Goldman
Sachs
Global
Infrastructure
Fund
Schedule
of
Investments
March
31,
2024
(Unaudited)
**End
swaps
header**
Shares
Description
Value
a
Common
Stocks
–
84.8%
Australia
–
3.5%
709,146
Transurban
Group
(Transportation)
$
6,151,932
Canada
–
11.3%
286,477
Enbridge,
Inc.
(Energy)
10,352,552
16,018
Fortis,
Inc.
(Utilities)
632,892
74,003
Hydro
One
Ltd.
(Utilities)
(a)
2,158,000
70,597
Keyera
Corp.
(Energy)
1,818,411
48,574
Northland
Power,
Inc.
(Utilities)
793,579
28,076
Pembina
Pipeline
Corp.
(Energy)
990,966
78,982
TC
Energy
Corp.
(Energy)
3,174,324
19,920,724
China
–
1.3%
365,300
China
Resources
Gas
Group
Ltd.
(Utilities)
1,165,691
1,092,000
Jiangsu
Expressway
Co.
Ltd.,
Class
H
(Transportation)
1,117,748
2,283,439
France
–
7.7%
51,043
Engie
SA
(Utilities)
855,346
26,582
Veolia
Environnement
SA
(Utilities)
864,762
91,542
Vinci
SA
(Capital
Goods)
11,747,468
13,467,576
Italy
–
2.9%
452,227
Enav
SpA
(Transportation)
(a)
1,891,520
691,940
Snam
SpA
(Utilities)
3,267,137
5,158,657
Japan
–
0.5%
37,100
Osaka
Gas
Co.
Ltd.
(Utilities)
834,601
Spain
–
5.7%
22,096
Aena
SME
SA
(Transportation)
(a)
4,351,888
137,311
Cellnex
Telecom
SA
(Telecommunication
Services)*
(a)
4,857,338
73,063
Iberdrola
SA
(Utilities)
907,469
10,116,695
United
Kingdom
–
7.5%
751,302
National
Grid
PLC
(Utilities)
10,123,062
95,573
Severn
Trent
PLC
(Utilities)
2,982,192
13,105,254
United
States
–
44.4%
50,459
AES
Corp.
(The)
(Utilities)
904,730
14,570
Ameren
Corp.
(Utilities)
1,077,597
52,709
American
Tower
Corp.
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
10,414,771
14,799
American
Water
Works
Co.,
Inc.
(Utilities)
1,808,586
20,707
Atmos
Energy
Corp.
(Utilities)
2,461,441
90,894
CenterPoint
Energy,
Inc.
(Utilities)
2,589,570
36,774
Cheniere
Energy,
Inc.
(Energy)
5,930,911
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
States
–
(continued)
28,920
CMS
Energy
Corp.
(Utilities)
$
1,745,033
15,404
Consolidated
Edison,
Inc.
(Utilities)
1,398,837
32,263
Crown
Castle,
Inc.
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
3,414,393
45,485
DT
Midstream,
Inc.
(Energy)
2,779,134
23,474
Edison
International
(Utilities)
1,660,316
856
Equinix,
Inc.
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
706,482
51,533
Eversource
Energy
(Utilities)
3,080,127
70,440
Exelon
Corp.
(Utilities)
2,646,431
114,472
Ferrovial
SE
(Capital
Goods)
4,532,160
86,894
Kinder
Morgan,
Inc.
(Energy)
1,593,636
25,979
Kodiak
Gas
Services,
Inc.
(Energy)
710,266
1,636
Linde
PLC
(Materials)
759,628
28,106
NextEra
Energy,
Inc.
(Utilities)
1,796,254
38,028
ONEOK,
Inc.
(Energy)
3,048,705
157,522
PG&E
Corp.
(Utilities)
2,640,069
19,388
SBA
Communications
Corp.
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
4,201,380
81,157
Sempra
(Utilities)
5,829,507
40,505
Targa
Resources
Corp.
(Energy)
4,536,155
8,464
WEC
Energy
Group,
Inc.
(Utilities)
695,064
94,721
Williams
Cos.,
Inc.
(The)
(Energy)
3,691,277
22,350
Xcel
Energy,
Inc.
(Utilities)
1,201,312
77,853,772
TOTAL
COMMON
STOCKS
(Cost
$115,769,509)
148,892,650
Shares
Dividend
Rate
Value
aa
a
Investment
Company
–
0.9%
(b)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
1,495,375
5.211%
1,495,375
(Cost
$1,495,375)
TOTAL
INVESTMENTS
–
85.7%
(Cost
$117,264,884)
$
150,388,025
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
14.3%
25,136,850
NET
ASSETS
–
100.0%
$
175,524,875
a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
*
Non-income
producing
security.
