# EDGAR Filing Document

**Accession Number:** 0000822977
**File Stem:** 0001193125-25-154597
**Filing Date:** 2025-7
**Character Count:** 1580978
**Document Hash:** 2ee4679f59d5d33325e6f3e699052dff
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-154597.hdr.sgml**: 20250702

**ACCESSION NUMBER**: 0001193125-25-154597

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250702

**DATE AS OF CHANGE**: 20250702

**EFFECTIVENESS DATE**: 20250702

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05349
- **FILM NUMBER:** 251099178

**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 Large Cap Value Insights Fund (Series ID: S000009326)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025517 | Institutional   | GCVIX           |
| C000025518 | Service         | GCLSX           |
| C000025519 | Class A         | GCVAX           |
| C000025521 | Class C         | GCVCX           |
| C000058963 | Class R         | GCVRX           |
| C000058964 | Investor Shares | GCVTX           |
| C000158455 | Class R6 Shares | GCVUX           |
| C000201736 | Class P Shares  | GMXPX           |

### Goldman Sachs U.S. Equity Insights Fund (Series ID: S000009327)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025523 | Institutional   | GSELX           |
| C000025524 | Service         | GSESX           |
| C000025525 | Class A         | GSSQX           |
| C000025527 | Class C         | GSUSX           |
| C000058965 | Class R         | GSURX           |
| C000058966 | Investor Shares | GSUTX           |
| C000158456 | Class R6 Shares | GSEUX           |
| C000201737 | Class P Shares  | GSEPX           |

### Goldman Sachs Large Cap Growth Insights Fund (Series ID: S000009328)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025529 | Institutional   | GCGIX           |
| C000025530 | Service         | GSCLX           |
| C000025531 | Class A         | GLCGX           |
| C000025533 | Class C         | GLCCX           |
| C000058967 | Class R         | GLCRX           |
| C000058968 | Investor Shares | GLCTX           |
| C000158457 | Class R6 Shares | GLCUX           |
| C000201738 | Class P Shares  | GMZPX           |

### Goldman Sachs Small Cap Equity Insights Fund (Series ID: S000009329)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025535 | Institutional   | GCSIX           |
| C000025536 | Service         | GCSSX           |
| C000025537 | Class A         | GCSAX           |
| C000025539 | Class C         | GCSCX           |
| C000058969 | Class R         | GDSRX           |
| C000058970 | Investor Shares | GDSTX           |
| C000158458 | Class R6 Shares | GCSUX           |
| C000201739 | Class P Shares  | GMAPX           |

### Goldman Sachs International Equity Insights Fund (Series ID: S000009330)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025541 | Institutional   | GCIIX           |
| C000025542 | Service         | GCISX           |
| C000025543 | Class A         | GCIAX           |
| C000025545 | Class C         | GCICX           |
| C000058971 | Class R         | GCIRX           |
| C000058972 | Investor Shares | GCITX           |
| C000161504 | Class R6 Shares | GCIUX           |
| C000201740 | Class P Shares  | GGFPX           |

### Goldman Sachs International Equity ESG Fund (Series ID: S000009331)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025547 | Institutional   | GSIEX           |
| C000025548 | Service         | GSISX           |
| C000025549 | Class A         | GSIFX           |
| C000025551 | Class C         | GSICX           |
| C000091956 | Investor Shares | GIRNX           |
| C000169233 | Class R6        | GSIWX           |
| C000201741 | Class P Shares  | GTFPX           |

### Goldman Sachs Emerging Markets Equity Fund (Series ID: S000009335)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025571 | Institutional   | GEMIX           |
| C000025572 | Service         | GEMSX           |
| C000025573 | Class A         | GEMAX           |
| C000025575 | Class C         | GEMCX           |
| C000091958 | Investor Shares | GIRMX           |
| C000161505 | Class R6 Shares | GEMUX           |
| C000201742 | Class P Shares  | GAHPX           |

### Goldman Sachs China Equity Fund (Series ID: S000009337)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025583 | Institutional   | GSAIX           |
| C000025585 | Class A         | GSAGX           |
| C000025587 | Class C         | GSACX           |
| C000141341 | Investor Shares | GSAEX           |
| C000198939 | Class R6 Shares | GSAFX           |
| C000201743 | Class P Shares  | GMEPX           |

### Goldman Sachs International Equity Income Fund (Series ID: S000014928)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000040523 | Class A         | GSAKX           |
| C000040525 | Class C         | GSCKX           |
| C000040526 | Institutional   | GSIKX           |
| C000058986 | Class R         | GSRKX           |
| C000058987 | Investor Shares | GSTKX           |
| C000169234 | Class R6        | GSUKX           |
| C000201744 | Class P Shares  | GSNPX           |

### Goldman Sachs Small Cap Value Insights Fund (Series ID: S000014929)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000040529 | Class A         | GSATX           |
| C000040531 | Class C         | GSCTX           |
| C000040532 | Institutional   | GSITX           |
| C000058988 | Class R         | GTTRX           |
| C000058989 | Investor Shares | GTTTX           |
| C000158459 | Class R6 Shares | GTTUX           |
| C000201745 | Class P Shares  | GSXPX           |

### Goldman Sachs Small Cap Growth Insights Fund (Series ID: S000014930)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000040533 | Class A         | GSAOX           |
| C000040535 | Class C         | GSCOX           |
| C000040536 | Institutional   | GSIOX           |
| C000058990 | Class R         | GSROX           |
| C000058991 | Investor Shares | GSTOX           |
| C000158460 | Class R6 Shares | GINUX           |
| C000201746 | Class P Shares  | GSZPX           |

### Goldman Sachs International Small Cap Insights Fund (Series ID: S000018300)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000050449 | Institutional   | GICIX           |
| C000050450 | Class A         | GICAX           |
| C000050451 | Class C         | GICCX           |
| C000091961 | Investor Shares | GIRLX           |
| C000161506 | Class R6 Shares | GICUX           |
| C000201747 | Class P Shares  | GGDPX           |

### Goldman Sachs Emerging Markets Equity Insights Fund (Series ID: S000018301)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000050452 | Institutional   | GERIX           |
| C000050453 | Class A         | GERAX           |
| C000050454 | Class C         | GERCX           |
| C000091962 | Investor Shares | GIRPX           |
| C000141554 | Class R Shares  | GRRPX           |
| C000161507 | Class R6 Shares | GERUX           |
| C000201748 | Class P Shares  | GAGPX           |

### Goldman Sachs ESG Emerging Markets Equity Fund (Series ID: S000057205)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000182038 | Class A Shares       | GEBAX           |
| C000182039 | Class C Shares       | GEBCX           |
| C000182040 | Institutional Shares | GEBIX           |
| C000182041 | Investor Shares      | GEBNX           |
| C000182042 | Class R Shares       | GEBRX           |
| C000182043 | Class R6 Shares      | GEBSX           |
| C000203335 | Class P Shares       | GEPPX           |

### Goldman Sachs Emerging Markets Equity ex. China Fund (Series ID: S000076129)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000235590 | Class A Shares       | GEMHX           |
| C000238646 | Class P Shares       | GEMPX           |
| C000238647 | Class R6 Shares      | GEMWX           |
| C000238648 | Class C Shares       | GEMLX           |
| C000238649 | Investor Shares      | GEMOX           |
| C000238650 | Institutional Shares | GEMJX           |
| C000238651 | Class R Shares       | GEMQX           |

?xml version='1.0' encoding='ASCII'? Goldman Sachs Trust

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number 811-05349

### Goldman Sachs Trust

#### (Exact name of registrant as specified in charter)

#### 71 South Wacker Drive,

#### Chicago, Illinois 60606

#### (Address of principal executive offices) (Zip code)

#### Copies to:

---

| | |
|:---|:---|
| **Robert Griffith, Esq.**<br> **Goldman Sachs & Co. LLC**<br> **200 West Street**<br> **New York, NY 10282** | **Stephen H. Bier, Esq.**<br> **Dechert LLP**<br> **1095 Avenue of the Americas**<br> **New York, NY 10036** |

---

#### (Name and address of agents for service)

#### Registrant's telephone number, including area code: (312) 655-4400

#### Date of fiscal year end: October 31

#### Date of reporting period: April 30, 2025
ITEM 1. REPORTS TO STOCKHOLDERS.

The Semi-Annual Report to Shareholders for the Goldman Sachs Large Cap Growth Insights Fund, Goldman Sachs Large Cap Value Insights Fund, Goldman Sachs Small Cap Equity Insights Fund, Goldman Sachs Small Cap Growth Insights Fund, Goldman Sachs Small Cap Value Insights Fund, Goldman Sachs U.S. Equity Insights Fund, Goldman Sachs China Equity Fund, Goldman Sachs Emerging Markets Equity Fund, Goldman Sachs ESG Emerging Markets Equity Fund, Goldman Sachs International Equity ESG Fund, Goldman Sachs International Equity Income Fund, Goldman Sachs Emerging Markets Equity ex. China Fund, Goldman Sachs Emerging Markets Equity Insights Fund, Goldman Sachs International Equity Insights Fund, and Goldman Sachs International Small Cap Insights Fund is filed herewith.

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Emerging Markets Equity Insights Fund

# Class A: GERAX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Emerging Markets Equity Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 26.8% |
| Information Technology | 21.4% |
| Consumer Discretionary | 10.8% |
| Communication Services | 10.5% |
| Industrials | 8.1% |
| Materials | 7.0% |
| Consumer Staples | 5.9% |
| Health Care | 4.0% |
| Other | 3.1% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $68 | 1.37%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$2,167,651,844

* # of Portfolio Holdings335

* Portfolio Turnover Rate78%

* Total Net Advisory Fees Paid$10,538,231

Goldman Sachs Emerging Markets Equity Insights Fund

Class A

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Emerging Markets Equity Insights Fund

38144N585-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Emerging Markets Equity Insights Fund

# Class C: GERCX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Emerging Markets Equity Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 26.8% |
| Information Technology | 21.4% |
| Consumer Discretionary | 10.8% |
| Communication Services | 10.5% |
| Industrials | 8.1% |
| Materials | 7.0% |
| Consumer Staples | 5.9% |
| Health Care | 4.0% |
| Other | 3.1% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $105 | 2.12%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$2,167,651,844

* # of Portfolio Holdings335

* Portfolio Turnover Rate78%

* Total Net Advisory Fees Paid$10,538,231

Goldman Sachs Emerging Markets Equity Insights Fund

Class C

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Emerging Markets Equity Insights Fund

38144N577-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Emerging Markets Equity Insights Fund

# Institutional Class: GERIX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Emerging Markets Equity Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 26.8% |
| Information Technology | 21.4% |
| Consumer Discretionary | 10.8% |
| Communication Services | 10.5% |
| Industrials | 8.1% |
| Materials | 7.0% |
| Consumer Staples | 5.9% |
| Health Care | 4.0% |
| Other | 3.1% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $51 | 1.02%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$2,167,651,844

* # of Portfolio Holdings335

* Portfolio Turnover Rate78%

* Total Net Advisory Fees Paid$10,538,231

Goldman Sachs Emerging Markets Equity Insights Fund

Institutional Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Emerging Markets Equity Insights Fund

38144N569-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Emerging Markets Equity Insights Fund

# Investor Class: GIRPX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Emerging Markets Equity Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 26.8% |
| Information Technology | 21.4% |
| Consumer Discretionary | 10.8% |
| Communication Services | 10.5% |
| Industrials | 8.1% |
| Materials | 7.0% |
| Consumer Staples | 5.9% |
| Health Care | 4.0% |
| Other | 3.1% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $56 | 1.12%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$2,167,651,844

* # of Portfolio Holdings335

* Portfolio Turnover Rate78%

* Total Net Advisory Fees Paid$10,538,231

Goldman Sachs Emerging Markets Equity Insights Fund

Investor Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Emerging Markets Equity Insights Fund

38145C562-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Emerging Markets Equity Insights Fund

# Class R6: GERUX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Emerging Markets Equity Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 26.8% |
| Information Technology | 21.4% |
| Consumer Discretionary | 10.8% |
| Communication Services | 10.5% |
| Industrials | 8.1% |
| Materials | 7.0% |
| Consumer Staples | 5.9% |
| Health Care | 4.0% |
| Other | 3.1% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $50 | 1.01%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$2,167,651,844

* # of Portfolio Holdings335

* Portfolio Turnover Rate78%

* Total Net Advisory Fees Paid$10,538,231

Goldman Sachs Emerging Markets Equity Insights Fund

Class R6

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Emerging Markets Equity Insights Fund

38147X259-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Emerging Markets Equity Insights Fund

# Class R: GRRPX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Emerging Markets Equity Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 26.8% |
| Information Technology | 21.4% |
| Consumer Discretionary | 10.8% |
| Communication Services | 10.5% |
| Industrials | 8.1% |
| Materials | 7.0% |
| Consumer Staples | 5.9% |
| Health Care | 4.0% |
| Other | 3.1% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R | $80 | 1.62%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$2,167,651,844

* # of Portfolio Holdings335

* Portfolio Turnover Rate78%

* Total Net Advisory Fees Paid$10,538,231

Goldman Sachs Emerging Markets Equity Insights Fund

Class R

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Emerging Markets Equity Insights Fund

38145L224-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class R

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Emerging Markets Equity Insights Fund

# Class P: GAGPX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Emerging Markets Equity Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 26.8% |
| Information Technology | 21.4% |
| Consumer Discretionary | 10.8% |
| Communication Services | 10.5% |
| Industrials | 8.1% |
| Materials | 7.0% |
| Consumer Staples | 5.9% |
| Health Care | 4.0% |
| Other | 3.1% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $50 | 1.01%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$2,167,651,844

* # of Portfolio Holdings335

* Portfolio Turnover Rate78%

* Total Net Advisory Fees Paid$10,538,231

Goldman Sachs Emerging Markets Equity Insights Fund

Class P

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Emerging Markets Equity Insights Fund

38150B848-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class P

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs International Equity Insights Fund

# Class A: GCIAX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs International Equity Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 25.2% |
| Industrials | 18.4% |
| Health Care | 10.9% |
| Consumer Discretionary | 9.6% |
| Consumer Staples | 9.1% |
| Information Technology | 8.5% |
| Materials | 5.8% |
| Communication Services | 4.3% |
| Utilities | 2.9% |
| Other | 3.1% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $61 | 1.17%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$2,272,935,749

* # of Portfolio Holdings307

* Portfolio Turnover Rate75%

* Total Net Advisory Fees Paid$7,586,280

Goldman Sachs International Equity Insights Fund

Class A

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Equity Insights Fund

38142V878-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs International Equity Insights Fund

# Class C: GCICX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs International Equity Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 25.2% |
| Industrials | 18.4% |
| Health Care | 10.9% |
| Consumer Discretionary | 9.6% |
| Consumer Staples | 9.1% |
| Information Technology | 8.5% |
| Materials | 5.8% |
| Communication Services | 4.3% |
| Utilities | 2.9% |
| Other | 3.1% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $100 | 1.92%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$2,272,935,749

* # of Portfolio Holdings307

* Portfolio Turnover Rate75%

* Total Net Advisory Fees Paid$7,586,280

Goldman Sachs International Equity Insights Fund

Class C

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Equity Insights Fund

38142V852-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs International Equity Insights Fund

# Institutional Class: GCIIX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs International Equity Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 25.2% |
| Industrials | 18.4% |
| Health Care | 10.9% |
| Consumer Discretionary | 9.6% |
| Consumer Staples | 9.1% |
| Information Technology | 8.5% |
| Materials | 5.8% |
| Communication Services | 4.3% |
| Utilities | 2.9% |
| Other | 3.1% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $42 | 0.81%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$2,272,935,749

* # of Portfolio Holdings307

* Portfolio Turnover Rate75%

* Total Net Advisory Fees Paid$7,586,280

Goldman Sachs International Equity Insights Fund

Institutional Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Equity Insights Fund

38142V845-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs International Equity Insights Fund

# Service Class: GCISX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs International Equity Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 25.2% |
| Industrials | 18.4% |
| Health Care | 10.9% |
| Consumer Discretionary | 9.6% |
| Consumer Staples | 9.1% |
| Information Technology | 8.5% |
| Materials | 5.8% |
| Communication Services | 4.3% |
| Utilities | 2.9% |
| Other | 3.1% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service | $69 | 1.31%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$2,272,935,749

* # of Portfolio Holdings307

* Portfolio Turnover Rate75%

* Total Net Advisory Fees Paid$7,586,280

Goldman Sachs International Equity Insights Fund

Service Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Equity Insights Fund

38142V837-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs International Equity Insights Fund

# Investor Class: GCITX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs International Equity Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 25.2% |
| Industrials | 18.4% |
| Health Care | 10.9% |
| Consumer Discretionary | 9.6% |
| Consumer Staples | 9.1% |
| Information Technology | 8.5% |
| Materials | 5.8% |
| Communication Services | 4.3% |
| Utilities | 2.9% |
| Other | 3.1% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $48 | 0.92%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$2,272,935,749

* # of Portfolio Holdings307

* Portfolio Turnover Rate75%

* Total Net Advisory Fees Paid$7,586,280

Goldman Sachs International Equity Insights Fund

Investor Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Equity Insights Fund

38145N519-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs International Equity Insights Fund

# Class R6: GCIUX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs International Equity Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 25.2% |
| Industrials | 18.4% |
| Health Care | 10.9% |
| Consumer Discretionary | 9.6% |
| Consumer Staples | 9.1% |
| Information Technology | 8.5% |
| Materials | 5.8% |
| Communication Services | 4.3% |
| Utilities | 2.9% |
| Other | 3.1% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $42 | 0.80%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$2,272,935,749

* # of Portfolio Holdings307

* Portfolio Turnover Rate75%

* Total Net Advisory Fees Paid$7,586,280

Goldman Sachs International Equity Insights Fund

Class R6

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Equity Insights Fund

38147X242-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs International Equity Insights Fund

# Class R: GCIRX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs International Equity Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 25.2% |
| Industrials | 18.4% |
| Health Care | 10.9% |
| Consumer Discretionary | 9.6% |
| Consumer Staples | 9.1% |
| Information Technology | 8.5% |
| Materials | 5.8% |
| Communication Services | 4.3% |
| Utilities | 2.9% |
| Other | 3.1% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R | $74 | 1.42%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$2,272,935,749

* # of Portfolio Holdings307

* Portfolio Turnover Rate75%

* Total Net Advisory Fees Paid$7,586,280

Goldman Sachs International Equity Insights Fund

Class R

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Equity Insights Fund

38145N527-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class R

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs International Equity Insights Fund

# Class P: GGFPX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs International Equity Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 25.2% |
| Industrials | 18.4% |
| Health Care | 10.9% |
| Consumer Discretionary | 9.6% |
| Consumer Staples | 9.1% |
| Information Technology | 8.5% |
| Materials | 5.8% |
| Communication Services | 4.3% |
| Utilities | 2.9% |
| Other | 3.1% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $42 | 0.80%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$2,272,935,749

* # of Portfolio Holdings307

* Portfolio Turnover Rate75%

* Total Net Advisory Fees Paid$7,586,280

Goldman Sachs International Equity Insights Fund

Class P

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Equity Insights Fund

38150B590-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class P

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs International Small Cap Insights Fund

# Class A: GICAX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs International Small Cap Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Industrials | 24.3% |
| Financials | 14.6% |
| Consumer Discretionary | 12.7% |
| Real Estate | 9.3% |
| Materials | 7.7% |
| Consumer Staples | 6.8% |
| Information Technology | 6.6% |
| Communication Services | 5.1% |
| Health Care | 5.0% |
| Other | 4.8% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $63 | 1.22%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$4,481,612,315

* # of Portfolio Holdings446

* Portfolio Turnover Rate82%

* Total Net Advisory Fees Paid$16,291,349

Goldman Sachs International Small Cap Insights Fund

Class A

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Small Cap Insights Fund

38144N627-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs International Small Cap Insights Fund

# Class C: GICCX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs International Small Cap Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Industrials | 24.3% |
| Financials | 14.6% |
| Consumer Discretionary | 12.7% |
| Real Estate | 9.3% |
| Materials | 7.7% |
| Consumer Staples | 6.8% |
| Information Technology | 6.6% |
| Communication Services | 5.1% |
| Health Care | 5.0% |
| Other | 4.8% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $102 | 1.97%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$4,481,612,315

* # of Portfolio Holdings446

* Portfolio Turnover Rate82%

* Total Net Advisory Fees Paid$16,291,349

Goldman Sachs International Small Cap Insights Fund

Class C

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Small Cap Insights Fund

38144N619-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs International Small Cap Insights Fund

# Institutional Class: GICIX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs International Small Cap Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Industrials | 24.3% |
| Financials | 14.6% |
| Consumer Discretionary | 12.7% |
| Real Estate | 9.3% |
| Materials | 7.7% |
| Consumer Staples | 6.8% |
| Information Technology | 6.6% |
| Communication Services | 5.1% |
| Health Care | 5.0% |
| Other | 4.8% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $45 | 0.86%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$4,481,612,315

* # of Portfolio Holdings446

* Portfolio Turnover Rate82%

* Total Net Advisory Fees Paid$16,291,349

Goldman Sachs International Small Cap Insights Fund

Institutional Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Small Cap Insights Fund

38144N593-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs International Small Cap Insights Fund

# Investor Class: GIRLX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs International Small Cap Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Industrials | 24.3% |
| Financials | 14.6% |
| Consumer Discretionary | 12.7% |
| Real Estate | 9.3% |
| Materials | 7.7% |
| Consumer Staples | 6.8% |
| Information Technology | 6.6% |
| Communication Services | 5.1% |
| Health Care | 5.0% |
| Other | 4.8% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $50 | 0.97%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$4,481,612,315

* # of Portfolio Holdings446

* Portfolio Turnover Rate82%

* Total Net Advisory Fees Paid$16,291,349

Goldman Sachs International Small Cap Insights Fund

Investor Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Small Cap Insights Fund

38145C554-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs International Small Cap Insights Fund

# Class R6: GICUX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs International Small Cap Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Industrials | 24.3% |
| Financials | 14.6% |
| Consumer Discretionary | 12.7% |
| Real Estate | 9.3% |
| Materials | 7.7% |
| Consumer Staples | 6.8% |
| Information Technology | 6.6% |
| Communication Services | 5.1% |
| Health Care | 5.0% |
| Other | 4.8% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $44 | 0.85%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$4,481,612,315

* # of Portfolio Holdings446

* Portfolio Turnover Rate82%

* Total Net Advisory Fees Paid$16,291,349

Goldman Sachs International Small Cap Insights Fund

Class R6

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Small Cap Insights Fund

38147X234-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs International Small Cap Insights Fund

# Class P: GGDPX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs International Small Cap Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Industrials | 24.3% |
| Financials | 14.6% |
| Consumer Discretionary | 12.7% |
| Real Estate | 9.3% |
| Materials | 7.7% |
| Consumer Staples | 6.8% |
| Information Technology | 6.6% |
| Communication Services | 5.1% |
| Health Care | 5.0% |
| Other | 4.8% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $44 | 0.85%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$4,481,612,315

* # of Portfolio Holdings446

* Portfolio Turnover Rate82%

* Total Net Advisory Fees Paid$16,291,349

Goldman Sachs International Small Cap Insights Fund

Class P

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Small Cap Insights Fund

38150B574-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class P

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs China Equity Fund

# Class A: GSAGX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs China Equity Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Consumer Discretionary | 24.1% |
| Financials | 17.9% |
| Communication Services | 15.3% |
| Information Technology | 10.8% |
| Consumer Staples | 7.3% |
| Industrials | 7.0% |
| Materials | 5.5% |
| Health Care | 4.6% |
| Utilities | 2.5% |
| Other | 3.8% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $74 | 1.45%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$32,836,738

* # of Portfolio Holdings73

* Portfolio Turnover Rate25%

* Total Net Advisory Fees Paid$169,726

Goldman Sachs China Equity Fund

Class A

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs China Equity Fund

38141W570-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs China Equity Fund

# Class C: GSACX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs China Equity Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Consumer Discretionary | 24.1% |
| Financials | 17.9% |
| Communication Services | 15.3% |
| Information Technology | 10.8% |
| Consumer Staples | 7.3% |
| Industrials | 7.0% |
| Materials | 5.5% |
| Health Care | 4.6% |
| Utilities | 2.5% |
| Other | 3.8% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $112 | 2.20%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$32,836,738

* # of Portfolio Holdings73

* Portfolio Turnover Rate25%

* Total Net Advisory Fees Paid$169,726

Goldman Sachs China Equity Fund

Class C

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs China Equity Fund

38142B294-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs China Equity Fund

# Institutional Class: GSAIX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs China Equity Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Consumer Discretionary | 24.1% |
| Financials | 17.9% |
| Communication Services | 15.3% |
| Information Technology | 10.8% |
| Consumer Staples | 7.3% |
| Industrials | 7.0% |
| Materials | 5.5% |
| Health Care | 4.6% |
| Utilities | 2.5% |
| Other | 3.8% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $55 | 1.09%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$32,836,738

* # of Portfolio Holdings73

* Portfolio Turnover Rate25%

* Total Net Advisory Fees Paid$169,726

Goldman Sachs China Equity Fund

Institutional Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs China Equity Fund

38141W455-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs China Equity Fund

# Investor Class: GSAEX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs China Equity Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Consumer Discretionary | 24.1% |
| Financials | 17.9% |
| Communication Services | 15.3% |
| Information Technology | 10.8% |
| Consumer Staples | 7.3% |
| Industrials | 7.0% |
| Materials | 5.5% |
| Health Care | 4.6% |
| Utilities | 2.5% |
| Other | 3.8% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $61 | 1.20%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$32,836,738

* # of Portfolio Holdings73

* Portfolio Turnover Rate25%

* Total Net Advisory Fees Paid$169,726

Goldman Sachs China Equity Fund

Investor Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs China Equity Fund

38147X804-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs China Equity Fund

# Class R6: GSAFX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs China Equity Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Consumer Discretionary | 24.1% |
| Financials | 17.9% |
| Communication Services | 15.3% |
| Information Technology | 10.8% |
| Consumer Staples | 7.3% |
| Industrials | 7.0% |
| Materials | 5.5% |
| Health Care | 4.6% |
| Utilities | 2.5% |
| Other | 3.8% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $55 | 1.08%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$32,836,738

* # of Portfolio Holdings73

* Portfolio Turnover Rate25%

* Total Net Advisory Fees Paid$169,726

Goldman Sachs China Equity Fund

Class R6

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs China Equity Fund

38148U130-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs China Equity Fund

# Class P: GMEPX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs China Equity Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Consumer Discretionary | 24.1% |
| Financials | 17.9% |
| Communication Services | 15.3% |
| Information Technology | 10.8% |
| Consumer Staples | 7.3% |
| Industrials | 7.0% |
| Materials | 5.5% |
| Health Care | 4.6% |
| Utilities | 2.5% |
| Other | 3.8% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $55 | 1.08%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$32,836,738

* # of Portfolio Holdings73

* Portfolio Turnover Rate25%

* Total Net Advisory Fees Paid$169,726

Goldman Sachs China Equity Fund

Class P

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs China Equity Fund

38150B400-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class P

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Emerging Markets Equity Fund

# Class A: GEMAX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Emerging Markets Equity Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 25.5% |
| Information Technology | 23.3% |
| Consumer Discretionary | 17.6% |
| Communication Services | 11.8% |
| Consumer Staples | 7.3% |
| Health Care | 4.9% |
| Industrials | 3.7% |
| Materials | 3.3% |
| Real Estate | 1.9% |
| Other | 1.1% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $67 | 1.36%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$2,627,343,532

* # of Portfolio Holdings127

* Portfolio Turnover Rate18%

* Total Net Advisory Fees Paid$12,305,922

Goldman Sachs Emerging Markets Equity Fund

Class A

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Emerging Markets Equity Fund

38142B450-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Emerging Markets Equity Fund

# Class C: GEMCX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Emerging Markets Equity Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 25.5% |
| Information Technology | 23.3% |
| Consumer Discretionary | 17.6% |
| Communication Services | 11.8% |
| Consumer Staples | 7.3% |
| Health Care | 4.9% |
| Industrials | 3.7% |
| Materials | 3.3% |
| Real Estate | 1.9% |
| Other | 1.1% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $104 | 2.11%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$2,627,343,532

* # of Portfolio Holdings127

* Portfolio Turnover Rate18%

* Total Net Advisory Fees Paid$12,305,922

Goldman Sachs Emerging Markets Equity Fund

Class C

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Emerging Markets Equity Fund

