# EDGAR Filing Document

**Accession Number:** 0000822977
**File Stem:** 0000940400-26-022136
**Filing Date:** 2026-5
**Character Count:** 43727
**Document Hash:** ad16bbe282ed055b0b8efe011990d77a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-022136.hdr.sgml**: 20260529

**ACCESSION NUMBER**: 0000940400-26-022136

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260529

**DATE AS OF CHANGE**: 20260529

**PERIOD START**: 20261231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GOLDMAN SACHS TRUST
- **CENTRAL INDEX KEY:** 0000822977

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05349
- **FILM NUMBER:** 261043398

**BUSINESS ADDRESS:**
- **STREET 1:** 71  SOUTH WACKER DRIVE
- **STREET 2:** C/O GOLDMAN SACHS & CO
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 3126554400

**MAIL ADDRESS:**
- **STREET 1:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GOLDMAN SACHS SHORT INTERMEDIATE GOVERNMENT FUND
- **DATE OF NAME CHANGE:** 19910711

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SHORT INTERMEDIATE GOVERNMENT FUND
- **DATE OF NAME CHANGE:** 19900104

## Series and Classes Contracts Data

### Goldman Sachs Real Estate Securities Fund (Series ID: S000009341)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025607 | Institutional   | GREIX           |
| C000025608 | Service         | GRESX           |
| C000025609 | Class A         | GREAX           |
| C000025611 | Class C         | GRECX           |
| C000058977 | Class R         | GRERX           |
| C000058978 | Investor Shares | GRETX           |
| C000161521 | Class R6 Shares | GREUX           |
| C000201768 | Class P Shares  | GMJPX           |

## Nport-Ex

Goldman

Sachs

Global

Infrastructure

Fund

Schedule

of

Investments

March

31,

2026

(Unaudited)

#### Shares

#### Description

#### Value
a

#### Common

#### Stocks

#### –

#### 98.4%

#### Australia

#### –

#### 3.8%
284,849

APA

Group

(Utilities)

$

1,962,243

302,840

Transurban

Group

(Transportation)

2,954,157

4,916,400

#### Canada

#### –

#### 16.1%
192,374

Enbridge,

Inc.

(Energy)

10,428,383

20,399

Fortis,

Inc.

(Utilities)

1,138,068

46,136

Hydro

One

Ltd.

(Utilities)

(a) 1,905,336

67,284

Pembina

Pipeline

Corp.

(Energy)

3,011,843

32,115

Rockpoint

Gas

Storage,

Inc.,

Class

A

(Energy)

645,024

60,813

TC

Energy

Corp.

(Energy)

3,808,081

20,936,735

#### China

#### –

#### 0.8%
123,800

ENN

Energy

Holdings

Ltd.

(Utilities)

1,008,031

#### France

#### –

#### 7.0%
36,694

Engie

SA

(Utilities)

1,182,555

29,511

Veolia

Environnement

SA

(Utilities)

1,123,957

45,754

Vinci

SA

(Capital

Goods)

6,867,647

9,174,159

#### Germany

#### –

#### 1.9%
110,976

E.ON

SE

(Utilities)

2,430,539

#### Italy

#### –

#### 3.2%
220,267

Enav

SpA

(Transportation)

(a) 1,324,594

382,294

Snam

SpA

(Utilities)

2,896,046

4,220,640

#### Japan

#### –

#### 0.5%
15,100

Osaka

Gas

Co.

Ltd.

(Utilities)

611,618

#### Mexico

#### –

#### 1.1%
57,985

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV,

Class

B

(Transportation)

1,430,456

#### Spain

#### –

#### 2.4%
97,004

Cellnex

Telecom

SA

(Telecommunication

Services)\*

(a) 3,119,140

#### Switzerland

#### –

#### 1.3%
5,286

Flughafen

Zurich

AG

(Transportation)

1,655,237

#### Thailand

#### –

#### 1.0%
408,100

Airports

of

Thailand

PCL

(Transportation)

651,131

22,859

BKV

Corp.

(Energy)\*

651,939

1,303,070

#### United

#### Kingdom

#### –

#### 7.9%
491,285

National

Grid

PLC

(Utilities)

8,292,940

49,320

Severn

Trent

PLC

(Utilities)

2,022,793

10,315,733

#### Shares

#### Description

#### Value
a

#### Common

#### Stocks

#### –
(continued)

#### United

#### States

#### –

#### 51.4%
13,345

Ameren

Corp.

(Utilities)

$

1,466,882

41,115

American

Tower

Corp.

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

7,095,627

5,292

American

Water

Works

Co.,

Inc.