(a)
Exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
(b)
Represents
an
affiliated
issuer.
Goldman
Sachs
Global
Infrastructure
Fund
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
Investment
Abbreviations:
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Sector
Name
%
of
Market
Value
Utilities
37.3
%
Energy
25.7
Industrials
19.8
Real
Estate
12.5
Communication
Services
3.2
Investment
Company
1.0
Materials
0.5
TOTAL
INVESTMENTS
100.0%
**End
swaps
header**
(continued)
Goldman
Sachs
Global
Real
Estate
Securities
Fund
Schedule
of
Investments
March
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
103.7%
Australia
–
4.5%
204,752
Dexus
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
$
1,055,005
58,259
Goodman
Group
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
1,283,289
537,454
Region
RE
Ltd.
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
836,914
488,847
Stockland
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
1,544,696
4,719,904
Canada
–
2.4%
11,453
Canadian
Apartment
Properties
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
393,083
64,759
Dream
Industrial
Real
Estate
Investment
Trust
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
630,116
59,324
InterRent
Real
Estate
Investment
Trust
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
593,875
66,619
RioCan
Real
Estate
Investment
Trust
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
908,385
2,525,459
France
–
1.4%
13,901
Gecina
SA
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
1,419,906
Germany
–
2.9%
65,735
Instone
Real
Estate
Group
SE
(Real
Estate
Management
&
Development)
(a)
633,072
82,056
Vonovia
SE
(Real
Estate
Management
&
Development)
2,424,902
3,057,974
Hong
Kong
–
4.2%
140,500
CK
Asset
Holdings
Ltd.
(Real
Estate
Management
&
Development)
578,955
79,100
Link
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
340,637
1,521,879
Sino
Land
Co.
Ltd.
(Real
Estate
Management
&
Development)
1,582,180
196,500
Sun
Hung
Kai
Properties
Ltd.
(Real
Estate
Management
&
Development)
1,898,128
4,399,900
Japan
–
10.9%
289
Comforia
Residential
REIT,
Inc.
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
624,704
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
3,104
Invincible
Investment
Corp.
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
$
1,394,236
1,656
Japan
Metropolitan
Fund
Invest
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
1,031,840
984
KDX
Realty
Investment
Corp.
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
1,045,886
15,000
Kyoritsu
Maintenance
Co.
Ltd.
(Consumer
Services)
343,450
237,900
Mitsui
Fudosan
Co.
Ltd.
(Real
Estate
Management
&
Development)
2,564,913
319
Nippon
Building
Fund,
Inc.
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
1,276,036
593
Nippon
Prologis
REIT,
Inc.
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
1,056,367
55,800
Sumitomo
Realty
&
Development
Co.
Ltd.
(Real
Estate
Management
&
Development)
2,079,083
11,416,515
Netherlands
–
0.9%
50,807
CTP
NV
(Real
Estate
Management
&
Development)
(a)
906,338
Singapore
–
4.1%
456,500
CapitaLand
Ascendas
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
936,409
1,667,700
Capitaland
India
Trust
(Real
Estate
Management
&
Development)
1,296,809
1,987,500
Far
East
Hospitality
Trust
(Equity
Real
Estate
Investment
Trusts
(REITs))
942,120
2,534,509
Lendlease
Global
Commercial
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
1,088,432
4,263,770
Spain
–
2.3%
36,158
Cellnex
Telecom
SA
(Telecommunication
Services)*
(a)
1,279,079
105,088
Merlin
Properties
Socimi
SA
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
1,130,628
2,409,707
Sweden
–
1.4%
109,234
Castellum
AB
(Real
Estate
Management
&
Development)*
1,436,610
Goldman
Sachs
Global
Real
Estate
Securities
Fund
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
Kingdom
–
7.5%
111,908
Big
Yellow
Group
PLC
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
$
1,501,457
32,126
Derwent
London
PLC
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
880,302
219,084
Segro
PLC
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
2,497,895
959,362
Shaftesbury
Capital
PLC
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
1,741,379
99,356
UNITE
Group
PLC
(The)
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
1,229,063
7,850,096
United
States
–
61.2%
18,811
Alexandria
Real
Estate
Equities,
Inc.
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
2,424,926
36,363
American
Homes
4
Rent,
Class
A
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
1,337,431
5,541
American
Tower
Corp.
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
1,094,846
59,512
Americold
Realty
Trust,
Inc.