38142B252-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Emerging Markets Equity Fund

# Institutional Class: GEMIX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Emerging Markets Equity Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 25.5% |
| Information Technology | 23.3% |
| Consumer Discretionary | 17.6% |
| Communication Services | 11.8% |
| Consumer Staples | 7.3% |
| Health Care | 4.9% |
| Industrials | 3.7% |
| Materials | 3.3% |
| Real Estate | 1.9% |
| Other | 1.1% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $52 | 1.06%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$2,627,343,532

* # of Portfolio Holdings127

* Portfolio Turnover Rate18%

* Total Net Advisory Fees Paid$12,305,922

Goldman Sachs Emerging Markets Equity Fund

Institutional Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Emerging Markets Equity Fund

38142B369-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Emerging Markets Equity Fund

# Service Class: GEMSX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Emerging Markets Equity Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 25.5% |
| Information Technology | 23.3% |
| Consumer Discretionary | 17.6% |
| Communication Services | 11.8% |
| Consumer Staples | 7.3% |
| Health Care | 4.9% |
| Industrials | 3.7% |
| Materials | 3.3% |
| Real Estate | 1.9% |
| Other | 1.1% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service | $77 | 1.56%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$2,627,343,532

* # of Portfolio Holdings127

* Portfolio Turnover Rate18%

* Total Net Advisory Fees Paid$12,305,922

Goldman Sachs Emerging Markets Equity Fund

Service Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Emerging Markets Equity Fund

38142B351-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Emerging Markets Equity Fund

# Investor Class: GIRMX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Emerging Markets Equity Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 25.5% |
| Information Technology | 23.3% |
| Consumer Discretionary | 17.6% |
| Communication Services | 11.8% |
| Consumer Staples | 7.3% |
| Health Care | 4.9% |
| Industrials | 3.7% |
| Materials | 3.3% |
| Real Estate | 1.9% |
| Other | 1.1% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $55 | 1.11%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$2,627,343,532

* # of Portfolio Holdings127

* Portfolio Turnover Rate18%

* Total Net Advisory Fees Paid$12,305,922

Goldman Sachs Emerging Markets Equity Fund

Investor Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Emerging Markets Equity Fund

38145C596-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Emerging Markets Equity Fund

# Class R6: GEMUX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Emerging Markets Equity Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 25.5% |
| Information Technology | 23.3% |
| Consumer Discretionary | 17.6% |
| Communication Services | 11.8% |
| Consumer Staples | 7.3% |
| Health Care | 4.9% |
| Industrials | 3.7% |
| Materials | 3.3% |
| Real Estate | 1.9% |
| Other | 1.1% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $52 | 1.05%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$2,627,343,532

* # of Portfolio Holdings127

* Portfolio Turnover Rate18%

* Total Net Advisory Fees Paid$12,305,922

Goldman Sachs Emerging Markets Equity Fund

Class R6

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Emerging Markets Equity Fund

38147X226-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Emerging Markets Equity Fund

# Class P: GAHPX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Emerging Markets Equity Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 25.5% |
| Information Technology | 23.3% |
| Consumer Discretionary | 17.6% |
| Communication Services | 11.8% |
| Consumer Staples | 7.3% |
| Health Care | 4.9% |
| Industrials | 3.7% |
| Materials | 3.3% |
| Real Estate | 1.9% |
| Other | 1.1% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $52 | 1.05%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$2,627,343,532

* # of Portfolio Holdings127

* Portfolio Turnover Rate18%

* Total Net Advisory Fees Paid$12,305,922

Goldman Sachs Emerging Markets Equity Fund

Class P

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Emerging Markets Equity Fund

38150B855-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class P

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Emerging Markets Equity ex. China Fund

# Class A: GEMHX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Emerging Markets Equity ex. China Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 28.9% |
| Financials | 27.6% |
| Consumer Discretionary | 10.8% |
| Consumer Staples | 7.2% |
| Communication Services | 7.0% |
| Health Care | 5.6% |
| Materials | 3.5% |
| Industrials | 3.2% |
| Energy | 2.4% |
| Other | 2.4% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $68 | 1.40%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$10,558,536

* # of Portfolio Holdings113

* Portfolio Turnover Rate15%

* Total Net Advisory Fees Paid$50,021

Goldman Sachs Emerging Markets Equity ex. China Fund

Class A

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Emerging Markets Equity ex. China Fund

38150C440-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Emerging Markets Equity ex. China Fund

# Class C: GEMLX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Emerging Markets Equity ex. China Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 28.9% |
| Financials | 27.6% |
| Consumer Discretionary | 10.8% |
| Consumer Staples | 7.2% |
| Communication Services | 7.0% |
| Health Care | 5.6% |
| Materials | 3.5% |
| Industrials | 3.2% |
| Energy | 2.4% |
| Other | 2.4% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $105 | 2.15%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$10,558,536

* # of Portfolio Holdings113

* Portfolio Turnover Rate15%

* Total Net Advisory Fees Paid$50,021

Goldman Sachs Emerging Markets Equity ex. China Fund

Class C

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Emerging Markets Equity ex. China Fund

38150C432-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Emerging Markets Equity ex. China Fund

# Institutional Class: GEMJX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Emerging Markets Equity ex. China Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 28.9% |
| Financials | 27.6% |
| Consumer Discretionary | 10.8% |
| Consumer Staples | 7.2% |
| Communication Services | 7.0% |
| Health Care | 5.6% |
| Materials | 3.5% |
| Industrials | 3.2% |
| Energy | 2.4% |
| Other | 2.4% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $51 | 1.05%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$10,558,536

* # of Portfolio Holdings113

* Portfolio Turnover Rate15%

* Total Net Advisory Fees Paid$50,021

Goldman Sachs Emerging Markets Equity ex. China Fund

Institutional Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Emerging Markets Equity ex. China Fund

38150C424-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Emerging Markets Equity ex. China Fund

# Investor Class: GEMOX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Emerging Markets Equity ex. China Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 28.9% |
| Financials | 27.6% |
| Consumer Discretionary | 10.8% |
| Consumer Staples | 7.2% |
| Communication Services | 7.0% |
| Health Care | 5.6% |
| Materials | 3.5% |
| Industrials | 3.2% |
| Energy | 2.4% |
| Other | 2.4% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $56 | 1.15%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$10,558,536

* # of Portfolio Holdings113

* Portfolio Turnover Rate15%

* Total Net Advisory Fees Paid$50,021

Goldman Sachs Emerging Markets Equity ex. China Fund

Investor Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Emerging Markets Equity ex. China Fund

38150C416-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Emerging Markets Equity ex. China Fund

# Class R6: GEMWX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Emerging Markets Equity ex. China Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 28.9% |
| Financials | 27.6% |
| Consumer Discretionary | 10.8% |
| Consumer Staples | 7.2% |
| Communication Services | 7.0% |
| Health Care | 5.6% |
| Materials | 3.5% |
| Industrials | 3.2% |
| Energy | 2.4% |
| Other | 2.4% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $51 | 1.04%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$10,558,536

* # of Portfolio Holdings113

* Portfolio Turnover Rate15%

* Total Net Advisory Fees Paid$50,021

Goldman Sachs Emerging Markets Equity ex. China Fund

Class R6

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Emerging Markets Equity ex. China Fund

38150C382-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Emerging Markets Equity ex. China Fund

# Class R: GEMQX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Emerging Markets Equity ex. China Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 28.9% |
| Financials | 27.6% |
| Consumer Discretionary | 10.8% |
| Consumer Staples | 7.2% |
| Communication Services | 7.0% |
| Health Care | 5.6% |
| Materials | 3.5% |
| Industrials | 3.2% |
| Energy | 2.4% |
| Other | 2.4% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R | $80 | 1.65%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$10,558,536

* # of Portfolio Holdings113

* Portfolio Turnover Rate15%

* Total Net Advisory Fees Paid$50,021

Goldman Sachs Emerging Markets Equity ex. China Fund

Class R

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Emerging Markets Equity ex. China Fund

38150C390-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class R

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Emerging Markets Equity ex. China Fund

# Class P: GEMPX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Emerging Markets Equity ex. China Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 28.9% |
| Financials | 27.6% |
| Consumer Discretionary | 10.8% |
| Consumer Staples | 7.2% |
| Communication Services | 7.0% |
| Health Care | 5.6% |
| Materials | 3.5% |
| Industrials | 3.2% |
| Energy | 2.4% |
| Other | 2.4% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $51 | 1.04%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$10,558,536

* # of Portfolio Holdings113

* Portfolio Turnover Rate15%

* Total Net Advisory Fees Paid$50,021

Goldman Sachs Emerging Markets Equity ex. China Fund

Class P

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Emerging Markets Equity ex. China Fund

38150C374-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class P

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs ESG Emerging Markets Equity Fund

# Class A: GEBAX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs ESG Emerging Markets Equity Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 27.2% |
| Information Technology | 23.4% |
| Consumer Discretionary | 18.1% |
| Communication Services | 13.0% |
| Consumer Staples | 6.9% |
| Health Care | 5.1% |
| Industrials | 2.3% |
| Real Estate | 1.9% |
| Utilities | 1.7% |
| Other | 1.0% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $68 | 1.38%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$21,581,393

* # of Portfolio Holdings94

* Portfolio Turnover Rate20%

* Total Net Advisory Fees Paid$100,106

Goldman Sachs ESG Emerging Markets Equity Fund

Class A

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs ESG Emerging Markets Equity Fund

38150C861-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs ESG Emerging Markets Equity Fund

# Class C: GEBCX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs ESG Emerging Markets Equity Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 27.2% |
| Information Technology | 23.4% |
| Consumer Discretionary | 18.1% |
| Communication Services | 13.0% |
| Consumer Staples | 6.9% |
| Health Care | 5.1% |
| Industrials | 2.3% |
| Real Estate | 1.9% |
| Utilities | 1.7% |
| Other | 1.0% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $105 | 2.13%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$21,581,393

* # of Portfolio Holdings94

* Portfolio Turnover Rate20%

* Total Net Advisory Fees Paid$100,106

Goldman Sachs ESG Emerging Markets Equity Fund

Class C

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs ESG Emerging Markets Equity Fund

38150C853-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs ESG Emerging Markets Equity Fund

# Institutional Class: GEBIX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs ESG Emerging Markets Equity Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 27.2% |
| Information Technology | 23.4% |
| Consumer Discretionary | 18.1% |
| Communication Services | 13.0% |
| Consumer Staples | 6.9% |
| Health Care | 5.1% |
| Industrials | 2.3% |
| Real Estate | 1.9% |
| Utilities | 1.7% |
| Other | 1.0% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $52 | 1.06%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$21,581,393

* # of Portfolio Holdings94

* Portfolio Turnover Rate20%

* Total Net Advisory Fees Paid$100,106

Goldman Sachs ESG Emerging Markets Equity Fund

Institutional Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs ESG Emerging Markets Equity Fund

38150C846-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs ESG Emerging Markets Equity Fund

# Investor Class: GEBNX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs ESG Emerging Markets Equity Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 27.2% |
| Information Technology | 23.4% |
| Consumer Discretionary | 18.1% |
| Communication Services | 13.0% |
| Consumer Staples | 6.9% |
| Health Care | 5.1% |
| Industrials | 2.3% |
| Real Estate | 1.9% |
| Utilities | 1.7% |
| Other | 1.0% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $56 | 1.13%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$21,581,393

* # of Portfolio Holdings94

* Portfolio Turnover Rate20%

* Total Net Advisory Fees Paid$100,106

Goldman Sachs ESG Emerging Markets Equity Fund

Investor Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs ESG Emerging Markets Equity Fund

38150C838-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs ESG Emerging Markets Equity Fund

# Class R6: GEBSX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs ESG Emerging Markets Equity Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 27.2% |
| Information Technology | 23.4% |
| Consumer Discretionary | 18.1% |
| Communication Services | 13.0% |
| Consumer Staples | 6.9% |
| Health Care | 5.1% |
| Industrials | 2.3% |
| Real Estate | 1.9% |
| Utilities | 1.7% |
| Other | 1.0% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $52 | 1.05%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$21,581,393

* # of Portfolio Holdings94

* Portfolio Turnover Rate20%

* Total Net Advisory Fees Paid$100,106

Goldman Sachs ESG Emerging Markets Equity Fund

Class R6

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs ESG Emerging Markets Equity Fund

38150C812-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs ESG Emerging Markets Equity Fund

# Class R: GEBRX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs ESG Emerging Markets Equity Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 27.2% |
| Information Technology | 23.4% |
| Consumer Discretionary | 18.1% |
| Communication Services | 13.0% |
| Consumer Staples | 6.9% |
| Health Care | 5.1% |
| Industrials | 2.3% |
| Real Estate | 1.9% |
| Utilities | 1.7% |
| Other | 1.0% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R | $80 | 1.63%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$21,581,393

* # of Portfolio Holdings94

* Portfolio Turnover Rate20%

* Total Net Advisory Fees Paid$100,106

Goldman Sachs ESG Emerging Markets Equity Fund

Class R

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs ESG Emerging Markets Equity Fund

38150C820-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class R

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs ESG Emerging Markets Equity Fund

# Class P: GEPPX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs ESG Emerging Markets Equity Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 27.2% |
| Information Technology | 23.4% |
| Consumer Discretionary | 18.1% |
| Communication Services | 13.0% |
| Consumer Staples | 6.9% |
| Health Care | 5.1% |
| Industrials | 2.3% |
| Real Estate | 1.9% |
| Utilities | 1.7% |
| Other | 1.0% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $52 | 1.05%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$21,581,393

* # of Portfolio Holdings94

* Portfolio Turnover Rate20%

* Total Net Advisory Fees Paid$100,106

Goldman Sachs ESG Emerging Markets Equity Fund

Class P

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs ESG Emerging Markets Equity Fund

38150C796-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class P

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs International Equity ESG Fund

# Class A: GSIFX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs International Equity ESG Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Industrials | 21.5% |
| Financials | 20.7% |
| Information Technology | 13.8% |
| Health Care | 12.3% |
| Consumer Staples | 7.6% |
| Consumer Discretionary | 7.2% |
| Utilities | 6.5% |
| Communication Services | 6.3% |
| Materials | 1.8% |
| Other | 1.5% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $60 | 1.17%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$985,988,044

* # of Portfolio Holdings39

* Portfolio Turnover Rate22%

* Total Net Advisory Fees Paid$4,029,613

Goldman Sachs International Equity ESG Fund

Class A

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Equity ESG Fund

38141W596-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs International Equity ESG Fund

# Class C: GSICX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs International Equity ESG Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Industrials | 21.5% |
| Financials | 20.7% |
| Information Technology | 13.8% |
| Health Care | 12.3% |
| Consumer Staples | 7.6% |
| Consumer Discretionary | 7.2% |
| Utilities | 6.5% |
| Communication Services | 6.3% |
| Materials | 1.8% |
| Other | 1.5% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $99 | 1.92%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$985,988,044

* # of Portfolio Holdings39

* Portfolio Turnover Rate22%

* Total Net Advisory Fees Paid$4,029,613

Goldman Sachs International Equity ESG Fund

Class C

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Equity ESG Fund

38142B328-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs International Equity ESG Fund

# Institutional Class: GSIEX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs International Equity ESG Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Industrials | 21.5% |
| Financials | 20.7% |
| Information Technology | 13.8% |
| Health Care | 12.3% |
| Consumer Staples | 7.6% |
| Consumer Discretionary | 7.2% |
| Utilities | 6.5% |
| Communication Services | 6.3% |
| Materials | 1.8% |
| Other | 1.5% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $44 | 0.86%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$985,988,044

* # of Portfolio Holdings39

* Portfolio Turnover Rate22%

* Total Net Advisory Fees Paid$4,029,613

Goldman Sachs International Equity ESG Fund

Institutional Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Equity ESG Fund

38141W448-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs International Equity ESG Fund

# Service Class: GSISX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs International Equity ESG Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Industrials | 21.5% |
| Financials | 20.7% |
| Information Technology | 13.8% |
| Health Care | 12.3% |
| Consumer Staples | 7.6% |
| Consumer Discretionary | 7.2% |
| Utilities | 6.5% |
| Communication Services | 6.3% |
| Materials | 1.8% |
| Other | 1.5% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service | $70 | 1.36%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$985,988,044

* # of Portfolio Holdings39

* Portfolio Turnover Rate22%

* Total Net Advisory Fees Paid$4,029,613

Goldman Sachs International Equity ESG Fund

Service Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Equity ESG Fund

38141W430-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs International Equity ESG Fund

# Investor Class: GIRNX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs International Equity ESG Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Industrials | 21.5% |
| Financials | 20.7% |
| Information Technology | 13.8% |
| Health Care | 12.3% |
| Consumer Staples | 7.6% |
| Consumer Discretionary | 7.2% |
| Utilities | 6.5% |
| Communication Services | 6.3% |
| Materials | 1.8% |
| Other | 1.5% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $47 | 0.92%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$985,988,044

* # of Portfolio Holdings39

* Portfolio Turnover Rate22%

* Total Net Advisory Fees Paid$4,029,613

Goldman Sachs International Equity ESG Fund

Investor Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Equity ESG Fund

38145C588-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs International Equity ESG Fund

# Class R6: GSIWX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs International Equity ESG Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Industrials | 21.5% |
| Financials | 20.7% |
| Information Technology | 13.8% |
| Health Care | 12.3% |
| Consumer Staples | 7.6% |
| Consumer Discretionary | 7.2% |
| Utilities | 6.5% |
| Communication Services | 6.3% |
| Materials | 1.8% |
| Other | 1.5% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $44 | 0.85%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$985,988,044

* # of Portfolio Holdings39

* Portfolio Turnover Rate22%

* Total Net Advisory Fees Paid$4,029,613

Goldman Sachs International Equity ESG Fund

Class R6

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Equity ESG Fund

38148U486-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs International Equity ESG Fund

# Class P: GTFPX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs International Equity ESG Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Industrials | 21.5% |
| Financials | 20.7% |
| Information Technology | 13.8% |
| Health Care | 12.3% |
| Consumer Staples | 7.6% |
| Consumer Discretionary | 7.2% |
| Utilities | 6.5% |
| Communication Services | 6.3% |
| Materials | 1.8% |
| Other | 1.5% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $44 | 0.85%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$985,988,044

* # of Portfolio Holdings39

* Portfolio Turnover Rate22%

* Total Net Advisory Fees Paid$4,029,613

Goldman Sachs International Equity ESG Fund

Class P

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Equity ESG Fund

38150B152-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class P

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs International Equity Income Fund

# Class A: GSAKX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs International Equity Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 31.2% |
| Industrials | 13.0% |
| Consumer Staples | 9.1% |
| Utilities | 8.5% |
| Health Care | 8.1% |
| Information Technology | 7.1% |
| Energy | 6.1% |
| Communication Services | 5.3% |
| Consumer Discretionary | 4.2% |
| Other | 6.8% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $60 | 1.14%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$2,317,154,896

* # of Portfolio Holdings41

* Portfolio Turnover Rate17%

* Total Net Advisory Fees Paid$7,253,636

Goldman Sachs International Equity Income Fund

Class A

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Equity Income Fund

38144N502-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs International Equity Income Fund

# Class C: GSCKX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs International Equity Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 31.2% |
| Industrials | 13.0% |
| Consumer Staples | 9.1% |
| Utilities | 8.5% |
| Health Care | 8.1% |
| Information Technology | 7.1% |
| Energy | 6.1% |
| Communication Services | 5.3% |
| Consumer Discretionary | 4.2% |
| Other | 6.8% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $99 | 1.89%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$2,317,154,896

* # of Portfolio Holdings41

* Portfolio Turnover Rate17%

* Total Net Advisory Fees Paid$7,253,636

Goldman Sachs International Equity Income Fund

Class C

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Equity Income Fund

38144N700-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs International Equity Income Fund

# Institutional Class: GSIKX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs International Equity Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 31.2% |
| Industrials | 13.0% |
| Consumer Staples | 9.1% |
| Utilities | 8.5% |
| Health Care | 8.1% |
| Information Technology | 7.1% |
| Energy | 6.1% |
| Communication Services | 5.3% |
| Consumer Discretionary | 4.2% |
| Other | 6.8% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $42 | 0.81%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$2,317,154,896

* # of Portfolio Holdings41

* Portfolio Turnover Rate17%

* Total Net Advisory Fees Paid$7,253,636

Goldman Sachs International Equity Income Fund

Institutional Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Equity Income Fund

38144N809-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs International Equity Income Fund

# Investor Class: GSTKX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs International Equity Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 31.2% |
| Industrials | 13.0% |
| Consumer Staples | 9.1% |
| Utilities | 8.5% |
| Health Care | 8.1% |
| Information Technology | 7.1% |
| Energy | 6.1% |
| Communication Services | 5.3% |
| Consumer Discretionary | 4.2% |
| Other | 6.8% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $47 | 0.89%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$2,317,154,896

* # of Portfolio Holdings41

* Portfolio Turnover Rate17%

* Total Net Advisory Fees Paid$7,253,636

Goldman Sachs International Equity Income Fund

Investor Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Equity Income Fund

38145N444-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs International Equity Income Fund

# Class R6: GSUKX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs International Equity Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 31.2% |
| Industrials | 13.0% |
| Consumer Staples | 9.1% |
| Utilities | 8.5% |
| Health Care | 8.1% |
| Information Technology | 7.1% |
| Energy | 6.1% |
| Communication Services | 5.3% |
| Consumer Discretionary | 4.2% |
| Other | 6.8% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $42 | 0.80%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$2,317,154,896

* # of Portfolio Holdings41

* Portfolio Turnover Rate17%

* Total Net Advisory Fees Paid$7,253,636

Goldman Sachs International Equity Income Fund

Class R6

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Equity Income Fund

38148U478-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs International Equity Income Fund

# Class R: GSRKX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs International Equity Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 31.2% |
| Industrials | 13.0% |
| Consumer Staples | 9.1% |
| Utilities | 8.5% |
| Health Care | 8.1% |
| Information Technology | 7.1% |
| Energy | 6.1% |
| Communication Services | 5.3% |
| Consumer Discretionary | 4.2% |
| Other | 6.8% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R | $73 | 1.39%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$2,317,154,896

* # of Portfolio Holdings41

* Portfolio Turnover Rate17%

* Total Net Advisory Fees Paid$7,253,636

Goldman Sachs International Equity Income Fund

Class R

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Equity Income Fund

38145N451-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class R

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs International Equity Income Fund

# Class P: GSNPX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs International Equity Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 31.2% |
| Industrials | 13.0% |
| Consumer Staples | 9.1% |
| Utilities | 8.5% |
| Health Care | 8.1% |
| Information Technology | 7.1% |
| Energy | 6.1% |
| Communication Services | 5.3% |
| Consumer Discretionary | 4.2% |
| Other | 6.8% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $42 | 0.80%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$2,317,154,896

* # of Portfolio Holdings41

* Portfolio Turnover Rate17%

* Total Net Advisory Fees Paid$7,253,636

Goldman Sachs International Equity Income Fund

Class P

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Equity Income Fund

38150B269-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class P

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Large Cap Growth Insights Fund

# Class A: GLCGX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Large Cap Growth Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 46.7% |
| Consumer Discretionary | 15.1% |
| Communication Services | 13.9% |
| Health Care | 7.4% |
| Financials | 6.7% |
| Industrials | 5.1% |
| Consumer Staples | 2.8% |
| Materials | 1.3% |
| Energy | 0.4% |
| Other | 0.1% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $44 | 0.91%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$1,339,696,412

* # of Portfolio Holdings92

* Portfolio Turnover Rate99%

* Total Net Advisory Fees Paid$3,583,061

Goldman Sachs Large Cap Growth Insights Fund

Class A

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Growth Insights Fund

38142B435-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Large Cap Growth Insights Fund

# Class C: GLCCX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Large Cap Growth Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 46.7% |
| Consumer Discretionary | 15.1% |
| Communication Services | 13.9% |
| Health Care | 7.4% |
| Financials | 6.7% |
| Industrials | 5.1% |
| Consumer Staples | 2.8% |
| Materials | 1.3% |
| Energy | 0.4% |
| Other | 0.1% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $81 | 1.66%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$1,339,696,412

* # of Portfolio Holdings92

* Portfolio Turnover Rate99%

* Total Net Advisory Fees Paid$3,583,061

Goldman Sachs Large Cap Growth Insights Fund

Class C

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Growth Insights Fund

38142B260-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Large Cap Growth Insights Fund

# Institutional Class: GCGIX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Large Cap Growth Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 46.7% |
| Consumer Discretionary | 15.1% |
| Communication Services | 13.9% |
| Health Care | 7.4% |
| Financials | 6.7% |
| Industrials | 5.1% |
| Consumer Staples | 2.8% |
| Materials | 1.3% |
| Energy | 0.4% |
| Other | 0.1% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $27 | 0.55%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$1,339,696,412

* # of Portfolio Holdings92

* Portfolio Turnover Rate99%

* Total Net Advisory Fees Paid$3,583,061

Goldman Sachs Large Cap Growth Insights Fund

Institutional Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Growth Insights Fund

38142B385-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Large Cap Growth Insights Fund

# Service Class: GSCLX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Large Cap Growth Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 46.7% |
| Consumer Discretionary | 15.1% |
| Communication Services | 13.9% |
| Health Care | 7.4% |
| Financials | 6.7% |
| Industrials | 5.1% |
| Consumer Staples | 2.8% |
| Materials | 1.3% |
| Energy | 0.4% |
| Other | 0.1% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service | $51 | 1.05%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$1,339,696,412

* # of Portfolio Holdings92

* Portfolio Turnover Rate99%

* Total Net Advisory Fees Paid$3,583,061

Goldman Sachs Large Cap Growth Insights Fund

Service Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Growth Insights Fund

38142B377-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Large Cap Growth Insights Fund

# Investor Class: GLCTX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Large Cap Growth Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 46.7% |
| Consumer Discretionary | 15.1% |
| Communication Services | 13.9% |
| Health Care | 7.4% |
| Financials | 6.7% |
| Industrials | 5.1% |
| Consumer Staples | 2.8% |
| Materials | 1.3% |
| Energy | 0.4% |
| Other | 0.1% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $32 | 0.66%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$1,339,696,412

* # of Portfolio Holdings92

* Portfolio Turnover Rate99%

* Total Net Advisory Fees Paid$3,583,061

Goldman Sachs Large Cap Growth Insights Fund

Investor Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Growth Insights Fund

38145N592-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Large Cap Growth Insights Fund

# Class R6: GLCUX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Large Cap Growth Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 46.7% |
| Consumer Discretionary | 15.1% |
| Communication Services | 13.9% |
| Health Care | 7.4% |
| Financials | 6.7% |
| Industrials | 5.1% |
| Consumer Staples | 2.8% |
| Materials | 1.3% |
| Energy | 0.4% |
| Other | 0.1% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $26 | 0.54%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$1,339,696,412

* # of Portfolio Holdings92

* Portfolio Turnover Rate99%

* Total Net Advisory Fees Paid$3,583,061

Goldman Sachs Large Cap Growth Insights Fund

Class R6

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Growth Insights Fund

38147X523-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Large Cap Growth Insights Fund

# Class R: GLCRX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Large Cap Growth Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 46.7% |
| Consumer Discretionary | 15.1% |
| Communication Services | 13.9% |
| Health Care | 7.4% |
| Financials | 6.7% |
| Industrials | 5.1% |
| Consumer Staples | 2.8% |
| Materials | 1.3% |
| Energy | 0.4% |
| Other | 0.1% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R | $56 | 1.16%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$1,339,696,412

* # of Portfolio Holdings92

* Portfolio Turnover Rate99%

* Total Net Advisory Fees Paid$3,583,061

Goldman Sachs Large Cap Growth Insights Fund

Class R

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Growth Insights Fund

38145N618-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class R

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Large Cap Growth Insights Fund

# Class P: GMZPX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Large Cap Growth Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 46.7% |
| Consumer Discretionary | 15.1% |
| Communication Services | 13.9% |
| Health Care | 7.4% |
| Financials | 6.7% |
| Industrials | 5.1% |
| Consumer Staples | 2.8% |
| Materials | 1.3% |
| Energy | 0.4% |
| Other | 0.1% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $26 | 0.54%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$1,339,696,412

* # of Portfolio Holdings92

* Portfolio Turnover Rate99%

* Total Net Advisory Fees Paid$3,583,061

Goldman Sachs Large Cap Growth Insights Fund

Class P

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Growth Insights Fund

38150B541-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class P

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Large Cap Value Insights Fund

