EXHIBITAPPENDIX A
AUDIT COMMITTEE CHARTER
Goldman Sachs ETF Trust, Goldman Sachs ETF Trust II, Goldman Sachs Real Estate Diversified Income Fund, and Goldman Sachs Trust II Audit Committee Charter
Organization and Purpose
The Board of Trustees (the “Board”) of each of Goldman Sachs ETF Trust, Goldman Sachs ETF Trust II, Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Real Estate Diversified Income Fund, Goldman Sachs Trust II (the “Fund”) has established an Audit Committee (the “Committee”), comprised of each of the Funds’ Independent Trustees. Independent Trustees are those Trustees who meet the independence standards set forth in the Funds’ Governance and Nominating Committee Charters and (with respect to Goldman Sachs ETF Trust, Goldman Sachs ETF Trust II, and Goldman Sachs MLP and Energy Renaissance Fund) Rule 10A-3(b)(1)(iii)1 under the Securities Exchange Act of 1934, as amended (the “1934 Act”) and other applicable listing exchange rules, and who do not receive, directly or indirectly, any consulting, advisory or other compensatory fee from the Funds except compensation for service as a member of the Board or a committee of the Board.
The Committee has been established by and among the Trustees for the purpose of, among other things as set forth below, assisting the Board with oversight of (1) the integrity of the Funds’ financial statements, (2) the Funds’ compliance with legal and regulatory requirements, (3) the independent auditor’s qualifications and independence, (4) the performance of the Funds’ internal audit function and independent auditor, and (5) (with respect to Goldman Sachs MLP and Energy Renaissance Fund) preparation of the Audit Committee report required to be included in the Fund’s proxy statement.
With respect to Goldman Sachs MLP and Energy Renaissance Fund, each member of the Committee must be financially literate, or become financially literate within a reasonable period of time after his or her appointment to the Committee, as such qualification is interpreted by the Funds’ Board in its business judgment. The Committee’s composition shall meet such other regulatory requirements relating to audit committees established from time to time by the Securities and Exchange Commission (“SEC”) and any other applicable governmental entity or self-regulatory organization or law to which the Funds are subject. The Board, with the assistance of the Committee, shall determine whether any member of the Committee is an “audit committee financial expert” (“ACFE”)2 as defined by the applicable regulations of the SEC, and the Board may presume that the ACFE satisfies the financial literacy requirement. The Committee will select one of its members to be its chair. With respect to Goldman Sachs MLP and Energy Renaissance Fund, if a member simultaneously serves on the audit committees of more than three public companies, the Board must determine that such simultaneous service will not impair the ability of such member to effectively serve on the Committee, and must disclose such determination either on or through the Fund’s website, in its annual proxy statement, or in the Fund’s annual report.3
| 1 | In order to be considered to be independent for purposes of Rule 10A-3(b)(i), a member of an audit committee of a listed issuer that is an investment company may not, other than in his or her capacity as a member of the audit committee, the board of trustees, or any other board committee: |
Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer or any subsidiary thereof, provided that, unless the rules of the national securities exchange or national securities association provide otherwise, compensatory fees do not include the receipt of fixed amounts of compensation under a retirement plan (including deferred compensation) for prior service with the listed issuer (provided that such compensation is not contingent in any way on continued service); or
Be an “interested person” of the issuer as defined in section 2(a)(19) of the Investment Company Act of 1940.
| 2 | The Board or the Committee will report its determination to Management so that appropriate disclosure can be included in each Fund’s annual report consistent with Item 3 of Form N-CSR. |
| 3 | For purposes of this requirement, where a Trustee serves on multiple boards in the same fund complex, such service will be counted as one board. |
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The Committee will set its agenda and the places and times of its meetings. A majority of the Committee shall constitute a quorum. Except as otherwise required by applicable law, the Committee shall act by a vote of a majority of the Committee members at a Committee meeting, including a meeting held by conference telephone, teleconference or other electronic media or communication equipment, or by written consent of a majority of the Committee members without a meeting. Any written consent or waiver may be provided and delivered to the Committee chair by e-mail, facsimile or other similar electronic mechanism.
Statement of Policy
The Committee shall oversee the audit process and provide assistance to the Board in fulfilling its responsibilities in overseeing financial reporting. The Committee will also assist the Board with the oversight of the Funds’ compliance with regulatory requirements that relate to the fund accounting and financial reporting, internal control over financial reporting and independent audits. In so doing, the Committee will endeavor to facilitate free and open means of communication among the Funds’ Trustees, independent registered public accounting firm (the “independent auditor”), and management. A primary objective of the Committee is to help set the “tone at the top” for quality financial reporting and a sound system of internal controls over financial reporting. The Committee will regularly report its activities, observations, and recommendations to the Board. The Committee’s activities and effectiveness will be assessed periodically and reviewed with the Board.
Summary of Responsibilities
The function of the Committee is oversight. Management of the Funds (“Management”) is responsible for the preparation, presentation, and integrity of the Funds’ financial statements. Management draws upon different parts of The Goldman Sachs Group, Inc. (“Goldman Sachs”) corporate structure in fulfilling this role — the Fund Controllers department (within the Finance Division) and the Operations Division (working in conjunction with GSAM Global Fund Services) are responsible for applying appropriate accounting and financial reporting principles and maintaining policies and internal controls and procedures designed to assure compliance with generally accepted accounting principles (GAAP) and applicable laws and regulations. In fulfilling its role under this Charter, Management also delegates certain functions to the Funds’ accounting and tax agents, but remains responsible for those functions. The independent auditor for the Funds is responsible for planning and executing audits consistent with applicable professional standards and in accordance with the terms of the engagement letter(s). The independent auditor will report directly to the Committee. The Committee shall provide for appropriate funding for the payment of compensation to the independent auditor, any other counsel or advisors engaged by the Committee at its discretion, and the ordinary administrative expenses of the Committee as necessary or appropriate in carrying out its duties.
The Committee performs its functions under this Audit Committee Charter on the basis of information provided or representations made to it by the Funds’ independent auditor, Management, and/or other service providers, and/or by legal counsel and/or other experts or consultants. Nothing in this Charter is intended to impose, or should be interpreted as imposing, on any member of the Committee (including any member designated as an ACFE) any additional duties or responsibilities over and above those placed on the member in his or her capacity as a Board member of the Funds under applicable federal and state law.
Subject to regulatory mandates, the policies and procedures of the Committee should remain flexible in order to react to changing conditions and to assist the Committee in providing assurance to the Board and shareholders that the Funds’ accounting and reporting practices are in accordance with applicable requirements.