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
1,483,039
15,408
AvalonBay
Communities,
Inc.
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
2,859,108
18,385
Boston
Properties,
Inc.
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
1,200,724
5,714
CBRE
Group,
Inc.,
Class
A
(Real
Estate
Management
&
Development)*
555,629
22,591
Cousins
Properties,
Inc.
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
543,088
13,785
Digital
Realty
Trust,
Inc.
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
1,985,591
7,822
EastGroup
Properties,
Inc.
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
1,406,161
6,723
Equinix,
Inc.
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
5,548,694
24,670
Equity
LifeStyle
Properties,
Inc.
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
1,588,748
12,422
Equity
Residential
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
783,952
5,999
Essex
Property
Trust,
Inc.
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
1,468,615
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
States
–
(continued)
17,447
Extra
Space
Storage,
Inc.
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
$
2,564,709
14,678
Federal
Realty
Investment
Trust
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
1,498,917
2,791
Hilton
Worldwide
Holdings,
Inc.
(Consumer
Services)
595,348
3,268
Hyatt
Hotels
Corp.,
Class
A
(Consumer
Services)
521,638
69,050
Invitation
Homes,
Inc.
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
2,458,871
72,882
Kimco
Realty
Corp.
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
1,429,216
3,183
Mid-America
Apartment
Communities,
Inc.
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
418,819
66,629
Prologis,
Inc.
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
8,676,428
9,880
Public
Storage
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
2,865,793
27,585
Realty
Income
Corp.
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
1,492,349
27,567
Regency
Centers
Corp.
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
1,669,458
9,830
Ryman
Hospitality
Properties,
Inc.
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
1,136,446
7,551
SBA
Communications
Corp.
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
1,636,302
13,201
Simon
Property
Group,
Inc.
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
2,065,825
5,674
Sun
Communities,
Inc.
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
729,563
39,809
UDR,
Inc.
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
1,489,255
42,034
Ventas,
Inc.
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
1,830,160
93,706
VICI
Properties,
Inc.
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
2,791,502
39,520
Welltower,
Inc.
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
3,692,749
63,843,900
TOTAL
COMMON
STOCKS
(Cost
$91,834,469)
108,250,079
Goldman
Sachs
Global
Real
Estate
Securities
Fund
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
**End
swaps
header**
Shares
Dividend
Rate
Value
aa
a
Investment
Company
–
1.8%
(b)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
1,922,243
5.211%
$
1,922,243
(Cost
$1,922,243)
TOTAL
INVESTMENTS
–
105.5%
(Cost
$93,756,712)
$
110,172,322
LIABILITIES
IN
EXCESS
OF
OTHER
ASSETS
–
(5.5)%
(5,777,298)
NET
ASSETS
–
100.0%
$
104,395,024
a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
*
Non-income
producing
security.
(a)
Exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
(b)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Sector
Name
%
of
Market
Value
Real
Estate
95.8
%
Investment
Company
1.7
Consumer
Discretionary
1.3
Communication
Services
1.2
TOTAL
INVESTMENTS
100.0%
Goldman
Sachs
Real
Estate
Securities
Fund
Schedule
of
Investments
March
31,
2024
(Unaudited)
**End
swaps
header**
Shares
Description
Value
aa
Common
Stocks
–
98.7%
Health
Care
REITs
–
9.4%
25,103
Healthpeak
Properties,
Inc.
REIT
$
470,681
57,924
Ventas,
Inc.
REIT
2,522,011
64,115
Welltower,
Inc.
REIT
5,990,906
8,983,598
Hotel
&
Resort
REITs
–
1.9%
15,567
Ryman
Hospitality
Properties,
Inc.
REIT
1,799,701
Hotels,
Restaurants
&
Leisure
–
2.1%
3,498
Hilton
Worldwide
Holdings,
Inc.
746,159
7,884
Hyatt
Hotels
Corp.,
Class
A
1,258,444
2,004,603
Industrial
REITs
–
19.1%
45,967
Americold
Realty
Trust,
Inc.
REIT
1,145,498
11,821
EastGroup
Properties,
Inc.
REIT
2,125,061
113,482
Prologis,
Inc.
REIT
14,777,626
18,048,185
Office
REITs
–
6.8%
26,992
Alexandria
Real
Estate
Equities,
Inc.
REIT
3,479,539
26,985
Boston
Properties,
Inc.
REIT
1,762,390
48,373
Cousins
Properties,
Inc.