# Class A: GCVAX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Large Cap Value Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 23.4% |
| Industrials | 15.2% |
| Health Care | 15.0% |
| Information Technology | 8.9% |
| Consumer Staples | 7.6% |
| Consumer Discretionary | 6.6% |
| Energy | 5.8% |
| Real Estate | 4.8% |
| Communication Services | 4.1% |
| Other | 7.5% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $45 | 0.92%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$514,383,591

* # of Portfolio Holdings187

* Portfolio Turnover Rate98%

* Total Net Advisory Fees Paid$1,311,228

Goldman Sachs Large Cap Value Insights Fund

Class A

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Value Insights Fund

38142V225-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Large Cap Value Insights Fund

# Class C: GCVCX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Large Cap Value Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 23.4% |
| Industrials | 15.2% |
| Health Care | 15.0% |
| Information Technology | 8.9% |
| Consumer Staples | 7.6% |
| Consumer Discretionary | 6.6% |
| Energy | 5.8% |
| Real Estate | 4.8% |
| Communication Services | 4.1% |
| Other | 7.5% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $82 | 1.67%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$514,383,591

* # of Portfolio Holdings187

* Portfolio Turnover Rate98%

* Total Net Advisory Fees Paid$1,311,228

Goldman Sachs Large Cap Value Insights Fund

Class C

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Value Insights Fund

38142V191-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Large Cap Value Insights Fund

# Institutional Class: GCVIX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Large Cap Value Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 23.4% |
| Industrials | 15.2% |
| Health Care | 15.0% |
| Information Technology | 8.9% |
| Consumer Staples | 7.6% |
| Consumer Discretionary | 6.6% |
| Energy | 5.8% |
| Real Estate | 4.8% |
| Communication Services | 4.1% |
| Other | 7.5% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $27 | 0.56%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$514,383,591

* # of Portfolio Holdings187

* Portfolio Turnover Rate98%

* Total Net Advisory Fees Paid$1,311,228

Goldman Sachs Large Cap Value Insights Fund

Institutional Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Value Insights Fund

38142V183-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Large Cap Value Insights Fund

# Service Class: GCLSX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Large Cap Value Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 23.4% |
| Industrials | 15.2% |
| Health Care | 15.0% |
| Information Technology | 8.9% |
| Consumer Staples | 7.6% |
| Consumer Discretionary | 6.6% |
| Energy | 5.8% |
| Real Estate | 4.8% |
| Communication Services | 4.1% |
| Other | 7.5% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service | $52 | 1.06%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$514,383,591

* # of Portfolio Holdings187

* Portfolio Turnover Rate98%

* Total Net Advisory Fees Paid$1,311,228

Goldman Sachs Large Cap Value Insights Fund

Service Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Value Insights Fund

38142V175-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Large Cap Value Insights Fund

# Investor Class: GCVTX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Large Cap Value Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 23.4% |
| Industrials | 15.2% |
| Health Care | 15.0% |
| Information Technology | 8.9% |
| Consumer Staples | 7.6% |
| Consumer Discretionary | 6.6% |
| Energy | 5.8% |
| Real Estate | 4.8% |
| Communication Services | 4.1% |
| Other | 7.5% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $33 | 0.67%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$514,383,591

* # of Portfolio Holdings187

* Portfolio Turnover Rate98%

* Total Net Advisory Fees Paid$1,311,228

Goldman Sachs Large Cap Value Insights Fund

Investor Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Value Insights Fund

38145N626-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Large Cap Value Insights Fund

# Class R6: GCVUX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Large Cap Value Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 23.4% |
| Industrials | 15.2% |
| Health Care | 15.0% |
| Information Technology | 8.9% |
| Consumer Staples | 7.6% |
| Consumer Discretionary | 6.6% |
| Energy | 5.8% |
| Real Estate | 4.8% |
| Communication Services | 4.1% |
| Other | 7.5% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $27 | 0.55%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$514,383,591

* # of Portfolio Holdings187

* Portfolio Turnover Rate98%

* Total Net Advisory Fees Paid$1,311,228

Goldman Sachs Large Cap Value Insights Fund

Class R6

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Value Insights Fund

38147X515-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Large Cap Value Insights Fund

# Class R: GCVRX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Large Cap Value Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 23.4% |
| Industrials | 15.2% |
| Health Care | 15.0% |
| Information Technology | 8.9% |
| Consumer Staples | 7.6% |
| Consumer Discretionary | 6.6% |
| Energy | 5.8% |
| Real Estate | 4.8% |
| Communication Services | 4.1% |
| Other | 7.5% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R | $57 | 1.17%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$514,383,591

* # of Portfolio Holdings187

* Portfolio Turnover Rate98%

* Total Net Advisory Fees Paid$1,311,228

Goldman Sachs Large Cap Value Insights Fund

Class R

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Value Insights Fund

38145N634-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class R

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Large Cap Value Insights Fund

# Class P: GMXPX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Large Cap Value Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 23.4% |
| Industrials | 15.2% |
| Health Care | 15.0% |
| Information Technology | 8.9% |
| Consumer Staples | 7.6% |
| Consumer Discretionary | 6.6% |
| Energy | 5.8% |
| Real Estate | 4.8% |
| Communication Services | 4.1% |
| Other | 7.5% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $27 | 0.55%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$514,383,591

* # of Portfolio Holdings187

* Portfolio Turnover Rate98%

* Total Net Advisory Fees Paid$1,311,228

Goldman Sachs Large Cap Value Insights Fund

Class P

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Value Insights Fund

38150B525-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class P

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Small Cap Equity Insights Fund

# Class A: GCSAX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Small Cap Equity Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 18.7% |
| Health Care | 17.9% |
| Industrials | 16.9% |
| Information Technology | 13.1% |
| Consumer Discretionary | 10.0% |
| Real Estate | 6.5% |
| Energy | 4.2% |
| Consumer Staples | 3.1% |
| Materials | 2.9% |
| Other | 4.9% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $57 | 1.20%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$395,056,840

* # of Portfolio Holdings521

* Portfolio Turnover Rate75%

* Total Net Advisory Fees Paid$1,684,086

Goldman Sachs Small Cap Equity Insights Fund

Class A

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Equity Insights Fund

38142V506-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Small Cap Equity Insights Fund

# Class C: GCSCX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Small Cap Equity Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 18.7% |
| Health Care | 17.9% |
| Industrials | 16.9% |
| Information Technology | 13.1% |
| Consumer Discretionary | 10.0% |
| Real Estate | 6.5% |
| Energy | 4.2% |
| Consumer Staples | 3.1% |
| Materials | 2.9% |
| Other | 4.9% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $92 | 1.95%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$395,056,840

* # of Portfolio Holdings521

* Portfolio Turnover Rate75%

* Total Net Advisory Fees Paid$1,684,086

Goldman Sachs Small Cap Equity Insights Fund

Class C

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Equity Insights Fund

38142V704-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Small Cap Equity Insights Fund

# Institutional Class: GCSIX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Small Cap Equity Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 18.7% |
| Health Care | 17.9% |
| Industrials | 16.9% |
| Information Technology | 13.1% |
| Consumer Discretionary | 10.0% |
| Real Estate | 6.5% |
| Energy | 4.2% |
| Consumer Staples | 3.1% |
| Materials | 2.9% |
| Other | 4.9% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $40 | 0.84%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$395,056,840

* # of Portfolio Holdings521

* Portfolio Turnover Rate75%

* Total Net Advisory Fees Paid$1,684,086

Goldman Sachs Small Cap Equity Insights Fund

Institutional Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Equity Insights Fund

38142V803-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Small Cap Equity Insights Fund

# Service Class: GCSSX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Small Cap Equity Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 18.7% |
| Health Care | 17.9% |
| Industrials | 16.9% |
| Information Technology | 13.1% |
| Consumer Discretionary | 10.0% |
| Real Estate | 6.5% |
| Energy | 4.2% |
| Consumer Staples | 3.1% |
| Materials | 2.9% |
| Other | 4.9% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service | $63 | 1.34%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$395,056,840

* # of Portfolio Holdings521

* Portfolio Turnover Rate75%

* Total Net Advisory Fees Paid$1,684,086

Goldman Sachs Small Cap Equity Insights Fund

Service Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Equity Insights Fund

38142V886-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Small Cap Equity Insights Fund

# Investor Class: GDSTX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Small Cap Equity Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 18.7% |
| Health Care | 17.9% |
| Industrials | 16.9% |
| Information Technology | 13.1% |
| Consumer Discretionary | 10.0% |
| Real Estate | 6.5% |
| Energy | 4.2% |
| Consumer Staples | 3.1% |
| Materials | 2.9% |
| Other | 4.9% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $45 | 0.95%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$395,056,840

* # of Portfolio Holdings521

* Portfolio Turnover Rate75%

* Total Net Advisory Fees Paid$1,684,086

Goldman Sachs Small Cap Equity Insights Fund

Investor Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Equity Insights Fund

38145N576-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Small Cap Equity Insights Fund

# Class R6: GCSUX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Small Cap Equity Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 18.7% |
| Health Care | 17.9% |
| Industrials | 16.9% |
| Information Technology | 13.1% |
| Consumer Discretionary | 10.0% |
| Real Estate | 6.5% |
| Energy | 4.2% |
| Consumer Staples | 3.1% |
| Materials | 2.9% |
| Other | 4.9% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $39 | 0.83%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$395,056,840

* # of Portfolio Holdings521

* Portfolio Turnover Rate75%

* Total Net Advisory Fees Paid$1,684,086

Goldman Sachs Small Cap Equity Insights Fund

Class R6

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Equity Insights Fund

38147X499-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Small Cap Equity Insights Fund

# Class R: GDSRX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Small Cap Equity Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 18.7% |
| Health Care | 17.9% |
| Industrials | 16.9% |
| Information Technology | 13.1% |
| Consumer Discretionary | 10.0% |
| Real Estate | 6.5% |
| Energy | 4.2% |
| Consumer Staples | 3.1% |
| Materials | 2.9% |
| Other | 4.9% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R | $68 | 1.45%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$395,056,840

* # of Portfolio Holdings521

* Portfolio Turnover Rate75%

* Total Net Advisory Fees Paid$1,684,086

Goldman Sachs Small Cap Equity Insights Fund

Class R

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Equity Insights Fund

38145N584-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class R

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Small Cap Equity Insights Fund

# Class P: GMAPX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Small Cap Equity Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 18.7% |
| Health Care | 17.9% |
| Industrials | 16.9% |
| Information Technology | 13.1% |
| Consumer Discretionary | 10.0% |
| Real Estate | 6.5% |
| Energy | 4.2% |
| Consumer Staples | 3.1% |
| Materials | 2.9% |
| Other | 4.9% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $39 | 0.83%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$395,056,840

* # of Portfolio Holdings521

* Portfolio Turnover Rate75%

* Total Net Advisory Fees Paid$1,684,086

Goldman Sachs Small Cap Equity Insights Fund

Class P

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Equity Insights Fund

38150B368-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class P

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Small Cap Growth Insights Fund

# Class A: GSAOX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Small Cap Growth Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Health Care | 25.1% |
| Industrials | 22.3% |
| Information Technology | 19.9% |
| Consumer Discretionary | 10.3% |
| Financials | 8.3% |
| Consumer Staples | 4.0% |
| Materials | 3.5% |
| Energy | 2.5% |
| Communication Services | 1.6% |
| Other | 1.9% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $57 | 1.20%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$119,407,027

* # of Portfolio Holdings370

* Portfolio Turnover Rate74%

* Total Net Advisory Fees Paid$530,376

Goldman Sachs Small Cap Growth Insights Fund

Class A

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Growth Insights Fund

38143H225-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Small Cap Growth Insights Fund

# Class C: GSCOX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Small Cap Growth Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Health Care | 25.1% |
| Industrials | 22.3% |
| Information Technology | 19.9% |
| Consumer Discretionary | 10.3% |
| Financials | 8.3% |
| Consumer Staples | 4.0% |
| Materials | 3.5% |
| Energy | 2.5% |
| Communication Services | 1.6% |
| Other | 1.9% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $93 | 1.95%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$119,407,027

* # of Portfolio Holdings370

* Portfolio Turnover Rate74%

* Total Net Advisory Fees Paid$530,376

Goldman Sachs Small Cap Growth Insights Fund

Class C

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Growth Insights Fund

38143H191-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Small Cap Growth Insights Fund

# Institutional Class: GSIOX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Small Cap Growth Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Health Care | 25.1% |
| Industrials | 22.3% |
| Information Technology | 19.9% |
| Consumer Discretionary | 10.3% |
| Financials | 8.3% |
| Consumer Staples | 4.0% |
| Materials | 3.5% |
| Energy | 2.5% |
| Communication Services | 1.6% |
| Other | 1.9% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $40 | 0.84%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$119,407,027

* # of Portfolio Holdings370

* Portfolio Turnover Rate74%

* Total Net Advisory Fees Paid$530,376

Goldman Sachs Small Cap Growth Insights Fund

Institutional Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Growth Insights Fund

38143H183-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Small Cap Growth Insights Fund

# Investor Class: GSTOX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Small Cap Growth Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Health Care | 25.1% |
| Industrials | 22.3% |
| Information Technology | 19.9% |
| Consumer Discretionary | 10.3% |
| Financials | 8.3% |
| Consumer Staples | 4.0% |
| Materials | 3.5% |
| Energy | 2.5% |
| Communication Services | 1.6% |
| Other | 1.9% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $45 | 0.95%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$119,407,027

* # of Portfolio Holdings370

* Portfolio Turnover Rate74%

* Total Net Advisory Fees Paid$530,376

Goldman Sachs Small Cap Growth Insights Fund

Investor Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Growth Insights Fund

38145N535-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Small Cap Growth Insights Fund

# Class R6: GINUX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Small Cap Growth Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Health Care | 25.1% |
| Industrials | 22.3% |
| Information Technology | 19.9% |
| Consumer Discretionary | 10.3% |
| Financials | 8.3% |
| Consumer Staples | 4.0% |
| Materials | 3.5% |
| Energy | 2.5% |
| Communication Services | 1.6% |
| Other | 1.9% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $39 | 0.83%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$119,407,027

* # of Portfolio Holdings370

* Portfolio Turnover Rate74%

* Total Net Advisory Fees Paid$530,376

Goldman Sachs Small Cap Growth Insights Fund

Class R6

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Growth Insights Fund

38147X481-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Small Cap Growth Insights Fund

# Class R: GSROX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Small Cap Growth Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Health Care | 25.1% |
| Industrials | 22.3% |
| Information Technology | 19.9% |
| Consumer Discretionary | 10.3% |
| Financials | 8.3% |
| Consumer Staples | 4.0% |
| Materials | 3.5% |
| Energy | 2.5% |
| Communication Services | 1.6% |
| Other | 1.9% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R | $69 | 1.45%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$119,407,027

* # of Portfolio Holdings370

* Portfolio Turnover Rate74%

* Total Net Advisory Fees Paid$530,376

Goldman Sachs Small Cap Growth Insights Fund

Class R

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Growth Insights Fund

38145N543-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class R

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Small Cap Growth Insights Fund

# Class P: GSZPX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Small Cap Growth Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Health Care | 25.1% |
| Industrials | 22.3% |
| Information Technology | 19.9% |
| Consumer Discretionary | 10.3% |
| Financials | 8.3% |
| Consumer Staples | 4.0% |
| Materials | 3.5% |
| Energy | 2.5% |
| Communication Services | 1.6% |
| Other | 1.9% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $39 | 0.83%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$119,407,027

* # of Portfolio Holdings370

* Portfolio Turnover Rate74%

* Total Net Advisory Fees Paid$530,376

Goldman Sachs Small Cap Growth Insights Fund

Class P

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Growth Insights Fund

38150B350-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class P

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Small Cap Value Insights Fund

# Class A: GSATX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Small Cap Value Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 31.2% |
| Real Estate | 11.5% |
| Industrials | 11.4% |
| Consumer Discretionary | 9.9% |
| Health Care | 9.1% |
| Energy | 6.5% |
| Information Technology | 5.9% |
| Utilities | 5.2% |
| Communication Services | 3.6% |
| Other | 5.4% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $56 | 1.20%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$732,116,268

* # of Portfolio Holdings458

* Portfolio Turnover Rate61%

* Total Net Advisory Fees Paid$3,623,134

Goldman Sachs Small Cap Value Insights Fund

Class A

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Value Insights Fund

38143H282-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Small Cap Value Insights Fund

# Class C: GSCTX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Small Cap Value Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 31.2% |
| Real Estate | 11.5% |
| Industrials | 11.4% |
| Consumer Discretionary | 9.9% |
| Health Care | 9.1% |
| Energy | 6.5% |
| Information Technology | 5.9% |
| Utilities | 5.2% |
| Communication Services | 3.6% |
| Other | 5.4% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $90 | 1.95%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$732,116,268

* # of Portfolio Holdings458

* Portfolio Turnover Rate61%

* Total Net Advisory Fees Paid$3,623,134

Goldman Sachs Small Cap Value Insights Fund

Class C

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Value Insights Fund

38143H266-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Small Cap Value Insights Fund

# Institutional Class: GSITX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Small Cap Value Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 31.2% |
| Real Estate | 11.5% |
| Industrials | 11.4% |
| Consumer Discretionary | 9.9% |
| Health Care | 9.1% |
| Energy | 6.5% |
| Information Technology | 5.9% |
| Utilities | 5.2% |
| Communication Services | 3.6% |
| Other | 5.4% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $39 | 0.84%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$732,116,268

* # of Portfolio Holdings458

* Portfolio Turnover Rate61%

* Total Net Advisory Fees Paid$3,623,134

Goldman Sachs Small Cap Value Insights Fund

Institutional Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Value Insights Fund

38143H241-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Small Cap Value Insights Fund

# Investor Class: GTTTX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Small Cap Value Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 31.2% |
| Real Estate | 11.5% |
| Industrials | 11.4% |
| Consumer Discretionary | 9.9% |
| Health Care | 9.1% |
| Energy | 6.5% |
| Information Technology | 5.9% |
| Utilities | 5.2% |
| Communication Services | 3.6% |
| Other | 5.4% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $44 | 0.95%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$732,116,268

* # of Portfolio Holdings458

* Portfolio Turnover Rate61%

* Total Net Advisory Fees Paid$3,623,134

Goldman Sachs Small Cap Value Insights Fund

Investor Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Value Insights Fund

38145N550-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Small Cap Value Insights Fund

# Class R6: GTTUX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Small Cap Value Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 31.2% |
| Real Estate | 11.5% |
| Industrials | 11.4% |
| Consumer Discretionary | 9.9% |
| Health Care | 9.1% |
| Energy | 6.5% |
| Information Technology | 5.9% |
| Utilities | 5.2% |
| Communication Services | 3.6% |
| Other | 5.4% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $39 | 0.83%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$732,116,268

* # of Portfolio Holdings458

* Portfolio Turnover Rate61%

* Total Net Advisory Fees Paid$3,623,134

Goldman Sachs Small Cap Value Insights Fund

Class R6

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Value Insights Fund

38147X473-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Small Cap Value Insights Fund

# Class R: GTTRX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Small Cap Value Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 31.2% |
| Real Estate | 11.5% |
| Industrials | 11.4% |
| Consumer Discretionary | 9.9% |
| Health Care | 9.1% |
| Energy | 6.5% |
| Information Technology | 5.9% |
| Utilities | 5.2% |
| Communication Services | 3.6% |
| Other | 5.4% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R | $67 | 1.45%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$732,116,268

* # of Portfolio Holdings458

* Portfolio Turnover Rate61%

* Total Net Advisory Fees Paid$3,623,134

Goldman Sachs Small Cap Value Insights Fund

Class R

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Value Insights Fund

38145N568-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class R

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Small Cap Value Insights Fund

# Class P: GSXPX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Small Cap Value Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 31.2% |
| Real Estate | 11.5% |
| Industrials | 11.4% |
| Consumer Discretionary | 9.9% |
| Health Care | 9.1% |
| Energy | 6.5% |
| Information Technology | 5.9% |
| Utilities | 5.2% |
| Communication Services | 3.6% |
| Other | 5.4% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $39 | 0.83%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$732,116,268

* # of Portfolio Holdings458

* Portfolio Turnover Rate61%

* Total Net Advisory Fees Paid$3,623,134

Goldman Sachs Small Cap Value Insights Fund

Class P

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Value Insights Fund

38150B335-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class P

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs U.S. Equity Insights Fund

# Class A: GSSQX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs U.S. Equity Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 29.4% |
| Financials | 15.4% |
| Health Care | 11.4% |
| Consumer Discretionary | 11.3% |
| Industrials | 9.0% |
| Communication Services | 9.0% |
| Consumer Staples | 5.2% |
| Energy | 2.5% |
| Materials | 2.1% |
| Other | 3.6% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $45 | 0.92%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$1,007,008,718

* # of Portfolio Holdings152

* Portfolio Turnover Rate99%

* Total Net Advisory Fees Paid$2,789,703

Goldman Sachs U.S. Equity Insights Fund

Class A

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs U.S. Equity Insights Fund

38141W620-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs U.S. Equity Insights Fund

# Class C: GSUSX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs U.S. Equity Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 29.4% |
| Financials | 15.4% |
| Health Care | 11.4% |
| Consumer Discretionary | 11.3% |
| Industrials | 9.0% |
| Communication Services | 9.0% |
| Consumer Staples | 5.2% |
| Energy | 2.5% |
| Materials | 2.1% |
| Other | 3.6% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $81 | 1.67%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$1,007,008,718

* # of Portfolio Holdings152

* Portfolio Turnover Rate99%

* Total Net Advisory Fees Paid$2,789,703

Goldman Sachs U.S. Equity Insights Fund

Class C

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs U.S. Equity Insights Fund

38142B278-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs U.S. Equity Insights Fund

# Institutional Class: GSELX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs U.S. Equity Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 29.4% |
| Financials | 15.4% |
| Health Care | 11.4% |
| Consumer Discretionary | 11.3% |
| Industrials | 9.0% |
| Communication Services | 9.0% |
| Consumer Staples | 5.2% |
| Energy | 2.5% |
| Materials | 2.1% |
| Other | 3.6% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $27 | 0.56%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$1,007,008,718

* # of Portfolio Holdings152

* Portfolio Turnover Rate99%

* Total Net Advisory Fees Paid$2,789,703

Goldman Sachs U.S. Equity Insights Fund

Institutional Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs U.S. Equity Insights Fund

38141W372-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs U.S. Equity Insights Fund

# Service Class: GSESX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs U.S. Equity Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 29.4% |
| Financials | 15.4% |
| Health Care | 11.4% |
| Consumer Discretionary | 11.3% |
| Industrials | 9.0% |
| Communication Services | 9.0% |
| Consumer Staples | 5.2% |
| Energy | 2.5% |
| Materials | 2.1% |
| Other | 3.6% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service | $52 | 1.06%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$1,007,008,718

* # of Portfolio Holdings152

* Portfolio Turnover Rate99%

* Total Net Advisory Fees Paid$2,789,703

Goldman Sachs U.S. Equity Insights Fund

Service Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs U.S. Equity Insights Fund

38141W463-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs U.S. Equity Insights Fund

# Investor Class: GSUTX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs U.S. Equity Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 29.4% |
| Financials | 15.4% |
| Health Care | 11.4% |
| Consumer Discretionary | 11.3% |
| Industrials | 9.0% |
| Communication Services | 9.0% |
| Consumer Staples | 5.2% |
| Energy | 2.5% |
| Materials | 2.1% |
| Other | 3.6% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $33 | 0.67%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$1,007,008,718

* # of Portfolio Holdings152

* Portfolio Turnover Rate99%

* Total Net Advisory Fees Paid$2,789,703

Goldman Sachs U.S. Equity Insights Fund

Investor Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs U.S. Equity Insights Fund

38145N642-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs U.S. Equity Insights Fund

# Class R6: GSEUX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs U.S. Equity Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 29.4% |
| Financials | 15.4% |
| Health Care | 11.4% |
| Consumer Discretionary | 11.3% |
| Industrials | 9.0% |
| Communication Services | 9.0% |
| Consumer Staples | 5.2% |
| Energy | 2.5% |
| Materials | 2.1% |
| Other | 3.6% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $27 | 0.55%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$1,007,008,718

* # of Portfolio Holdings152

* Portfolio Turnover Rate99%

* Total Net Advisory Fees Paid$2,789,703

Goldman Sachs U.S. Equity Insights Fund

Class R6

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs U.S. Equity Insights Fund

38147X465-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs U.S. Equity Insights Fund

# Class R: GSURX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs U.S. Equity Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 29.4% |
| Financials | 15.4% |
| Health Care | 11.4% |
| Consumer Discretionary | 11.3% |
| Industrials | 9.0% |
| Communication Services | 9.0% |
| Consumer Staples | 5.2% |
| Energy | 2.5% |
| Materials | 2.1% |
| Other | 3.6% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R | $57 | 1.17%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$1,007,008,718

* # of Portfolio Holdings152

* Portfolio Turnover Rate99%

* Total Net Advisory Fees Paid$2,789,703

Goldman Sachs U.S. Equity Insights Fund

Class R

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs U.S. Equity Insights Fund

38145N659-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class R

![Image](g97265i7fa503a6715648898650.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs U.S. Equity Insights Fund

# Class P: GSEPX

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs U.S. Equity Insights Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 29.4% |
| Financials | 15.4% |
| Health Care | 11.4% |
| Consumer Discretionary | 11.3% |
| Industrials | 9.0% |
| Communication Services | 9.0% |
| Consumer Staples | 5.2% |
| Energy | 2.5% |
| Materials | 2.1% |
| Other | 3.6% |

---

## What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $27 | 0.55%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics (as of April 30, 2025)
* Total Net Assets$1,007,008,718

* # of Portfolio Holdings152

* Portfolio Turnover Rate99%

* Total Net Advisory Fees Paid$2,789,703

Goldman Sachs U.S. Equity Insights Fund

Class P

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs U.S. Equity Insights Fund

38150B186-SAR-0425&nbsp;&nbsp;&nbsp;&nbsp; Class P

------

ITEM 2. CODE OF ETHICS.

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the "Code of Ethics").

(b) Not applicable.

(c) During the period covered by this report, no amendments were made to the provisions of the Code of Ethics.

(d) During the period covered by this report, the registrant did not grant any waivers, including an implicit waiver, from any provision of the Code of Ethics.

(e) Not applicable.

(f) A copy of the Code of Ethics is available as provided in Item 19(a)(1) of this report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant's board of trustees has determined that the registrant has at least one "audit committee financial expert" (as defined in Item 3 of Form N-CSR) serving on its audit committee. Michael Latham is the "audit committee financial expert" and "independent" (as each term is defined in Item 3 of Form N-CSR).

