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GOLDMAN
SACHS
REAL
ESTATE
DIVERSIFIED
INCOME
FUND
Consolidated
Schedule
of
Investments
June
30,
2025
(Unaudited)
Description
Value
aa
Private
Real
Estate
Investment
Trusts
&
Private
Investment
Funds
–
69.1%
(a)
a
Ares
Industrial
Real
Estate
Fund,
LP
$
18,385,436
Ares
US
Real
Estate
Fund
IX,
LP
5,184,645
Bain
Capital
Real
Estate
Fund
I-B,
LP
7,885,246
Brookfield
Premier
Real
Estate
Partners,
LP
1,280,465
Brookfield
Real
Estate
Finance
Fund
V,
LP
2,871,913
Clarion
Partners
Debt
Investment
Fund,
LP
2,851,108
Clarion
Ventures
4,
LP
2,466,395
Greystar
Student
Housing
Growth
and
Income
Fund
20,038,560
Harrison
Street
Core
Property
Fund,
LP
15,848,997
Heitman
Core
Real
Estate
Debt
Income
Trust,
LP
3,655,524
Manulife
U.S.
Real
Estate
Fund
L.P.
8,687,000
Nuveen
U.S.
Core-Plus
Real
Estate
Debt
Fund,
LP
6,609,278
Oaktree
Real
Estate
Income
Fund
L.P.
37,265,863
Prologis
Targeted
U.S.
Logistics
Holdings
II,
LP
9,455,137
RealTerm
Logistics
Income
Fund
22,583,571
Sculptor
Real
Estate
Credit
Fund,
LP
711,482
Sentinel
Real
Estate
Fund
6,446,725
TA
Realty
Core
Property
Fund,
LP
20,833,627
The
Trumbull
Property
Fund,
LP
3,486,698
Wheelock
Street
Real
Estate
Long
Term
Value
Fund
20,616,171
TOTAL
PRIVATE
REAL
ESTATE
INVESTMENT
TRUSTS
&
PRIVATE
INVESTMENT
FUNDS
(Cost
$245,543,980)
217,163,841
Shares
Common
Stocks
–
26.1%
Health
Care
REITs
–
0.9%
39,100
Alexandria
Real
Estate
Equities,
Inc.
REIT
2,839,833
Hotel
&
Resort
REITs
–
0.9%
28,647
Ryman
Hospitality
Properties,
Inc.
REIT
2,826,600
Industrial
REITs
–
4.0%
242,197
Americold
Realty
Trust,
Inc.
REIT
4,027,736
58,485
Prologis,
Inc.
REIT
6,147,943
59,450
Rexford
Industrial
Realty,
Inc.
REIT
2,114,637
12,290,316
Mortgage
Real
Estate
Investment
Trusts
(REITs)
–
1.0%
280,863
Ladder
Capital
Corp.
REIT
3,019,277
Residential
REITs
–
8.8%
184,135
American
Homes
4
Rent,
Class
A
REIT
6,641,750
35,019
AvalonBay
Communities,
Inc.
REIT
7,126,367
115,730
Equity
LifeStyle
Properties,
Inc.
REIT
7,137,069
201,998
Invitation
Homes,
Inc.
REIT
6,625,534
27,530,720
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Retail
REITs
–
1.6%
31,765
Simon
Property
Group,
Inc.
REIT
$
5,106,541
Specialized
REITs
–
8.9%
25,915
American
Tower
Corp.
REIT
5,727,733
7,127
Equinix,
Inc.
REIT
5,669,315
27,689
Extra
Space
Storage,
Inc.
REIT
4,082,466
13,935
Public
Storage
REIT
4,088,808
16,816
SBA
Communications
Corp.
REIT
3,949,069
148,445
VICI
Properties,
Inc.