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The following are the duties and responsibilities of the Committee:
Primarily Related to the Independent Auditor
| 1. | Evaluate and select (subject to ratification by the Board) the Funds’ independent auditor. |
| 2. | Participate in the selection process and approve the new lead audit partner(s). |
| 3. | Be responsible for the appointment, compensation, retention and oversight of the work of the independent auditor engaged (including resolution of disagreements between Management and the auditor regarding financial reporting) for the purpose of rendering or issuing an audit report or performing other audit or attest services for the Funds. |
| 4. | At least annually, obtain and review a report by the independent auditor describing the auditor’s internal quality-control procedures, as well as any material issues raised by the most recent internal quality-control review or peer review of the auditor, or by any inquiry or investigation by governmental or professional authorities, including the Public Company Accounting Oversight Board (“PCAOB”), within the preceding five years, with respect to one or more independent audits carried out by the auditor, and any steps taken to deal with any such issues. |
| 5. | Review and approve the compensation of any advisers employed by the Committee as described herein. |
| 6. | Evaluate the qualifications, performance and independence (including the process to remain independent) of the auditor in light of the report identified in Item 3 above and its work throughout the year, as well as the auditor’s lead partner, and request an annual representation from the independent auditor regarding its independence under applicable professional and regulatory standards. As part of its evaluation of the independence of the auditor, the Committee may inquire into and consider the opinions of Management and Internal Audit (or other personnel responsible for the internal audit function), and may consider such items as: (1) the audit and non-audit services performed by the auditor and related fees; (2) the hiring of partners or employees or former partners or employees of the auditor by the Funds and its affiliates; (3) whether any non-audit services provided by the auditor to the Funds’ investment adviser(s) or any adviser affiliate that provides ongoing services to the Funds are compatible with maintaining the auditor’s independence; (4) the rotation of the auditor’s partners who participate in providing auditing services to the Funds and (5) other relationships, if any, between the Funds and the auditor that may bear on the independence or objectivity of the auditor. |
| 7. | With respect to Goldman Sachs MLP and Energy Renaissance Fund, set policies governing the hiring by entities within the Funds’ Investment Company Complex4 of any current or former employee of the Funds’ independent auditor, and to assess compliance with these policies. These policies provide, among other things, that no former employee of the independent auditor who was a member of the Funds’ audit engagement team may undertake any financial reporting role at the Funds within one year of the date of the commencement of procedures for a review or audit. |
| 4 | “Investment company complex” includes: |
the Funds and their investment adviser or sponsor;
any entity controlling, controlled by or under common control with the investment adviser or sponsor, if the entity: (i) is an investment adviser or sponsor; or (ii) is engaged in the business of providing administrative, custodian, underwriting or transfer agent services to any investment company, investment adviser or sponsor; and
any investment company, hedge fund or unregistered fund that has an investment adviser included in the definition set forth in either of the two bullet points above.
An investment adviser, for these purposes, does not include a sub-adviser whose role is primarily portfolio management and that is subcontracted with or overseen by another investment adviser. Sponsor refers to the sponsor of a unit investment trust.
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| 8. | Meet with the independent auditor and financial and accounting personnel of the Funds to review the scope of the proposed audits for the current year, the audit procedures to be utilized, and the key risk considerations, and at the conclusion thereof, review the results of such audit, including the independent auditor’s opinions on the Funds’ financial statements and any management letters, comments, or recommendations of the independent auditor and consider Management’s response to such. |
| 9. | Meet, periodically (or more frequently if circumstances dictate), with Management and with the independent auditor and at least annually with the independent auditor (or more frequently if circumstances dictate) alone and outside the presence of Management personnel in executive session, to discuss any problems or difficulties the independent auditor encountered in the course of the audit work, including any restrictions on the scope of the independent auditor’s activities or access to requested information and any significant disagreements with Management, as well as any other matters that individually or in the aggregate could be significant to the Funds’ financial statements, the effectiveness of internal controls, including internal controls over financial reporting and the audit report(s) of the independent auditor, whether or not satisfactorily resolved, and Management’s response. |
| 10. | With respect to Goldman Sachs MLP and Energy Renaissance Fund, review and discuss with Management and the Fund’s independent auditor the Fund’s audited annual financial statements, including the Fund’s disclosure of management’s discussion of Fund performance and the effect of regulatory and accounting initiatives, as well as off-balance sheet structures, on the financial statements of the Fund. Review and discuss with Management the Fund’s unaudited semi-annual financial statements, including the Fund’s disclosure of management’s discussion of Fund performance. |
| 11. | With respect to Goldman Sachs MLP and Energy Renaissance Fund, oversee the preparation of the Audit Committee report required to be included in the Fund’s proxy statement for its annual meeting of shareholders (if such meeting is required by law). The report shall indicate whether the Committee has (i) reviewed and discussed the financial statements with Management; (ii) discussed with the independent auditor the matters required to be discussed by the PCAOB Standard No. 16, as modified or supplemented; and (iii) received written disclosures and the letter from the independent auditor required by applicable requirements of the PCAOB Ethics and Independence Rule 3526 regarding the independent auditor’s communications with the Committee concerning independence, and has discussed with the independent auditor the auditor’s independence. The Committee’s report should also indicate whether the Committee, based on its review and its discussions with Management and the independent auditor, recommends to the Board that the financial statements be included in the Fund’s annual report for the last fiscal year. |
| 12. | Review and discuss with Management and the Funds’ independent auditor any major issues regarding accounting principles and financial statement presentations, including any significant changes in the Funds’ selection or application of accounting principles, and major issues as to the adequacy of the Funds’ internal controls over financial reporting and any special audit steps adopted in light of material control deficiencies. |
| 13. | With respect to Goldman Sachs MLP and Energy Renaissance Fund, consider and, if appropriate, recommend to the Board the publication of the Fund’s annual audited financial statements in the Fund’s annual report in advance of the printing and publication of the annual report, based on its review and discussions of such annual report with the independent auditor and Management. |
| 14. | Meet (as circumstances dictate) with any certified public accountant and audit firm rendering reports to the Committee or the Board. |
| 15. | Receive from the Funds’ independent auditor timely communications discussing any matters of concern relating to the Funds’ financial statements, including any adjustments to such statements recommended by the auditor, or other results of said audit(s), including matters required to be discussed under the PCAOB Standard No. 16. |
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| 16. | Review with financial and accounting personnel and the independent auditor the quality, not just the acceptability, of accounting principles and financial disclosure practices used or proposed to be used by the Funds. |
| 17. | Review with the independent auditor and financial and accounting personnel the adequacy and effectiveness of the accounting and financial controls of the Funds, and consider any recommendations for the improvement of the Funds’ internal control procedures or particular areas where new or more detailed controls or procedures are desirable. |
| 18. | Review with the independent auditor and financial and accounting personnel the risk of fraud and the adequacy of internal controls to identify any payments, transactions or procedures that might be deemed fraudulent, illegal or otherwise improper. |
| 19. | Review with the independent auditor and financial and accounting personnel, issues arising under the valuation and compliance procedures used for the Funds. |