(Utilities)

720,188

16,483

Atmos

Energy

Corp.

(Utilities)

3,044,740

69,083

CenterPoint

Energy,

Inc.

(Utilities)

2,981,622

18,439

Cheniere

Energy,

Inc.

(Energy)

5,232,251

19,999

CMS

Energy

Corp.

(Utilities)

1,551,522

31,624

Consolidated

Edison,

Inc.

(Utilities)

3,579,204

13,181

Crown

Castle,

Inc.

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

1,071,747

21,750

DT

Midstream,

Inc.

(Energy)

2,929,073

12,359

Edison

International

(Utilities)

904,432

1,331

Equinix,

Inc.

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

1,304,699

13,794

Eversource

Energy

(Utilities)

955,648

38,558

Exelon

Corp.

(Utilities)

1,890,113

50,402

Ferrovial

SE

(Capital

Goods)

3,278,977

83,693

Kinder

Morgan,

Inc.

(Energy)

2,806,226

16,868

Kinetik

Holdings,

Inc.

(Energy)

816,580

12,244

NextEra

Energy,

Inc.

(Utilities)

1,137,223

18,013

NiSource,

Inc.

(Utilities)

840,487

26,362

ONEOK,

Inc.

(Energy)

2,382,861

214,745

PG&E

Corp.

(Utilities)

3,773,070

12,997

SBA

Communications

Corp.

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

2,236,914

37,395

Sempra

(Utilities)

3,633,672

20,494

Targa

Resources

Corp.

(Energy)

5,138,461

65,615

Williams

Cos.,

Inc.

(The)

(Energy)

4,775,460

16,600

Xcel

Energy,

Inc.

(Utilities)

1,318,704

66,866,383

#### TOTAL

#### COMMON

#### STOCKS

#### (Cost

#### $83,422,742)
127,988,141

#### Shares

#### Dividend

#### Rate

#### Value
aa

a

#### Investment

#### Company

#### –

#### 0.1%
(b) Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

100,052

3.553%

100,052

(Cost

$100,052)

#### TOTAL

#### INVESTMENTS

#### –

#### 98.5%

#### (Cost

#### $83,522,794)
$

128,088,193

#### OTHER

#### ASSETS

#### IN

#### EXCESS

#### OF

#### LIABILITIES

#### –

#### 1.5%
2,014,503

#### NET

#### ASSETS

#### –

#### 100.0%
$

130,102,696

&nbsp;&nbsp;&nbsp;&nbsp;a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

Goldman

Sachs

Global

Infrastructure

Fund

Schedule

of

Investments

(continued)

March

31,

2026

(Unaudited)

#### \*\*End

#### swaps

#### header\*\*
\*

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
Utilities

40.9 %

Energy

33.3 Industrials

14.2 Real

Estate

9.1 Communication

Services

2.4 Investment

Company

0.1 #### TOTAL

#### INVESTMENTS
100.0%

Goldman

Sachs

Real

Estate

Securities

Fund

Schedule

of

Investments

March

31,

2026

(Unaudited)

#### \*\*End

#### swaps

#### header\*\*

#### Shares

#### Description

#### Value

#### Common

#### Stocks

#### –

#### 99.1%

#### Health

#### Care

#### REITs

#### –

#### 17.1%
13,574

Janus

Living,

Inc.

REIT\*

$

319,939

21,024

Omega

Healthcare

Investors,

Inc.

REIT

921,272

23,241

Ventas,

Inc.

REIT

1,900,649

26,681

Welltower,

Inc.

REIT

5,275,100

8,416,960

#### Hotel

#### &

#### Resort

#### REITs

#### –

#### 1.5%
8,147

Ryman

Hospitality

Properties,

Inc.

REIT

751,724

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### –

#### 0.7%
1,114

Hilton

Worldwide

Holdings,

Inc.

338,745

#### Industrial

#### REITs

#### –

#### 12.8%
38,910

Americold

Realty

Trust,

Inc.

REIT

445,909

4,753

EastGroup

Properties,

Inc.

REIT

879,733

37,708

Prologis,

Inc.

REIT

4,984,243

6,309,885

#### Office

#### REITs

#### –

#### 2.7%
22,950

Cousins

Properties,

Inc.

REIT

517,981

15,112

Kilroy

Realty

Corp.

REIT

426,310

11,370

SL

Green

Realty

Corp.

REIT

420,008

1,364,299

#### Real

#### Estate

#### Management

#### &

#### Development

#### –

#### 1.0%
3,733

CBRE

Group,

Inc.,

Class

A\*

505,672

#### Residential

#### REITs

#### –

#### 12.2%
28,043

American

Homes

Rent,

Class

A

REIT

782,961

7,880

AvalonBay

Communities,

Inc.