REIT
4,839,307
28,356,698
TOTAL
COMMON
STOCKS
(Cost
$82,122,661)
81,969,985
Shares
Description
Dividend
Rate
Value
aa
Preferred
Stocks
–
3.1%
Hotel
&
Resort
REITs
–
0.5%
88,458
Pebblebrook
Hotel
Trust,
Series
E
(a)
6.38
%
1,553,322
Mortgage
Real
Estate
Investment
Trusts
(REITs)
–
2.6%
77,545
MFA
Financial,
Inc.,
Series
C
(a)
9.90
%
1,823,859
71,214
PennyMac
Mortgage
Investment
Trust,
Series
B
(a)
8.00
1,644,331
73,559
Two
Harbors
Investment
Corp.,
Series
B
(a)
7.63
1,644,779
128,562
Two
Harbors
Investment
Corp.,
Series
A
(a)
8.13
2,953,069
8,066,038
TOTAL
PREFERRED
STOCKS
(Cost
$10,621,820)
9,619,360
Shares
Dividend
Rate
Value
aa
Investment
Company
–
0.9%
(b)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
2,848,195
4.231%
2,848,195
(Cost
$2,848,195)
TOTAL
INVESTMENTS
–
99.2%
(Cost
$341,136,656)
$
311,601,381
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.8%
2,528,761
NET
ASSETS
–
100.0%
$
314,130,142
a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
GOLDMAN
SACHS
REAL
ESTATE
DIVERSIFIED
INCOME
FUND
Consolidated
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Ares
Industrial
Real
Estate
Fund,
LP
Ares
US
Real
Estate
Fund
IX,
LP
Bain
Capital
Real
Estate
Fund
I-B,
LP
Brookfield
Premier
Real
Estate
Partners,
LP
Brookfield
Real
Estate
Finance
Fund
V,
LP
Clarion
Partners
Debt
Investment
Fund,
LP
Greystar
Student
Housing
Growth
and
Income
Fund
Harrison
Street
Core
Property
Fund,
LP
Heitman
Core
Real
Estate
Debt
Income
Trust,
LP
Manulife
U.S.
Real
Estate
Fund
L.P.
Nuveen
U.S.
Core-Plus
Real
Estate
Debt
Fund,
LP
Oaktree
Real
Estate
Income
Fund
L.P.
Prologis
Targeted
U.S.
Logistics
Holdings
II,
LP
RealTerm
Logistics
Income
Fund
Sculptor
Real
Estate
Credit
Fund,
LP
Sentinel
Real
Estate
Fund
TA
Realty
Core
Property
Fund,
LP
The
Trumbull
Property
Fund,
LP
Wheelock
Street
Real
Estate
Long
Term
Value
Fund
(a)
Restricted
securities
are
not
registered
under
the
Securities
Act
of
1933
and
are
subject
to
legal
restrictions
on
sale.
These
securities
generally
may
be
resold
in
transactions
exempt
from
registration
or
to
the
public
if
the
securities
are
subsequently
registered
and
the
registration
statement
is
effective.
Disposal
of
these
securities
may
involve
time
consuming
negotiations
and
prompt
sale
at
an
acceptable
price
may
be
difficult.
Total
market
value
of
restricted
securities
amounts
to
$217,163,841,
which
represents
approximately
69.1%
of
net
assets
as
of
June
30,
2025.
See
additional
details
below:
(b)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
LP
—
Limited
Partnership
REIT
—
Real
Estate
Investment
Trust
GOLDMAN
SACHS
REAL
ESTATE
DIVERSIFIED
INCOME
FUND
Consolidated
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
ADDITIONAL
INVESTMENT
INFORMATION
Additional
information
on
investments
in
private
real
estate
investment
funds:
Security
Value
Redemption
Frequency
Redemption
Notice
(Days)
Unfunded
Commitments
as
of
June
30,
2025
Ares
Industrial
Real
Estate
Fund,
LP
$
18,385,436
Quarterly
90
$
–
Ares
US
Real
Estate
Fund
IX,
LP
5,184,645
N/R
N/R
1,168,908
Bain
Capital
Real
Estate
Fund
I-B,
LP
7,885,246
N/R
N/R
1,897,951
Brookfield
Premier
Real
Estate
Partners,
LP
1,280,465
Quarterly
90
–
Brookfield
Real
Estate
Finance
Fund
V,
LP
2,871,913
N/R
N/R
7,507,777
Clarion
Partners
Debt
Investment
Fund,
LP
2,851,108
N/R
N/R
4,652,799
Clarion
Ventures
4,
LP
2,466,395
N/R
N/R
963,242
Greystar
Student
Housing
Growth
and
Income
Fund
20,038,560
Quarterly
90
–
Harrison
Street
Core
Property
Fund,
LP
15,848,997
Quarterly
45
–
Heitman
Core
Real
Estate
Debt
Income
Trust,
LP
3,655,524
Quarterly
90
–
Manulife
U.S.