Primarily Related to Management and/or Internal Audit
| 20. | Review with the financial and accounting personnel the performance of the fund accounting and tax agents in providing accounting and financial reporting services to the Funds. |
| 21. | Review and discuss with Internal Audit the internal audit function and responsibilities and any scope restrictions encountered during the execution of internal audit responsibilities, normally on at least an annual basis. |
| 22. | Discuss with representatives of Internal Audit the scope and staffing of the internal audit plan to be performed by Internal Audit as it relates to the Funds’ control environment. After the conclusion of these audits, discuss the significant results of the audits and Management’s responses thereto. |
| 23. | With respect to Goldman Sachs MLP and Energy Renaissance Fund, discuss with Management earnings press releases and review generally the type and presentation of information to be included in earnings press releases. Review any financial information and earnings guidance provided to analysts and rating agencies; however, the Committee need not discuss in advance each instance in which a listed company may provide earnings guidance. |
| 24. | Review and discuss with Internal Audit its Charter, normally on an annual basis. |
| 25. | Review and discuss with Internal Audit the adequacy of the Funds’ internal controls (including the fraud risk), at least on an annual basis. |
| 26. | Meet with representatives of Internal Audit at least annually in executive session, or more frequently as circumstances dictate. |
| 27. | Meet at least annually with the Funds’ principal financial officer in executive session, or more frequently as circumstances dictate. |
| 28. | Receive, in accordance with applicable regulations, communications from the Funds’ principal executive officer and principal financial officer, based on their periodic evaluations, regarding: (a) any significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Funds’ ability to record, process, summarize, and report financial information; and (b) any fraud, whether or not material, that involves Management or other employees who have a significant role in the Funds’ internal control over financial reporting. |
| 29. | Review analyses prepared by Management and/or the independent auditor setting forth significant financial reporting issues and judgments made in connection with the preparation of the financial statements, including analyses of the effects of alternative GAAP methods on the financial statements. |
| 30. | Review with Management (and if necessary, the independent auditor) periodically any tax matters or developments that could affect the Funds. |
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| 31. | Review Management’s periodic reports concerning any organizational or personnel changes that could affect the nature or quality of the Funds’ accounting, financial reporting and internal controls. |
| 32. | As the Committee deems appropriate, inquire into the internal control over financial reporting of the Funds’ service providers. |
Other
| 33. | Investigate any circumstance that comes to the attention of the Committee that indicates that any officer, director or Board member of the Funds or its investment adviser or principal underwriter or distributor, or any person acting under their direction, may have violated applicable regulatory provisions prohibiting: (a) materially false or misleading statements or omissions in connection with any audit of the Funds’ financial statements or the preparation of any document or report required to be filed with a regulatory body; or (b) actions to fraudulently influence, coerce, manipulate or mislead the Funds’ independent auditor in connection with their opining on the Funds’ financial statements. |
| 34. | Review periodically the procedures for the receipt, retention, and treatment of complaints regarding: (a) accounting, internal controls, or auditing matters relating to the Funds; (b) other legal, compliance, and ethical issues relating to the Funds; and (c) instances of suspected financial statement or other fraud relating to the Funds. The Committee shall confirm annually whether the procedures provide for the confidential, anonymous submission of concerns regarding questionable accounting or auditing matters by officers and Trustees of the Funds, employees of The Goldman Sachs Group, Inc. and its affiliates and, as applicable, other persons covered by the procedures. |
| 35. | Confirm that the Board is engaged in periodic discussions regarding policies with respect to risk assessment and risk management and guidelines and policies to govern the process by which the Funds’ exposure to risk is assessed and managed as well as the Funds’ major financial risk exposures and the steps management has taken to monitor and control such exposures. |
| 36. | Submit the minutes of all meetings of the Committee to, or discuss the matters discussed at each Committee meeting with, the Board. |
| 37. | Review with the Board any issues that arise with respect to the quality or integrity of the Funds’ financial statements, the Funds’ compliance with legal or regulatory requirements, the performance and independence of the independent auditor, or the performance of the Internal Audit function. |
| 38. | Evaluate the performance of the Committee at least annually, or more frequently if circumstances dictate. Such evaluation should include a comparison of the performance of the Committee with the requirements of this Charter. |
| 39. | Review the provisions of this Audit Committee Charter at least annually, or more frequently if circumstances dictate. This Charter may be amended by a majority of the Independent Trustees. |
Pre-Approval of Audit and Non-Audit Services
| 40. | The Committee will pre-approve, pursuant to pre-approval policies established from time to time by the Committee, all engagements of the Funds’ independent auditor that are required to be pre-approved under federal securities regulations, subject to any de minimis or other exceptions permitted by such regulations. |
| 41. | The Committee will review with the independent auditor, and financial, accounting and appropriate GSAM personnel, the controls applied by the independent auditor and Management to assure that all items requiring pre-approval by the Committee are identified and referred to the Committee in a timely fashion. |
| 42. | The Committee may delegate any portion of its authority, including the authority to grant pre-approvals of audit and permitted non-audit services rendered by the Funds’ independent auditor, to a |
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| subcommittee of one or more members. Any decision of the subcommittee, including pre-approvals, shall be presented to the full Committee at its next regularly scheduled meeting. The Committee shall communicate any pre-approval made by it or a delegate to Management, who will ensure that the appropriate disclosure is made in the Funds’ periodic reports required by Section 13(a) of the Securities Exchange Act of 1934, as amended, and other documents as required under the federal securities laws. |
Additional Matters
| 43. | The Committee is authorized to investigate any matter brought to its attention within the scope of its duties, and is authorized to meet with the internal audit or compliance personnel of Management as the Committee deems appropriate in connection with the performance of its responsibilities. |
| 44. | The Committee may request to meet with internal legal and compliance personnel, including the Funds’ chief compliance officer. The Committee may also request to meet with entities that provide significant accounting or administrative services to the Funds. |
| 45. | The Committee is authorized to engage independent counsel and other advisers as it deems necessary to carry out its duties. |
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APPENDIX B
GOVERNANCE AND NOMINATING COMMITTEE CHARTERS
Goldman Sachs ETF Trust and Goldman Sachs ETF Trust II Governance and Nominating Committee Charter
Organization and Purpose
The Board of Trustees (the “Board”) of each of the Goldman Sachs ETF Trust and Goldman Sachs ETF Trust II (together the “Trusts,” and the series thereof, the “Funds”) has established a Governance and Nominating Committee (the “Committee”), comprising all of the Trusts’ Independent Trustees. “Independent Trustees” are those Trustees who: (a) are independent of the management of Goldman Sachs & Co. LLC; (b) are not “interested persons” of the Funds or any investment adviser or principal underwriter of the Funds within the meaning of Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “1940 Act”); and (c) do not accept any consulting, advisory or other compensatory fee from the Funds except in their capacities as members of the Board or committees thereof (Board and committee members serving the Trusts in additional capacities, e.g., as Chairman of the Board or as Audit Committee Financial Expert, may receive additional compensation). The Committee has been established for the following purposes: (1) assisting the Board in matters involving fund governance and industry best practices; (2) with respect to the selection and nomination of Independent Trustees, satisfying certain regulatory requirements adopted by the Securities and Exchange Commission (the “SEC”); and (3) advising the Board from time to time on ways to improve its effectiveness.