REIT
1,162,887
6,404,816
Real
Estate
Management
&
Development
–
0.7%
6,614
CBRE
Group,
Inc.,
Class
A*
643,145
Residential
REITs
–
19.5%
54,479
American
Homes
4
Rent,
Class
A
REIT
2,003,738
22,526
AvalonBay
Communities,
Inc.
REIT
4,179,924
34,624
Equity
LifeStyle
Properties,
Inc.
REIT
2,229,786
22,722
Equity
Residential
REIT
1,433,985
8,514
Essex
Property
Trust,
Inc.
REIT
2,084,312
89,410
Invitation
Homes,
Inc.
REIT
3,183,890
4,935
Mid-America
Apartment
Communities,
Inc.
REIT
649,347
6,173
Sun
Communities,
Inc.
REIT
793,724
49,511
UDR,
Inc.
REIT
1,852,206
18,410,912
Retail
REITs
–
11.0%
19,272
Federal
Realty
Investment
Trust
REIT
1,968,057
92,940
Kimco
Realty
Corp.
REIT
1,822,553
34,994
Regency
Centers
Corp.
REIT
2,119,237
28,587
Simon
Property
Group,
Inc.
REIT
4,473,580
10,383,427
Specialized
REITs
–
28.2%
3,843
American
Tower
Corp.
REIT
759,338
24,816
Digital
Realty
Trust,
Inc.
REIT
3,574,497
11,515
Equinix,
Inc.
REIT
9,503,675
33,535
Extra
Space
Storage,
Inc.
REIT
4,929,645
17,561
Public
Storage
REIT
5,093,744
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Specialized
REITs
–
(continued)
5,872
SBA
Communications
Corp.
REIT
$
1,272,462
51,539
VICI
Properties,
Inc.
REIT
1,535,347
26,668,708
TOTAL
COMMON
STOCKS
(Cost
$58,881,159)
93,347,095
Shares
Dividend
Rate
Value
aa
Investment
Company
–
0.5%
(a)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
429,509
5.211%
429,509
(Cost
$429,509)
TOTAL
INVESTMENTS
–
99.2%
(Cost
$59,310,668)
$
93,776,604
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.8%
711,218
NET
ASSETS
–
100.0%
$
94,487,822
a
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)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
REIT
—
Real
Estate
Investment
Trust
GOLDMAN
SACHS
REAL
ESTATE
SECURITIES
FUNDS
Schedule
of
Investments
March
31,
2024
(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
—
U.S.
GAAP
defines
the
fair
value
of
a
financial
instrument
as
the
amount
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date
(i.e.,
the
exit
price);
the
Funds’
policy
is
to
use
the
market
approach.
GAAP
establishes
a
fair
value
hierarchy
that
prioritizes
the
inputs
to
valuation
techniques
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
The
level
in
the
fair
value
hierarchy
within
which
the
fair
value
measurement
in
its
entirety
falls
shall
be
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
The
levels
used
for
classifying
investments
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
these
investments.
The
three
levels
of
the
fair
value
hierarchy
are
described
below:
Level
1
—
Unadjusted
quoted
prices
in
active
markets
that
are
accessible
at
the
measurement
date
for
identical,
unrestricted
assets
or
liabilities;
Level
2
—
Quoted
prices
in
markets
that
are
not
active
or
financial
instruments
for
which
significant
inputs
are
observable
(including,
but
not
limited
to,
quoted
prices
for
similar
investments,
interest
rates,
foreign
exchange
rates,
volatility
and
credit
spreads),
either
directly
or
indirectly;
Level
3
—
Prices
or
valuations
that
require
significant
unobservable
inputs
(including
GSAM’s
assumptions
in
determining
fair
value
measurement).
The
Board
of
Trustees
(“Trustees”)
has
approved
Valuation
Procedures
that
govern
the
valuation
of
the
portfolio
investments
held
by
the
Funds,
including
investments
for
which
market
quotations
are
not
readily
available.
With
respect
to
the
Funds’
investments
that
do
not
have
readily
available
market
quotations,
the
Trustees
have
designated
GSAM
as
the
valuation
designee
to
perform
fair
valuations
pursuant
to
Rule
2a-5
under
the
Investment
Company
Act
of
1940
(the
“Valuation
Designee”).
GSAM
has
day-to-day
responsibility
for
implementing
and
maintaining
internal
controls
and
procedures
related
to
the
valuation
of
the
Funds’
investments.
To
assess
the
continuing
appropriateness
of
pricing
sources
and
methodologies,
GSAM
regularly
performs
price
verification
procedures
and
issues
challenges
as
necessary
to
third
party
pricing
vendors
or
brokers,
and
any
differences
are
reviewed
in
accordance
with
the
Valuation
Procedures.
