an independent fair value service resulting in a Level 2 classification.
|
(b)
|
|
Amount shown represents unrealized gain (loss) at period end.
|
For further information regarding security characteristics, see the Schedule of Investments.
JOINT REPURCHASE AGREEMENT ACCOUNT II
At January 31, 2014, the Fund had undivided interests in the Joint Repurchase Agreement
Account II, with a maturity date of February 3, 2014, as follows:
|
|
|
|
|
Principal
Amount
|
|
Maturity
Value
|
|
Collateral
Allocation
Value
|
$500,000
|
|
$500,001
|
|
$510,935
|
REPURCHASE AGREEMENTS
At January 31, 2014, the Principal Amount of the Funds interest in
the Joint Repurchase
Agreement Account II was as follows:
|
|
|
|
|
|
|
|
|
Counterparty
|
|
Interest
Rate
|
|
|
Principal Amounts
|
|
BNP Paribas Securities Co.
|
|
|
0.030
|
%
|
|
$
|
57,196
|
|
Citigroup Global Markets, Inc.
|
|
|
0.020
|
|
|
|
151,859
|
|
Merrill Lynch & Co., Inc.
|
|
|
0.020
|
|
|
|
92,251
|
|
TD Securities USA LLC
|
|
|
0.030
|
|
|
|
198,694
|
|
TOTAL
|
|
|
$
|
500,000
|
|
At January 31, 2014, the Joint Repurchase Agreement Account II was fully collateralized by:
|
|
|
|
|
|
|
|
|
Issuer
|
|
Interest Rates
|
|
|
Maturity Dates
|
|
Federal Farm Credit Bank
|
|
|
0.155 to 0.360
|
%
|
|
|
08/14/15 to 10/11/16
|
|
Federal Home Loan Bank
|
|
|
0.100
|
|
|
|
07/29/14
|
|
Federal Home Loan Mortgage Corp.
|
|
|
2.500 to 5.500
|
|
|
|
03/27/19 to 01/01/43
|
|
Federal National Mortgage Association
|
|
|
0.450 to 6.000
|
|
|
|
09/08/14 to 10/01/43
|
|
Tennessee Valley Authority
|
|
|
5.250
|
|
|
|
09/15/39
|
|
United States Treasury Bills
|
|
|
0.000
|
|
|
|
07/17/14 to 10/16/14
|
|
United States Treasury Bonds
|
|
|
5.375 to 6.375
|
|
|
|
08/15/27 to 02/15/31
|
|
United States Treasury Inflation Protected Securities
|
|
|
2.000 to 3.375
|
|
|
|
01/15/16 to 02/15/40
|
|
United States Treasury Notes
|
|
|
0.250 to 4.500
|
|
|
|
09/15/14 to 08/15/22
|
|
United States Treasury Principal-Only Stripped Security
|
|
|
0.000
|
|
|
|
11/15/43
|
|
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 Funds custodian (each a Foreign Custodian). 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 Funds ability to recover its assets if a Foreign Custodian enters into 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 often undeveloped and may be less regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed
countries.
Shareholder Concentration Risk
Certain funds, accounts, individuals or Goldman Sachs affiliates may from time to
time own (beneficially or of record) or control a significant percentage of the Funds shares. Redemptions by these entities of their holdings in the Funds may impact the Funds liquidity and NAV. These redemptions may also force the Funds
to sell securities.
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 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 ETFs shares may trade at a premium or a discount to their NAV; and (ii) an active trading market
for an ETFs shares may not develop or be maintained.
GOLDMAN SACHS RETIREMENT PORTFOLIO COMPLETION FUND
Schedule of Investments
(continued)
January 31, 2014
(Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
Liquidity Risk
The Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be
more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period 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.
Item 2.
|
Controls and Procedures.
|
(a) The
Registrants President/Principal Executive Officer and Principal Financial Officer concluded that the Registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) were effective as
of a date within 90 days prior to the filing date of this report (the Evaluation Date), based on their evaluation of the effectiveness of the Registrants disclosure controls and procedures as of the Evaluation Date.
(b) There were no changes in the Registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred
during the Registrants last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrants internal control over financial reporting.
(a) Separate certifications
for the President/Principal Executive Officer and the Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) are filed herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
|
|
|
(Registrant) Goldman Sachs Trust
|
|
|
By (Signature and Title)*
|
|
/s/ James A. McNamara
|
|
|
James A. McNamara,
President/Principal Executive Officer
|
Date March 26, 2014
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in
the capacities and on the dates indicated.
|
|
|
|
|
By (Signature and Title)*
|
|
/s/ James A. McNamara
|
|
|
James A. McNamara,
President/Principal Executive Officer
|
Date March 26, 2014
|
|
|
|
|
By (Signature and Title)*
|
|
/s/ Scott McHugh
|
|
|
Scott McHugh
Principal Financial Officer
|
Date March 26, 2014
*
|
|
Print the name and title of each signing officer under his or her signature.
|
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