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The information required by this Item is only required in an annual report on this Form N-CSR.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

Schedule of Investments is included in Item 7 of this report.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

------

![LOGO](g97265dsp001.jpg)

Goldman Sachs Funds Semi-Annual Financial Statements April 30, 2025 Goldman Sachs Domestic Equity Insights Funds Goldman Sachs Large Cap Growth Insights Fund Goldman Sachs Large Cap Value Insights Fund Goldman Sachs Small Cap Equity Insights Fund Goldman Sachs Small Cap Growth Insights Fund Goldman Sachs Small Cap Value Insights Fund Goldman Sachs U.S. Equity Insights Fund Goldman Sachs Asset Management

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Goldman Sachs Domestic Equity Insights Funds

#### **Table of Contents**

---

| | |
|:---|:---|
|  | **Page** |
|  **[Schedules of Investments](#dei97265_1)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Large Cap Growth Insights Fund](#dei97265_2) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Large Cap Value Insights Fund](#dei97265_3) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Small Cap Equity Insights Fund](#dei97265_4) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Small Cap Growth Insights Fund](#dei97265_5) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Small Cap Value Insights Fund](#dei97265_6) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs U.S. Equity Insights Fund](#dei97265_7) | 29 |
|  [**Financial Statements**](#dei97265_8) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#dei97265_9) | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#dei97265_10) | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#dei97265_11) | 38 |
|  [**Financial Highlights**](#dei97265_12) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Large Cap Growth Insights Fund](#dei97265_13) | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Large Cap Value Insights Fund](#dei97265_14) | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Small Cap Equity Insights Fund](#dei97265_15) | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Small Cap Growth Insights Fund](#dei97265_16) | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Small Cap Value Insights Fund](#dei97265_17) | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs U.S. Equity Insights Fund](#dei97265_18) | 79 |
|  [**Notes to Financial Statements**](#dei97265_19) | 87 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – 99.4% | Common Stocks – 99.4% | Common Stocks – 99.4% |
| Aerospace & Defense – 0.7% | Aerospace & Defense – 0.7% | Aerospace & Defense – 0.7% |
| 35686 | General Electric Co. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7192156 |
| 8410 | HEICO Corp. | 2108892 |
|  |  | 9301048 |
| Air Freight & Logistics – 0.4% | Air Freight & Logistics – 0.4% | Air Freight & Logistics – 0.4% |
| 58472 | United Parcel Service, Inc., Class B | 5572382 |
| Automobiles – 3.0% | Automobiles – 3.0% | Automobiles – 3.0% |
| 141663 | Tesla, Inc.\* | 39971632 |
| Banks – 0.1% | Banks – 0.1% | Banks – 0.1% |
| 5560 | Cullen/Frost Bankers, Inc. | 647573 |
| Beverages – 0.9% | Beverages – 0.9% | Beverages – 0.9% |
| 27818 | Monster Beverage Corp.\* | 1672418 |
| 80163 | PepsiCo, Inc. | 10868500 |
|  |  | 12540918 |
| Biotechnology – 1.5% | Biotechnology – 1.5% | Biotechnology – 1.5% |
| 2171 | Alnylam Pharmaceuticals, Inc.\* | 571494 |
| 15554 | BioMarin Pharmaceutical, Inc.\* | 990634 |
| 72502 | Natera, Inc.\* | 10942727 |
| 13596 | Regeneron Pharmaceuticals, Inc. | 8140741 |
|  |  | 20645596 |
| Broadline Retail – 6.4% | Broadline Retail – 6.4% | Broadline Retail – 6.4% |
| 464256 | Amazon.com, Inc.\* | 85618092 |
| Capital Markets – 2.6% | Capital Markets – 2.6% | Capital Markets – 2.6% |
| 32917 | Ameriprise Financial, Inc. | 15504565 |
| 5390 | Coinbase Global, Inc., Class A\* | 1093577 |
| 35927 | Invesco Ltd. | 500463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104071 | Morgan Stanley | 12011875 |
| 11484 | Morningstar, Inc. | 3269725 |
| 3428 | MSCI, Inc. | 1868637 |
| 54800 | XP, Inc., Class A (Brazil) | 882280 |
|  |  | 35131122 |
| Chemicals – 1.3% | Chemicals – 1.3% | Chemicals – 1.3% |
| 69580 | Ecolab, Inc. | 17494499 |
| Commercial Services & Supplies – 1.2% | Commercial Services & Supplies – 1.2% | Commercial Services & Supplies – 1.2% |
| 76675 | Cintas Corp. | 16230564 |
| Communications Equipment – 0.5% | Communications Equipment – 0.5% | Communications Equipment – 0.5% |
| 81857 | Arista Networks, Inc.\* | 6734375 |
| Construction & Engineering – 1.1% | Construction & Engineering – 1.1% | Construction & Engineering – 1.1% |
| 24222 | Comfort Systems USA, Inc. | 9629456 |
| 38849 | MasTec, Inc.\* | 4946255 |
|  |  | 14575711 |
| Consumer Finance – 0.3% | Consumer Finance – 0.3% | Consumer Finance – 0.3% |
| 23495 | Capital One Financial Corp. | 4235209 |
| Consumer Staples Distribution & Retail – 1.1% | Consumer Staples Distribution & Retail – 1.1% | Consumer Staples Distribution & Retail – 1.1% |
| 12849 | Costco Wholesale Corp. | 12778330 |
| 18395 | Sysco Corp. | 1313403 |
|  |  | 14091733 |
| Diversified Consumer Services – 0.3% | Diversified Consumer Services – 0.3% | Diversified Consumer Services – 0.3% |
| 21023 | Bright Horizons Family Solutions, Inc.\* | 2636704 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Diversified Consumer Services – (continued) | Diversified Consumer Services – (continued) | Diversified Consumer Services – (continued) |
| 15778 | H&R Block, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952518 |
|  |  | 3589222 |
| Electrical Equipment – 0.0% | Electrical Equipment – 0.0% | Electrical Equipment – 0.0% |
| 3144 | Vertiv Holdings Co., Class A | 268435 |
| Entertainment – 2.6% | Entertainment – 2.6% | Entertainment – 2.6% |
| 26740 | Netflix, Inc.\* | 30262193 |
| 39130 | ROBLOX Corp., Class A\* | 2623667 |
| 35647 | Roku, Inc.\* | 2430412 |
|  |  | 35316272 |
| Financial Services – 3.7% | Financial Services – 3.7% | Financial Services – 3.7% |
| 19730 | Affirm Holdings, Inc.\* | 981765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164000 | Equitable Holdings, Inc. | 8109800 |
| 20455 | Euronet Worldwide, Inc.\* | 2027091 |
| 40389 | Mastercard, Inc., Class A | 22135595 |
| 47008 | Visa, Inc., Class A | 16241264 |
|  |  | 49495515 |
| Ground Transportation – 0.1% | Ground Transportation – 0.1% | Ground Transportation – 0.1% |
| 46983 | Lyft, Inc., Class A\* | 582589 |
| 5701 | Uber Technologies, Inc.\* | 461838 |
|  |  | 1044427 |
| Health Care Equipment & Supplies – 0.7% | Health Care Equipment & Supplies – 0.7% | Health Care Equipment & Supplies – 0.7% |
| 17040 | Intuitive Surgical, Inc.\* | 8789232 |
| Health Care Providers & Services – 1.0% | Health Care Providers & Services – 1.0% | Health Care Providers & Services – 1.0% |
| 76232 | Universal Health Services, Inc., Class B | 13498400 |
| Health Care REITs – 0.1% | Health Care REITs – 0.1% | Health Care REITs – 0.1% |
| 18232 | Omega Healthcare Investors, Inc. REIT | 711960 |
| Health Care Technology – 0.2% | Health Care Technology – 0.2% | Health Care Technology – 0.2% |
| 11130 | Veeva Systems, Inc., Class A\* | 2600970 |
| Hotels, Restaurants & Leisure – 2.7% | Hotels, Restaurants & Leisure – 2.7% | Hotels, Restaurants & Leisure – 2.7% |
| 25620 | Airbnb, Inc., Class A\* | 3123590 |
| 2779 | Booking Holdings, Inc. | 14170899 |
| 7119 | Churchill Downs, Inc. | 643629 |
| 16700 | Darden Restaurants, Inc. | 3350688 |
| 33094 | DoorDash, Inc., Class A\* | 6383502 |
| 3760 | Expedia Group, Inc. | 590057 |
| 33623 | Flutter Entertainment PLC (United Kingdom)\* | 8102807 |
|  |  | 36365172 |
| Household Products – 0.8% | Household Products – 0.8% | Household Products – 0.8% |
| 97312 | Colgate-Palmolive Co. | 8971193 |
| 14131 | Procter & Gamble Co. (The) | 2297277 |
|  |  | 11268470 |
| Interactive Media & Services – 11.2% | Interactive Media & Services – 11.2% | Interactive Media & Services – 11.2% |
| 224993 | Alphabet, Inc., Class A | 35728888 |
| 369228 | Alphabet, Inc., Class C | 59405093 |
| 83163 | Meta Platforms, Inc., Class A | 45656487 |
| 384606 | Pinterest, Inc., Class A\* | 9738224 |
|  |  | 150528692 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>3</sub>

------

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| IT Services – 1.2% | IT Services – 1.2% | IT Services – 1.2% |
| 7576 | Cloudflare, Inc., Class A\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915029 |
| 16309 | Gartner, Inc.\* | 6867394 |
| 45499 | GoDaddy, Inc., Class A\* | 8568827 |
| 5299 | Twilio, Inc., Class A\* | 512466 |
|  |  | 16863716 |
| Life Sciences Tools & Services – 0.9% | Life Sciences Tools & Services – 0.9% | Life Sciences Tools & Services – 0.9% |
| 78203 | IQVIA Holdings, Inc.\* | 12126939 |
| Oil, Gas & Consumable Fuels – 0.4% | Oil, Gas & Consumable Fuels – 0.4% | Oil, Gas & Consumable Fuels – 0.4% |
| 27611 | Targa Resources Corp. | 4718720 |
| Passenger Airlines – 0.0% | Passenger Airlines – 0.0% | Passenger Airlines – 0.0% |
| 7838 | Alaska Air Group, Inc.\* | 346988 |
| Pharmaceuticals – 3.1% | Pharmaceuticals – 3.1% | Pharmaceuticals – 3.1% |
| 27447 | Eli Lilly & Co. | 24673480 |
| 107422 | Zoetis, Inc. | 16800801 |
|  |  | 41474281 |
| Professional Services – 1.6% | Professional Services – 1.6% | Professional Services – 1.6% |
| 44208 | Broadridge Financial Solutions, Inc. | 10716019 |
| 40181 | Equifax, Inc. | 10452284 |
|  |  | 21168303 |
| Semiconductors & Semiconductor Equipment – 14.1% | Semiconductors & Semiconductor Equipment – 14.1% | Semiconductors & Semiconductor Equipment – 14.1% |
| 5911 | Advanced Micro Devices, Inc.\* | 575436 |
| 265636 | Broadcom, Inc. | 51126961 |
| 617 | KLA Corp. | 433560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1102491 | NVIDIA Corp. | 120083320 |
| 114721 | QUALCOMM, Inc. | 17031479 |
|  |  | 189250756 |
| Software – 18.9% | Software – 18.9% | Software – 18.9% |
| 13405 | Atlassian Corp., Class A\* | 3060496 |
| 797 | Crowdstrike Holdings, Inc., Class A\* | 341809 |
| 147912 | Datadog, Inc., Class A\* | 15110690 |
| 7903 | Fair Isaac Corp.\* | 15724441 |
| 79862 | Manhattan Associates, Inc.\* | 14166720 |
| 390231 | Microsoft Corp. | 154242705 |
| 74350 | Palantir Technologies, Inc., Class A\* | 8806014 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Software – (continued) | Software – (continued) | Software – (continued) |
| 48264 | Palo Alto Networks, Inc.\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9021989 |
| 86890 | RingCentral, Inc., Class A\* | 2215695 |
| 35453 | Salesforce, Inc. | 9526576 |
| 15882 | ServiceNow, Inc.\* | 15167469 |
| 23642 | Workday, Inc., Class A\* | 5792290 |
|  |  | 253176894 |
| Specialty Retail – 2.8% | Specialty Retail – 2.8% | Specialty Retail – 2.8% |
| 1407 | AutoZone, Inc.\* | 5293978 |
| 4883 | Carvana Co.\* | 1193161 |
| 60849 | Home Depot, Inc. (The) | 21935456 |
| 52500 | TJX Cos., Inc. (The) | 6755700 |
| 10853 | Williams-Sonoma, Inc. | 1676463 |
|  |  | 36854758 |
| Technology Hardware, Storage & Peripherals – 11.9% | Technology Hardware, Storage & Peripherals – 11.9% | Technology Hardware, Storage & Peripherals – 11.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752000 | Apple, Inc. | 159800000 |
| TOTAL COMMON STOCKS<br>(Cost $807,569,892) | TOTAL COMMON STOCKS<br>(Cost $807,569,892) | 1332048576 |
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 0.0%<sup>(a)</sup> | Investment Company – 0.0%<sup>(a)</sup> | Investment Company – 0.0%<sup>(a)</sup> |
|  Goldman Sachs Financial Square Government<br>Fund - Institutional Shares | Goldman Sachs Financial Square Government<br>Fund - Institutional Shares | Goldman Sachs Financial Square Government<br>Fund - Institutional Shares |
| 4053 | 4.248% | 4053 |
| (Cost $4,053) | (Cost $4,053) |  |
| TOTAL INVESTMENTS – 99.4%<br>(Cost $807,573,945) | TOTAL INVESTMENTS – 99.4%<br>(Cost $807,573,945) | $1332052629 |
|  **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 0.6%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 0.6%** | 7643783 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $1339696412 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | 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:** | **Investment Abbreviations:** |
| PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Public Limited Company |
| REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Real Estate Investment Trust |

---

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2025, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized <br>Appreciation/ <br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  S&P 500 E-Mini Index | 23 | 06/20/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6425050 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34149 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 4 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – 99.0% | Common Stocks – 99.0% | Common Stocks – 99.0% |
| Aerospace & Defense – 4.6% | Aerospace & Defense – 4.6% | Aerospace & Defense – 4.6% |
| 26230 | General Dynamics Corp. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7137707 |
| 35634 | General Electric Co. | 7181676 |
| 20308 | Howmet Aerospace, Inc. | 2814283 |
| 27070 | RTX Corp. | 3414339 |
| 47421 | Textron, Inc. | 3337016 |
|  |  | 23885021 |
| Air Freight & Logistics – 1.3% | Air Freight & Logistics – 1.3% | Air Freight & Logistics – 1.3% |
| 68590 | United Parcel Service, Inc., Class B | 6536627 |
| Automobile Components – 0.2% | Automobile Components – 0.2% | Automobile Components – 0.2% |
| 9574 | Lear Corp. | 820971 |
| Banks – 8.3% | Banks – 8.3% | Banks – 8.3% |
| 114920 | Bank of America Corp. | 4583010 |
| 110751 | Citigroup, Inc. | 7573153 |
| 45633 | Citizens Financial Group, Inc. | 1683401 |
| 25433 | Commerce Bancshares, Inc. | 1544800 |
| 14465 | Cullen/Frost Bankers, Inc. | 1684739 |
| 69040 | FNB Corp. | 903734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141042 | Huntington Bancshares, Inc. | 2049340 |
| 60787 | JPMorgan Chase & Co. | 14869716 |
| 39348 | PNC Financial Services Group, Inc. (The) | 6322830 |
| 2670 | Prosperity Bancshares, Inc. | 181293 |
| 9890 | Truist Financial Corp. | 379183 |
| 19276 | US Bancorp | 777594 |
|  |  | 42552793 |
| Beverages – 1.9% | Beverages – 1.9% | Beverages – 1.9% |
| 3129 | Coca-Cola Consolidated, Inc. | 4242330 |
| 37740 | Monster Beverage Corp.\* | 2268929 |
| 25630 | PepsiCo, Inc. | 3474915 |
|  |  | 9986174 |
| Biotechnology – 2.4% | Biotechnology – 2.4% | Biotechnology – 2.4% |
| 72791 | BioMarin Pharmaceutical, Inc.\* | 4636059 |
| 9465 | Gilead Sciences, Inc. | 1008401 |
| 8761 | Moderna, Inc.\* | 250039 |
| 10769 | Regeneron Pharmaceuticals, Inc. | 6448046 |
|  |  | 12342545 |
| Building Products – 0.1% | Building Products – 0.1% | Building Products – 0.1% |
| 1813 | A O Smith Corp. | 123030 |
| 588 | Allegion PLC | 81850 |
| 4309 | Carrier Global Corp. | 269485 |
|  |  | 474365 |
| Capital Markets – 5.4% | Capital Markets – 5.4% | Capital Markets – 5.4% |
| 28136 | CME Group, Inc. | 7795923 |
| 10609 | Evercore, Inc., Class A | 2177922 |
| 77366 | Franklin Resources, Inc. | 1451386 |
| 272007 | Invesco Ltd. | 3789057 |
| 71549 | Morgan Stanley | 8258186 |
| 11339 | Stifel Financial Corp. | 971639 |
| 214270 | XP, Inc., Class A (Brazil) | 3449747 |
|  |  | 27893860 |
| Chemicals – 3.1% | Chemicals – 3.1% | Chemicals – 3.1% |
| 1394 | Air Products and Chemicals, Inc. | 377899 |
| 16592 | Axalta Coating Systems Ltd.\* | 539240 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Chemicals – (continued) | Chemicals – (continued) | Chemicals – (continued) |
| 18639 | Ecolab, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4686404 |
| 1670 | International Flavors & Fragrances, Inc. | 131028 |
| 22851 | Linde PLC | 10356759 |
|  |  | 16091330 |
| Commercial Services & Supplies – 1.4% | Commercial Services & Supplies – 1.4% | Commercial Services & Supplies – 1.4% |
| 24691 | Cintas Corp. | 5226591 |
| 7891 | Republic Services, Inc. | 1978668 |
|  |  | 7205259 |
| Communications Equipment – 2.0% | Communications Equipment – 2.0% | Communications Equipment – 2.0% |
| 179708 | Cisco Systems, Inc. | 10374543 |
| Construction & Engineering – 1.4% | Construction & Engineering – 1.4% | Construction & Engineering – 1.4% |
| 15610 | AECOM | 1539927 |
| 42610 | MasTec, Inc.\* | 5425105 |
|  |  | 6965032 |
| Construction Materials – 0.3% | Construction Materials – 0.3% | Construction Materials – 0.3% |
| 15975 | CRH PLC | 1524334 |
| Consumer Finance – 1.7% | Consumer Finance – 1.7% | Consumer Finance – 1.7% |
| 39017 | Capital One Financial Corp. | 7033204 |
| 4815 | OneMain Holdings, Inc. | 226642 |
| 31581 | Synchrony Financial | 1640633 |
|  |  | 8900479 |
| Consumer Staples Distribution & Retail – 1.6% | Consumer Staples Distribution & Retail – 1.6% | Consumer Staples Distribution & Retail – 1.6% |
| 11541 | BJ's Wholesale Club Holdings, Inc.\* | 1356760 |
| 165 | Costco Wholesale Corp. | 164093 |
| 17815 | Sysco Corp. | 1271991 |
| 23116 | Target Corp. | 2235317 |
| 2708 | US Foods Holding Corp.\* | 177807 |
| 35066 | Walmart, Inc. | 3410168 |
|  |  | 8616136 |
| Diversified Consumer Services – 0.9% | Diversified Consumer Services – 0.9% | Diversified Consumer Services – 0.9% |
| 17432 | Bright Horizons Family Solutions, Inc.\* | 2186322 |
| 19379 | H&R Block, Inc. | 1169910 |
| 17858 | Service Corp. International | 1426854 |
|  |  | 4783086 |
| Diversified Telecommunication Services – 1.9% | Diversified Telecommunication Services – 1.9% | Diversified Telecommunication Services – 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217812 | Verizon Communications, Inc. | 9596797 |
| Electric Utilities – 2.2% | Electric Utilities – 2.2% | Electric Utilities – 2.2% |
| 1548 | American Electric Power Co., Inc. | 167710 |
| 4837 | Constellation Energy Corp. | 1080779 |
| 48859 | NextEra Energy, Inc. | 3267690 |
| 14503 | PG&E Corp. | 239590 |
| 48188 | PPL Corp. | 1758862 |
| 68760 | Xcel Energy, Inc. | 4861332 |
|  |  | 11375963 |
| Electrical Equipment – 1.3% | Electrical Equipment – 1.3% | Electrical Equipment – 1.3% |
| 35293 | AMETEK, Inc. | 5984987 |
| 1744 | Eaton Corp. PLC | 513381 |
|  |  | 6498368 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>5</sub>

------

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Electronic Equipment, Instruments & Components – 1.8% | Electronic Equipment, Instruments & Components – 1.8% | Electronic Equipment, Instruments & Components – 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135459 | Corning, Inc. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6011670 |
| 6566 | Teledyne Technologies, Inc.\* | 3059953 |
|  |  | 9071623 |
| Energy Equipment & Services – 0.8% | Energy Equipment & Services – 0.8% | Energy Equipment & Services – 0.8% |
| 121366 | Halliburton Co. | 2405474 |
| 62023 | TechnipFMC PLC (United Kingdom) | 1747188 |
|  |  | 4152662 |
| Entertainment – 1.3% | Entertainment – 1.3% | Entertainment – 1.3% |
| 22167 | Roku, Inc.\* | 1511346 |
| 57724 | Walt Disney Co. (The) | 5249998 |
|  |  | 6761344 |
| Financial Services – 4.2% | Financial Services – 4.2% | Financial Services – 4.2% |
| 8823 | Affirm Holdings, Inc.\* | 439032 |
| 29175 | Berkshire Hathaway, Inc., Class B\* | 15557569 |
| 25636 | Euronet Worldwide, Inc.\* | 2540528 |
| 14468 | Fiserv, Inc.\* | 2670359 |
| 12327 | Voya Financial, Inc. | 729758 |
|  |  | 21937246 |
| Food Products – 0.5% | Food Products – 0.5% | Food Products – 0.5% |
| 30436 | Kraft Heinz Co. (The) | 885688 |
| 6355 | Mondelez International, Inc., Class A | 432966 |
| 9525 | Pilgrim's Pride Corp. | 519874 |
| 8683 | Tyson Foods, Inc., Class A | 531747 |
|  |  | 2370275 |
| Gas Utilities – 0.2% | Gas Utilities – 0.2% | Gas Utilities – 0.2% |
| 7778 | Atmos Energy Corp. | 1249380 |
| Health Care Equipment & Supplies – 4.0% | Health Care Equipment & Supplies – 4.0% | Health Care Equipment & Supplies – 4.0% |
| 77313 | Abbott Laboratories | 10108675 |
| 39299 | Boston Scientific Corp.\* | 4042688 |
| 2571 | GE HealthCare Technologies, Inc. | 180818 |
| 72477 | Medtronic PLC | 6143151 |
|  |  | 20475332 |
| Health Care Providers & Services – 3.9% | Health Care Providers & Services – 3.9% | Health Care Providers & Services – 3.9% |
| 3644 | Cigna Group (The) | 1239106 |
| 77012 | CVS Health Corp. | 5137471 |
| 7063 | HCA Healthcare, Inc. | 2437300 |
| 13319 | UnitedHealth Group, Inc. | 5479969 |
| 32030 | Universal Health Services, Inc., Class B | 5671552 |
|  |  | 19965398 |
| Health Care REITs – 1.7% | Health Care REITs – 1.7% | Health Care REITs – 1.7% |
| 29385 | Healthpeak Properties, Inc. REIT | 524228 |
| 51446 | Omega Healthcare Investors, Inc. REIT | 2008966 |
| 80545 | Ventas, Inc. REIT | 5644594 |
| 3472 | Welltower, Inc. REIT | 529792 |
|  |  | 8707580 |
| Hotels, Restaurants & Leisure – 1.3% | Hotels, Restaurants & Leisure – 1.3% | Hotels, Restaurants & Leisure – 1.3% |
| 531 | Booking Holdings, Inc. | 2707718 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Hotels, Restaurants & Leisure – (continued) | Hotels, Restaurants & Leisure – (continued) | Hotels, Restaurants & Leisure – (continued) |
| 9052 | Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1816193 |
| 2082 | DoorDash, Inc., Class A\* | 401597 |
| 4055 | Flutter Entertainment PLC (United Kingdom)\* | 977215 |
| 1962 | McDonald's Corp. | 627153 |
|  |  | 6529876 |
| Household Durables – 0.7% | Household Durables – 0.7% | Household Durables – 0.7% |
| 14659 | Garmin Ltd. | 2739327 |
| 8544 | PulteGroup, Inc. | 876444 |
|  |  | 3615771 |
| Household Products – 2.4% | Household Products – 2.4% | Household Products – 2.4% |
| 1928 | Colgate-Palmolive Co. | 177742 |
| 73679 | Procter & Gamble Co. (The) | 11977995 |
|  |  | 12155737 |
| Industrial REITs – 1.1% | Industrial REITs – 1.1% | Industrial REITs – 1.1% |
| 49993 | Prologis, Inc. REIT | 5109285 |
| 8351 | Rexford Industrial Realty, Inc. REIT | 276418 |
|  |  | 5385703 |
| Insurance – 3.4% | Insurance – 3.4% | Insurance – 3.4% |
| 20802 | Loews Corp. | 1806238 |
| 16826 | Marsh & McLennan Cos., Inc. | 3793758 |
| 37802 | Principal Financial Group, Inc. | 2803018 |
| 25476 | Travelers Cos., Inc. (The) | 6728976 |
| 32181 | W R Berkley Corp. | 2307056 |
|  |  | 17439046 |
| Interactive Media & Services – 0.3% | Interactive Media & Services – 0.3% | Interactive Media & Services – 0.3% |
| 8446 | Alphabet, Inc., Class A | 1341225 |
| 9057 | Pinterest, Inc., Class A\* | 229323 |
|  |  | 1570548 |
| IT Services – 1.2% | IT Services – 1.2% | IT Services – 1.2% |
| 6838 | Accenture PLC, Class A (Ireland) | 2045588 |
| 7462 | Akamai Technologies, Inc.\* | 601288 |
| 3862 | Gartner, Inc.\* | 1626211 |
| 354 | GoDaddy, Inc., Class A\* | 66669 |
| 5544 | International Business Machines Corp. | 1340650 |
| 7080 | Twilio, Inc., Class A\* | 684707 |
|  |  | 6365113 |
| Leisure Products – 0.4% | Leisure Products – 0.4% | Leisure Products – 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119181 | Mattel, Inc.\* | 1893786 |
| Life Sciences Tools & Services – 1.8% | Life Sciences Tools & Services – 1.8% | Life Sciences Tools & Services – 1.8% |
| 1009 | Danaher Corp. | 201124 |
| 35455 | IQVIA Holdings, Inc.\* | 5498007 |
| 3139 | Mettler-Toledo International, Inc.\* | 3360519 |
|  |  | 9059650 |
| Machinery – 2.9% | Machinery – 2.9% | Machinery – 2.9% |
| 5711 | Caterpillar, Inc. | 1766241 |
| 1544 | Cummins, Inc. | 453689 |
| 11839 | PACCAR, Inc. | 1067996 |
| 10842 | Parker-Hannifin Corp. | 6560061 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 6 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Machinery – (continued) | Machinery – (continued) | Machinery – (continued) |
| 26431 | Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4882863 |
|  |  | 14730850 |
| Media – 0.6% | Media – 0.6% | Media – 0.6% |
| 3938 | Charter Communications, Inc., Class A\* | 1543145 |
| 54329 | News Corp., Class A | 1473402 |
|  |  | 3016547 |
| Metals & Mining – 0.1% | Metals & Mining – 0.1% | Metals & Mining – 0.1% |
| 6486 | ATI, Inc.\* | 352709 |
| Mortgage Real Estate Investment Trusts (REITs) – 0.4% | Mortgage Real Estate Investment Trusts (REITs) – 0.4% | Mortgage Real Estate Investment Trusts (REITs) – 0.4% |
| 86939 | AGNC Investment Corp. REIT | 767671 |
| 55128 | Annaly Capital Management, Inc. REIT | 1080509 |
|  |  | 1848180 |
| Multi-Utilities – 1.5% | Multi-Utilities – 1.5% | Multi-Utilities – 1.5% |
| 10852 | Ameren Corp. | 1076952 |
| 34141 | CMS Energy Corp. | 2514485 |
| 2293 | DTE Energy Co. | 314141 |
| 54269 | Sempra | 4030559 |
|  |  | 7936137 |
| Oil, Gas & Consumable Fuels – 5.0% | Oil, Gas & Consumable Fuels – 5.0% | Oil, Gas & Consumable Fuels – 5.0% |
| 41786 | Antero Midstream Corp. | 691558 |
| 84825 | Antero Resources Corp.\* | 2954455 |
| 31089 | Chevron Corp. | 4229969 |
| 13613 | ConocoPhillips | 1213191 |
| 46052 | Exxon Mobil Corp. | 4864473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253109 | Kinder Morgan, Inc. | 6656767 |
| 19106 | Marathon Petroleum Corp. | 2625355 |
| 7237 | Range Resources Corp. | 245551 |
| 40608 | Williams Cos., Inc. (The) | 2378411 |
|  |  | 25859730 |
| Passenger Airlines – 0.5% | Passenger Airlines – 0.5% | Passenger Airlines – 0.5% |
| 60342 | Alaska Air Group, Inc.\* | 2671340 |
| Pharmaceuticals – 3.0% | Pharmaceuticals – 3.0% | Pharmaceuticals – 3.0% |
| 127758 | Elanco Animal Health, Inc.\* | 1211146 |
| 49653 | Johnson & Johnson | 7761260 |
| 40678 | Pfizer, Inc. | 992950 |
| 35520 | Zoetis, Inc. | 5555328 |
|  |  | 15520684 |
| Professional Services – 1.4% | Professional Services – 1.4% | Professional Services – 1.4% |
| 456 | Broadridge Financial Solutions, Inc. | 110534 |
| 23901 | Equifax, Inc. | 6217367 |
| 9510 | Genpact Ltd. | 477972 |
| 7587 | Parsons Corp.\* | 507267 |
|  |  | 7313140 |
| Residential REITs – 0.1% | Residential REITs – 0.1% | Residential REITs – 0.1% |
| 6187 | Equity Residential REIT | 434699 |
| Retail REITs – 0.3% | Retail REITs – 0.3% | Retail REITs – 0.3% |
| 10154 | Simon Property Group, Inc. REIT | 1598037 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Semiconductors & Semiconductor Equipment – 2.2% | Semiconductors & Semiconductor Equipment – 2.2% | Semiconductors & Semiconductor Equipment – 2.2% |
| 1178 | Analog Devices, Inc. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229616 |
| 7875 | Broadcom, Inc. | 1515701 |
| 27578 | Marvell Technology, Inc. | 1609728 |
| 51215 | Texas Instruments, Inc. | 8196961 |
|  |  | 11552006 |
| Software – 1.0% | Software – 1.0% | Software – 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284577 | CCC Intelligent Solutions Holdings, Inc.\* | 2635183 |
| 70 | Fair Isaac Corp.\* | 139277 |
| 30919 | Informatica, Inc., Class A\* | 582205 |
| 3918 | MicroStrategy, Inc., Class A\* | 1489271 |
| 2481 | Zoom Communications, Inc., Class A\* | 192377 |
|  |  | 5038313 |
| Specialized REITs – 1.6% | Specialized REITs – 1.6% | Specialized REITs – 1.6% |
| 19739 | Digital Realty Trust, Inc. REIT | 3168899 |
| 2070 | Equinix, Inc. REIT | 1781753 |
| 9099 | Extra Space Storage, Inc. REIT | 1333185 |
| 4218 | Public Storage REIT | 1267214 |
| 33500 | Weyerhaeuser Co. REIT | 867985 |
|  |  | 8419036 |
| Specialty Retail – 2.7% | Specialty Retail – 2.7% | Specialty Retail – 2.7% |
| 13809 | Best Buy Co., Inc. | 920922 |
| 2648 | Carvana Co.\* | 647039 |
| 3716 | GameStop Corp., Class A\* | 103528 |
| 6328 | Home Depot, Inc. (The) | 2281181 |
| 5912 | Lithia Motors, Inc. | 1730797 |
| 17697 | Lowe's Cos., Inc. | 3956341 |
| 8404 | Penske Automotive Group, Inc. | 1308251 |
| 19274 | TJX Cos., Inc. (The) | 2480178 |
| 4439 | Williams-Sonoma, Inc. | 685692 |
|  |  | 14113929 |
| Technology Hardware, Storage & Peripherals – 0.7% | Technology Hardware, Storage & Peripherals – 0.7% | Technology Hardware, Storage & Peripherals – 0.7% |
| 15900 | Apple, Inc. | 3378750 |
| Textiles, Apparel & Luxury Goods – 0.5% | Textiles, Apparel & Luxury Goods – 0.5% | Textiles, Apparel & Luxury Goods – 0.5% |
| 47273 | Birkenstock Holding PLC (Germany)\* | 2431250 |
| Tobacco – 1.1% | Tobacco – 1.1% | Tobacco – 1.1% |
| 33525 | Philip Morris International, Inc. | 5744844 |
| Trading Companies & Distributors – 0.4% | Trading Companies & Distributors – 0.4% | Trading Companies & Distributors – 0.4% |
| 4483 | Watsco, Inc. | 2061463 |
| TOTAL COMMON STOCKS<br>(Cost $495,865,183) | TOTAL COMMON STOCKS<br>(Cost $495,865,183) | 509151397 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>7</sub>