Statement of Policy
The mission of the Board is to represent and protect the interests of the Funds and their shareholders. In doing so, the Board has the legal responsibility for overseeing the affairs of the Funds. It is the policy of the Board that in fulfilling its mission and meeting its responsibilities, the Trustees will seek high standards of integrity, commitment and independence of thought and judgment in a manner that is consistent with best practices of fund governance.
Summary of Responsibilities
The Committee will have the following responsibilities:
| 1. | Making recommendations to the Board with respect to the effectiveness of the Board in carrying out its responsibilities in governing the Funds and overseeing their management. |
| 2. | Monitoring the governance policies set forth in the Trustee Charter adopted by the Board, and recommending such changes to those policies as the Committee deems appropriate from time to time. |
| 3. | Making recommendations to the Board regarding its size, structure and composition as well as qualifications for Board membership. |
| 4. | Making recommendations to the Board with respect to the Board’s committee structure, committee membership and chairmanship. |
| 5. | Monitoring the Trusts’ standards of Trustee independence. |
| 6. | Overseeing and reviewing the Board and committee evaluations performed from time to time in accordance with the Trustee Charter and, based on its review, recommending such actions as the Committee deems appropriate. |
| 7. | Keeping informed of regulatory changes and industry practices relating to fund governance and recommending such changes as the Committee deems appropriate. |
| 8. | Overseeing the process for setting Independent Trustee compensation. |
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| 9. | Overseeing the continuing education of incumbent and new Independent Trustees. |
| 10. | Reviewing periodically the investments made by the Trustees in the Funds pursuant to the policies set forth in the Trustee Charter. |
| 11. | Selecting and nominating candidates for election or appointment as non-interested members of the Board and the retention of such members, as discussed below. |
In carrying out its responsibilities under this Governance and Nominating Committee Charter (the “Charter”), the policies and procedures of the Committee should remain flexible in order to best react to changing conditions and to provide assurance to the full Board and shareholders that the Trusts’ governance practices are in accordance with applicable requirements and are of the highest quality.
The Committee performs its functions under this Charter on the basis of information or advice provided or representations made to it by the management of the Funds, or by service providers, or by legal counsel or other experts or consultants, without independent verification. Nothing in this Charter is intended to impose, or should be interpreted as imposing, on any member of the Committee any additional duties or responsibilities over and above those placed on the member in his or her capacity as a Trustee of the Trusts under applicable federal and state law.
Selection, Nomination and Retention of Independent Trustees
The Committee will be responsible for the selection and nomination of the candidates for election or appointment as Independent Trustees of the Trusts. In connection with the selection and nomination of candidates to the Board, the Committee will evaluate the qualifications of candidates for Board membership and their independence from the Funds’ investment adviser, principal underwriter(s), and other principal service providers. Persons selected must be independent under the provisions of the 1940 Act. The Committee will also consider the effect of any relationships beyond those delineated in the 1940 Act that might impair independence (for example, business, financial or family relationships with the investment adviser or other service providers). Candidates should have the capacity to address financial and legal issues and to exercise reasonable business judgment. Without limiting the foregoing, the Committee will also consider, among other criteria, a candidate’s:
| (a) | experience in business, financial or investment matters or in other fields of endeavor, |
| (c) | ability to attend scheduled Board and Committee meetings; |
| (d) | general availability to attend to Board business on short notice; |
| (e) | actual or potential business, family or other conflicts bearing on either the candidate’s independence or the business of the Trusts; |
| (f) | length of potential service; |
| (g) | commitment to the representation of the interests of the Funds and their shareholders; |
| (h) | commitment to maintaining and improving Trustee skills and education; and |
| (i) | experience in corporate governance and best business practices. |
The Committee will also consider the diversity of the Board’s composition as part of the selection and nomination process.
In considering the selection and nomination of Independent Trustee candidates, it is expected that the Committee will consult with the interested Trustees and Officers of the Trusts and such other persons as the Committee deems appropriate.
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In addition, the Committee shall work to retain high performing Independent Trustees, once elected or appointed as the case may be.
While the Committee is solely responsible for the selection and nomination of the Trusts’ Trustees, the Committee shall review and consider nominations for the office of Trustee made by management and by Trust shareholders who have sent nominations (which include the biographical information and qualifications of the proposed nominee) to the Secretary of the Trusts, as the Trustees deem appropriate.
Additional Matters
| 12. | The Committee will meet at such times as it deems appropriate. The Committee will set its agenda and the places of its meetings. The Committee may meet alone and outside the presence of management personnel. |
| 13. | The Committee will submit the minutes of all of its meetings to, or discuss the matters discussed at each Committee meeting with, the full Board. |
| 14. | The Committee may delegate any portion of its authority to a subcommittee of one or more members. Any decision of the subcommittee shall be presented to the full Committee at its next regularly scheduled meeting. |
| 15. | The Committee is authorized to investigate any matter brought to its attention within the scope of its duties, and is authorized to meet with the compliance personnel of management as the Committee deems appropriate in connection with the performance of its responsibilities. |
| 16. | The Committee is authorized to engage independent counsel and other advisers as it deems necessary to carry out its duties. |
| 17. | The Committee shall provide for appropriate funding, as determined by the Committee, for payment of compensation to any advisers employed by the Committee as described above. |
| 18. | Except as otherwise provided by the Board or required by applicable law, the Committee shall act by a vote of a majority of the Committee members at a Committee meeting, including a meeting held by conference telephone, teleconference or other electronic media or communication equipment, or by written consent of all of the Committee members without a meeting. Any written consent or waiver may be provided and delivered to the Committee chair by e-mail, facsimile or other similar electronic mechanism. |
| 19. | The Committee will periodically review the provisions of this Governance and Nominating Committee Charter. |
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Goldman Sachs Real Estate Diversified Income Fund Governance and Nominating Committee Charter
Organization and Purpose
The Board of Trustees (the “Board”) of the Goldman Sachs Real Estate Diversified Income Fund (the “Fund”) has established a Governance and Nominating Committee (the “Committee”), comprising all of the Fund’s Independent Trustees. “Independent Trustees” are those Trustees who: (a) are independent of the management of Goldman Sachs & Co. LLC; (b) are not “interested persons” of the Fund or any investment adviser or principal underwriter of the Fund within the meaning of Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “1940 Act”); and (c) do not accept any consulting, advisory or other compensatory fee from the Fund except in their capacities as members of the Board or committees thereof (Board and committee members serving the Fund in additional capacities, e.g., as Chair of the Board or as Audit Committee Financial Expert, may receive additional compensation). The Committee has been established for the following purposes: (1) assisting the Board in matters involving fund governance and industry best practices; (2) with respect to the selection and nomination of Independent Trustees, satisfying certain regulatory requirements adopted by the Securities and Exchange Commission (the “SEC”); and (3) advising the Board from time to time on ways to improve its effectiveness.