Real
Estate
Fund
L.P.
8,687,000
Quarterly
60
–
Nuveen
U.S.
Core-Plus
Real
Estate
Debt
Fund,
LP
6,609,278
Quarterly
45
–
Oaktree
Real
Estate
Income
Fund
L.P.
37,265,863
N/R
N/R
–
Prologis
Targeted
U.S.
Logistics
Holdings
II,
LP
9,455,137
Quarterly
90
–
RealTerm
Logistics
Income
Fund
22,583,571
Quarterly
90
–
Sculptor
Real
Estate
Credit
Fund,
LP
711,482
N/R
N/R
1,330,031
Sentinel
Real
Estate
Fund
6,446,725
Quarterly
90
–
TA
Realty
Core
Property
Fund,
LP
20,833,627
Quarterly
45
–
The
Trumbull
Property
Fund,
LP
3,486,698
Quarterly
60
–
Wheelock
Street
Real
Estate
Long
Term
Value
Fund
20,616,171
Annually
90
5,164,011
N/R
-
Not
Redeemable
Goldman
Sachs
Real
Estate
Diversified
Income
Fund
Consolidated
Schedule
of
Investments
June
30,
2025
(Unaudited)
CONSOLIDATED
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
Fund’s
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
Fund,
including
investments
for
which
market
quotations
are
not
readily
available.
With
respect
to
the
Fund’s
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
Fund’s
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.
Money
Market
Funds
—
Investments
in
the
Goldman
Sachs
Financial
Square
Government
Fund
(“Underlying
Money
Market
Fund”)
are
valued
at
the
NAV
per
share
on
the
day
of
valuation.
These
investments
are
generally
classified
as
Level
1
of
the
fair
value
hierarchy.
For
information
regarding
an
Underlying
Money
Market
Fund’s
accounting
policies
and
investment
holdings,
please
see
the
Underlying
Money
Market
Fund’s
shareholder
report.
Goldman
Sachs
Real
Estate
Diversified
Income
Fund
Consolidated
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
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
the
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
the
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.
The
valuation
techniques
and
significant
inputs
used
in
determining
the
fair
values
for
investments
classified
as
Level
3
are
as
follows:
C.
Other
Fair
Value
Investments
—
Prices
or
valuations
that
require
significant
unobservable
inputs
(including
assumptions
in
determining
fair
value
measurement).
The
fair
valuation
technique
depends
on
the
investment
characteristics
and
the
availability
of
observable
inputs.
Investments
are
classified
within
the
level
of
the
lowest
significant
input
considered
in
determining
fair
value.
GSAM
uses
NAV
as
its
measure
of
fair
values
for
investments
in
LP/LLC
interests
when
(i)
the
investment
does
not
have
a
readily
determinable
fair
value
and
(ii)
the
NAV
of
the
investment
is
calculated
in
a
manner
consistent
with
the
measurement
principles
of
investment
company
accounting,
including
measurement
of
the
underlying
investments
at
fair
value.
In
evaluating
the
level
at
which
the
investments
have
been
classified,
GSAM
has
assessed
factors
including,
but
not
limited
to,
price
transparency.
An
investment
in
LP/LLC
interests
using
NAV
as
its
measure
of
fair
value
is
excluded
from
the
fair
value
hierarchy.