REIT

1,287,198

23,011

Equity

LifeStyle

Properties,

Inc.

REIT

1,436,347

5,306

Essex

Property

Trust,

Inc.

REIT

1,284,052

9,815

Mid-America

Apartment

Communities,

Inc.

REIT

1,198,608

5,989,166

#### Retail

#### REITs

#### –

#### 15.7%
26,445

Acadia

Realty

Trust

REIT

505,628

10,142

Agree

Realty

Corp.

REIT

764,504

13,983

Curbline

Properties

Corp.

REIT

360,621

7,669

Federal

Realty

Investment

Trust

REIT

814,524

41,421

Kimco

Realty

Corp.

REIT

930,730

28,285

Realty

Income

Corp.

REIT

1,730,476

14,025

Simon

Property

Group,

Inc.

REIT

2,616,083

7,722,566

#### Specialized

#### REITs

#### –

#### 35.4%
20,844

American

Tower

Corp.

REIT

3,597,258

7,818

Crown

Castle,

Inc.

REIT

635,682

14,401

Digital

Realty

Trust,

Inc.

REIT

2,595,204

4,209

Equinix,

Inc.

REIT

4,125,830

13,043

Extra

Space

Storage,

Inc.

REIT

1,710,329

6,279

Iron

Mountain,

Inc.

REIT

641,337

4,134

Public

Storage

REIT

1,119,818

#### Shares

#### Description

#### Value

#### Common

#### Stocks

#### –
(continued)

#### Specialized

#### REITs

#### –
(continued)

6,767

SBA

Communications

Corp.

REIT

$

1,164,668

54,043

VICI

Properties,

Inc.

REIT

1,476,455

11,375

Weyerhaeuser

Co.

REIT

277,891

17,344,472

#### TOTAL

#### COMMON

#### STOCKS

#### (Cost

#### $31,887,297)
48,743,489

#### Shares

#### Dividend

#### Rate

#### Value
aa

#### Investment

#### Company

#### –

#### 0.2%
(a) Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

105,702

3.553%

105,702

(Cost

$105,702)

#### TOTAL

#### INVESTMENTS

#### –

#### 99.3%

#### (Cost

#### $31,992,999)
$

48,849,191

#### OTHER

#### ASSETS

#### IN

#### EXCESS

#### OF

#### LIABILITIES

#### –

#### 0.7%
357,381

#### NET

#### ASSETS

#### –

#### 100.0%
$

49,206,572

&nbsp;&nbsp;&nbsp;&nbsp;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,

2026

(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

—

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

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

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

—

Unadjusted

quoted

prices

in

active

markets

that

are

accessible

at

the

measurement

date

for

identical,

unrestricted

assets

or

liabilities;

Level

—

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

—

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

("Valuation

Procedures"),

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

Act

(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

and

Level

Fair

Value

Investments

—

The

valuation

techniques

and

significant

inputs

used

in

determining

the

fair

values

for

investments

classified

as

Level

and

Level

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

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

of

the

fair

value

hierarchy.

GOLDMAN

SACHS

REAL

ESTATE

SECURITIES

FUNDS

Schedule

of

Investments

(continued)

March

31,

2026

(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

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

financial

statements

at

SEC.gov.

B. Level

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

investments.

C. Fair

Value

Hierarchy

—

The

following

is

a

summary

of

the

Funds'

investments

classified

in

the

fair

value

hierarchy

as

of

March

31,

2026:

For

further

information

regarding

security

characteristics,

see

the

Schedules

of

Investments.

(a) #### Global

#### Infrastructure

#### Fund

#### Investment

#### Type

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Assets
Common

Stock

and/or

Other

Equity

Investments

(a) Asia

$

651,939

$

2,270,780

$

—

Europe

—

30,915,448

—

North

America

85,954,597

3,278,977

—

Oceania

—

4,916,400

—

Investment

Company

100,052

—

—

#### Total
$

86,706,588

$

41,381,605

$

—

€

1.00 €

1.00 €

1.00 (a) #### Real

#### Estate

#### Securities

#### Fund

#### Investment

#### Type

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Assets
Common

Stock

and/or

Other

Equity

Investments

(a) North

America

$

48,743,489

$

—

$

—

Investment

Company

105,702

—

—

#### Total
$

48,849,191

$

—

$

—

€

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

classification.