Statement of Policy
The mission of the Board is to represent and protect the interests of the Fund and its shareholders. In doing so, the Board has the legal responsibility for overseeing the affairs of the Fund. It is the policy of the Board that in fulfilling its mission and meeting its responsibilities, the Trustees will seek high standards of integrity, commitment and independence of thought and judgment in a manner that is consistent with best practices of corporate governance.
Summary of Responsibilities
The Committee will have the following responsibilities:
| 1. | Making recommendations to the Board with respect to the effectiveness of the Board in carrying out its responsibilities in governing the Fund and overseeing its management. |
| 2. | Monitoring the governance policies set forth in the Trustee Charter adopted by the Board, and recommending such changes to those policies as the Committee deems appropriate from time to time. |
| 3. | Making recommendations to the Board regarding its size, structure and composition as well as qualifications for Board membership. |
| 4. | Making recommendations to the Board with respect to the Board’s committee structure, committee membership and chairmanship. |
| 5. | Monitoring the Fund’s standards of Trustee independence. |
| 6. | Overseeing and reviewing the Board and committee evaluations performed from time to time in accordance with the Trustee Charter and, based on its review, recommending such actions as the Committee deems appropriate. |
| 7. | Keeping informed of regulatory changes and industry practices relating to fund governance and recommending such changes as the Committee deems appropriate. |
| 8. | Overseeing the continuing education of incumbent and new Independent Trustees. |
| 9. | Reviewing periodically the investments made by the Trustees in the Fund pursuant to the policies set forth in the Trustee Charter. |
| 10. | Selecting and nominating candidates for election or appointment as non-interested members of the Board and the retention of such members, as discussed below. |
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In carrying out its responsibilities under this Governance and Nominating Committee Charter (the “Charter”), the policies and procedures of the Committee should remain flexible in order to best react to changing conditions and to provide assurance to the full Board and shareholders that the Fund’s governance practices are in accordance with applicable requirements and are of the highest quality.
The Committee performs its functions under this Charter on the basis of information or advice provided or representations made to it by the management of the Fund, or by service providers, or by legal counsel or other experts or consultants, without independent verification. Nothing in this Charter is intended to impose, or should be interpreted as imposing, on any member of the Committee any additional duties or responsibilities over and above those placed on the member in his or her capacity as a Trustee of the Fund under applicable federal and state law.
Selection, Nomination and Retention of Independent Trustees
The Committee will be responsible for the selection and nomination of the candidates for election or appointment as Independent Trustees of the Fund. In connection with the selection and nomination of candidates to the Board, the Committee will evaluate the qualifications of candidates for Board membership and their independence from the Fund’s respective investment adviser, principal underwriter(s), and other principal service providers. Persons selected must be independent under the provisions of the 1940 Act. The Committee will also consider the effect of any relationships beyond those delineated in the 1940 Act that might impair independence (for example, business, financial or family relationships with the investment adviser or other service providers). Candidates should have the capacity to address financial and legal issues and to exercise reasonable business judgment. Without limiting the foregoing, the Committee will also consider, among other criteria, a candidate’s:
| (a) | experience in business, financial or investment matters or in other fields of endeavor; |
| (b) | financial literacy and/or whether he or she is an “audit committee financial expert” as defined in Item 3 of Form N-CSR; |
| (d) | ability to attend scheduled Board and Committee meetings; |
| (e) | general availability to attend to Board business on short notice; |
| (f) | actual or potential business, family or other conflicts bearing on either the candidate’s independence or the business of the Fund; |
| (g) | length of potential service; |
| (h) | commitment to the representation of the interests of the Fund and its shareholders; |
| (i) | commitment to maintaining and improving Trustee skills and education; and |
| (j) | experience in corporate governance and best business practices. |
The Committee will also consider the diversity of the Board’s composition as part of the selection and nomination process.
In considering the selection and nomination of Independent Trustee candidates, it is expected that the Committee will consult with the interested Trustees and Officers of the Fund and such other persons as the Committee deems appropriate.
In addition, the Committee shall work to retain high performing Independent Trustees, once elected or appointed as the case may be.
While the Committee is solely responsible for the selection and nomination of the Fund’s Trustees, the Committee shall review and consider nominations for the office of Trustee made by management and by Fund
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shareholders who have sent nominations (which includes the biographical information and qualifications of the proposed nominee) to the Secretary of the Fund, as the Trustees deem appropriate.