A.
Level
1
and
Level
2
Fair
Value
Investments
—
The
valuation
techniques
and
significant
inputs
used
in
determining
the
fair
values
for
investments
classified
as
Level
1
and
Level
2
are
as
follows:
Equity
Securities
—
Equity
securities
traded
on
a
United
States
(“U.S.”)
securities
exchange
or
the
NASDAQ
system,
or
those
located
on
certain
foreign
exchanges,
including
but
not
limited
to
the
Americas,
are
valued
daily
at
their
last
sale
price
or
official
closing
price
on
the
principal
exchange
or
system
on
which
they
are
traded.
If
there
is
no
sale
or
official
closing
price
or
such
price
is
believed
by
GSAM
to
not
represent
fair
value,
equity
securities
will
be
valued
at
the
valid
closing
bid
price
for
long
positions
and
at
the
valid
closing
ask
price
for
short
positions
(i.e.
where
there
is
sufficient
volume,
during
normal
exchange
trading
hours).
If
no
valid
bid/ask
price
is
available,
the
equity
security
will
be
valued
pursuant
to
the
Valuation
Procedures
and
consistent
with
applicable
regulatory
guidance.
To
the
extent
these
investments
are
actively
traded,
they
are
classified
as
Level
1
of
the
fair
value
hierarchy,
otherwise
they
are
generally
classified
as
Level
2.
Certain
equity
securities
containing
unique
attributes
may
be
classified
as
Level
2.
Unlisted
equity
securities
for
which
market
quotations
are
available
are
valued
at
the
last
sale
price
on
the
valuation
date,
or
if
no
sale
occurs,
at
the
last
bid
price
for
long
positions
or
the
last
ask
price
for
short
positions,
and
are
generally
classified
as
Level
2.
Securities
traded
on
certain
foreign
securities
exchanges
are
valued
daily
at
fair
value
determined
by
an
independent
fair
value
service
(if
available)
under
the
Valuation
Procedures
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.
GOLDMAN
SACHS
REAL
ESTATE
SECURITIES
FUNDS
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
Money
Market
Funds
—
Investments
in
the
Goldman
Sachs
Financial
Square
Government
Fund
(“Underlying
Money
Market
Fund”)
are
valued
at
the
NAV
per
share
of
the
Institutional
Share
class
on
the
day
of
valuation.
These
investments
are
generally
classified
as
Level
1
of
the
fair
value
hierarchy.
For
information
regarding
the
Underlying
Money
Market
Fund’s
accounting
policies
and
investment
holdings,
please
see
the
Underlying
Money
Market
Fund’s
shareholder
report.
B.
Level
3
Fair
Value
Investments
—
To
the
extent
that
significant
inputs
to
valuation
models
and
other
alternative
pricing
sources
are
unobservable,
or
if
quotations
are
not
readily
available,
or
if
GSAM
believes
that
such
quotations
do
not
accurately
reflect
fair
value,
the
fair
value
of
a
Fund’s
investments
may
be
determined
under
the
Valuation
Procedures.
GSAM,
consistent
with
its
procedures
and
applicable
regulatory
guidance,
may
make
an
adjustment
to
the
most
recent
valuation
prices
of
either
domestic
or
foreign
securities
in
light
of
significant
events
to
reflect
what
it
believes
to
be
the
fair
value
of
the
securities
at
the
time
of
determining
a
Fund’s
NAV.
To
the
extent
investments
are
valued
using
single
source
broker
quotations
obtained
directly
from
the
broker
or
passed
through
from
third
party
pricing
vendors,
such
investments
are
classified
as
Level
3
investments.
C.
Fair
Value
Hierarchy
—
The
following
is
a
summary
of
the
Funds’
investments
classified
in
the
fair
value
hierarchy
as
of
March
31,
2024:
Global
Infrastructure
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Asia
$
—
$
3,118,040
$
—
Europe
—
41,848,182
—
North
America
93,242,336
4,532,160
—
Oceania
—
6,151,932
—
Investment
Company
1,495,375
—
—
Total
$
94,737,711
$
55,650,314
$
—
€
1.00
€
1.00
€
1.00
1.00
1.00
1.00
Global
Real
Estate
Securities
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Asia
$
—
$
20,080,185
$
—
Europe
—
17,080,631
—
North
America
66,369,359
—
—
Oceania
—
4,719,904
—
Investment
Company
1,922,243
—
—
Total
$
68,291,602
$
41,880,720
$
—
€
1.00
€
1.00
€
1.00
1.00
1.00
1.00
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
GOLDMAN
SACHS
REAL
ESTATE
SECURITIES
FUNDS
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
For
further
information
regarding
security
characteristics,
see
the
Schedules
of
Investments.