------

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Dividend Rate** | **Value** |
| Investment Company – 0.0%<sup>(a)</sup> | Investment Company – 0.0%<sup>(a)</sup> | Investment Company – 0.0%<sup>(a)</sup> |
|  Goldman Sachs Financial Square Government<br>Fund – Institutional Shares | Goldman Sachs Financial Square Government<br>Fund – Institutional Shares | Goldman Sachs Financial Square Government<br>Fund – Institutional Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1194 | 4.248% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1194 |
| (Cost $1,194) | (Cost $1,194) | (Cost $1,194) |
| TOTAL INVESTMENTS – 99.0%<br>(Cost $495,866,377) | TOTAL INVESTMENTS – 99.0%<br>(Cost $495,866,377) | $509152591 |
|  **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 1.0%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 1.0%** | 5231000 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $514383591 |

---

---

| | |
|:---|:---|
| <br> The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | <br> 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:** | **Investment Abbreviations:** |
| PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Public Limited Company |
| REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Real Estate Investment Trust |

---

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2025, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized <br>Appreciation/ <br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  S&P 500 E-Mini Index | 12 | 06/20/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3352200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28948 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 8 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – 98.1% | Common Stocks – 98.1% | Common Stocks – 98.1% |
| Aerospace & Defense – 1.1% | Aerospace & Defense – 1.1% | Aerospace & Defense – 1.1% |
| 31777 | Cadre Holdings, Inc. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926299 |
| 43017 | Kratos Defense & Security Solutions, Inc.\* | 1453329 |
| 470 | Mercury Systems, Inc.\* | 23500 |
| 10929 | Park Aerospace Corp. | 142842 |
| 64940 | Rocket Lab USA, Inc.\*<sup>(a)</sup> | 1415043 |
| 9930 | V2X, Inc.\* | 494117 |
|  |  | 4455130 |
| Automobile Components – 0.7% | Automobile Components – 0.7% | Automobile Components – 0.7% |
| 64365 | Adient PLC\* | 814217 |
| 125283 | American Axle & Manufacturing Holdings, Inc.\* | 478581 |
| 27717 | Cooper-Standard Holdings, Inc.\* | 406609 |
| 9341 | Fox Factory Holding Corp.\* | 189716 |
| 75974 | Goodyear Tire & Rubber Co. (The)\* | 826597 |
| 32808 | Luminar Technologies, Inc.\*<sup>(a)</sup> | 128279 |
| 11866 | Stoneridge, Inc.\* | 45803 |
|  |  | 2889802 |
| Banks – 9.7% | Banks – 9.7% |  |
| 17201 | Amalgamated Financial Corp. | 484380 |
| 31095 | Ameris Bancorp | 1822167 |
| 12376 | BancFirst Corp. | 1458140 |
| 20812 | Bank of Hawaii Corp. | 1375881 |
| 47563 | BankUnited, Inc. | 1555786 |
| 1553 | Byline Bancorp, Inc. | 39664 |
| 67543 | Cadence Bank | 1976308 |
| 6775 | Capital City Bank Group, Inc. | 247559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222850 | Capitol Federal Financial, Inc. | 1263560 |
| 7125 | Central Pacific Financial Corp. | 183041 |
| 6122 | Community Trust Bancorp, Inc. | 299733 |
| 49882 | CVB Financial Corp. | 924812 |
| 27123 | Eastern Bankshares, Inc. | 404675 |
| 2227 | Equity Bancshares, Inc., Class A | 85717 |
| 951 | Esquire Financial Holdings, Inc. | 78857 |
| 1325 | FB Financial Corp. | 56392 |
| 6945 | First Bancorp, Inc. (The) | 169666 |
| 17559 | First BanCorp. (Puerto Rico) | 344859 |
| 5506 | First Busey Corp. | 114470 |
| 48142 | First Commonwealth Financial Corp. | 737535 |
| 55726 | First Financial Bankshares, Inc. | 1867378 |
| 4722 | First Internet Bancorp | 100390 |
| 7757 | First Merchants Corp. | 276460 |
| 7656 | Flushing Financial Corp. | 91642 |
| 21698 | Fulton Financial Corp. | 361923 |
| 37890 | Hancock Whitney Corp. | 1973690 |
| 37818 | Hanmi Financial Corp. | 864898 |
| 8196 | Hilltop Holdings, Inc. | 242028 |
| 3612 | Home Bancorp, Inc. | 181828 |
| 2460 | HomeTrust Bancshares, Inc. | 83984 |
| 2454 | Independent Bank Corp. | 74749 |
| 27730 | International Bancshares Corp. | 1692639 |
| 12694 | Kearny Financial Corp. | 79464 |
| 13467 | Live Oak Bancshares, Inc. | 352027 |
| 6385 | Metrocity Bankshares, Inc. | 176034 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| 18159 | Northeast Community Bancorp, Inc. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413299 |
| 1544 | Northrim BanCorp, Inc. |  | 123968 |
| 15438 | OFG Bancorp (Puerto Rico) |  | 607485 |
| 32254 | Old Second Bancorp, Inc. |  | 509291 |
| 1424 | Origin Bancorp, Inc. |  | 45625 |
| 4592 | Park National Corp. |  | 689259 |
| 22687 | PCB Bancorp |  | 444892 |
| 15581 | Provident Financial Services, Inc. |  | 255061 |
| 6799 | Red River Bancshares, Inc. |  | 358307 |
| 22356 | Renasant Corp. |  | 716957 |
| 4536 | Sierra Bancorp |  | 120023 |
| 1774 | SmartFinancial, Inc. |  | 53965 |
| 1605 | Southern First Bancshares, Inc.\* |  | 56994 |
| 23299 | Southside Bancshares, Inc. |  | 656799 |
| 15708 | SouthState Corp. |  | 1363140 |
| 7793 | Stock Yards Bancorp, Inc. |  | 567253 |
| 20473 | Texas Capital Bancshares, Inc.\* |  | 1395235 |
| 4325 | Timberland Bancorp, Inc. |  | 132951 |
| 39394 | TrustCo Bank Corp. |  | 1199547 |
| 35040 | Trustmark Corp. |  | 1175592 |
| 17139 | UMB Financial Corp. |  | 1620835 |
| 63306 | United Community Banks, Inc. |  | 1747879 |
| 8008 | Veritex Holdings, Inc. |  | 186426 |
| 2474 | Washington Trust Bancorp, Inc. |  | 68282 |
| 43504 | WesBanco, Inc. |  | 1295549 |
| 9270 | Westamerica BanCorp |  | 448946 |
|  |  |  | 38295896 |
| Beverages – 0.2% | Beverages – 0.2% | Beverages – 0.2% | Beverages – 0.2% |
| 22917 | Primo Brands Corp., Class A |  | 748698 |
| Biotechnology – 9.5% | Biotechnology – 9.5% | Biotechnology – 9.5% | Biotechnology – 9.5% |
| 133442 | ACADIA Pharmaceuticals, Inc.\* |  | 1948253 |
| 61302 | ADMA Biologics, Inc.\* |  | 1458988 |
| 8731 | Akero Therapeutics, Inc.\* |  | 398221 |
| 34938 | Altimmune, Inc.\*<sup>(a)</sup> |  | 183425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337266 | Amicus Therapeutics, Inc.\* |  | 2590203 |
| 30390 | Annexon, Inc.\* |  | 56525 |
| 734 | Arcellx, Inc.\* |  | 47673 |
| 52428 | Arcturus Therapeutics Holdings, Inc.\* |  | 671603 |
| 35986 | Arcus Biosciences, Inc.\* |  | 314877 |
| 10881 | ARS Pharmaceuticals, Inc.\* |  | 152008 |
| 96281 | Aurinia Pharmaceuticals, Inc. (Canada)\* |  | 793355 |
| 8984 | BioCryst Pharmaceuticals, Inc.\* |  | 79508 |
| 6422 | Biohaven Ltd.\* |  | 142055 |
| 33616 | Blueprint Medicines Corp.\* |  | 3008632 |
| 13694 | Bridgebio Pharma, Inc.\* |  | 525302 |
| 9340 | Candel Therapeutics, Inc.\* |  | 45859 |
| 49523 | CareDx, Inc.\* |  | 835948 |
| 113262 | Catalyst Pharmaceuticals, Inc.\* |  | 2751134 |
| 13236 | Celldex Therapeutics, Inc.\* |  | 275706 |
| 24546 | Cogent Biosciences, Inc.\* |  | 127885 |
| 3450 | Crinetics Pharmaceuticals, Inc.\* |  | 115196 |
| 22683 | Cytokinetics, Inc.\* |  | 971740 |
| 35064 | Denali Therapeutics, Inc.\* |  | 583816 |
| 50627 | Design Therapeutics, Inc.\* |  | 246047 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>9</sub>

------

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Biotechnology – (continued) | Biotechnology – (continued) | Biotechnology – (continued) | Biotechnology – (continued) |
| 56928 | Dyne Therapeutics, Inc.\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671181 |
| 32820 | Editas Medicine, Inc.\* |  | 54153 |
| 93920 | Heron Therapeutics, Inc.\*<sup>(a)</sup> |  | 227286 |
| 40113 | Insmed, Inc.\* |  | 2888136 |
| 104354 | Iovance Biotherapeutics, Inc.\* |  | 374631 |
| 8223 | iTeos Therapeutics, Inc.\* |  | 59617 |
| 6478 | Krystal Biotech, Inc.\* |  | 1100483 |
| 3750 | Madrigal Pharmaceuticals, Inc.\* |  | 1252162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115481 | MannKind Corp.\* |  | 582024 |
| 10714 | MeiraGTx Holdings PLC\* |  | 75962 |
| 98901 | Myriad Genetics, Inc.\* |  | 732856 |
| 11798 | Nurix Therapeutics, Inc.\* |  | 136031 |
| 2051 | Nuvalent, Inc., Class A\* |  | 157414 |
| 22029 | Olema Pharmaceuticals, Inc.\* |  | 113670 |
| 20863 | ORIC Pharmaceuticals, Inc.\* |  | 119128 |
| 9871 | Protagonist Therapeutics, Inc.\* |  | 452289 |
| 12764 | Prothena Corp. PLC (Ireland)\* |  | 117429 |
| 29829 | PTC Therapeutics, Inc.\* |  | 1486677 |
| 62544 | RAPT Therapeutics, Inc.\* |  | 57966 |
| 8637 | Recursion Pharmaceuticals, Inc.,<br>Class A\*<sup>(a)</sup> |  | 48281 |
| 170028 | Relay Therapeutics, Inc.\* |  | 566193 |
| 8882 | Replimune Group, Inc.\* |  | 86866 |
| 1521 | Rhythm Pharmaceuticals, Inc.\* |  | 99154 |
| 20241 | Rocket Pharmaceuticals, Inc.\* |  | 154439 |
| 8607 | Solid Biosciences, Inc.\* |  | 28489 |
| 11261 | SpringWorks Therapeutics, Inc.\* |  | 521384 |
| 9244 | Spyre Therapeutics, Inc.\* |  | 140786 |
| 253635 | Sutro Biopharma, Inc.\* |  | 266317 |
| 41863 | TG Therapeutics, Inc.\* |  | 1905185 |
| 3470 | Travere Therapeutics, Inc.\* |  | 72211 |
| 29827 | Twist Bioscience Corp.\* |  | 1142971 |
| 36059 | Vanda Pharmaceuticals, Inc.\* |  | 162626 |
| 19947 | Vaxcyte, Inc.\* |  | 714900 |
| 55249 | Veracyte, Inc.\* |  | 1685094 |
| 15936 | Vericel Corp.\* |  | 605887 |
| 43037 | Verve Therapeutics, Inc.\* |  | 244020 |
|  |  |  | 37427857 |
| Building Products – 0.9% | Building Products – 0.9% | Building Products – 0.9% | Building Products – 0.9% |
| 34719 | Griffon Corp. |  | 2364711 |
| 14061 | Tecnoglass, Inc. |  | 1002128 |
|  |  |  | 3366839 |
| Capital Markets – 1.3% | Capital Markets – 1.3% | Capital Markets – 1.3% | Capital Markets – 1.3% |
| 270023 | BGC Group, Inc., Class A |  | 2446408 |
| 1537 | Diamond Hill Investment Group, Inc. |  | 193631 |
| 131174 | DigitalBridge Group, Inc. |  | 1101861 |
| 58204 | Open Lending Corp.\* |  | 72173 |
| 16648 | StepStone Group, Inc., Class A |  | 832567 |
| 61443 | WisdomTree, Inc. |  | 534554 |
|  |  |  | 5181194 |
| Chemicals – 1.0% | Chemicals – 1.0% | Chemicals – 1.0% | Chemicals – 1.0% |
| 182493 | Aspen Aerogels, Inc.\* |  | 985462 |
| 6339 | Hawkins, Inc. |  | 771964 |
| 3094 | Ingevity Corp.\* |  | 102040 |
| 2963 | Innospec, Inc. |  | 265129 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Chemicals – (continued) | Chemicals – (continued) | Chemicals – (continued) |
| 8529 | Minerals Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440011 |
| 7359 | Quaker Chemical Corp. | 779613 |
| 5911 | Stepan Co. | 298860 |
| 58281 | Tronox Holdings PLC | 315300 |
|  |  | 3958379 |
| Commercial Services & Supplies – 1.3% | Commercial Services & Supplies – 1.3% | Commercial Services & Supplies – 1.3% |
| 9697 | ACCO Brands Corp. | 37431 |
| 44834 | Deluxe Corp. | 654576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190462 | Healthcare Services Group, Inc.\* | 2706465 |
| 68883 | Montrose Environmental Group, Inc.\* | 1007758 |
| 28613 | OPENLANE, Inc.\* | 529627 |
| 4562 | Pitney Bowes, Inc. | 39598 |
|  |  | 4975455 |
| Communications Equipment – 0.8% | Communications Equipment – 0.8% | Communications Equipment – 0.8% |
| 158921 | CommScope Holding Co., Inc.\* | 594365 |
| 117823 | NetScout Systems, Inc.\* | 2476639 |
| 16450 | Viasat, Inc.\* | 152492 |
|  |  | 3223496 |
| Construction & Engineering – 2.8% | Construction & Engineering – 2.8% | Construction & Engineering – 2.8% |
| 2823 | Bowman Consulting Group Ltd.\* | 62445 |
| 4141 | Construction Partners, Inc., Class A\* | 340142 |
| 46131 | Fluor Corp.\* | 1609510 |
| 18709 | Great Lakes Dredge & Dock Corp.\* | 170065 |
| 9384 | IES Holdings, Inc.\* | 1845645 |
| 15945 | Limbach Holdings, Inc.\* | 1526574 |
| 27626 | Matrix Service Co.\* | 320462 |
| 2307 | MYR Group, Inc.\* | 282192 |
| 33240 | Primoris Services Corp. | 1993403 |
| 12429 | Sterling Infrastructure, Inc.\* | 1857265 |
| 29817 | Tutor Perini Corp.\* | 639873 |
|  |  | 10647576 |
| Construction Materials – 0.6% | Construction Materials – 0.6% | Construction Materials – 0.6% |
| 3473 | Knife River Corp.\* | 324309 |
| 23041 | United States Lime & Minerals, Inc. | 2154564 |
|  |  | 2478873 |
| Consumer Finance – 2.0% | Consumer Finance – 2.0% | Consumer Finance – 2.0% |
| 31181 | Encore Capital Group, Inc.\* | 1072626 |
| 18268 | Enova International, Inc.\* | 1676820 |
| 20789 | FirstCash Holdings, Inc. | 2784895 |
| 6379 | Navient Corp. | 78972 |
| 18743 | Regional Management Corp. | 617207 |
| 26808 | Upstart Holdings, Inc.\* | 1281422 |
| 1971 | World Acceptance Corp.\* | 254496 |
|  |  | 7766438 |
| Consumer Staples Distribution & Retail – 0.9% | Consumer Staples Distribution & Retail – 0.9% | Consumer Staples Distribution & Retail – 0.9% |
| 21008 | Sprouts Farmers Market, Inc.\* | 3592368 |
| Containers & Packaging – 0.1% | Containers & Packaging – 0.1% | Containers & Packaging – 0.1% |
| 42905 | O-I Glass, Inc.\* | 543177 |
| Diversified Consumer Services – 1.4% | Diversified Consumer Services – 1.4% | Diversified Consumer Services – 1.4% |
| 28182 | Adtalem Global Education, Inc.\* | 2992928 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 10 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Diversified Consumer Services – (continued) | Diversified Consumer Services – (continued) | Diversified Consumer Services – (continued) | Diversified Consumer Services – (continued) |
| 112130 | Coursera, Inc.\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;944135 |
| 201047 | European Wax Center, Inc., Class A\* |  | 627267 |
| 14444 | Laureate Education, Inc.\* |  | 289891 |
| 36367 | Mister Car Wash, Inc.\* |  | 249478 |
| 35813 | Udemy, Inc.\* |  | 246035 |
|  |  |  | 5349734 |
| Diversified REITs – 1.1% | Diversified REITs – 1.1% | Diversified REITs – 1.1% | Diversified REITs – 1.1% |
| 60851 | American Assets Trust, Inc. REIT |  | 1139739 |
| 96364 | Armada Hoffler Properties, Inc. REIT |  | 652384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308342 | Empire State Realty Trust, Inc., Class A REIT |  | 2195395 |
|  |  |  | 3987518 |
| Diversified Telecommunication Services – 0.3% | Diversified Telecommunication Services – 0.3% | Diversified Telecommunication Services – 0.3% | Diversified Telecommunication Services – 0.3% |
| 14647 | AST SpaceMobile, Inc.\*<sup>(a)</sup> |  | 339957 |
| 2350 | ATN International, Inc. |  | 41571 |
| 51973 | Bandwidth, Inc., Class A\* |  | 645505 |
| 44005 | Lumen Technologies, Inc.\* |  | 155778 |
|  |  |  | 1182811 |
| Electrical Equipment – 1.8% | Electrical Equipment – 1.8% | Electrical Equipment – 1.8% | Electrical Equipment – 1.8% |
| 35004 | American Superconductor Corp.\* |  | 694829 |
| 67686 | Blink Charging Co.\*<sup>(a)</sup> |  | 49553 |
| 59780 | Bloom Energy Corp., Class A\* |  | 1095170 |
| 97655 | ChargePoint Holdings, Inc.\* |  | 60820 |
| 80699 | GrafTech International Ltd.\* |  | 51082 |
| 56380 | NEXTracker, Inc., Class A\* |  | 2289592 |
| 9197 | NuScale Power Corp.\* |  | 152394 |
| 33960 | Plug Power, Inc.\*<sup>(a)</sup> |  | 29634 |
| 8986 | Powell Industries, Inc. |  | 1645426 |
| 12246 | Shoals Technologies Group, Inc., Class A\* |  | 44208 |
| 41109 | Thermon Group Holdings, Inc.\* |  | 1078289 |
|  |  |  | 7190997 |
| Electronic Equipment, Instruments & Components – 2.8% | Electronic Equipment, Instruments & Components – 2.8% | Electronic Equipment, Instruments & Components – 2.8% | Electronic Equipment, Instruments & Components – 2.8% |
| 124122 | Arlo Technologies, Inc.\* |  | 1220119 |
| 13451 | Badger Meter, Inc. |  | 2970250 |
| 12494 | Fabrinet (Thailand)\* |  | 2562020 |
| 1484 | FARO Technologies, Inc.\* |  | 43644 |
| 13063 | Insight Enterprises, Inc.\* |  | 1806352 |
| 7500 | Itron, Inc.\* |  | 834675 |
| 12760 | Knowles Corp.\* |  | 200842 |
| 21376 | Napco Security Technologies, Inc. |  | 488442 |
| 36058 | nLight, Inc.\* |  | 278007 |
| 10578 | Ouster, Inc.\* |  | 78594 |
| 6736 | Richardson Electronics Ltd. |  | 58334 |
| 28916 | Vishay Intertechnology, Inc. |  | 375619 |
| 3690 | Vishay Precision Group, Inc.\* |  | 92029 |
|  |  |  | 11008927 |
| Energy Equipment & Services – 1.6% | Energy Equipment & Services – 1.6% | Energy Equipment & Services – 1.6% | Energy Equipment & Services – 1.6% |
| 38314 | Archrock, Inc. |  | 901529 |
| 39743 | Borr Drilling Ltd. (Mexico)\* |  | 67563 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Energy Equipment & Services – (continued) | Energy Equipment & Services – (continued) | Energy Equipment & Services – (continued) | Energy Equipment & Services – (continued) |
| 17665 | Cactus, Inc., Class A | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107028 | Expro Group Holdings NV\* |  | 885122 |
| 30434 | Kodiak Gas Services, Inc. |  | 1035060 |
| 36308 | Noble Corp. PLC |  | 789336 |
| 88217 | Oceaneering International, Inc.\* |  | 1565852 |
| 17161 | Oil States International, Inc.\* |  | 60235 |
| 8654 | Tidewater, Inc.\* |  | 313188 |
| 45562 | Transocean Ltd.\* |  | 97047 |
|  |  |  | 6385142 |
| Entertainment – 0.3% | Entertainment – 0.3% | Entertainment – 0.3% | Entertainment – 0.3% |
| 92411 | AMC Entertainment Holdings, Inc., Class A\*<sup>(a)</sup> |  | 246737 |
| 18943 | Madison Square Garden Entertainment Corp.\* |  | 614511 |
|  |  |  | 861248 |
| Financial Services – 3.2% | Financial Services – 3.2% | Financial Services – 3.2% | Financial Services – 3.2% |
| 4852 | Alerus Financial Corp. |  | 96458 |
| 21388 | AvidXchange Holdings, Inc.\* |  | 173885 |
| 66958 | Banco Latinoamericano de Comercio Exterior SA, Class E (Panama) |  | 2564491 |
| 50727 | Burford Capital Ltd. |  | 688873 |
| 45931 | Enact Holdings, Inc. |  | 1643870 |
| 26924 | Jackson Financial, Inc., Class A |  | 2097649 |
| 27218 | Merchants Bancorp |  | 818717 |
| 7360 | Mr Cooper Group, Inc.\* |  | 875914 |
| 25686 | NCR Atleos Corp.\* |  | 717153 |
| 23221 | NMI Holdings, Inc., Class A\* |  | 839904 |
| 91924 | Pagseguro Digital Ltd., Class A (Brazil)\* |  | 921998 |
| 73420 | Remitly Global, Inc.\* |  | 1484552 |
| 15801 | Velocity Financial, Inc.\* |  | 282364 |
|  |  |  | 13205828 |
| Food Products – 1.1% | Food Products – 1.1% | Food Products – 1.1% | Food Products – 1.1% |
| 74037 | BRC, Inc., Class A\* |  | 168804 |
| 28098 | Cal-Maine Foods, Inc. |  | 2623510 |
| 4232 | J & J Snack Foods Corp. |  | 548425 |
| 5911 | Lancaster Colony Corp. |  | 962193 |
|  |  |  | 4302932 |
| Gas Utilities – 0.4% | Gas Utilities – 0.4% | Gas Utilities – 0.4% | Gas Utilities – 0.4% |
| 21925 | ONE Gas, Inc. |  | 1721332 |
| Ground Transportation – 0.3% | Ground Transportation – 0.3% | Ground Transportation – 0.3% | Ground Transportation – 0.3% |
| 48217 | Werner Enterprises, Inc. |  | 1189031 |
| Health Care Equipment & Supplies – 2.3% | Health Care Equipment & Supplies – 2.3% | Health Care Equipment & Supplies – 2.3% | Health Care Equipment & Supplies – 2.3% |
| 74358 | AtriCure, Inc.\* |  | 2224048 |
| 6301 | Avanos Medical, Inc.\* |  | 79078 |
| 161269 | Cerus Corp.\* |  | 212875 |
| 48458 | Embecta Corp. |  | 590703 |
| 8412 | Glaukos Corp.\* |  | 792831 |
| 21234 | Inmode Ltd.\* |  | 299399 |
| 3738 | Inogen, Inc.\* |  | 26652 |
| 20432 | Integra LifeSciences Holdings Corp.\* |  | 334880 |
| 22955 | iRadimed Corp. |  | 1203072 |
| 12464 | iRhythm Technologies, Inc.\* |  | 1332277 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>11</sub>