Additional Matters
| 1. | The Committee will meet at such times as it deems appropriate. The Committee will set its agenda and the places of its meetings. The Committee may meet alone and outside the presence of management personnel. |
| 2. | The Committee will submit the minutes of all of its meetings to, or discuss the matters discussed at each Committee meeting with, the full Board. |
| 3. | The Committee may delegate any portion of its authority to a subcommittee of one or more members. Any decision of the subcommittee shall be presented to the full Committee at its next regularly scheduled meeting. |
| 4. | The Committee is authorized to investigate any matter brought to its attention within the scope of its duties, and is authorized to meet with the compliance personnel of management as the Committee deems appropriate in connection with the performance of its responsibilities. |
| 5. | The Committee is authorized to engage independent counsel and other advisers as it deems necessary to carry out its duties. |
| 6. | The Committee shall provide for appropriate funding, as determined by the Committee, for payment of compensation to any advisers employed by the Committee as described above. The Committee shall have the sole authority to retain and terminate any search firm to be used to identify Trustee candidates, including sole authority to approve the search firm’s fees and other retention terms. |
| 7. | Except as otherwise provided by the Board or required by applicable law, the Committee shall act by a vote of a majority of the Committee members at a Committee meeting, including a meeting held by conference telephone, teleconference or other electronic media or communication equipment, or by written consent of all of the Committee members without a meeting. Any written consent or waiver may be provided and delivered to the Committee chair by e-mail, facsimile or other similar electronic mechanism. |
| 8. | The Committee will periodically review the provisions of this Governance and Nominating Committee Charter. |
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Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust Governance and Nominating Committee Charter
Organization and Purpose
The Trustees of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (together the “Trusts” and the series thereof, the “Funds”) have established a Governance and Nominating Committee (the “Committee”), comprising all of the Independent Trustees. “Independent Trustees” are those Trustees who: (a) are independent of the management of Goldman, Sachs & Co. LLC; (b) are not “interested persons” of the Funds or any investment adviser or principal underwriter of the Funds within the meaning of Section 2(a)(19) of the Investment Company Act of 1940 (the “1940 Act”); and (c) do not accept any consulting, advisory or other compensatory fee from the Funds except in their capacities as members of the Board of Trustees or committees thereof (Board and committee members serving the Trusts in additional capacities, e.g., as Chairman of the Board or as Audit Committee Financial Expert, may receive additional compensation). The Committee has been established for the following purposes: (1) assisting the Board of Trustees in matters involving mutual fund governance and industry best practices; (2) with respect to the selection and nomination of Independent Trustees, satisfying certain regulatory requirements adopted by the Securities and Exchange Commission (the “SEC”); and (3) advising the Board of Trustees from time to time on ways to improve its effectiveness.
Statement of Policy
The mission of the Board of Trustees is to represent and protect the interests of the Funds and their shareholders. In doing so, the Board has the legal responsibility for overseeing the affairs of the Funds. It is the policy of the Board of Trustees that in fulfilling its mission and meeting its responsibilities, the Trustees will seek high standards of integrity, commitment and independence of thought and judgment in a manner that is consistent with best practices of mutual fund governance.
Summary of Responsibilities
The Committee will have the following responsibilities:
Making recommendations to the Board of Trustees with respect to the effectiveness of the Board in carrying out its responsibilities in governing the Funds and overseeing their management.
Monitoring the governance policies set forth in the Trustee Charter adopted by the Board of Trustees, and recommending such changes to those policies as the Committee deems appropriate from time to time.
Making recommendations to the Board of Trustees regarding its size, structure and composition as well as qualifications for Board membership.
Making recommendations to the Board of Trustees with respect to the Board’s committee structure, committee membership and chairmanship.
Monitoring the Trusts’ standards of Trustee independence.
Overseeing and reviewing the Board and committee evaluations performed from time to time in accordance with the Trustee Charter and, based on its review, recommending such actions as the Committee deems appropriate.
Keeping informed of regulatory changes and industry practices relating to mutual fund governance and recommending such changes as the Committee deems appropriate.
Overseeing the process for setting Independent Trustee compensation.
Overseeing the continuing education of incumbent and new Independent Trustees.
Reviewing periodically the investments made by the Trustees in the Funds pursuant to the policies set forth in the Trustee Charter.
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Selecting and nominating candidates for election or appointment as non-interested members of the Board of Trustees and the retention of such members, as discussed below.
In carrying out its responsibilities under this Governance and Nominating Committee Charter (the “Charter”), the policies and procedures of the Committee should remain flexible in order to best react to changing conditions and to provide assurance to the full Board of Trustees and shareholders that the Trusts’ governance practices are in accordance with applicable requirements and are of the highest quality.
The Committee performs its functions under this Charter on the basis of information and advice provided or representations made to it by the management of the Funds, or by service providers, or by legal counsel or other experts or consultants, without independent verification. Nothing in this charter is intended to impose, or should be interpreted as imposing, on any member of the Committee any additional duties or responsibilities over and above those placed on the member in his or her capacity as a Trustee of the Trusts under applicable federal and state law.
Selection, Nomination and Retention of Independent Trustees
The Committee will be responsible for the selection and nomination of the candidates for election or appointment as Independent Trustees of the Trusts. In connection with the selection and nomination of candidates to the Board of Trustees, the Committee will evaluate the qualifications of candidates for Board membership and their independence from the Trusts’ investment advisers, principal underwriter(s), and other principal service providers. Persons selected must be independent under the provisions of the 1940 Act. The Committee will also consider the effect of any relationships beyond those delineated in the 1940 Act that might impair independence (for example, business, financial or family relationships with the investment advisers or other service providers). Candidates should have the capacity to address financial and legal issues and to exercise reasonable business judgment. Without limiting the foregoing, the Committee will also consider, among other criteria, a candidate’s:
| (a) | experience in business, financial or investment matters or in other fields of endeavor; |
| (c) | ability to attend scheduled Board and Committee meetings; |
| (d) | general availability to attend to Board business on short notice; |
| (e) | actual or potential business, family or other conflicts bearing on either the candidate’s independence or the business of the Trusts; |
| (f) | length of potential service; |
| (g) | commitment to the representation of the interests of the Funds and their shareholders; |
| (h) | commitment to maintaining and improving Trustee skills and education; and |
| (i) | experience in corporate governance and best business practices. |
The Committee will also consider the diversity of the Board’s composition as part of the selection and nomination process.
In considering the selection and nomination of Independent Trustee candidates, it is expected that the Committee will consult with the interested Trustees and Officers of the Trusts and such other persons as the Committee deems appropriate.
In addition, the Committee shall work to retain high performing Independent Trustees, once elected or appointed as the case may be.
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Additional Matters
The Committee will meet at such times as it deems appropriate. The Committee will set its agenda and the places of its meetings. The Committee may meet alone and outside the presence of management personnel.
The Committee will submit the minutes of all meetings of the Committee to, or discuss the matters discussed at each Committee meeting with, the full Board of Trustees.
The Committee may delegate any portion of its authority to a subcommittee of one or more members. Any decision of the subcommittee shall be presented to the full Committee at its next regularly scheduled meeting.
The Committee is authorized to investigate any matter brought to its attention within the scope of its duties, and is authorized to meet with the compliance personnel of management as the committee deems appropriate in connection with the performance of its responsibilities.
The Committee is authorized to engage independent counsel and other advisers as it deems necessary to carry out its duties.
The Funds will provide for appropriate funding, as determined by the Committee, for payment of compensation to any advisers employed by the Committee as described above.