#### NOTES

#### TO

#### THE

#### SCHEDULE

#### OF

#### INVESTMENTS
(continued)

GOLDMAN

SACHS

REAL

ESTATE

SECURITIES

FUNDS

Schedule

of

Investments

(continued)

March

31,

2026

(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,

2026

(Unaudited)

Market

Risk

—

The

value

of

the

securities

in

which

a

Fund

invests

may

go

up

or

down

in

response

to

the

prospects

of

individual

companies,

particular

sectors,

governments

or

countries

and/or

general

economic

conditions

throughout

the

world

due

to

increasingly

interconnected

global

economies

and

financial

markets.

Events

such

as

war,

military

conflict,

geopolitical

disputes,

acts

of

terrorism,

social

or

political

unrest,

natural

disasters,

recessions,

inflation,

rapid

interest

rate

changes,

supply

chain

disruptions,

tariffs

and

other

restrictions

on

trade,

sanctions

or

the

spread

of

infectious

illness

or

other

public

health

threats,

or

the

threat

or

potential

of

one

or

more

such

events

and

developments,

could

also

significantly

impact

a

Fund

and

its

investments.

Non-Diversification

Risk

—

The

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.

Stock

Risk

—

Stock

prices

have

historically

risen

and

fallen

in

periodic

cycles.

U.S.

and

foreign

stock

markets

have

experienced

periods

of

substantial

price

volatility

in

the

past

and

may

do

so

again

in

the

future.

#### NOTES

#### TO

#### THE

#### SCHEDULE

#### OF

#### INVESTMENTS
(continued)

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Goldman Sachs Trust

- **b. Investment Company Act file number:** 811-05349

- **c. CIK number of Registrant:** 0000822977

- **d. LEI of Registrant:** S2FHCT8U6D2VORP0J605

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 71 South Wacker Drive

  - **City:** Chicago

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60606

  - **Telephone number:** 312-655-4400

**Item A.2. Information about the Series.**

- **a. Name of Series:** Goldman Sachs Real Estate Securities Fund

- **b. EDGAR series identifier (if any):** S000009341

- **c. LEI of Series:** 1GAMKCZUEVIL7Z1KAW65

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $49387957.23

**Total Liabilities:** $92065.92

**Net Assets:** $49295891.31

**Cash Not Reported:** $379110.83

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000161521 | 1.83%                | 7.17%                | -5.98%               |
| Class ID C000058978 | 1.94%                | 7.01%                | -5.93%               |
| Class ID C000025609 | 1.87%                | 7.09%                | -6.03%               |
| Class ID C000201768 | 1.83%                | 7.17%                | -5.98%               |
| Class ID C000025608 | 1.84%                | 7.09%                | -5.97%               |
| Class ID C000025611 | 1.86%                | 7.03%                | -6.04%               |
| Class ID C000025607 | 1.83%                | 7.17%                | -5.98%               |
| Class ID C000058977 | 1.80%                | 7.08%                | -6.05%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-203617.61              | $1096960.50                                |
| Month 2  | $740977.08               | $2727079.22                                |
| Month 3  | $-170990.83              | $-3207927.37                               |