------

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Health Care Equipment & Supplies – (continued) | Health Care Equipment & Supplies – (continued) | Health Care Equipment & Supplies – (continued) | Health Care Equipment & Supplies – (continued) |
| 1671 | LeMaitre Vascular, Inc. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151626 |
| 4338 | LivaNova PLC\* |  | 160506 |
| 5519 | Orthofix Medical, Inc.\* |  | 76769 |
| 12921 | PROCEPT BioRobotics Corp.\* |  | 697476 |
| 6403 | Pulmonx Corp.\* |  | 30926 |
| 1865 | RxSight, Inc.\* |  | 27453 |
| 1920 | Semler Scientific, Inc.\*<sup>(a)</sup> |  | 62074 |
| 26745 | Tandem Diabetes Care, Inc.\* |  | 450653 |
| 1636 | TransMedics Group, Inc.\* |  | 150528 |
| 13495 | Treace Medical Concepts, Inc.\* |  | 95545 |
|  |  |  | 8999371 |
| Health Care Providers & Services – 2.7% | Health Care Providers & Services – 2.7% | Health Care Providers & Services – 2.7% | Health Care Providers & Services – 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166212 | agilon health, Inc.\* |  | 708063 |
| 36289 | Alignment Healthcare, Inc.\* |  | 643041 |
| 126123 | Ardent Health Partners, Inc.\* |  | 1605546 |
| 11047 | CorVel Corp.\* |  | 1201472 |
| 91743 | Enhabit, Inc.\* |  | 733027 |
| 21459 | Hims & Hers Health, Inc.\* |  | 710293 |
| 64778 | Joint Corp. (The)\* |  | 648428 |
| 267129 | LifeStance Health Group, Inc.\* |  | 1755037 |
| 2859 | National Research Corp. |  | 32478 |
| 2836 | Option Care Health, Inc.\* |  | 91631 |
| 21990 | PACS Group, Inc.\* |  | 211764 |
| 26280 | Pennant Group, Inc. (The)\* |  | 673294 |
| 46269 | Privia Health Group, Inc.\* |  | 1086396 |
| 81075 | Viemed Healthcare, Inc.\* |  | 573200 |
|  |  |  | 10673670 |
| Health Care REITs – 1.5% | Health Care REITs – 1.5% | Health Care REITs – 1.5% | Health Care REITs – 1.5% |
| 74270 | CareTrust REIT, Inc. REIT |  | 2173883 |
| 13304 | Community Healthcare Trust, Inc. REIT |  | 227232 |
| 93767 | Global Medical REIT, Inc. REIT |  | 725757 |
| 122573 | Sabra Health Care REIT, Inc. REIT |  | 2187928 |
| 14530 | Universal Health Realty Income Trust REIT |  | 555191 |
|  |  |  | 5869991 |
| Health Care Technology – 0.8% | Health Care Technology – 0.8% | Health Care Technology – 0.8% | Health Care Technology – 0.8% |
| 33059 | Health Catalyst, Inc.\* |  | 130583 |
| 22595 | Phreesia, Inc.\* |  | 563971 |
| 66939 | Waystar Holding Corp.\* |  | 2488123 |
|  |  |  | 3182677 |
| Hotel & Resort REITs – 1.3% | Hotel & Resort REITs – 1.3% | Hotel & Resort REITs – 1.3% | Hotel & Resort REITs – 1.3% |
| 122151 | Apple Hospitality REIT, Inc. REIT |  | 1437717 |
| 182012 | Chatham Lodging Trust REIT |  | 1250422 |
| 21287 | Pebblebrook Hotel Trust REIT |  | 192647 |
| 263972 | RLJ Lodging Trust REIT |  | 1850444 |
| 149950 | Service Properties Trust REIT |  | 269910 |
| 17791 | Summit Hotel Properties, Inc. REIT |  | 72409 |
| 4033 | Sunstone Hotel Investors, Inc. REIT |  | 33635 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Hotel & Resort REITs – (continued) | Hotel & Resort REITs – (continued) | Hotel & Resort REITs – (continued) | Hotel & Resort REITs – (continued) |
| 16293 | Xenia Hotels & Resorts, Inc. REIT | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174009 |
|  |  |  | 5281193 |
| Hotels, Restaurants & Leisure – 2.7% | Hotels, Restaurants & Leisure – 2.7% | Hotels, Restaurants & Leisure – 2.7% | Hotels, Restaurants & Leisure – 2.7% |
| 33167 | BJ's Restaurants, Inc.\* |  | 1104129 |
| 6195 | Brinker International, Inc.\* |  | 831989 |
| 49690 | Dine Brands Global, Inc. |  | 989328 |
| 7091 | Hilton Grand Vacations, Inc.\* |  | 238470 |
| 141773 | International Game Technology PLC |  | 2325077 |
| 27407 | Life Time Group Holdings, Inc.\* |  | 840299 |
| 34845 | Portillo's, Inc., Class A\* |  | 360297 |
| 6983 | Potbelly Corp.\* |  | 56562 |
| 20895 | RCI Hospitality Holdings, Inc. |  | 829114 |
| 36539 | Red Rock Resorts, Inc., Class A |  | 1560215 |
| 8348 | Shake Shack, Inc., Class A\* |  | 732454 |
| 32880 | Sweetgreen, Inc., Class A\* |  | 640502 |
|  |  |  | 10508436 |
| Household Durables – 1.4% | Household Durables – 1.4% | Household Durables – 1.4% | Household Durables – 1.4% |
| 18969 | Beazer Homes USA, Inc.\* |  | 371034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117177 | GoPro, Inc., Class A\* |  | 67494 |
| 21245 | Green Brick Partners, Inc.\* |  | 1253242 |
| 29220 | LGI Homes, Inc.\* |  | 1595704 |
| 18221 | M/I Homes, Inc.\* |  | 1943816 |
| 6083 | Meritage Homes Corp. |  | 414496 |
|  |  |  | 5645786 |
| Household Products – 0.2% | Household Products – 0.2% | Household Products – 0.2% | Household Products – 0.2% |
| 16371 | Central Garden & Pet Co., Class A\* |  | 484090 |
| 7987 | Energizer Holdings, Inc. |  | 215969 |
|  |  |  | 700059 |
| Independent Power and Renewable Electricity Producers – 0.0% | Independent Power and Renewable Electricity Producers – 0.0% | Independent Power and Renewable Electricity Producers – 0.0% | Independent Power and Renewable Electricity Producers – 0.0% |
| 2057 | Ormat Technologies, Inc. |  | 149338 |
| Industrial REITs – 0.6% | Industrial REITs – 0.6% | Industrial REITs – 0.6% | Industrial REITs – 0.6% |
| 314405 | LXP Industrial Trust REIT |  | 2480656 |
| Insurance – 1.6% | Insurance – 1.6% |  |  |
| 33947 | Ambac Financial Group, Inc.\* |  | 270897 |
| 22072 | AMERISAFE, Inc. |  | 1026127 |
| 46941 | Fidelis Insurance Holdings Ltd. (United Kingdom) |  | 767485 |
| 5031 | Goosehead Insurance, Inc., Class A |  | 489064 |
| 1510 | Horace Mann Educators Corp. |  | 62726 |
| 25666 | Lemonade, Inc.\* |  | 749961 |
| 56325 | Oscar Health, Inc., Class A\* |  | 732788 |
| 7384 | Selective Insurance Group, Inc. |  | 644106 |
| 65191 | Universal Insurance Holdings, Inc. |  | 1580230 |
|  |  |  | 6323384 |
| Interactive Media & Services – 0.8% | Interactive Media & Services – 0.8% | Interactive Media & Services – 0.8% | Interactive Media & Services – 0.8% |
| 155509 | Bumble, Inc., Class A\* |  | 656248 |
| 40230 | MediaAlpha, Inc., Class A\* |  | 337932 |
| 19523 | QuinStreet, Inc.\* |  | 342043 |
| 301371 | Vimeo, Inc.\* |  | 1518910 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 12 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Interactive Media & Services – (continued) | Interactive Media & Services – (continued) | Interactive Media & Services – (continued) | Interactive Media & Services – (continued) |
| 7156 | Ziff Davis, Inc.\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211317 |
|  |  |  | 3066450 |
| IT Services – 0.4% | IT Services – 0.4% | IT Services – 0.4% | IT Services – 0.4% |
| 68206 | BigCommerce Holdings, Inc., Series 1\* |  | 353307 |
| 12020 | DigitalOcean Holdings, Inc.\* |  | 371418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140828 | Fastly, Inc., Class A\* |  | 809761 |
|  |  |  | 1534486 |
| Leisure Products – 0.9% | Leisure Products – 0.9% | Leisure Products – 0.9% | Leisure Products – 0.9% |
| 2977 | JAKKS Pacific, Inc. |  | 57426 |
| 9211 | Latham Group, Inc.\* |  | 50338 |
| 103236 | Peloton Interactive, Inc., Class A\* |  | 711296 |
| 109777 | Smith & Wesson Brands, Inc. |  | 1046175 |
| 224718 | Topgolf Callaway Brands Corp.\* |  | 1485386 |
|  |  |  | 3350621 |
| Life Sciences Tools & Services – 0.5% | Life Sciences Tools & Services – 0.5% | Life Sciences Tools & Services – 0.5% | Life Sciences Tools & Services – 0.5% |
| 163550 | Adaptive Biotechnologies Corp.\* |  | 1203728 |
| 7427 | BioLife Solutions, Inc.\* |  | 179065 |
| 95907 | Cytek Biosciences, Inc.\* |  | 355815 |
| 10005 | Niagen Bioscience, Inc.\* |  | 78539 |
|  |  |  | 1817147 |
| Machinery – 3.3% | Machinery – 3.3% | Machinery – 3.3% | Machinery – 3.3% |
| 1412 | Astec Industries, Inc. |  | 51157 |
| 1372 | Blue Bird Corp.\* |  | 47841 |
| 6937 | Chart Industries, Inc.\* |  | 936356 |
| 15395 | Federal Signal Corp. |  | 1253615 |
| 45211 | Hillman Solutions Corp.\* |  | 316025 |
| 22223 | JBT Marel Corp. |  | 2339193 |
| 20591 | Kennametal, Inc. |  | 401113 |
| 13853 | Manitowoc Co., Inc. (The)\* |  | 109162 |
| 10394 | Mayville Engineering Co., Inc.\* |  | 132835 |
| 21206 | Miller Industries, Inc. |  | 865417 |
| 46145 | Mueller Industries, Inc. |  | 3394426 |
| 8250 | Omega Flex, Inc. |  | 247170 |
| 6231 | Shyft Group, Inc. (The) |  | 52714 |
| 3235 | Standex International Corp. |  | 457494 |
| 7957 | Watts Water Technologies, Inc., Class A |  | 1653067 |
| 13451 | Worthington Enterprises, Inc. |  | 681024 |
|  |  |  | 12938609 |
| Marine Transportation – 0.4% | Marine Transportation – 0.4% | Marine Transportation – 0.4% | Marine Transportation – 0.4% |
| 18177 | Costamare, Inc. (Monaco) |  | 169591 |
| 63644 | Golden Ocean Group Ltd. (Norway) |  | 491332 |
| 1292 | Matson, Inc. |  | 140944 |
| 24062 | Pangaea Logistics Solutions Ltd. |  | 96970 |
| 236300 | Safe Bulkers, Inc. (Monaco) |  | 801057 |
|  |  |  | 1699894 |
| Media – 0.5% | Media – 0.5% |  |  |
| 20049 | Entravision Communications Corp., Class A |  | 36690 |
| 154643 | EW Scripps Co. (The), Class A\* |  | 310832 |
| 41230 | Gannett Co., Inc.\* |  | 131936 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Media – (continued) | Media – (continued) | Media – (continued) | Media – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292863 | Gray Media, Inc. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981091 |
| 24985 | Thryv Holdings, Inc.\* |  | 342294 |
| 24435 | Townsquare Media, Inc., Class A |  | 161760 |
|  |  |  | 1964603 |
| Metals & Mining – 1.1% | Metals & Mining – 1.1% | Metals & Mining – 1.1% | Metals & Mining – 1.1% |
| 19511 | Carpenter Technology Corp. |  | 3816547 |
| 21448 | Coeur Mining, Inc.\* |  | 119036 |
| 8991 | Olympic Steel, Inc. |  | 289960 |
| 10868 | Worthington Steel, Inc. |  | 278873 |
|  |  |  | 4504416 |
| Mortgage Real Estate Investment Trusts (REITs) – 0.8% | Mortgage Real Estate Investment Trusts (REITs) – 0.8% | Mortgage Real Estate Investment Trusts (REITs) – 0.8% | Mortgage Real Estate Investment Trusts (REITs) – 0.8% |
| 25233 | Angel Oak Mortgage REIT, Inc. REIT |  | 238452 |
| 12709 | Arbor Realty Trust, Inc. REIT |  | 146535 |
| 97861 | BrightSpire Capital, Inc. REIT |  | 490283 |
| 33291 | Ladder Capital Corp. REIT |  | 347558 |
| 22818 | MFA Financial, Inc. REIT |  | 224073 |
| 20008 | New York Mortgage Trust, Inc. REIT |  | 117447 |
| 65610 | Orchid Island Capital, Inc. REIT |  | 469111 |
| 163395 | TPG RE Finance Trust, Inc. REIT |  | 1248338 |
|  |  |  | 3281797 |
| Multi-Utilities – 0.8% | Multi-Utilities – 0.8% | Multi-Utilities – 0.8% | Multi-Utilities – 0.8% |
| 50372 | Black Hills Corp. |  | 3067655 |
| Oil, Gas & Consumable Fuels – 2.6% | Oil, Gas & Consumable Fuels – 2.6% | Oil, Gas & Consumable Fuels – 2.6% | Oil, Gas & Consumable Fuels – 2.6% |
| 10829 | California Resources Corp. |  | 373709 |
| 27121 | CVR Energy, Inc. |  | 511502 |
| 45046 | Delek US Holdings, Inc. |  | 586499 |
| 105412 | Diversified Energy Co. PLC |  | 1308163 |
| 21538 | Excelerate Energy, Inc., Class A |  | 550942 |
| 24606 | Golar LNG Ltd. (Cameroon) |  | 1045878 |
| 2871 | Magnolia Oil & Gas Corp., Class A |  | 58942 |
| 65390 | Murphy Oil Corp. |  | 1342457 |
| 416160 | Nordic American Tankers Ltd. |  | 1065369 |
| 46390 | Northern Oil & Gas, Inc. |  | 1127277 |
| 4212 | PBF Energy, Inc., Class A |  | 72362 |
| 42454 | Scorpio Tankers, Inc. (Monaco) |  | 1600091 |
| 48487 | SFL Corp. Ltd. (Norway) |  | 398563 |
| 52411 | VAALCO Energy, Inc. |  | 171384 |
|  |  |  | 10213138 |
| Paper & Forest Products – 0.0% | Paper & Forest Products – 0.0% | Paper & Forest Products – 0.0% | Paper & Forest Products – 0.0% |
| 2168 | Sylvamo Corp. |  | 129256 |
| Passenger Airlines – 0.5% | Passenger Airlines – 0.5% | Passenger Airlines – 0.5% | Passenger Airlines – 0.5% |
| 35579 | Frontier Group Holdings, Inc.\* |  | 106025 |
| 24138 | SkyWest, Inc.\* |  | 2152386 |
|  |  |  | 2258411 |
| Personal Care Products – 0.4% | Personal Care Products – 0.4% | Personal Care Products – 0.4% | Personal Care Products – 0.4% |
| 218736 | Herbalife Ltd.\* |  | 1574899 |
| 13327 | Nu Skin Enterprises, Inc., Class A |  | 84360 |
|  |  |  | 1659259 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>13</sub>

------

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Pharmaceuticals – 2.2% | Pharmaceuticals – 2.2% | Pharmaceuticals – 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198321 | Amneal Pharmaceuticals, Inc.\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1519139 |
| 63093 | Amphastar Pharmaceuticals, Inc.\* | 1540100 |
| 12255 | Axsome Therapeutics, Inc.\* | 1376114 |
| 6740 | Collegium Pharmaceutical, Inc.\* | 181946 |
| 6376 | Corcept Therapeutics, Inc.\* | 458307 |
| 896 | Ligand Pharmaceuticals, Inc.\* | 98435 |
| 10415 | Phathom Pharmaceuticals, Inc.\* | 44680 |
| 36160 | Phibro Animal Health Corp., Class A | 672938 |
| 282 | Prestige Consumer Healthcare, Inc.\* | 22907 |
| 6975 | SIGA Technologies, Inc. | 38502 |
| 60703 | Supernus Pharmaceuticals, Inc.\* | 1971634 |
| 188825 | Xeris Biopharma Holdings, Inc.\* | 862930 |
|  |  | 8787632 |
| Professional Services – 2.5% | Professional Services – 2.5% | Professional Services – 2.5% |
| 448193 | Alight, Inc., Class A | 2290266 |
| 169826 | Conduent, Inc.\* | 358333 |
| 70702 | ExlService Holdings, Inc.\* | 3427633 |
| 36955 | Franklin Covey Co.\* | 750556 |
| 4596 | Huron Consulting Group, Inc.\* | 619495 |
| 410 | ICF International, Inc. | 34834 |
| 15698 | Innodata, Inc.\* | 593698 |
| 16081 | Legalzoom.com, Inc.\* | 117713 |
| 12653 | NV5 Global, Inc.\* | 234713 |
| 52600 | Planet Labs PBC\* | 173054 |
| 14232 | TriNet Group, Inc. | 1114793 |
| 20383 | Upwork, Inc.\* | 268036 |
| 1189 | Verra Mobility Corp.\* | 25920 |
|  |  | 10009044 |
| Real Estate Management & Development – 0.1% | Real Estate Management & Development – 0.1% | Real Estate Management & Development – 0.1% |
| 11147 | Compass, Inc., Class A\* | 86055 |
| 40433 | Kennedy-Wilson Holdings, Inc. | 258771 |
| 5665 | St Joe Co. (The) | 239743 |
|  |  | 584569 |
| Residential REITs – 0.8% | Residential REITs – 0.8% | Residential REITs – 0.8% |
| 3974 | Elme Communities REIT | 61875 |
| 61867 | NexPoint Residential Trust, Inc. REIT | 2306402 |
| 63731 | Veris Residential, Inc. REIT | 989105 |
|  |  | 3357382 |
| Retail REITs – 0.7% | Retail REITs – 0.7% | Retail REITs – 0.7% |
| 27692 | Kite Realty Group Trust REIT | 599532 |
| 17484 | Macerich Co. (The) REIT | 256316 |
| 38651 | Phillips Edison & Co., Inc. REIT | 1341190 |
| 6464 | Saul Centers, Inc. REIT | 211373 |
| 12373 | Tanger, Inc. REIT | 389873 |
|  |  | 2798284 |
| Semiconductors & Semiconductor Equipment – 1.8% | Semiconductors & Semiconductor Equipment – 1.8% | Semiconductors & Semiconductor Equipment – 1.8% |
| 54884 | ACM Research, Inc., Class A\* | 1068591 |
| 25053 | Ambarella, Inc.\* | 1202293 |
| 11762 | CEVA, Inc.\* | 308282 |
| 26235 | Credo Technology Group Holding Ltd.\* | 1129417 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Semiconductors & Semiconductor Equipment – (continued) | Semiconductors & Semiconductor Equipment – (continued) | Semiconductors & Semiconductor Equipment – (continued) | Semiconductors & Semiconductor Equipment – (continued) |
| 993 | Diodes, Inc.\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38131 |
| 3114 | Ichor Holdings Ltd.\* |  | 61595 |
| 9243 | Impinj, Inc.\* |  | 851558 |
| 2563 | Kulicke & Soffa Industries, Inc. (Singapore) |  | 82606 |
| 11542 | MaxLinear, Inc.\* |  | 115305 |
| 19379 | Power Integrations, Inc. |  | 951896 |
| 7427 | Rambus, Inc.\* |  | 362363 |
| 7948 | Rigetti Computing, Inc.\*<sup>(a)</sup> |  | 70499 |
| 24903 | Semtech Corp.\* |  | 778219 |
| 1690 | SiTime Corp.\* |  | 248193 |
|  |  |  | 7268948 |
| Software – 7.1% | Software – 7.1% |  |  |
| 16718 | ACI Worldwide, Inc.\* |  | 892072 |
| 43628 | Alarm.com Holdings, Inc.\* |  | 2338461 |
| 88763 | Alkami Technology, Inc.\* |  | 2369084 |
| 37440 | Asana, Inc., Class A\* |  | 604282 |
| 10253 | AudioEye, Inc.\* |  | 111245 |
| 9526 | BlackLine, Inc.\* |  | 449913 |
| 21416 | Cleanspark, Inc.\*<sup>(a)</sup> |  | 174969 |
| 28759 | Clear Secure, Inc., Class A |  | 709772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118795 | Clearwater Analytics Holdings, Inc., Class A\* |  | 2701398 |
| 20636 | Commvault Systems, Inc.\* |  | 3448895 |
| 47444 | Consensus Cloud Solutions, Inc.\* |  | 942238 |
| 49868 | D-Wave Quantum, Inc. (Canada)\*<sup>(a)</sup> |  | 344588 |
| 127036 | Freshworks, Inc., Class A\* |  | 1876322 |
| 40949 | MARA Holdings, Inc.\*<sup>(a)</sup> |  | 547488 |
| 106874 | Olo, Inc., Class A\* |  | 662619 |
| 26745 | PagerDuty, Inc.\* |  | 414815 |
| 5157 | PROS Holdings, Inc.\* |  | 88081 |
| 22185 | Q2 Holdings, Inc.\* |  | 1758161 |
| 3909 | Red Violet, Inc. |  | 152686 |
| 22426 | Riot Platforms, Inc.\* |  | 162364 |
| 78094 | Sapiens International Corp. NV (Israel) |  | 2138995 |
| 30802 | SoundHound AI, Inc., Class A\*<sup>(a)</sup> |  | 286151 |
| 15436 | Sprout Social, Inc., Class A\* |  | 322767 |
| 1516 | SPS Commerce, Inc.\* |  | 217561 |
| 22830 | Varonis Systems, Inc.\* |  | 978037 |
| 100770 | Verint Systems, Inc.\* |  | 1777583 |
| 5118 | Weave Communications, Inc.\* |  | 54251 |
| 18146 | Workiva, Inc.\* |  | 1365849 |
| 11882 | Zeta Global Holdings Corp., Class A\* |  | 155179 |
|  |  |  | 28045826 |
| Specialized REITs – 0.3% | Specialized REITs – 0.3% | Specialized REITs – 0.3% | Specialized REITs – 0.3% |
| 15285 | Gladstone Land Corp. REIT |  | 151780 |
| 232268 | Uniti Group, Inc. REIT |  | 1142759 |
|  |  |  | 1294539 |
| Specialty Retail – 2.7% | Specialty Retail – 2.7% | Specialty Retail – 2.7% | Specialty Retail – 2.7% |
| 13841 | America's Car-Mart, Inc.\* |  | 656340 |
| 7089 | Asbury Automotive Group, Inc.\* |  | 1546394 |
| 17273 | Boot Barn Holdings, Inc.\* |  | 1802265 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 14 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Specialty Retail – (continued) | Specialty Retail – (continued) | Specialty Retail – (continued) | Specialty Retail – (continued) |
| 30035 | Camping World Holdings, Inc., Class A | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153245 | EVgo, Inc.\* |  | 422956 |
| 53072 | Haverty Furniture Cos., Inc. |  | 963788 |
| 41638 | Monro, Inc. |  | 580434 |
| 54545 | RealReal, Inc. (The)\* |  | 316361 |
| 5861 | Shoe Carnival, Inc. |  | 101864 |
| 25609 | Sonic Automotive, Inc., Class A |  | 1554979 |
| 22194 | Stitch Fix, Inc., Class A\* |  | 72574 |
| 12805 | Victoria's Secret & Co.\* |  | 240734 |
| 91251 | Warby Parker, Inc., Class A\* |  | 1506554 |
| 58799 | Zumiez, Inc.\* |  | 687948 |
|  |  |  | 10815413 |
| Technology Hardware, Storage & Peripherals – 0.2% | Technology Hardware, Storage & Peripherals – 0.2% | Technology Hardware, Storage & Peripherals – 0.2% | Technology Hardware, Storage & Peripherals – 0.2% |
| 3843 | Corsair Gaming, Inc.\* |  | 27208 |
| 2011 | CPI Card Group, Inc.\* |  | 52568 |
| 49399 | Turtle Beach Corp.\* |  | 570558 |
|  |  |  | 650334 |
| Textiles, Apparel & Luxury Goods – 0.3% | Textiles, Apparel & Luxury Goods – 0.3% | Textiles, Apparel & Luxury Goods – 0.3% | Textiles, Apparel & Luxury Goods – 0.3% |
| 71336 | Movado Group, Inc. |  | 990857 |
| Tobacco – 0.3% | Tobacco – 0.3% |  |  |
| 18294 | Universal Corp. |  | 1065991 |
| Trading Companies & Distributors – 2.0% | Trading Companies & Distributors – 2.0% | Trading Companies & Distributors – 2.0% | Trading Companies & Distributors – 2.0% |
| 63311 | Custom Truck One Source, Inc.\* |  | 255143 |
| 80980 | DNOW, Inc.\* |  | 1285153 |
| 9392 | DXP Enterprises, Inc.\* |  | 830816 |
| 32402 | FTAI Aviation Ltd. |  | 3470578 |
| 14738 | Herc Holdings, Inc. |  | 1612927 |
| 15011 | Xometry, Inc., Class A\* |  | 384882 |
|  |  |  | 7839499 |
| Water Utilities – 1.0% | Water Utilities – 1.0% | Water Utilities – 1.0% | Water Utilities – 1.0% |
| 23956 | American States Water Co. |  | 1943071 |
| 9967 | California Water Service Group |  | 504829 |
| 29626 | Consolidated Water Co. Ltd. |  | 688508 |
| 9660 | Middlesex Water Co. |  | 609739 |
| 3667 | SJW Group |  | 208066 |
|  |  |  | 3954213 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |
| Wireless Telecommunication Services – 0.8% | Wireless Telecommunication Services – 0.8% |  |
| 70660 | Spok Holdings, Inc. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013264 |
| 55852 | Telephone and Data Systems, Inc. | 2093892 |
|  |  | 3107156 |
| TOTAL COMMON STOCKS<br>(Cost $394,670,708) | TOTAL COMMON STOCKS<br>(Cost $394,670,708) | 387806668 |
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 0.1%<sup>(b)</sup> | Investment Company – 0.1%<sup>(b)</sup> |  |
| Goldman Sachs Financial Square Government<br>Fund - Institutional Shares | Goldman Sachs Financial Square Government<br>Fund - Institutional Shares | Goldman Sachs Financial Square Government<br>Fund - Institutional Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256897 | 4.248% | 256897 |
| (Cost $256,897) | (Cost $256,897) |  |
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $394,927,605) | TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $394,927,605) | 388063565 |
| Securities Lending Reinvestment Vehicle – 1.0%<sup>(b)</sup> | Securities Lending Reinvestment Vehicle – 1.0%<sup>(b)</sup> | Securities Lending Reinvestment Vehicle – 1.0%<sup>(b)</sup> |
| Goldman Sachs Financial Square Government<br>Fund - Institutional Shares | Goldman Sachs Financial Square Government<br>Fund - Institutional Shares | Goldman Sachs Financial Square Government<br>Fund - Institutional Shares |
| 4003738 | 4.248% | 4003738 |
| (Cost $4,003,738) | (Cost $4,003,738) |  |
| TOTAL INVESTMENTS – 99.2%<br>(Cost $398,931,343) | TOTAL INVESTMENTS – 99.2%<br>(Cost $398,931,343) | $392067303 |
| **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 0.8%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 0.8%** | 2989537 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $395056840 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | 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) | All or a portion of security is on loan. |
| (b) | Represents an affiliated issuer. |

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Public Limited Company |
| REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Real Estate Investment Trust |

---

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2025, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized <br>Appreciation/ <br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  Russell 2000 E-Mini Index | 56 | 06/20/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5515440 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469188 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **15** |

