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)