Securities
Lending
—
The
Real
Estate
Securities
Fund
may
lend
its
securities
through
a
securities
lending
agent,
the
Bank
of
New
York
Mellon
(“BNYM”),
to
certain
qualified
borrowers.
Pursuant
to
exemptive
relief
granted
by
the
Securities
and
Exchange
Commission
(“SEC”)
and
the
terms
and
conditions
contained
therein,
the
Global
Real
Estate
Securities
Fund
may
lend
its
securities
through
a
securities
lending
agent,
Goldman
Sachs
Agency
Lending
(“GSAL”),
a
wholly-owned
subsidiary
of
Goldman
Sachs,
to
certain
qualified
borrowers
including
Goldman
Sachs
and
affiliates.
In
accordance
with
the
Fund’s
securities
lending
procedures,
the
Fund
receives
cash
collateral
at
least
equal
to
the
market
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
business
of
the
Funds,
at
their
last
sale
price
or
official
closing
price
on
the
principal
exchange
or
system
on
which
they
are
traded,
and
any
additional
required
collateral
is
delivered
to
the
Funds
on
the
next
business
day.
As
with
other
extensions
of
credit,
the
Funds
may
experience
delay
in
the
recovery
of
their
securities
or
incur
a
loss
should
the
borrower
of
the
securities
breach
its
agreement
with
the
Funds
or
become
insolvent
at
a
time
when
the
collateral
is
insufficient
to
cover
the
cost
of
repurchasing
securities
on
loan.
Dividend
income
received
from
securities
on
loan
may
not
be
subject
to
withholding
taxes
and
therefore
withholding
taxes
paid
may
differ
from
the
amounts
listed
in
the
Statements
of
Operations.
Loans
of
securities
are
terminable
at
any
time
and
as
such
1)
the
remaining
contractual
maturities
of
the
outstanding
securities
lending
transactions
are
considered
to
be
overnight
and
continuous
and
2)
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
The
Global
Real
Estate
Securities
and
Real
Estate
Securities
Funds
invest
the
cash
collateral
received
in
connection
with
securities
lending
transactions
in
the
Goldman
Sachs
Financial
Square
Government
Fund
(“Government
Money
Market
Fund”),
an
affiliated
series
of
the
Goldman
Sachs
Trust.
The
Government
Money
Market
Fund
is
registered
under
the
Act
as
an
open
end
investment
company,
is
subject
to
Rule
2a-7
under
the
Act,
and
is
managed
by
GSAM,
for
which
GSAM
may
receive
a
management
fee
of
up
to
0.16%
on
an
annualized
basis
of
the
average
daily
net
assets
of
the
Government
Money
Market
Fund.
In
the
event
of
a
default
by
a
borrower
with
respect
to
any
loan,
GSAL
will
and
BNYM
may
exercise
any
and
all
remedies
provided
under
the
applicable
borrower
agreement
to
make
the
Funds
whole.
These
remedies
include
purchasing
replacement
securities
by
applying
the
collateral
held
from
the
defaulting
broker
against
the
purchase
cost
of
the
replacement
securities.
If
GSAL
or
BNYM
are
unable
to
purchase
replacement
securities,
GSAL
and/or
BNYM
will
indemnify
the
Funds
by
paying
the
Funds
an
amount
equal
to
the
market
value
of
the
securities
loaned
minus
the
value
of
cash
collateral
received
from
the
borrower
for
the
loan,
subject
to
an
exclusion
for
any
shortfalls
resulting
from
a
loss
of
value
in
such
cash
collateral
due
to
reinvestment
risk.
The
Funds’
master
netting
agreements
with
certain
borrowers
provide
the
right,
in
the
event
of
a
default
(including
bankruptcy
or
insolvency),
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
However,
in
the
event
of
a
default
by
a
borrower,
a
resolution
authority
could
determine
that
such
rights
are
not
enforceable
due
to
the
restrictions
or
prohibitions
against
the
right
of
set-off
that
may
be
imposed
in
accordance
with
a
particular
jurisdiction’s
bankruptcy
or
insolvency
laws.
The
Funds’
loaned
securities
were
all
subject
to
enforceable
Securities
Lending
Agreements
and
the
value
of
the
collateral
was
at
least
equal
to
the
value
of
the
cash
received.