---

------

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – 99.3% | Common Stocks – 99.3% | Common Stocks – 99.3% |
| Aerospace & Defense – 1.6% | Aerospace & Defense – 1.6% | Aerospace & Defense – 1.6% |
| 1938 | AeroVironment, Inc.\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293646 |
| 22724 | Cadre Holdings, Inc. | 662405 |
| 1319 | Kratos Defense & Security Solutions, Inc.\* | 44562 |
| 41246 | Rocket Lab USA, Inc.\*<sup>(a)</sup> | 898750 |
|  |  | 1899363 |
| Automobile Components – 0.8% | Automobile Components – 0.8% | Automobile Components – 0.8% |
| 1626 | Cooper-Standard Holdings, Inc.\* | 23853 |
| 3075 | Dorman Products, Inc.\* | 348397 |
| 2417 | LCI Industries | 186302 |
| 4957 | Luminar Technologies, Inc.\*<sup>(a)</sup> | 19382 |
| 5035 | Visteon Corp.\* | 398722 |
|  |  | 976656 |
| Banks – 1.1% | Banks – 1.1% |  |
| 302 | Bancorp, Inc. (The)\* | 14590 |
| 1191 | Esquire Financial Holdings, Inc. | 98758 |
| 23156 | First Financial Bankshares, Inc. | 775957 |
| 357 | Red River Bancshares, Inc. | 18814 |
| 542 | Southern First Bancshares, Inc.\* | 19246 |
| 11978 | United Community Banks, Inc. | 330713 |
|  |  | 1258078 |
| Beverages – 0.1% | Beverages – 0.1% | Beverages – 0.1% |
| 1922 | National Beverage Corp. | 85337 |
| Biotechnology – 13.8% | Biotechnology – 13.8% | Biotechnology – 13.8% |
| 47817 | ACADIA Pharmaceuticals, Inc.\* | 698128 |
| 34077 | ADMA Biologics, Inc.\* | 811033 |
| 7313 | Alector, Inc.\* | 8776 |
| 7844 | Alkermes PLC\* | 225672 |
| 5338 | Altimmune, Inc.\*<sup>(a)</sup> | 28024 |
| 18078 | ALX Oncology Holdings, Inc.\* | 9762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114283 | Amicus Therapeutics, Inc.\* | 877693 |
| 2273 | Apogee Therapeutics, Inc.\* | 89215 |
| 3815 | Arcellx, Inc.\* | 247784 |
| 20024 | Arcturus Therapeutics Holdings, Inc.\* | 256507 |
| 21383 | Arcus Biosciences, Inc.\* | 187101 |
| 2991 | Arcutis Biotherapeutics, Inc.\* | 44596 |
| 1811 | ARS Pharmaceuticals, Inc.\* | 25300 |
| 13752 | Astria Therapeutics, Inc.\* | 70960 |
| 33825 | Aurinia Pharmaceuticals, Inc. (Canada)\* | 278718 |
| 23235 | BioCryst Pharmaceuticals, Inc.\* | 205630 |
| 9546 | Biohaven Ltd.\* | 211158 |
| 13816 | Blueprint Medicines Corp.\* | 1236532 |
| 2624 | Bridgebio Pharma, Inc.\* | 100657 |
| 3119 | Candel Therapeutics, Inc.\* | 15314 |
| 43419 | Catalyst Pharmaceuticals, Inc.\* | 1054647 |
| 7625 | Celldex Therapeutics, Inc.\* | 158829 |
| 20731 | Cogent Biosciences, Inc.\* | 108008 |
| 9362 | Crinetics Pharmaceuticals, Inc.\* | 312597 |
| 12156 | Cullinan Therapeutics, Inc.\* | 100652 |
| 3950 | Denali Therapeutics, Inc.\* | 65767 |
| 13167 | Dyne Therapeutics, Inc.\* | 155239 |
| 5631 | Halozyme Therapeutics, Inc.\* | 345856 |
| 7512 | Ideaya Biosciences, Inc.\* | 151217 |
| 1831 | Immunovant, Inc.\* | 29571 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Biotechnology – (continued) | Biotechnology – (continued) | Biotechnology – (continued) | Biotechnology – (continued) |
| 19067 | Insmed, Inc.\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1372824 |
| 40403 | Iovance Biotherapeutics, Inc.\* |  | 145047 |
| 12061 | Keros Therapeutics, Inc.\* |  | 174161 |
| 4043 | Krystal Biotech, Inc.\* |  | 686825 |
| 12622 | Larimar Therapeutics, Inc.\* |  | 33448 |
| 2043 | Madrigal Pharmaceuticals, Inc.\* |  | 682178 |
| 43008 | MannKind Corp.\* |  | 216760 |
| 4733 | MeiraGTx Holdings PLC\* |  | 33557 |
| 340 | Mirum Pharmaceuticals, Inc.\* |  | 14773 |
| 6679 | Myriad Genetics, Inc.\* |  | 49491 |
| 3248 | Nuvalent, Inc., Class A\* |  | 249284 |
| 28227 | Prime Medicine, Inc.\*<sup>(a)</sup> |  | 48833 |
| 6335 | Protagonist Therapeutics, Inc.\* |  | 290270 |
| 10996 | PTC Therapeutics, Inc.\* |  | 548041 |
| 15126 | Recursion Pharmaceuticals, Inc.,<br>Class A\*<sup>(a)</sup> |  | 84554 |
| 4162 | Rhythm Pharmaceuticals, Inc.\* |  | 271321 |
| 866 | Rigel Pharmaceuticals, Inc.\* |  | 16939 |
| 10501 | Rocket Pharmaceuticals, Inc.\* |  | 80123 |
| 2565 | Scholar Rock Holding Corp.\* |  | 84414 |
| 4016 | Sera Prognostics, Inc., Class A\* |  | 11807 |
| 10044 | SpringWorks Therapeutics, Inc.\* |  | 465037 |
| 4764 | Summit Therapeutics, Inc.\* |  | 114908 |
| 19501 | Sutro Biopharma, Inc.\* |  | 20476 |
| 24052 | TG Therapeutics, Inc.\* |  | 1094607 |
| 14857 | Twist Bioscience Corp.\* |  | 569320 |
| 12869 | Vaxcyte, Inc.\* |  | 461225 |
| 1962 | Vera Therapeutics, Inc.\* |  | 45852 |
| 11789 | Vericel Corp.\* |  | 448218 |
|  |  |  | 16425236 |
| Building Products – 1.3% | Building Products – 1.3% | Building Products – 1.3% | Building Products – 1.3% |
| 13407 | Griffon Corp. |  | 913151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32912 | Janus International Group, Inc.\* |  | 226434 |
| 6195 | Tecnoglass, Inc. |  | 441518 |
|  |  |  | 1581103 |
| Capital Markets – 2.0% | Capital Markets – 2.0% | Capital Markets – 2.0% | Capital Markets – 2.0% |
| 10543 | Artisan Partners Asset Management, Inc., Class A |  | 389880 |
| 1828 | Diamond Hill Investment Group, Inc. |  | 230291 |
| 23111 | DigitalBridge Group, Inc. |  | 194132 |
| 9103 | Moelis & Co., Class A |  | 487739 |
| 9081 | StepStone Group, Inc., Class A |  | 454141 |
| 73634 | WisdomTree, Inc. |  | 640616 |
|  |  |  | 2396799 |
| Chemicals – 1.3% | Chemicals – 1.3% | Chemicals – 1.3% | Chemicals – 1.3% |
| 19013 | Aspen Aerogels, Inc.\* |  | 102670 |
| 2850 | Hawkins, Inc. |  | 347073 |
| 8160 | Ingevity Corp.\* |  | 269117 |
| 2921 | Innospec, Inc. |  | 261371 |
| 5281 | Quaker Chemical Corp. |  | 559469 |
|  |  |  | 1539700 |
| Commercial Services & Supplies – 1.5% | Commercial Services & Supplies – 1.5% | Commercial Services & Supplies – 1.5% | Commercial Services & Supplies – 1.5% |
| 7573 | ACV Auctions, Inc., Class A\* |  | 111247 |
| 977 | Brink's Co. (The) |  | 87188 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 16 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Commercial Services & Supplies – (continued) | Commercial Services & Supplies – (continued) | Commercial Services & Supplies – (continued) | Commercial Services & Supplies – (continued) |
| 5638 | Casella Waste Systems, Inc., Class A\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662183 |
| 16756 | Driven Brands Holdings, Inc.\* |  | 276809 |
| 13244 | Healthcare Services Group, Inc.\* |  | 188197 |
| 4086 | Liquidity Services, Inc.\* |  | 129853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27097 | Montrose Environmental Group, Inc.\* |  | 396429 |
|  |  |  | 1851906 |
| Communications Equipment – 0.2% | Communications Equipment – 0.2% | Communications Equipment – 0.2% | Communications Equipment – 0.2% |
| 11932 | Harmonic, Inc.\* |  | 107150 |
| 3568 | NetScout Systems, Inc.\* |  | 74999 |
|  |  |  | 182149 |
| Construction & Engineering – 3.6% | Construction & Engineering – 3.6% | Construction & Engineering – 3.6% | Construction & Engineering – 3.6% |
| 982 | Bowman Consulting Group Ltd.\* |  | 21722 |
| 1367 | Construction Partners, Inc., Class A\* |  | 112285 |
| 1333 | Dycom Industries, Inc.\* |  | 223344 |
| 18431 | Fluor Corp.\* |  | 643057 |
| 3363 | IES Holdings, Inc.\* |  | 661435 |
| 3986 | Limbach Holdings, Inc.\* |  | 381620 |
| 2378 | MYR Group, Inc.\* |  | 290877 |
| 15845 | Primoris Services Corp. |  | 950225 |
| 7127 | Sterling Infrastructure, Inc.\* |  | 1064988 |
|  |  |  | 4349553 |
| Construction Materials – 0.9% | Construction Materials – 0.9% | Construction Materials – 0.9% | Construction Materials – 0.9% |
| 2953 | Knife River Corp.\* |  | 275751 |
| 7987 | United States Lime & Minerals, Inc. |  | 746864 |
|  |  |  | 1022615 |
| Consumer Finance – 2.0% | Consumer Finance – 2.0% | Consumer Finance – 2.0% | Consumer Finance – 2.0% |
| 9521 | FirstCash Holdings, Inc. |  | 1275433 |
| 10778 | Regional Management Corp. |  | 354920 |
| 12667 | Upstart Holdings, Inc.\* |  | 605483 |
| 812 | World Acceptance Corp.\* |  | 104845 |
|  |  |  | 2340681 |
| Consumer Staples Distribution & Retail – 1.7% | Consumer Staples Distribution & Retail – 1.7% | Consumer Staples Distribution & Retail – 1.7% | Consumer Staples Distribution & Retail – 1.7% |
| 11786 | Sprouts Farmers Market, Inc.\* |  | 2015406 |
| Diversified Consumer Services – 1.8% | Diversified Consumer Services – 1.8% | Diversified Consumer Services – 1.8% | Diversified Consumer Services – 1.8% |
| 3693 | Adtalem Global Education, Inc.\* |  | 392197 |
| 60367 | Coursera, Inc.\* |  | 508290 |
| 90077 | European Wax Center, Inc., Class A\* |  | 281040 |
| 17039 | Laureate Education, Inc.\* |  | 341973 |
| 26160 | Mister Car Wash, Inc.\* |  | 179457 |
| 726 | OneSpaWorld Holdings Ltd. (Bahamas) |  | 12124 |
| 1096 | Stride, Inc.\* |  | 155906 |
| 46101 | Udemy, Inc.\* |  | 316714 |
|  |  |  | 2187701 |
| Diversified REITs – 0.0% | Diversified REITs – 0.0% | Diversified REITs – 0.0% | Diversified REITs – 0.0% |
| 2516 | American Assets Trust, Inc. REIT |  | 47125 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Diversified Telecommunication Services – 0.5% | Diversified Telecommunication Services – 0.5% | Diversified Telecommunication Services – 0.5% |
| 20932 | Bandwidth, Inc., Class A\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259976 |
| 6409 | Cogent Communications Holdings, Inc. | 348329 |
|  |  | 608305 |
| Electrical Equipment – 2.3% | Electrical Equipment – 2.3% | Electrical Equipment – 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19528 | American Superconductor Corp.\* | 387631 |
| 4702 | Atkore, Inc. | 300317 |
| 28612 | Bloom Energy Corp., Class A\* | 524172 |
| 7755 | Enovix Corp.\*<sup>(a)</sup> | 51958 |
| 10362 | GrafTech International Ltd.\* | 6559 |
| 17628 | NEXTracker, Inc., Class A\* | 715873 |
| 6729 | NuScale Power Corp.\*<sup>(a)</sup> | 111500 |
| 3040 | Powell Industries, Inc. | 556654 |
| 25306 | Shoals Technologies Group, Inc., Class A\* | 91355 |
|  |  | 2746019 |
| Electronic Equipment, Instruments & Components – 4.0% | Electronic Equipment, Instruments & Components – 4.0% | Electronic Equipment, Instruments & Components – 4.0% |
| 51089 | Arlo Technologies, Inc.\* | 502205 |
| 6035 | Badger Meter, Inc. | 1332649 |
| 5172 | Fabrinet (Thailand)\* | 1060570 |
| 6889 | Insight Enterprises, Inc.\* | 952611 |
| 4710 | Itron, Inc.\* | 524176 |
| 15818 | Napco Security Technologies, Inc. | 361441 |
|  |  | 4733652 |
| Energy Equipment & Services – 1.9% | Energy Equipment & Services – 1.9% | Energy Equipment & Services – 1.9% |
| 28456 | Archrock, Inc. | 669569 |
| 12988 | Cactus, Inc., Class A | 492765 |
| 10566 | Noble Corp. PLC | 229705 |
| 35469 | Oceaneering International, Inc.\* | 629575 |
| 8249 | Tidewater, Inc.\* | 298531 |
|  |  | 2320145 |
| Entertainment – 0.1% | Entertainment – 0.1% | Entertainment – 0.1% |
| 8719 | AMC Entertainment Holdings, Inc., Class A\*<sup>(a)</sup> | 23280 |
| 5339 | IMAX Corp.\* | 129898 |
|  |  | 153178 |
| Financial Services – 1.6% | Financial Services – 1.6% | Financial Services – 1.6% |
| 27772 | AvidXchange Holdings, Inc.\* | 225786 |
| 14411 | Cantaloupe, Inc.\* | 115288 |
| 8505 | EVERTEC, Inc. (Puerto Rico) | 288660 |
| 8136 | Marqeta, Inc., Class A\* | 34008 |
| 6296 | NCR Atleos Corp.\* | 175784 |
| 28525 | Pagseguro Digital Ltd., Class A (Brazil)\* | 286106 |
| 19332 | Paysign, Inc.\* | 46397 |
| 37609 | Remitly Global, Inc.\* | 760454 |
| 568 | Velocity Financial, Inc.\* | 10150 |
|  |  | 1942633 |
| Food Products – 1.6% | Food Products – 1.6% | Food Products – 1.6% |
| 37890 | BRC, Inc., Class A\* | 86389 |
| 6383 | J & J Snack Foods Corp. | 827173 |
| 922 | John B Sanfilippo & Son, Inc. | 61101 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **17** |

---

------

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Food Products – (continued) | Food Products – (continued) | Food Products – (continued) | Food Products – (continued) |
| 5481 | Lancaster Colony Corp. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892197 |
|  |  |  | 1866860 |
| Health Care Equipment & Supplies – 3.7% | Health Care Equipment & Supplies – 3.7% | Health Care Equipment & Supplies – 3.7% | Health Care Equipment & Supplies – 3.7% |
| 25088 | AtriCure, Inc.\* |  | 750382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136113 | Cerus Corp.\* |  | 179669 |
| 3293 | CONMED Corp. |  | 161719 |
| 4486 | Glaukos Corp.\* |  | 422805 |
| 4806 | Haemonetics Corp.\* |  | 302874 |
| 11031 | iRadimed Corp. |  | 578135 |
| 5375 | iRhythm Technologies, Inc.\* |  | 574534 |
| 1377 | LeMaitre Vascular, Inc. |  | 124949 |
| 1964 | Novocure Ltd.\* |  | 35627 |
| 7937 | PROCEPT BioRobotics Corp.\* |  | 428439 |
| 8849 | Pulmonx Corp.\* |  | 42741 |
| 10553 | RxSight, Inc.\* |  | 155340 |
| 10921 | Tandem Diabetes Care, Inc.\* |  | 184019 |
| 2847 | TransMedics Group, Inc.\* |  | 261952 |
| 5432 | Treace Medical Concepts, Inc.\* |  | 38459 |
| 989 | UFP Technologies, Inc.\* |  | 206246 |
|  |  |  | 4447890 |
| Health Care Providers & Services – 4.0% | Health Care Providers & Services – 4.0% | Health Care Providers & Services – 4.0% | Health Care Providers & Services – 4.0% |
| 71964 | agilon health, Inc.\* |  | 306567 |
| 15405 | Alignment Healthcare, Inc.\* |  | 272977 |
| 45894 | Ardent Health Partners, Inc.\* |  | 584231 |
| 15018 | Aveanna Healthcare Holdings, Inc.\* |  | 69233 |
| 3628 | Brookdale Senior Living, Inc.\* |  | 23800 |
| 8473 | CorVel Corp.\* |  | 921523 |
| 64 | Ensign Group, Inc. (The) |  | 8255 |
| 1849 | HealthEquity, Inc.\* |  | 158496 |
| 13908 | Hims & Hers Health, Inc.\* |  | 460355 |
| 4419 | InfuSystem Holdings, Inc.\* |  | 20858 |
| 17584 | Joint Corp. (The)\* |  | 176016 |
| 56509 | LifeStance Health Group, Inc.\* |  | 371264 |
| 13682 | National Research Corp. |  | 155428 |
| 10718 | PACS Group, Inc.\* |  | 103214 |
| 17057 | Pennant Group, Inc. (The)\* |  | 437000 |
| 15269 | Privia Health Group, Inc.\* |  | 358516 |
| 659 | US Physical Therapy, Inc. |  | 46861 |
| 39814 | Viemed Healthcare, Inc.\* |  | 281485 |
|  |  |  | 4756079 |
| Health Care REITs – 0.1% | Health Care REITs – 0.1% | Health Care REITs – 0.1% | Health Care REITs – 0.1% |
| 2628 | Universal Health Realty Income Trust REIT |  | 100416 |
| Health Care Technology – 0.8% | Health Care Technology – 0.8% | Health Care Technology – 0.8% | Health Care Technology – 0.8% |
| 14966 | Phreesia, Inc.\* |  | 373551 |
| 14226 | Waystar Holding Corp.\* |  | 528781 |
|  |  |  | 902332 |
| Hotel & Resort REITs – 0.4% | Hotel & Resort REITs – 0.4% | Hotel & Resort REITs – 0.4% | Hotel & Resort REITs – 0.4% |
| 6194 | Chatham Lodging Trust REIT |  | 42553 |
| 29342 | RLJ Lodging Trust REIT |  | 205687 |
| 3008 | Ryman Hospitality Properties, Inc. REIT |  | 264554 |
|  |  |  | 512794 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Hotels, Restaurants & Leisure – 3.3% | Hotels, Restaurants & Leisure – 3.3% | Hotels, Restaurants & Leisure – 3.3% |
| 3927 | BJ's Restaurants, Inc.\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130730 |
| 5788 | Brinker International, Inc.\* | 777328 |
| 5682 | Dine Brands Global, Inc. | 113129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14337 | Hilton Grand Vacations, Inc.\* | 482153 |
| 40292 | International Game Technology PLC | 660789 |
| 2849 | Jack in the Box, Inc. | 74188 |
| 1012 | Nathan's Famous, Inc. | 98923 |
| 14875 | ONE Group Hospitality, Inc. (The)\* | 44774 |
| 31718 | Portillo's, Inc., Class A\*<sup>(a)</sup> | 327964 |
| 16482 | Potbelly Corp.\* | 133504 |
| 2734 | RCI Hospitality Holdings, Inc. | 108485 |
| 2084 | Red Rock Resorts, Inc., Class A | 88987 |
| 4018 | Shake Shack, Inc., Class A\* | 352539 |
| 23562 | Super Group SGHC Ltd. (Guernsey) | 191324 |
| 17029 | Sweetgreen, Inc., Class A\* | 331725 |
|  |  | 3916542 |
| Household Durables – 0.9% | Household Durables – 0.9% | Household Durables – 0.9% |
| 1776 | Dream Finders Homes, Inc., Class A\* | 40244 |
| 5390 | Green Brick Partners, Inc.\* | 317956 |
| 4375 | Installed Building Products, Inc. | 725506 |
| 758 | LGI Homes, Inc.\* | 41395 |
|  |  | 1125101 |
| Household Products – 0.3% | Household Products – 0.3% | Household Products – 0.3% |
| 12789 | Energizer Holdings, Inc. | 345814 |
| Insurance – 1.6% | Insurance – 1.6% |  |
| 6975 | Crawford & Co., Class A | 77562 |
| 4121 | Goosehead Insurance, Inc., Class A | 400603 |
| 91 | HCI Group, Inc. | 13313 |
| 10113 | Lemonade, Inc.\* | 295502 |
| 20112 | Oscar Health, Inc., Class A\* | 261657 |
| 2399 | Palomar Holdings, Inc.\* | 347903 |
| 6491 | Selective Insurance Group, Inc. | 566210 |
|  |  | 1962750 |
| Interactive Media & Services – 0.4% | Interactive Media & Services – 0.4% | Interactive Media & Services – 0.4% |
| 14861 | Bumble, Inc., Class A\* | 62714 |
| 1193 | Grindr, Inc. (Singapore)\* | 26210 |
| 15061 | MediaAlpha, Inc., Class A\* | 126512 |
| 11978 | QuinStreet, Inc.\* | 209855 |
| 21076 | Vimeo, Inc.\* | 106223 |
|  |  | 531514 |
| IT Services – 0.7% | IT Services – 0.7% | IT Services – 0.7% |
| 7888 | Backblaze, Inc., Class A\* | 34707 |
| 42605 | BigCommerce Holdings, Inc., Series 1\* | 220694 |
| 5919 | DigitalOcean Holdings, Inc.\* | 182897 |
| 62341 | Fastly, Inc., Class A\* | 358461 |
| 1988 | Tucows, Inc., Class A\* | 32325 |
|  |  | 829084 |
| Leisure Products – 0.6% | Leisure Products – 0.6% | Leisure Products – 0.6% |
| 807 | Acushnet Holdings Corp. | 53439 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 18 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Leisure Products – (continued) | Leisure Products – (continued) | Leisure Products – (continued) | Leisure Products – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87658 | Peloton Interactive, Inc., Class A\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603964 |
| 5477 | Smith & Wesson Brands, Inc. |  | 52196 |
| 8130 | Topgolf Callaway Brands Corp.\* |  | 53739 |
|  |  |  | 763338 |
| Life Sciences Tools & Services – 0.3% | Life Sciences Tools & Services – 0.3% | Life Sciences Tools & Services – 0.3% | Life Sciences Tools & Services – 0.3% |
| 7307 | BioLife Solutions, Inc.\* |  | 176172 |
| 3918 | CryoPort, Inc.\* |  | 21862 |
| 22606 | Niagen Bioscience, Inc.\* |  | 177457 |
|  |  |  | 375491 |
| Machinery – 4.9% | Machinery – 4.9% | Machinery – 4.9% | Machinery – 4.9% |
| 2711 | Blue Bird Corp.\* |  | 94533 |
| 4786 | Chart Industries, Inc.\* |  | 646014 |
| 10388 | Federal Signal Corp. |  | 845895 |
| 817 | Franklin Electric Co., Inc. |  | 69412 |
| 8528 | Gorman-Rupp Co. (The) |  | 305814 |
| 18972 | Mueller Industries, Inc. |  | 1395581 |
| 5647 | Omega Flex, Inc. |  | 169184 |
| 2800 | SPX Technologies, Inc.\* |  | 375620 |
| 290 | Standex International Corp. |  | 41012 |
| 9363 | Trinity Industries, Inc. |  | 235011 |
| 6056 | Watts Water Technologies, Inc., Class A |  | 1258134 |
| 5785 | Worthington Enterprises, Inc. |  | 292895 |
|  |  |  | 5729105 |
| Marine Transportation – 0.1% | Marine Transportation – 0.1% | Marine Transportation – 0.1% | Marine Transportation – 0.1% |
| 22113 | Himalaya Shipping Ltd. (Bermuda)\*<sup>(a)</sup> |  | 115430 |
| 11372 | Safe Bulkers, Inc. (Monaco) |  | 38551 |
|  |  |  | 153981 |
| Media – 0.5% | Media – 0.5% |  |  |
| 39358 | Entravision Communications Corp., Class A |  | 72025 |
| 36716 | Gray Media, Inc. |  | 122999 |
| 10757 | Thryv Holdings, Inc.\* |  | 147371 |
| 38634 | Townsquare Media, Inc., Class A |  | 255757 |
|  |  |  | 598152 |
| Metals & Mining – 1.3% | Metals & Mining – 1.3% | Metals & Mining – 1.3% | Metals & Mining – 1.3% |
| 7481 | Carpenter Technology Corp. |  | 1463358 |
| 11042 | Constellium SE\* |  | 111635 |
|  |  |  | 1574993 |
| Mortgage Real Estate Investment Trusts (REITs) – 0.0% | Mortgage Real Estate Investment Trusts (REITs) – 0.0% | Mortgage Real Estate Investment Trusts (REITs) – 0.0% | Mortgage Real Estate Investment Trusts (REITs) – 0.0% |
| 1920 | Angel Oak Mortgage REIT, Inc. REIT |  | 18144 |
| Oil, Gas & Consumable Fuels – 0.5% | Oil, Gas & Consumable Fuels – 0.5% | Oil, Gas & Consumable Fuels – 0.5% | Oil, Gas & Consumable Fuels – 0.5% |
| 10195 | CVR Energy, Inc. |  | 192278 |
| 51552 | Kosmos Energy Ltd. (Ghana)\* |  | 79390 |
| 13482 | Magnolia Oil & Gas Corp., Class A |  | 276785 |
| 3818 | Sable Offshore Corp.\* |  | 71244 |
| 258 | Scorpio Tankers, Inc. (Monaco) |  | 9724 |
|  |  |  | 629421 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Passenger Airlines – 0.1% | Passenger Airlines – 0.1% | Passenger Airlines – 0.1% |
| 17344 | Frontier Group Holdings, Inc.\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51685 |
| 23390 | Joby Aviation, Inc.\* | 147357 |
|  |  | 199042 |
| Personal Care Products – 0.4% | Personal Care Products – 0.4% | Personal Care Products – 0.4% |
| 68290 | Herbalife Ltd.\* | 491688 |
| Pharmaceuticals – 2.6% | Pharmaceuticals – 2.6% | Pharmaceuticals – 2.6% |
| 79286 | Amneal Pharmaceuticals, Inc.\* | 607331 |
| 28272 | Amphastar Pharmaceuticals, Inc.\* | 690120 |
| 2187 | Avadel Pharmaceuticals PLC\* | 19442 |
| 6496 | Axsome Therapeutics, Inc.\* | 729436 |
| 11702 | Collegium Pharmaceutical, Inc.\* | 315895 |
| 4201 | Corcept Therapeutics, Inc.\* | 301968 |
| 10448 | Evolus, Inc.\* | 119107 |
| 67700 | Xeris Biopharma Holdings, Inc.\* | 309389 |
|  |  | 3092688 |
| Professional Services – 4.3% | Professional Services – 4.3% | Professional Services – 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101786 | Alight, Inc., Class A | 520126 |
| 2308 | CSG Systems International, Inc. | 138780 |
| 30766 | ExlService Holdings, Inc.\* | 1491536 |
| 12697 | Franklin Covey Co.\* | 257876 |
| 5819 | Huron Consulting Group, Inc.\* | 784343 |
| 2362 | ICF International, Inc. | 200676 |
| 5107 | Innodata, Inc.\* | 193147 |
| 3059 | Insperity, Inc. | 198866 |
| 20872 | Legalzoom.com, Inc.\* | 152783 |
| 2128 | Maximus, Inc. | 142491 |
| 8060 | TriNet Group, Inc. | 631340 |
| 12694 | Upwork, Inc.\* | 166926 |
| 7910 | Verra Mobility Corp.\* | 172438 |
|  |  | 5051328 |
| Real Estate Management & Development – 0.5% | Real Estate Management & Development – 0.5% | Real Estate Management & Development – 0.5% |
| 33317 | Compass, Inc., Class A\* | 257207 |
| 7606 | St Joe Co. (The) | 321886 |
|  |  | 579093 |
| Retail REITs – 0.4% | Retail REITs – 0.4% | Retail REITs – 0.4% |
| 11120 | Saul Centers, Inc. REIT | 363624 |
| 2485 | Tanger, Inc. REIT | 78302 |
|  |  | 441926 |
| Semiconductors & Semiconductor Equipment – 3.2% | Semiconductors & Semiconductor Equipment – 3.2% | Semiconductors & Semiconductor Equipment – 3.2% |
| 11572 | ACM Research, Inc., Class A\* | 225307 |
| 3691 | Ambarella, Inc.\* | 177131 |
| 2378 | CEVA, Inc.\* | 62327 |
| 16340 | Credo Technology Group Holding Ltd.\* | 703437 |
| 3849 | Impinj, Inc.\* | 354608 |
| 1519 | Kulicke & Soffa Industries, Inc. (Singapore) | 48957 |
| 9208 | MaxLinear, Inc.\* | 91988 |
| 14672 | Power Integrations, Inc. | 720689 |
| 9657 | Rambus, Inc.\* | 471165 |
| 16427 | Semtech Corp.\* | 513344 |
| 1647 | SiTime Corp.\* | 241879 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **19** |