Except as otherwise provided by the Board of Trustees or required by applicable law, the Committee shall act by a vote of a majority of the Committee members at a Committee meeting, including a meeting held by conference telephone, teleconference or other electronic media or communication equipment, or by written consent of a majority of Committee members without a meeting. Any written consent or waiver may be provided and delivered to the Committee by e-mail, facsimile or other similar electronic mechanism.
The Committee will periodically review the provisions of this Governance and Nominating Committee Charter.
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Goldman Sachs Trust II Governance and Nominating Committee Charter
Organization and Purpose
The Board of Trustees (the “Board”) of Goldman Sachs Trust II (the “Trust” and the series thereof, the “Funds”) has established a Governance and Nominating Committee (the “Committee”), comprising all of the Funds’ Independent Trustees. “Independent Trustees” are those Trustees who: (a) are independent of the management of Goldman, Sachs & Co. LLC; (b) are not “interested persons” of the Funds or any investment adviser or principal underwriter of the Funds within the meaning of Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “1940 Act”); and (c) do not accept any consulting, advisory or other compensatory fee from the Funds except in their capacities as members of the Board or committees thereof (Board and committee members serving the Funds in additional capacities, e.g., as Chairman of the Board or as Audit Committee Financial Expert, may receive additional compensation). The Committee has been established for the following purposes: (1) assisting the Board in matters involving fund governance and industry best practices; (2) with respect to the selection and nomination of Independent Trustees, satisfying certain regulatory requirements adopted by the Securities and Exchange Commission (the “SEC”); and (3) advising the Board from time to time on ways to improve its effectiveness.
Statement of Policy
The mission of the Board is to represent and protect the interests of the Funds and their shareholders. In doing so, the Board has the legal responsibility for overseeing the affairs of the Funds. It is the policy of the Board that in fulfilling its mission and meeting its responsibilities, the Trustees will seek high standards of integrity, commitment and independence of thought and judgment in a manner that is consistent with best practices of mutual fund governance.
Summary of Responsibilities
The Committee will have the following responsibilities:
| 1. | Making recommendations to the Board with respect to the effectiveness of the Board in carrying out its responsibilities in governing the Funds and overseeing their management. |
| 2. | Monitoring the governance policies set forth in the Trustee Charter adopted by the Board, and recommending such changes to those policies as the Committee deems appropriate from time to time. |
| 3. | Making recommendations to the Board regarding its size, structure and composition as well as qualifications for Board membership. |
| 4. | Making recommendations to the Board with respect to the Board’s committee structure, committee membership and chairmanship. |
| 5. | Monitoring the Trust’s standards of Trustee independence. |
| 6. | Overseeing and reviewing the Board and committee evaluations performed from time to time in accordance with the Trustee Charter and, based on its review, recommending such actions as the Committee deems appropriate. |
| 7. | Keeping informed of regulatory changes and industry practices relating to fund governance and recommending such changes as the Committee deems appropriate. |
| 8. | Overseeing the process for setting Independent Trustee compensation. |
| 9. | Overseeing the continuing education of incumbent and new Independent Trustees. |
| 10. | Reviewing periodically the investments made by the Trustees in the Funds pursuant to the policies set forth in the Trustee Charter. |
| 11. | Selecting and nominating candidates for election or appointment as non-interested members of the Board and the retention of such members, as discussed below. |
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In carrying out its responsibilities under this Charter, the policies and procedures of the Committee should remain flexible in order to best react to changing conditions and to provide assurance to the full Board and shareholders that the Funds’ governance practices are in accordance with applicable requirements and are of the highest quality.
The Committee performs its functions under this Governance and Nominating Committee Charter (the “Charter”) on the basis of information or advice provided or representations made to it by the management of the Funds, or by service providers, or by legal counsel or other experts or consultants, without independent verification. Nothing in this Charter is intended to impose, or should be interpreted as imposing, on any member of the Committee any additional duties or responsibilities over and above those placed on the member in his or her capacity as a Trustee of the Funds under applicable federal and state law.
Selection, Nomination and Retention of Independent Trustees
The Committee will be responsible for the selection and nomination of the candidates for election or appointment as Independent Trustees of the Funds. In connection with the selection and nomination of candidates to the Board, the Committee will evaluate the qualifications of candidates for Board membership and their independence from each Fund’s respective investment adviser, principal underwriter(s), and other principal service providers. Persons selected must be independent under the provisions of the 1940 Act. The Committee will also consider the effect of any relationships beyond those delineated in the 1940 Act that might impair independence (for example, business, financial or family relationships with the investment adviser or other service providers). Candidates should have the capacity to address financial and legal issues and to exercise reasonable business judgment. Without limiting the foregoing, the Committee will also consider, among other criteria, a candidate’s:
| (a) | experience in business, financial or investment matters or in other fields of endeavor; |
| (c) | ability to attend scheduled Board and Committee meetings; |
| (d) | general availability to attend to Board business on short notice; |
| (e) | actual or potential business, family or other conflicts bearing on either the candidate’s independence or the business of the Funds; |
| (f) | length of potential service; |
| (g) | commitment to the representation of the interests of the Funds and their shareholders; |
| (h) | commitment to maintaining and improving Trustee skills and education; and |
| (i) | experience in corporate governance and best business practices. |
The Committee will also consider the diversity of the Board’s composition as part of the selection and nomination process.
In considering the selection and nomination of Independent Trustee candidates, it is expected that the Committee will consult with the interested Trustees and Officers of the Funds and such other persons as the Committee deems appropriate.
In addition, the Committee shall work to retain high performing Independent Trustees, once elected or appointed as the case may be.
While the Committee is solely responsible for the selection and nomination of the Funds’ Trustees, the Committee shall review and consider nominations for the office of Trustee made by management and by Trust shareholders who have sent nominations (which includes the biographical information and qualifications of the proposed nominee) to the Secretary of the Funds, as the Trustees deem appropriate.
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Additional Matters
| 12. | The Committee will meet at such times as it deems appropriate. The Committee will set its agenda and the places of its meetings. The Committee may meet alone and outside the presence of management personnel. |
| 13. | The Committee will submit the minutes of all of its meetings to, or discuss the matters discussed at each Committee meeting with, the full Board. |
| 14. | The Committee may delegate any portion of its authority to a subcommittee of one or more members. Any decision of the subcommittee shall be presented to the full Committee at its next regularly scheduled meeting. |
| 15. | The Committee is authorized to investigate any matter brought to its attention within the scope of its duties, and is authorized to meet with the compliance personnel of management as the Committee deems appropriate in connection with the performance of its responsibilities. |
| 16. | The Committee is authorized to engage independent counsel and other advisers as it deems necessary to carry out its duties. |
| 17. | The Committee shall provide for appropriate funding, as determined by the Committee, for payment of compensation to any advisers employed by the Committee as described above. |
| 18. | Except as otherwise provided by the Board or required by applicable law, the Committee shall act by a vote of a majority of the Committee members at a Committee meeting, including a meeting held by conference telephone, teleconference or other electronic media or communication equipment, or by written consent of all of the Committee members without a meeting. Any written consent or waiver may be provided and delivered to the Committee chair by e-mail, facsimile or other similar electronic mechanism. |
| 19. | The Committee will periodically review the provisions of this Governance and Nominating Committee Charter. |
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APPENDIX C
OUTSTANDING SHARES OF EACH FUND
Each Fund’s Shares outstanding as of November 4, 2019August 21, 2023 (the Record Date) is set forth in the table below.