The
fair
value
technique
and
type
of
valuation
input
varies
by
investment
type
as
follows:
Private
REITs
—
Private
Real
Estate
Investment
Trusts
(“Private
REITs”)
report
their
investment
assets
at
fair
value,
and
typically
report
a
NAV
per
share
on
a
calendar
quarter
basis.
In
accordance
with
Accounting
Standards
Codification
(“ASC”)
820-10,
the
Fund
has
elected
to
apply
the
practical
expedient
methodology
and
to
value
its
investments
in
Private
REITs
at
their
respective
NAVs
typically
at
each
quarter.
To
determine
the
NAV
of
the
Fund
with
respect
to
investments
in
Private
REITs,
GSAM
relies
on
information
that
it
receives
periodically
from
the
Private
REITs,
adjusted
on
a
daily
basis,
based
on
a
change
in
a
relevant
proxy
that
the
GSAM
has
deemed
to
be
representative
of
the
market.
Private
Investment
Funds
—
Private
investment
funds
(“Private
Investment
Funds”)
measure
their
investment
assets
at
fair
value,
and
typically
report
a
NAV
per
share
on
a
calendar
quarterly
basis.
In
accordance
with
ASC
820-10,
the
Fund
has
elected
to
apply
the
practical
expedient
methodology
and
to
value
its
investments
in
Private
Investment
Funds
at
their
respective
NAVs
typically
at
each
quarter.
To
determine
the
NAV
of
the
Fund
with
respect
to
investments
in
Private
Investment
Funds,
GSAM
relies
on
information
that
it
receives
periodically
from
the
Private
Investment
Funds,
adjusted
on
a
daily
basis,
based
on
a
change
in
a
relevant
proxy
that
the
GSAM
has
deemed
to
be
representative
of
the
market.
D.
Fair
Value
Hierarchy
—
The
following
is
a
summary
of
the
Funds’
investments
classified
in
the
fair
value
hierarchy
as
of
June
30,
2025:
REAL
ESTATE
DIVERSIFIED
INCOME
FUND
Investment
Type
Level
1
Level
2
Level
3
Total
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
North
America
$
81,969,985
$
9,619,360
$
—
$
91,589,345
Investment
Company
2,848,195
—
—
2,848,195
Subtotal
$
84,818,180
$
9,619,360
$
—
$
94,437,540
CONSOLIDATED
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Real
Estate
Diversified
Income
Fund
Consolidated
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
For
further
information
regarding
security
characteristics,
see
the
Schedules
of
Investments.
The
Fund’s
risks
include,
but
are
not
limited
to,
the
following:
Dividend-Paying
Investments
Risk
—
The
Fund’s
investments
in
dividend-paying
securities
could
cause
the
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
the
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.
A
sharp
rise
in
interest
rates
or
an
economic
downturn
could
cause
an
issuer
to
abruptly
reduce
or
eliminate
its
dividend.
This
may
limit
the
ability
of
the
Fund
to
produce
current
income.
Industry
Concentration
Risk
—
The
Fund
concentrates
its
investments
in
the
real
estate
industry,
which
has
historically
experienced
substantial
price
volatility.
Concentrating
Fund
investments
in
a
limited
number
of
issuers
conducting
business
in
the
same
industry
or
group
of
industries
will
subject
the
Fund
to
a
greater
risk
of
loss
as
a
result
of
adverse
economic,
business,
political,
environmental
or
other
developments
than
if
their
investments
were
diversified
across
different
industries.
The
value
of
companies
engaged
in
the
real
estate
industry
is
affected
by,
among
others,
(i)
changes
in
general
economic
and
market
conditions;
(ii)
changes
in
the
value
of
(or
income
generated
by)
real
estate
properties;
(iii)
risks
related
to
local
economic
conditions,
overbuilding
and
increased
competition;
(iv)
increases
in
property
taxes
and
operating
expenses;
(v)
changes
in
zoning
laws;
(vi)
casualty
and
condemnation
losses;
(vii)
variations
in
rental
income,
neighborhood
values
or
the
appeal
of
property
to
tenants;
(viii)
changes
in
the
availability
or
terms
of
mortgages
and
other
financing
that
may
render
the
sale
or
refinancing
of
properties
difficult
or
unattractive;
(ix)
fluctuations
in
occupancy
levels
and
demand
for
properties
or
real
estate-related
services;
and
(x)
changes
in
interest
rates
and
leverage.