The
Funds,
GSAL,
and
BNYM
received
compensation
relating
to
the
lending
of
the
Funds’
securities.
Real
Estate
Securities
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
North
America
$
93,347,095
$
—
$
—
Investment
Company
429,509
—
—
Total
$
93,776,604
$
—
$
—
€
1.00
€
1.00
€
1.00
1.00
1.00
1.00
(a)
Amounts
are
disclosed
by
continent
to
highlight
the
impact
of
time
zone
differences
between
local
market
close
and
the
calculation
of
NAV.
Security
valuations
are
based
on
the
principal
exchange
or
system
on
which
they
are
traded,
which
may
differ
from
country
of
domicile
noted
in
table.
The
Fund
utilizes
fair
value
model
prices
provided
by
an
independent
third-party
fair
value
service
for
certain
international
equity
securities
resulting
in
a
level
2
classification.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
GOLDMAN
SACHS
REAL
ESTATE
SECURITIES
FUNDS
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
The
Funds’
risks
include,
but
are
not
limited
to,
the
following:
Dividend-Paying
Investments
Risk
—
A
Fund’s
investments
in
dividend-paying
securities
could
cause
a
Fund
to
underperform
other
funds.
Securities
that
pay
dividends,
as
a
group,
can
fall
out
of
favor
with
the
market,
causing
such
securities
to
underperform
securities
that
do
not
pay
dividends.
Depending
upon
market
conditions
and
political
and
legislative
responses
to
such
conditions,
dividend-
paying
securities
that
meet
a
Fund’s
investment
criteria
may
not
be
widely
available
and/or
may
be
highly
concentrated
in
only
a
few
market
sectors.
In
addition,
issuers
that
have
paid
regular
dividends
or
distributions
to
shareholders
may
not
continue
to
do
so
at
the
same
level
or
at
all
in
the
future.
This
may
limit
the
ability
of
a
Fund
to
produce
current
income.
Foreign
and
Emerging
Countries
Risk
—
Investing
in
foreign
markets
may
involve
special
risks
and
considerations
not
typically
associated
with
investing
in
the
U.S.
Foreign
securities
may
be
subject
to
risk
of
loss
because
of
more
or
less
foreign
government
regulation;
less
public
information;
less
stringent
investor
protections;
less
stringent
accounting,
corporate
governance,
financial
reporting
and
disclosure
standards;
and
less
economic,
political
and
social
stability
in
the
countries
in
which
a
Fund
invests.
The
imposition
of
sanctions,
exchange
controls
(including
repatriation
restrictions),
confiscation
of
assets
and
property,
trade
restrictions
(including
tariffs)
and
other
government
restrictions
by
the
U.S.
or
other
governments,
or
from
problems
in
registration,
settlement
or
custody,
may
also
result
in
losses.
The
type
and
severity
of
sanctions
and
other
similar
measures,
including
counter
sanctions
and
other
retaliatory
actions,
that
may
be
imposed
could
vary
broadly
in
scope,
and
their
impact
is
impossible
to
predict.
For
example,
the
imposition
of
sanctions
and
other
similar
measures
could,
among
other
things,
cause
a
decline
in
the
value
and/or
liquidity
of
securities
issued
by
the
sanctioned
country
or
companies
located
in
or
economically
tied
to
the
sanctioned
country
and
increase
market
volatility
and
disruption
in
the
sanctioned
country
and
throughout
the
world.
Sanctions
and
other
similar
measures
could
limit
or
prevent
a
Fund
from
buying
and
selling
securities
(in
the
sanctioned
country
and
other
markets),
significantly
delay
or
prevent
the
settlement
of
securities
transactions,
and
significantly
impact
a
Fund’s
liquidity
and
performance.
Foreign
risk
also
involves
the
risk
of
negative
foreign
currency
exchange
rate
fluctuations,
which
may
cause
the
value
of
securities
denominated
in
such
foreign
currency
(or
other
instruments
through
which
a
Fund
has
exposure
to
foreign
currencies)
to
decline
in
value.
Currency
exchange
rates
may
fluctuate
significantly
over
short
periods
of
time.
To
the
extent
that
a
Fund
also
invests
in
securities
of
issuers
located
in,
or
economically
tied
to,
emerging
markets,
these
risks
may
be
more
pronounced.
Geographic
Risk
—
If
a
Fund
focuses
its
investments
in
securities
of
issuers
located
in
a
particular
country
or
geographic
region,
the
Fund
may
be
subjected,
to
a
greater
extent
than
if
its
investments
were
less
focused,
to
the
risks
of
volatile
economic
cycles
and/
or
conditions
and
developments
that
may
be
particular
to
that
country
or
region,
such
as:
adverse
securities
markets;
adverse
exchange
rates;
adverse
social,
political,
regulatory,
economic,
business,
environmental
or
other
developments;
or
natural
disasters.