Goldman Sachs ETF Trust
| | | | |
Fund | | Outstanding Shares | |
Fiscal Year End 3/31
| | | | |
Goldman Sachs Access Emerging Markets USD Bond FundETF | | | 43,452,6021,300,000 | |
Goldman Sachs Core Fixed Income FundAccess High Yield Corporate Bond ETF | | | 105,791,6272,250,000 | |
Goldman Sachs Dynamic Municipal Income FundAccess Inflation Protected USD Bond ETF | | | 443,416,5932,300,000 | |
Goldman Sachs Emerging Markets Debt FundAccess Investment Grade Corporate 1-5 Year Bond ETF | | | 120,583,693200,000 | |
Goldman Sachs Enhanced Income FundAccess Investment Grade Corporate Bond ETF | | | 53,708,04814,000,000 | |
Goldman Sachs Global Income FundAccess Treasury 0-1 Year ETF | | | 52,630,37058,890,000 | |
Goldman Sachs Government Income FundAccess U.S. Aggregate Bond ETF | | | 20,274,52511,900,000 | |
Goldman Sachs High Quality Floating Rate FundAccess Ultra Short Bond ETF | | | 39,964,42711,675,000 | |
Goldman Sachs High Yield Floating Rate FundActiveBeta® Emerging Markets Equity ETF | | | 224,533,24632,750,000 | |
Goldman Sachs High Yield FundActiveBeta® Europe Equity ETF | | | 352,920,537350,000 | |
Goldman Sachs High Yield Municipal FundActiveBeta® International Equity ETF | | | 838,475,077103,500,000 | |
Goldman Sachs Inflation Protected Securities Fund | | | 37,383,872 | |
Goldman Sachs Investment Grade Credit Fund
| | | 51,872,810 | |
Goldman Sachs Local Emerging Markets Debt Fund
| | | 20,774,720 | |
Goldman Sachs Long Short Credit Strategies Fund
| | | 12,313,804 | |
Goldman Sachs Municipal Income Completion Fund
| | | 510,499 | |
Goldman Sachs Short Duration Government Fund
| | | 89,705,517 | |
Goldman Sachs Short Duration Income Fund
| | | 76,539,734 | |
Goldman Sachs Short DurationTax-Free Fund
| | | 695,957,739 | |
Goldman Sachs Short-Term Conservative Income Fund
| | | 448,257,776 | |
Goldman Sachs Strategic Income Fund
| | | 153,701,186 | |
Goldman Sachs U.S. Mortgages Fund
| | | 43,764,465 | |
| |
Fiscal Year End 8/31
| | | | |
Goldman Sachs Blue Chip Fund
| | | 851,198 | |
Goldman Sachs Capital Growth Fund
| | | 37,973,295 | |
Goldman Sachs Concentrated Growth Fund
| | | 7,825,009 | |
Goldman Sachs Enhanced Dividend GlobalActiveBeta® Japan Equity Portfolio
| | | 51,716,996 | |
Goldman Sachs Equity Income Fund
| | | 9,235,360 | |
Goldman Sachs Flexible Cap Fund
| | | 1,529,018 | |
Goldman Sachs Focused Value Fund
| | | 561,219 | |
Goldman Sachs Global Managed Beta Fund
| | | 98,380,909 | |
Goldman Sachs Growth Opportunities Fund
| | | 60,647,450 | |
Goldman Sachs Large Cap Value Fund
| | | 30,243,178 | |
Goldman Sachs Mid Cap Value Fund
| | | 35,706,253 | |
Goldman Sachs Small Cap Growth FundETF
| | | 400,000 | |
Goldman Sachs SmallActiveBeta® Paris-Aligned Climate U.S. Large Cap Value FundEquity ETF | | | 10,869,981200,000 | |
Goldman Sachs Small/MidActiveBeta® U.S. Large Cap Growth FundEquity ETF | | | 89,228,925129,302,500 | |
Goldman Sachs Small/MidActiveBeta® U.S. Small Cap Value FundEquity ETF | | | 9,772,5808,200,000 | |
Goldman Sachs Strategic Factor Allocation FundActiveBeta® World Low Vol Plus Equity ETF | | | 142,765,09517,500,000 | |
Goldman Sachs Strategic Growth FundBloomberg Clean Energy Equity ETF | | | 15,623,876250,000 | |
Goldman Sachs Tactical Tilt Overlay FundEqual Weight U.S. Large Cap Equity ETF | | | 397,571,363 | |
Goldman SachsTax-Advantaged Global Equity Portfolio
| | | 180,712,3217,400,000 | |
Goldman Sachs Technology Opportunities FundHedge Industry VIP ETF | | | 20,057,9531,800,000 | |
Goldman Sachs Financial Square Federal Instruments FundInnovate Equity ETF | | | 1,545,623,9016,750,000 | |
Goldman Sachs JUST U.S. Large Cap Equity ETF | | | 4,325,000 | |
Goldman Sachs Future Consumer Equity ETF | | | 5,750,000 | |
Goldman Sachs Future Health Care Equity ETF | | | 3,450,000 | |
Goldman Sachs Future Planet Equity ETF | | | 4,725,000 | |
Goldman Sachs Future Real Estate and Infrastructure Equity ETF | | | 725,000 | |
Goldman Sachs Future Tech Leaders Equity ETF | | | 10,200,000 | |
Goldman Sachs MarketBetaTM Emerging Markets Equity ETF | | | 650,000 | |
Goldman Sachs MarketBetaTM International Equity ETF | | | 8,600,000 | |
Goldman Sachs MarketBetaTM U.S. Equity ETF | | | 16,450,000 | |
Goldman Sachs Community Municipal Bond ETF | | | 400,000 | |
Goldman Sachs Defensive Equity ETF | | | 152,572 | |
Goldman Sachs North American Pipelines & Power Equity ETF | | | 200,000 | |
Goldman Sachs ETF Trust II
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For
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