There
are
also
special
risks
associated
with
particular
sub-industries,
or
real
estate
operations
generally.
Investments
in
Other
Investment
Companies
Risk
—
As
a
shareholder
of
another
investment
company,
the
Fund
will
indirectly
bear
its
proportionate
share
of
any
net
management
fees
and
other
expenses
paid
by
such
other
investment
companies,
in
addition
to
the
fees
and
expenses
regularly
borne
by
the
Fund.
Leverage
Risk
—
The
Fund
may
use
leverage
to
seek
to
achieve
its
investment
objectives.
The
use
of
leverage
creates
an
opportunity
for
increased
net
investment
income
dividends,
but
also
creates
risks
for
the
investors.
There
is
no
assurance
that
the
Fund’s
intended
leveraging
strategy
will
be
successful.
Leverage
involves
risks
and
special
considerations,
including
the
likelihood
of
greater
volatility
of
NAV,
market
price
and
dividend
rate
than
a
comparable
portfolio
without
leverage;
the
risk
that
fluctuations
in
interest
rates
on
borrowings
and
short-term
debt
or
in
the
interest
or
dividend
rates
on
any
leverage
that
the
Fund
must
pay
will
reduce
the
Fund’s
return;
the
effect
of
leverage
in
a
declining
market,
which
is
likely
to
cause
a
greater
decline
in
the
NAV
than
if
the
Fund
were
not
leveraged,
which
may
result
in
a
greater
decline
in
the
market
price;
and
that
leverage
may
increase
operating
costs,
which
may
reduce
total
return.
Liquidity
Risk
—
The
Fund
may
make
investments
that
are
illiquid
or
that
may
become
less
liquid
in
response
to
market
developments
or
adverse
investor
perceptions.
Illiquid
investments
may
be
more
difficult
to
value.
Investments
measured
at
NAV
217,163,841
Total
$
311,601,381
(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.
CONSOLIDATED
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Real
Estate
Diversified
Income
Fund
Consolidated
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Market
and
Credit
Risks
—
In
the
normal
course
of
business,
the
Fund
trades
financial
instruments
and
enters
into
financial
transactions
where
risk
of
potential
loss
exists
due
to
changes
in
the
market
(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.
The
Fund
may
utilize
leverage,
which
magnifies
the
market
risk.
Additionally,
the
Fund
may
also
be
exposed
to
credit
risk
in
the
event
that
an
issuer
or
guarantor
fails
to
perform
or
that
an
institution
or
entity
with
which
the
Fund
has
unsettled
or
open
transactions
defaults.
Private
Real
Estate
Investment
Funds
Risk
—
The
Fund’s
performance
depends
in
part
upon
the
performance
of
the
applicable
private
real
estate
investment
fund
managers
and
selected
strategies,
the
adherence
by
such
private
real
estate
investment
fund
managers
to
such
selected
strategies,
the
instruments
used
by
such
private
real
estate
investment
fund
managers
and
GSAM’s
ability
to
select
private
real
estate
investment
fund
managers
and
strategies
and
effectively
allocate
Fund
assets
among
them.
Fund
shareholders
will
bear
two
layers
of
fees
and
expenses:
asset-based
fees
and
expenses
at
the
Fund
level,
and
asset-based
fees,
incentive
allocations
or
fees
and
expenses
at
the
private
real
estate
investment
fund
level.
The
Fund’s
investments
in
certain
private
real
estate
investment
funds
may
be
subject
to
lock-up
periods,
during
which
the
Fund
may
not
withdraw
its
investment.
Many
of
the
Fund’s
assets
will
be
priced
in
the
absence
of
a
readily
available
market
and
may
be
priced
based
on
determinations
of
fair
value,
which
may
prove
to
be
inaccurate.