Industry
Concentration
Risk
—
Concentrating
Fund
investments
in
a
limited
number
of
issuers
conducting
business
in
the
same
industry
or
group
of
industries
will
subject
a
Fund
to
a
greater
risk
of
loss
as
a
result
of
adverse
economic,
business,
political,
environmental
or
other
developments
than
if
its
investments
were
diversified
across
different
industries.
Large
Shareholder
Transactions
Risk
—
A
Fund
may
experience
adverse
effects
when
certain
large
shareholders,
such
as
other
funds,
institutional
investors
(including
those
trading
by
use
of
non-discretionary
mathematical
formulas),
financial
intermediaries
(who
may
make
investment
decisions
on
behalf
of
underlying
clients
and/or
include
a
Fund
in
their
investment
model),
individuals,
accounts
and
Goldman
Sachs
affiliates,
purchase
or
redeem
large
amounts
of
shares
of
a
Fund.
Such
large
shareholder
redemptions,
which
may
occur
rapidly
or
unexpectedly,
may
cause
a
Fund
to
sell
portfolio
securities
at
times
when
it
would
not
otherwise
do
so,
which
may
negatively
impact
a
Fund’s
NAV
and
liquidity.
These
transactions
may
also
accelerate
the
realization
of
taxable
income
to
shareholders
if
such
sales
of
investments
resulted
in
gains,
and
may
also
increase
transaction
costs.
In
addition,
a
large
redemption
could
result
in
a
Fund’s
current
expenses
being
allocated
over
a
smaller
asset
base,
leading
to
an
increase
in
the
Fund’s
expense
ratio.
Similarly,
large
Fund
share
purchases
may
adversely
affect
a
Fund’s
performance
to
the
extent
that
the
Fund
is
delayed
in
investing
new
cash
or
otherwise
maintains
a
larger
cash
position
than
it
ordinarily
would.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
GOLDMAN
SACHS
REAL
ESTATE
SECURITIES
FUNDS
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
Market
Risk
—
The
value
of
the
securities
in
which
the
Fund
invests
may
go
up
or
down
in
response
to
the
prospects
of
individual
companies,
particular
sectors
or
governments
and/or
general
economic
conditions
throughout
the
world
due
to
increasingly
interconnected
global
economies
and
financial
markets.
Events
such
as
war,
military
conflict,
acts
of
terrorism,
social
unrest,
natural
disasters,
recessions,
inflation,
rapid
interest
rate
changes,
supply
chain
disruptions,
sanctions,
the
spread
of
infectious
illness
or
other
public
health
threats
could
also
significantly
impact
the
Fund
and
its
investments.
Non-Diversification
Risk
—
The
Global
Infrastructure
and
Real
Estate
Securities
Funds
are
non-diversified,
meaning
that
they
are
permitted
to
invest
a
larger
percentage
of
their
assets
in
one
or
more
issuers
or
in
fewer
issuers
than
diversified
mutual
funds.
Thus,
a
Fund
may
be
more
susceptible
to
adverse
developments
affecting
any
single
issuer
held
in
its
portfolio,
and
may
be
more
susceptible
to
greater
losses
because
of
these
developments.
REIT
Risk
—
Risks
associated
with
investments
in
the
real
estate
industry
(such
as
REITs)
include,
among
others:
possible
declines
in
the
value
of
real
estate;
risks
related
to
general
and
local
economic
conditions;
possible
lack
of
availability
of
mortgage
financing,
variations
in
rental
income,
neighborhood
values
or
the
appeal
of
property
to
tenants;
interest
rates;
overbuilding;
extended
vacancies
of
properties;
increases
in
competition,
property
taxes
and
operating
expenses;
and
changes
in
zoning
laws.
REITs
whose
underlying
properties
are
concentrated
in
a
particular
industry
or
geographic
region
are
subject
to
risks
affecting
such
industries
and
regions.
The
securities
of
REITs
involve
greater
risks
than
those
associated
with
larger,
more
established
companies
and
may
be
subject
to
more
abrupt
or
erratic
price
movements
because
of
interest
rate
changes,
economic
conditions
and
other
factors.
Securities
of
such
issuers
may
lack
sufficient
market
liquidity
to
enable
the
Fund
to
effect
sales
at
an
advantageous
time
or
without
a
substantial
drop
in
price.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)