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GOLDMAN SACHS CLEAN ENERGY INCOME FUND

Schedule of Investments

August 31, 2026 (Unaudited)



Shares		Description	Value

	Common Stocks† – 97.2%
	Bioenergy – 6.9%
	5,147	Bloom Energy Corp. Class A*	$ 1,061,826
	7,756	Darling Ingredients, Inc.*	513,990
	9,469	Ormat Technologies, Inc.	965,838

			2,541,654

	Clean power – 71.9%
	858	Acciona SA	208,258
	8,804	Ameresco, Inc. Class A*	194,745
	12,822	American Electric Power Co., Inc.	1,569,797
	9,373	Brookfield Renewable Partners LP	296,958
	33,400	Chubu Electric Power Co., Inc.	599,387
	40,140	Clearway Energy, Inc. Class C	1,274,445
	66,500	CLP Holdings Ltd.	666,652
	8,557	CMS Energy Corp.	582,389
	76,048	EDP Renewables SA	1,206,114
	418,660	EDP SA	2,273,497
	22,213	Engie SA	634,537
	140,700	Equatorial SA	995,739
	19,631	HA Sustainable Infrastructure Capital, Inc.	776,406
	36,404	Hydro One Ltd.^(a)	1,401,578
	31,617	Iberdrola SA	736,100
	3,761	IDACORP, Inc.	512,098
	182,597	Meridian Energy Ltd.	597,466
	39,001	National Grid PLC	615,279
	5,265	NextEra Energy, Inc.	433,520
	42,554	Northland Power, Inc.	636,798
	74,483	Orsted AS*^(a)(b)	1,568,727
	17,789	Redeia Corp. SA	315,297
	35,634	RWE AG	2,423,721
	23,418	Solaria Energia y Medio Ambiente SA*	460,279
	71,330	SSE PLC	2,344,800
	158,438	Terna - Rete Elettrica Nazionale	1,791,821
	16,768	TransAlta Corp.	202,893
	6,666	Verbund AG	459,343
	9,385	Xcel Energy, Inc.	710,351

			26,488,995

	*Hydrogen – 0.8%**
	135,170	Plug Power, Inc.	291,967

	Solar Tech – 12.1%
	6,129	Enlight Renewable Energy Ltd.*	478,890



Shares		Description	Value

	Common Stocks† – (continued)
	Solar Tech – (continued)
	16,181	Enphase Energy, Inc.*	$ 589,312
	5,718	First Solar, Inc.*	1,154,464
	20,098	Nextpower, Inc. Class A*	1,648,639
	3,972	SolarEdge Technologies, Inc.*	127,898
	1,634,000	Xinyi Solar Holdings Ltd.	469,402

			4,468,605

	Wind Tech – 5.5%
	16,087	Nordex SE*	706,339
	39,351	Vestas Wind Systems AS	1,304,907

			2,011,246

	TOTAL COMMON STOCKS (Cost $27,453,859)		$35,802,467


Shares		Dividend Rate	Value

	Investment Company^(c)– 1.6%
	Goldman Sachs Central Government Fund – Institutional Shares
	599,825	3.779%	$ 599,825
	(Cost $599,825)

	TOTAL INVESTMENTS – 98.8% (Cost $28,053,684)		$36,402,292

	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.2%		456,192

	NET ASSETS – 100.0%		$36,858,484



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.

†		Sector and subsector categorizations are determined by GSAM and may differ from sector categorizations used by the RENEWNA Index.

(a)		Exempt from registration under Rule 144A of the Securities Act of 1933.

(b)		All or a portion of security is on loan.

(c)		Represents an affiliated issuer.

GOLDMAN SACHS ENERGY INFRASTRUCTURE FUND

Schedule of Investments

August 31, 2026 (Unaudited)



Shares		Description	Value

	Common Stocks† – 99.4%
	Gathering + Processing – 29.8%
	85,268	Cheniere Energy, Inc.	$ 24,871,823
	267,386	DT Midstream, Inc.	35,032,914
	161,246	Hess Midstream LP Class A	6,483,702
	254,565	Kinetik Holdings, Inc.	13,957,799
	59,184	Kodiak Gas Services, Inc.	3,478,244
	203,436	ONEOK, Inc.	19,531,890
	270,700	South Bow Corp.	10,224,339
	99,564	Targa Resources Corp.	29,236,968
	206,700	Western Midstream Partners LP	9,942,270

			152,759,949

	Marketing \| Wholesale – 1.5%
	342,243	Gibson Energy, Inc.	7,701,980

	Other – 0.7%
	3,720	GE Vernova, Inc.	3,342,531

	*Other \| Liquefaction – 4.3%**
	780,926	Plains GP Holdings LP Class A	22,037,732

	Pipeline Transportation \| Natural Gas – 38.5%
	568,895	Antero Midstream Corp.	12,754,626
	2,252,773	Energy Transfer LP	48,457,147
	687,846	Enterprise Products Partners LP	26,702,182
	553,726	Keyera Corp.	24,015,635
	605,137	Kinder Morgan, Inc.	19,509,617
	492,966	MPLX LP	29,168,798
	200,934	Rockpoint Gas Storage, Inc. Class A	3,734,666
	439,515	Williams Cos., Inc.	32,985,601

			197,328,272

	Pipeline Transportation \| Petroleum – 19.9%
	729,442	Enbridge, Inc.	36,957,623
	437,199	Pembina Pipeline Corp.	21,311,854
	63,515	Select Water Solutions, Inc.	1,238,542
	384,938	TC Energy Corp.	24,102,543
	1,250,273	Venture Global, Inc. Class A	18,303,997

			101,914,559



Shares		Description	Value

	Common Stocks† – (continued)
	Production + Mining \| Hydrocarbon – 1.1%
	54,368	Expand Energy Corp.	$ 5,336,763

	Services \| Midstream – 1.2%
	201,582	Archrock, Inc.	6,353,865

	Services \| Upstream – 2.4%
	304,535	BKV Corp.*	7,357,566
	186,442	USA Compression Partners LP	5,045,120

			12,402,686

	TOTAL COMMON STOCKS (Cost $200,292,277)		$509,178,337


Shares		Dividend Rate	Value

	Investment Company^(a)– 0.1%
	Goldman Sachs Central Government Fund – Institutional Shares
	513,874	3.779%	$ 513,874
	(Cost $513,874)

	TOTAL INVESTMENTS – 99.5% (Cost $200,806,151)		$509,692,211

	OTHER ASSETS IN EXCESS OF OTHER LIABILITIES – 0.5%		2,788,143

	NET ASSETS – 100.0%		$512,480,354



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.

†		Sector and subsector categorizations are determined by GSAM and may differ from sector categorizations used by the AMEI Index.

(a)		Represents an affiliated issuer.