The
Fund,
upon
its
redemption
of
all
or
a
portion
of
its
interest
in
a
private
real
estate
investment
fund,
may
receive
an
in-kind
distribution
of
securities
that
are
illiquid
or
difficult
to
value
and
difficult
to
dispose
of.
Private
real
estate
investment
funds
are
not
publicly
traded
and
therefore
are
not
liquid
investments.
Private
real
estate
investment
funds
may
make
significant
use
of
leverage,
which
has
the
potential
to
magnify
losses
versus
funds
that
do
not
employ
leverage.
Private
REIT
Risk
—
In
addition
to
the
risks
described
in
“Private
Real
Estate
Investment
Fund
Risk”
and
“REIT
Risk,”
Private
REITs
are
typically
smaller
and
financially
less
stable
than
Public
REITs.
Private
REITs
are
unlisted,
making
them
hard
to
value
and
trade.
Moreover,
private
REITs
generally
are
exempt
from
Securities
Act
registration
and,
as
such,
are
not
subject
to
the
same
disclosure
requirements
as
Public
REITs,
which
makes
private
REITs
more
difficult
to
evaluate
from
an
investment
perspective.
REIT
Risk
—
Investing
in
REITs
involves
certain
unique
risks
in
addition
to
those
risks
associated
with
investing
in
the
real
estate
industry
in
general.
REITs
whose
underlying
properties
are
concentrated
in
a
particular
industry
or
geographic
region
are
also
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.
For
example,
the
value
of
these
securities
may
decline
when
interest
rates
rise
and
will
also
be
affected
by
the
real
estate
market
and
by
the
management
or
development
of
the
underlying
properties.
The
underlying
properties
may
be
subject
to
mortgage
loans,
which
may
also
be
subject
to
the
risks
of
default.
REITs
may
also
fail
to
qualify
for
tax
free
passthrough
of
income
or
may
fail
to
maintain
their
exemptions
from
investment
company
registration.
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.
Repurchase
Offers
Risk
—
The
Fund
operates
as
an
“interval
fund,”
and,
in
order
to
provide
some
liquidity
to
shareholders,
will
make
quarterly
offers
to
repurchase
a
percentage
of
its
outstanding
shares
at
NAV,
pursuant
to
Rule
23c-3
under
the
Act.
The
repurchase
of
shares
by
the
Fund
would
decrease
the
assets
of
the
Fund
and,
therefore,
may
have
the
effect
of
increasing
the
Fund’s
expense
ratio.
Repurchase
offers
and
the
need
to
fund
repurchase
obligations
may
also
affect
the
ability
of
the
Fund
to
be
fully
invested
or
force
the
Fund
to
maintain
a
higher
percentage
of
its
assets
in
liquid
investments,
which
may
harm
the
Fund’s
investment
performance.
In
addition,
the
Fund
may
be
required
to
sell
portfolio
securities
(including
at
inopportune
times)
to
satisfy
repurchase
requests,
resulting
in
increased
transaction
costs
that
must
be
borne
by
the
Fund
and
its
shareholders.
This
may
result
in
higher
short-term
capital
gains
for
taxable
shareholders.
CONSOLIDATED
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Real
Estate
Diversified
Income
Fund
Consolidated
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
If
a
repurchase
offer
is
oversubscribed
and
the
Fund
determines
not
to
repurchase
additional
shares
beyond
the
repurchase
offer
amount,
or
if
shareholders
tender
an
amount
of
shares
greater
than
that
which
the
Fund
is
entitled
to
purchase,
the
Fund
will
repurchase
the
shares
tendered
on
a
pro
rata
basis,
and
shareholders
will
have
to
wait
until
the
next
repurchase
offer
to
make
another
repurchase
request.
Shareholders
will
be
subject
to
the
risk
of
NAV
fluctuations
during
that
period.
Thus,
there
is
also
a
risk
that
some
shareholders,
in
anticipation
of
proration,
may
tender
more
shares
than
they
wish
to
have
repurchased
in
a
particular
quarter,
thereby
increasing
the
likelihood
that
proration
will
occur.
CONSOLIDATED
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)