### Schedule of Portfolio Investments

| Name                                    | Title                                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Weyerhaeuser Company                    | Weyerhaeuser Company COM NEW                   | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |     11375 | NS      | $277891.25    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| AvalonBay Communities, Inc.             | AvalonBay Communities, Inc. COM                | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |      7880 | NS      | $1287198.00   | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Kilroy Realty Corporation               | Kilroy Realty Corporation COM                  | CUSIP: 49427F108<br>LEI: 549300CXXI18B214UN80 | Long             | EC               | CORP              | US        |     15112 | NS      | $426309.52    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimco Realty Corporation                | Kimco Realty Corporation COM                   | CUSIP: 49446R109<br>LEI: 254900ARY41P4V1JL861 | Long             | EC               | CORP              | US        |     41421 | NS      | $930729.87    | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Worldwide Holdings Inc           | Hilton Worldwide Holdings Inc COM              | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |      1114 | NS      | $338745.12    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastgroup Properties, Inc.              | Eastgroup Properties, Inc. COM                 | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               | CORP              | US        |      4753 | NS      | $879732.77    | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Janus Living Inc.                       | Janus Living Inc. CL A-1                       | CUSIP: 471024109<br>LEI: 2549003JCIOFKGHO7313 | Long             | EC               | CORP              | US        |     10896 | NS      | $256818.72    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Essex Property Trust, Inc.              | Essex Property Trust, Inc. COM                 | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |      5306 | NS      | $1284052.00   | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc                | Simon Property Group Inc COM                   | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |     14025 | NS      | $2616083.25   | 5.31%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc.                         | CBRE Group Inc. CL A                           | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |      3733 | NS      | $505672.18    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc.               | Digital Realty Trust Inc. COM                  | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |     14401 | NS      | $2595204.21   | 5.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Realty Income Corporation               | Realty Income Corporation COM                  | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               | CORP              | US        |     27144 | NS      | $1660669.92   | 3.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Mid-America Apartment Communities, Inc. | Mid-America Apartment Communities, Inc. COM    | CUSIP: 59522J103<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EC               | CORP              | US        |      9815 | NS      | $1198607.80   | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| EXTRA SPACE STORAGE INC                 | Extra Space Storage Inc. COM                   | CUSIP: 30225T102<br>LEI: 529900SDJHKRQWED6A16 | Long             | EC               | CORP              | US        |     13043 | NS      | $1710328.59   | 3.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Omega Healthcare Investors, Inc.        | Omega Healthcare Investors, Inc. COM           | CUSIP: 681936100<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | EC               | CORP              | US        |     21024 | NS      | $921271.68    | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                          | Public Storage COM                             | CUSIP: 74460D109<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EC               | CORP              | US        |      4134 | NS      | $1119817.92   | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc.                           | Prologis Inc. COM                              | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |     37708 | NS      | $4984243.44   | 10.11%            |  |  |  | No            |                  1 | On Loan: No      |
| Ryman Hospitality Properties Inc        | Ryman Hospitality Properties Inc COM           | CUSIP: 78377T107<br>LEI: 529900GCCWW9SRMPJR11 | Long             | EC               | CORP              | US        |      8147 | NS      | $751723.69    | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Agree Realty Corp                       | Agree Realty Corp COM                          | CUSIP: 008492100<br>LEI: 98450090H010B37OEB68 | Long             | EC               | CORP              | US        |     10142 | NS      | $764503.96    | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Cousins Properties Inc.                 | Cousins Properties Inc. COM NEW                | CUSIP: 222795502<br>LEI: 5493007XPYD5EJABN062 | Long             | EC               | CORP              | US        |     20028 | NS      | $452031.96    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Acadia Realty Trust                     | Acadia Realty Trust COM SH BEN INT             | CUSIP: 004239109<br>LEI: 254900C5XLB1YYJQSH07 | Long             | EC               | CORP              | US        |     26445 | NS      | $505628.40    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower Inc.                          | Welltower Inc. COM                             | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        |     26681 | NS      | $5275100.51   | 10.70%            |  |  |  | No            |                  1 | On Loan: No      |
| Americold Realty Trust Inc              | Americold Realty Trust Inc COM                 | CUSIP: 03064D108<br>LEI: 894500O3S3W62PQPO460 | Long             | EC               | CORP              | US        |     35460 | NS      | $406371.60    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Iron Mountain Inc.                      | Iron Mountain Inc. COM                         | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               | CORP              | US        |      6279 | NS      | $641337.06    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Vici Properties Inc                     | Vici Properties Inc COM                        | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |     54043 | NS      | $1476454.76   | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Realty Investment Trust         | Federal Realty Investment Trust SH BEN INT NEW | CUSIP: 313745101<br>LEI: 549300FHEI1SLVZ0RB48 | Long             | EC               | CORP              | US        |      7669 | NS      | $814524.49    | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Castle Inc.                       | Crown Castle Inc. COM                          | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |      7818 | NS      | $635681.58    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Lifestyle Properties Inc         | Equity Lifestyle Properties Inc COM            | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |     23011 | NS      | $1436346.62   | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Ventas Inc.                             | Ventas Inc. COM                                | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |     23241 | NS      | $1900648.98   | 3.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix, Inc.                           | Equinix, Inc. COM                              | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |      4209 | NS      | $4125830.16   | 8.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Curbline Properties Corp.               | Curbline Properties Corp. COM                  | CUSIP: 23128Q101<br>LEI: 529900PGR41LH0I81I15 | Long             | EC               | CORP              | US        |     13983 | NS      | $360621.57    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Sl Green Realty Corp                    | Sl Green Realty Corp COM                       | CUSIP: 78440X887<br>LEI: 549300VQZPJU97H3GT17 | Long             | EC               | CORP              | US        |      9420 | NS      | $347974.80    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| American Homes 4 Rent                   | American Homes 4 Rent CL A                     | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |     28043 | NS      | $782960.56    | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corporation              | American Tower Corporation COM                 | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |     20844 | NS      | $3597257.52   | 7.30%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA Communications Corp.                | SBA Communications Corp. CL A                  | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               | CORP              | US        |      6543 | NS      | $1126115.73   | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-29

**Name of Applicant:** Goldman Sachs Trust

**Signature:** Allison Frachiolla

**Name of Signer:** Allison Frachiolla

**Title:** Vice President Assistant Treasurer