---

------

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Semiconductors & Semiconductor Equipment – (continued) | Semiconductors & Semiconductor Equipment – (continued) | Semiconductors & Semiconductor Equipment – (continued) | Semiconductors & Semiconductor Equipment – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10465 | Ultra Clean Holdings, Inc.\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195748 |
|  |  |  | 3806580 |
| Software – 11.5% | Software – 11.5% | Software – 11.5% | Software – 11.5% |
| 21642 | 8x8, Inc.\* |  | 38306 |
| 18669 | ACI Worldwide, Inc.\* |  | 996178 |
| 4850 | Adeia, Inc. |  | 59704 |
| 1555 | Agilysys, Inc.\* |  | 115614 |
| 16543 | Alarm.com Holdings, Inc.\* |  | 886705 |
| 30268 | Alkami Technology, Inc.\* |  | 807853 |
| 1821 | Amplitude, Inc., Class A\* |  | 16735 |
| 14098 | Asana, Inc., Class A\* |  | 227542 |
| 2724 | AudioEye, Inc.\* |  | 29555 |
| 18243 | AvePoint, Inc.\* |  | 298273 |
| 219 | Blackbaud, Inc.\* |  | 13258 |
| 10043 | BlackLine, Inc.\* |  | 474331 |
| 8607 | C3.ai, Inc., Class A\* |  | 189440 |
| 20067 | Cleanspark, Inc.\*<sup>(a)</sup> |  | 163947 |
| 22348 | Clear Secure, Inc., Class A |  | 551549 |
| 45716 | Clearwater Analytics Holdings, Inc., Class A\* |  | 1039582 |
| 8751 | Commvault Systems, Inc.\* |  | 1462555 |
| 10697 | D-Wave Quantum, Inc. (Canada)\*<sup>(a)</sup> |  | 73916 |
| 60300 | Freshworks, Inc., Class A\* |  | 890631 |
| 23628 | MARA Holdings, Inc.\*<sup>(a)</sup> |  | 315906 |
| 22418 | PagerDuty, Inc.\* |  | 347703 |
| 4489 | Porch Group, Inc.\* |  | 26036 |
| 8313 | PROS Holdings, Inc.\* |  | 141986 |
| 9342 | Q2 Holdings, Inc.\* |  | 740354 |
| 6975 | Red Violet, Inc. |  | 272443 |
| 27249 | Sapiens International Corp. NV (Israel) |  | 746350 |
| 26186 | SoundHound AI, Inc., Class A\*<sup>(a)</sup> |  | 243268 |
| 3668 | SoundThinking, Inc.\* |  | 56927 |
| 8229 | Sprinklr, Inc., Class A\* |  | 63281 |
| 17126 | Sprout Social, Inc., Class A\* |  | 358105 |
| 4031 | Terawulf, Inc.\* |  | 11206 |
| 17425 | Varonis Systems, Inc.\* |  | 746487 |
| 7209 | Vertex, Inc., Class A\* |  | 288576 |
| 5708 | Weave Communications, Inc.\* |  | 60505 |
| 9336 | Workiva, Inc.\* |  | 702721 |
| 26338 | Zeta Global Holdings Corp., Class A\* |  | 343974 |
|  |  |  | 13801502 |
| Specialty Retail – 2.2% | Specialty Retail – 2.2% | Specialty Retail – 2.2% | Specialty Retail – 2.2% |
| 8889 | Boot Barn Holdings, Inc.\* |  | 927478 |
| 7187 | Buckle, Inc. (The) |  | 249820 |
| 16447 | Camping World Holdings, Inc., Class A |  | 198351 |
| 11906 | EVgo, Inc.\* |  | 32861 |
| 6895 | Haverty Furniture Cos., Inc. |  | 125213 |
| 14998 | RealReal, Inc. (The)\* |  | 86988 |
| 3959 | Sonic Automotive, Inc., Class A |  | 240390 |
| 41809 | Warby Parker, Inc., Class A\* |  | 690267 |
| 4508 | Zumiez, Inc.\* |  | 52744 |
|  |  |  | 2604112 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Technology Hardware, Storage & Peripherals – 0.3% | Technology Hardware, Storage & Peripherals – 0.3% | Technology Hardware, Storage & Peripherals – 0.3% |
| 1715 | CPI Card Group, Inc.\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44830 |
| 8271 | IonQ, Inc.\*<sup>(a)</sup> | 227121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10514 | Turtle Beach Corp.\* | 121437 |
|  |  | 393388 |
| Textiles, Apparel & Luxury Goods – 0.6% | Textiles, Apparel & Luxury Goods – 0.6% | Textiles, Apparel & Luxury Goods – 0.6% |
| 5323 | Kontoor Brands, Inc. | 320178 |
| 18938 | Movado Group, Inc. | 263049 |
| 4218 | Steven Madden Ltd. | 88578 |
|  |  | 671805 |
| Trading Companies & Distributors – 2.6% | Trading Companies & Distributors – 2.6% | Trading Companies & Distributors – 2.6% |
| 740 | Applied Industrial Technologies, Inc. | 180027 |
| 29731 | Custom Truck One Source, Inc.\* | 119816 |
| 16109 | FTAI Aviation Ltd. | 1725435 |
| 6349 | Herc Holdings, Inc. | 694835 |
| 1711 | Karat Packaging, Inc. | 45136 |
| 67 | McGrath RentCorp | 7147 |
| 11749 | Xometry, Inc., Class A\* | 301244 |
|  |  | 3073640 |
| Water Utilities – 0.5% | Water Utilities – 0.5% | Water Utilities – 0.5% |
| 5819 | American States Water Co. | 471979 |
| 7443 | Global Water Resources, Inc. | 77631 |
|  |  | 549610 |
| TOTAL COMMON STOCKS<br>(Cost $116,479,220) | TOTAL COMMON STOCKS<br>(Cost $116,479,220) | 118559543 |
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 0.0%<sup>(b)</sup> | Investment Company – 0.0%<sup>(b)</sup> | Investment Company – 0.0%<sup>(b)</sup> |
|  Goldman Sachs Financial Square Government<br>Fund – Institutional Shares | Goldman Sachs Financial Square Government<br>Fund – Institutional Shares | Goldman Sachs Financial Square Government<br>Fund – Institutional Shares |
| 182 | 4.248% | 182 |
| (Cost $182) | (Cost $182) |  |
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $116,479,402) | TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $116,479,402) | 118559725 |
| Securities Lending Reinvestment Vehicle – 1.2%<sup>(b)</sup> | Securities Lending Reinvestment Vehicle – 1.2%<sup>(b)</sup> | Securities Lending Reinvestment Vehicle – 1.2%<sup>(b)</sup> |
|  Goldman Sachs Financial Square Government<br>Fund – Institutional Shares | Goldman Sachs Financial Square Government<br>Fund – Institutional Shares | Goldman Sachs Financial Square Government<br>Fund – Institutional Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1465164 | 4.248% | 1465164 |
| (Cost $1,465,164) | (Cost $1,465,164) |  |
| TOTAL INVESTMENTS – 100.5%<br>(Cost $117,944,566) | TOTAL INVESTMENTS – 100.5%<br>(Cost $117,944,566) | $120024889 |
|  **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (0.5)%** | **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (0.5)%** | (617862) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $119407027 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 20 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

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

(b) Represents an affiliated issuer.

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Public Limited Company |
| REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Real Estate Investment Trust |

---

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2025, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized <br>Appreciation/ <br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  Russell 2000 E-Mini Index | 1 | 06/20/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98490 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **21** |

---

------

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – 99.6% | Common Stocks – 99.6% | Common Stocks – 99.6% |
| Aerospace & Defense – 0.6% | Aerospace & Defense – 0.6% | Aerospace & Defense – 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98079 | AerSale Corp.\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683611 |
| 15345 | Kratos Defense & Security Solutions, Inc.\* | 518431 |
| 18086 | Mercury Systems, Inc.\* | 904300 |
| 10067 | National Presto Industries, Inc. | 849151 |
| 27631 | V2X, Inc.\* | 1374918 |
|  |  | 4330411 |
| Automobile Components – 0.9% | Automobile Components – 0.9% | Automobile Components – 0.9% |
| 114123 | Adient PLC\* | 1443656 |
| 398739 | American Axle & Manufacturing Holdings, Inc.\* | 1523183 |
| 46916 | Cooper-Standard Holdings, Inc.\* | 688258 |
| 3591 | Fox Factory Holding Corp.\* | 72933 |
| 203329 | Goodyear Tire & Rubber Co. (The)\* | 2212219 |
| 78698 | Stoneridge, Inc.\* | 303774 |
|  |  | 6244023 |
| Automobiles – 0.0% | Automobiles – 0.0% | Automobiles – 0.0% |
| 3481 | Winnebago Industries, Inc. | 110765 |
| Banks – 20.3% | Banks – 20.3% |  |
| 40585 | 1st Source Corp. | 2433071 |
| 55806 | Amalgamated Financial Corp. | 1571497 |
| 80512 | Ameris Bancorp | 4718003 |
| 63160 | Associated Banc-Corp. | 1393310 |
| 3358 | Atlantic Union Bankshares Corp. | 93017 |
| 4452 | Axos Financial, Inc.\* | 282613 |
| 28452 | BancFirst Corp. | 3352215 |
| 58500 | Bank of Hawaii Corp. | 3867435 |
| 115579 | BankUnited, Inc. | 3780589 |
| 65001 | BayCom Corp. | 1690676 |
| 22881 | Business First Bancshares, Inc. | 527407 |
| 21269 | Byline Bancorp, Inc. | 543210 |
| 192272 | Cadence Bank | 5625879 |
| 26315 | Capital Bancorp, Inc. | 831291 |
| 466872 | Capitol Federal Financial, Inc. | 2647164 |
| 42676 | Cathay General Bancorp | 1779162 |
| 51616 | Central Pacific Financial Corp. | 1326015 |
| 40873 | Community Trust Bancorp, Inc. | 2001142 |
| 134430 | CVB Financial Corp. | 2492332 |
| 57042 | Dime Community Bancshares, Inc. | 1465409 |
| 273079 | Eastern Bankshares, Inc. | 4074339 |
| 12205 | Equity Bancshares, Inc., Class A | 469770 |
| 25934 | FB Financial Corp. | 1103751 |
| 3051 | First BanCorp. (Puerto Rico) | 59922 |
| 53808 | First Busey Corp. | 1118668 |
| 124764 | First Commonwealth Financial Corp. | 1911385 |
| 31154 | First Financial Bancorp | 721215 |
| 8757 | First Financial Corp. | 432596 |
| 63535 | First Merchants Corp. | 2264387 |
| 11325 | First Mid Bancshares, Inc. | 378595 |
| 60294 | Flushing Financial Corp. | 721719 |
| 153671 | Fulton Financial Corp. | 2563232 |
| 99092 | Glacier Bancorp, Inc. | 4038990 |
| 29086 | Great Southern Bancorp, Inc. | 1599730 |
| 98606 | Hancock Whitney Corp. | 5136387 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114964 | Hanmi Financial Corp. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2629227 |
| 10660 | HarborOne Bancorp, Inc. |  | 120671 |
| 84960 | Hilltop Holdings, Inc. |  | 2508869 |
| 41382 | Home BancShares, Inc. |  | 1148351 |
| 34702 | HomeTrust Bancshares, Inc. |  | 1184726 |
| 70401 | Independent Bank Corp. |  | 2144415 |
| 71301 | International Bancshares Corp. |  | 4352213 |
| 233570 | Kearny Financial Corp. |  | 1462148 |
| 8074 | Lakeland Financial Corp. |  | 449480 |
| 6859 | Northeast Bank |  | 568062 |
| 29892 | Northeast Community Bancorp, Inc. |  | 680342 |
| 62967 | OFG Bancorp (Puerto Rico) |  | 2477751 |
| 134784 | Old National Bancorp |  | 2775203 |
| 136410 | Old Second Bancorp, Inc. |  | 2153914 |
| 75428 | Origin Bancorp, Inc. |  | 2416713 |
| 9132 | Park National Corp. |  | 1370713 |
| 38022 | PCB Bancorp |  | 745611 |
| 12252 | Peapack-Gladstone Financial Corp. |  | 339135 |
| 99380 | Provident Financial Services, Inc. |  | 1626851 |
| 4312 | QCR Holdings, Inc. |  | 280064 |
| 50008 | Renasant Corp. |  | 1603757 |
| 2139 | Republic Bancorp, Inc., Class A |  | 145131 |
| 33216 | Seacoast Banking Corp. of Florida |  | 787551 |
| 56544 | Sierra Bancorp |  | 1496154 |
| 16605 | SmartFinancial, Inc. |  | 505124 |
| 9849 | Southern First Bancshares, Inc.\* |  | 349738 |
| 83440 | Southside Bancshares, Inc. |  | 2352174 |
| 86450 | SouthState Corp. |  | 7502131 |
| 27361 | Stock Yards Bancorp, Inc. |  | 1991607 |
| 49887 | Texas Capital Bancshares, Inc.\* |  | 3399799 |
| 2750 | Third Coast Bancshares, Inc.\* |  | 81950 |
| 8608 | Timberland Bancorp, Inc. |  | 264610 |
| 21803 | Tompkins Financial Corp. |  | 1299459 |
| 83563 | TrustCo Bank Corp. |  | 2544493 |
| 104948 | Trustmark Corp. |  | 3521005 |
| 54859 | UMB Financial Corp. |  | 5188016 |
| 23657 | United Bankshares, Inc. |  | 811199 |
| 158363 | United Community Banks, Inc. |  | 4372402 |
| 262517 | Valley National Bancorp |  | 2257646 |
| 122794 | Veritex Holdings, Inc. |  | 2858644 |
| 1801 | Washington Trust Bancorp, Inc. |  | 49708 |
| 117486 | WesBanco, Inc. |  | 3498733 |
| 11342 | Westamerica BanCorp |  | 549293 |
| 11934 | WSFS Financial Corp. |  | 615198 |
|  |  |  | 148496104 |
| Beverages – 0.5% | Beverages – 0.5% | Beverages – 0.5% | Beverages – 0.5% |
| 100929 | Primo Brands Corp., Class A |  | 3297350 |
| Biotechnology – 4.3% | Biotechnology – 4.3% | Biotechnology – 4.3% | Biotechnology – 4.3% |
| 34203 | 89bio, Inc.\* |  | 274308 |
| 20325 | ACADIA Pharmaceuticals, Inc.\* |  | 296745 |
| 2396 | Agios Pharmaceuticals, Inc.\* |  | 71137 |
| 44343 | Akero Therapeutics, Inc.\* |  | 2022484 |
| 118546 | Allogene Therapeutics, Inc.\* |  | 199157 |
| 78056 | Amicus Therapeutics, Inc.\* |  | 599470 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 22 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Biotechnology – (continued) | Biotechnology – (continued) | Biotechnology – (continued) | Biotechnology – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159895 | Annexon, Inc.\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297405 |
| 11158 | Aurinia Pharmaceuticals, Inc. (Canada)\* |  | 91942 |
| 18467 | Beam Therapeutics, Inc.\* |  | 368047 |
| 29668 | Blueprint Medicines Corp.\* |  | 2655286 |
| 151530 | CareDx, Inc.\* |  | 2557826 |
| 199215 | Caribou Biosciences, Inc.\* |  | 169512 |
| 61478 | Catalyst Pharmaceuticals, Inc.\* |  | 1493301 |
| 53376 | Cytokinetics, Inc.\* |  | 2286628 |
| 53796 | Design Therapeutics, Inc.\* |  | 261449 |
| 78504 | Editas Medicine, Inc.\* |  | 129532 |
| 99740 | Erasca, Inc.\* |  | 145621 |
| 167719 | Generation Bio Co.\* |  | 72639 |
| 303003 | Heron Therapeutics, Inc.\*<sup>(a)</sup> |  | 733267 |
| 9795 | iTeos Therapeutics, Inc.\* |  | 71014 |
| 116887 | Kodiak Sciences, Inc.\* |  | 509627 |
| 285187 | Myriad Genetics, Inc.\* |  | 2113236 |
| 9789 | Olema Pharmaceuticals, Inc.\* |  | 50511 |
| 65476 | ORIC Pharmaceuticals, Inc.\* |  | 373868 |
| 16543 | PTC Therapeutics, Inc.\* |  | 824503 |
| 61874 | RAPT Therapeutics, Inc.\* |  | 57345 |
| 268310 | Relay Therapeutics, Inc.\* |  | 893472 |
| 133708 | Replimune Group, Inc.\* |  | 1307664 |
| 35861 | Solid Biosciences, Inc.\* |  | 118700 |
| 27451 | Spyre Therapeutics, Inc.\* |  | 418079 |
| 467606 | Sutro Biopharma, Inc.\* |  | 490986 |
| 14234 | TG Therapeutics, Inc.\* |  | 647789 |
| 103158 | Travere Therapeutics, Inc.\* |  | 2146718 |
| 225649 | Vanda Pharmaceuticals, Inc.\* |  | 1017677 |
| 161535 | Veracyte, Inc.\* |  | 4926818 |
| 125012 | Verve Therapeutics, Inc.\* |  | 708818 |
| 7899 | Vir Biotechnology, Inc.\* |  | 48342 |
| 49807 | Zentalis Pharmaceuticals, Inc.\* |  | 70726 |
|  |  |  | 31521649 |
| Building Products – 0.2% | Building Products – 0.2% | Building Products – 0.2% | Building Products – 0.2% |
| 18991 | Griffon Corp. |  | 1293477 |
| Capital Markets – 1.2% | Capital Markets – 1.2% | Capital Markets – 1.2% | Capital Markets – 1.2% |
| 730049 | BGC Group, Inc., Class A |  | 6614244 |
| 285954 | DigitalBridge Group, Inc. |  | 2402014 |
|  |  |  | 9016258 |
| Chemicals – 1.1% | Chemicals – 1.1% | Chemicals – 1.1% | Chemicals – 1.1% |
| 75006 | American Vanguard Corp. |  | 316525 |
| 336062 | Aspen Aerogels, Inc.\* |  | 1814735 |
| 24066 | Core Molding Technologies, Inc.\* |  | 370135 |
| 52539 | Kronos Worldwide, Inc. |  | 405076 |
| 69435 | LSB Industries, Inc.\* |  | 442995 |
| 44012 | Minerals Technologies, Inc. |  | 2270579 |
| 10414 | PureCycle Technologies, Inc.\*<sup>(a)</sup> |  | 69878 |
| 22285 | Stepan Co. |  | 1126730 |
| 248429 | Tronox Holdings PLC |  | 1344001 |
|  |  |  | 8160654 |
| Commercial Services & Supplies – 2.0% | Commercial Services & Supplies – 2.0% | Commercial Services & Supplies – 2.0% | Commercial Services & Supplies – 2.0% |
| 17549 | ACCO Brands Corp. |  | 67739 |
| 145261 | BrightView Holdings, Inc.\* |  | 1992981 |
| 230857 | Deluxe Corp. |  | 3370512 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Commercial Services & Supplies – (continued) | Commercial Services & Supplies – (continued) | Commercial Services & Supplies – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388594 | Healthcare Services Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5521921 |
| 148745 | OPENLANE, Inc.\* | 2753270 |
| 38558 | Pitney Bowes, Inc. | 334683 |
| 3951 | VSE Corp. | 452469 |
|  |  | 14493575 |
| Communications Equipment – 1.5% | Communications Equipment – 1.5% | Communications Equipment – 1.5% |
| 587122 | CommScope Holding Co., Inc.\* | 2195836 |
| 76258 | NETGEAR, Inc.\* | 1839343 |
| 271492 | NetScout Systems, Inc.\* | 5706762 |
| 158595 | Viasat, Inc.\* | 1470176 |
|  |  | 11212117 |
| Construction & Engineering – 1.1% | Construction & Engineering – 1.1% | Construction & Engineering – 1.1% |
| 14120 | Arcosa, Inc. | 1130588 |
| 163400 | Great Lakes Dredge & Dock Corp.\* | 1485306 |
| 2863 | IES Holdings, Inc.\* | 563095 |
| 4224 | Limbach Holdings, Inc.\* | 404406 |
| 80185 | Matrix Service Co.\* | 930146 |
| 14272 | Orion Group Holdings, Inc.\* | 91198 |
| 4954 | Primoris Services Corp. | 297091 |
| 141230 | Tutor Perini Corp.\* | 3030796 |
|  |  | 7932626 |
| Construction Materials – 0.3% | Construction Materials – 0.3% | Construction Materials – 0.3% |
| 20949 | United States Lime & Minerals, Inc. | 1958941 |
| Consumer Finance – 1.6% | Consumer Finance – 1.6% | Consumer Finance – 1.6% |
| 76853 | Encore Capital Group, Inc.\* | 2643743 |
| 56123 | Enova International, Inc.\* | 5151530 |
| 6855 | FirstCash Holdings, Inc. | 918296 |
| 76126 | Navient Corp. | 942440 |
| 2327 | Nelnet, Inc., Class A | 246872 |
| 41390 | Regional Management Corp. | 1362973 |
| 14305 | Upstart Holdings, Inc.\* | 683779 |
| 695 | World Acceptance Corp.\* | 89738 |
|  |  | 12039371 |
| Containers & Packaging – 0.4% | Containers & Packaging – 0.4% | Containers & Packaging – 0.4% |
| 203844 | O-I Glass, Inc.\* | 2580665 |
| Distributors – 0.0% | Distributors – 0.0% | Distributors – 0.0% |
| 5828 | A-Mark Precious Metals, Inc. | 141970 |
| Diversified Consumer Services – 1.3% | Diversified Consumer Services – 1.3% | Diversified Consumer Services – 1.3% |
| 65131 | Adtalem Global Education, Inc.\* | 6916912 |
| 13902 | Coursera, Inc.\* | 117055 |
| 2400 | Graham Holdings Co., Class B | 2208120 |
|  |  | 9242087 |
| Diversified REITs – 1.6% | Diversified REITs – 1.6% | Diversified REITs – 1.6% |
| 50714 | Alexander & Baldwin, Inc. REIT | 871267 |
| 225465 | American Assets Trust, Inc. REIT | 4222960 |
| 326256 | Armada Hoffler Properties, Inc. REIT | 2208753 |
| 628975 | Empire State Realty Trust, Inc., Class A REIT | 4478302 |
|  |  | 11781282 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **23** |

---

------

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Diversified Telecommunication Services – 0.7% | Diversified Telecommunication Services – 0.7% | Diversified Telecommunication Services – 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78298 | AST SpaceMobile, Inc.\*<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1817297 |
| 13718 | ATN International, Inc. | 242671 |
| 513439 | Lumen Technologies, Inc.\* | 1817574 |
| 46179 | Shenandoah Telecommunications Co. | 514434 |
|  |  | 4391976 |
| Electric Utilities – 0.7% | Electric Utilities – 0.7% | Electric Utilities – 0.7% |
| 3185 | Otter Tail Corp. | 252825 |
| 107332 | Portland General Electric Co. | 4520824 |
|  |  | 4773649 |
| Electrical Equipment – 1.0% | Electrical Equipment – 1.0% | Electrical Equipment – 1.0% |
| 21300 | American Superconductor Corp.\* | 422805 |
| 29089 | Bloom Energy Corp., Class A\* | 532910 |
| 7220 | NANO Nuclear Energy, Inc.\*<sup>(a)</sup> | 164255 |
| 32583 | NEXTracker, Inc., Class A\* | 1323196 |
| 549943 | Plug Power, Inc.\*<sup>(a)</sup> | 479880 |
| 9279 | Powell Industries, Inc. | 1699078 |
| 87190 | Thermon Group Holdings, Inc.\* | 2286994 |
| 67272 | TPI Composites, Inc.\*<sup>(a)</sup> | 61507 |
|  |  | 6970625 |
| Electronic Equipment, Instruments & Components – 1.4% | Electronic Equipment, Instruments & Components – 1.4% | Electronic Equipment, Instruments & Components – 1.4% |
| 56242 | Arlo Technologies, Inc.\* | 552859 |
| 348 | Fabrinet (Thailand)\* | 71361 |
| 11422 | FARO Technologies, Inc.\* | 335921 |
| 85980 | Knowles Corp.\* | 1353325 |
| 53778 | Mirion Technologies, Inc.\* | 848617 |
| 129702 | nLight, Inc.\* | 1000002 |
| 94762 | Ouster, Inc.\* | 704082 |
| 16455 | PC Connection, Inc. | 1020868 |
| 131513 | Powerfleet, Inc.\* | 662825 |
| 5398 | Richardson Electronics Ltd. | 46747 |
| 24151 | TTM Technologies, Inc.\* | 483503 |
| 163836 | Vishay Intertechnology, Inc. | 2128230 |
| 31350 | Vishay Precision Group, Inc.\* | 781869 |
|  |  | 9990209 |
| Energy Equipment & Services – 1.5% | Energy Equipment & Services – 1.5% | Energy Equipment & Services – 1.5% |
| 10365 | Aris Water Solutions, Inc., Class A | 258710 |
| 182049 | Borr Drilling Ltd. (Mexico)\* | 309483 |
| 20031 | Bristow Group, Inc.\* | 581700 |
| 364019 | Expro Group Holdings NV\* | 3010437 |
| 60882 | Helix Energy Solutions Group, Inc.\* | 370771 |
| 97294 | Kodiak Gas Services, Inc. | 3308969 |
| 69363 | Liberty Energy, Inc. | 797675 |
| 48883 | Newpark Resources, Inc.\* | 282544 |
| 257098 | Oil States International, Inc.\* | 902414 |
| 53287 | SEACOR Marine Holdings, Inc.\* | 260041 |
| 355803 | Transocean Ltd.\* | 757860 |
|  |  | 10840604 |
| Entertainment – 0.3% | Entertainment – 0.3% | Entertainment – 0.3% |
| 335895 | AMC Entertainment Holdings, Inc., Class A\*<sup>(a)</sup> | 896839 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Entertainment – (continued) | Entertainment – (continued) | Entertainment – (continued) | Entertainment – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15836 | Madison Square Garden Entertainment Corp.\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513720 |
| 20435 | Marcus Corp. (The) |  | 333295 |
|  |  |  | 1743854 |
| Financial Services – 4.2% | Financial Services – 4.2% | Financial Services – 4.2% | Financial Services – 4.2% |
| 6348 | Alerus Financial Corp. |  | 126198 |
| 139743 | Banco Latinoamericano de Comercio Exterior SA, Class E (Panama) |  | 5352157 |
| 247259 | Burford Capital Ltd. |  | 3357777 |
| 152411 | Enact Holdings, Inc. |  | 5454790 |
| 5094 | Essent Group Ltd. |  | 290001 |
| 101115 | Jackson Financial, Inc., Class A |  | 7877870 |
| 71706 | Merchants Bancorp |  | 2156917 |
| 115602 | NMI Holdings, Inc., Class A\* |  | 4181324 |
| 54866 | Pagseguro Digital Ltd., Class A (Brazil)\* |  | 550306 |
| 74471 | Velocity Financial, Inc.\* |  | 1330797 |
|  |  |  | 30678137 |
| Food Products – 0.9% | Food Products – 0.9% | Food Products – 0.9% | Food Products – 0.9% |
| 71959 | Cal-Maine Foods, Inc. |  | 6718812 |
| Gas Utilities – 1.6% | Gas Utilities – 1.6% | Gas Utilities – 1.6% | Gas Utilities – 1.6% |
| 7633 | Brookfield Infrastructure Corp., Class A (Canada) |  | 285780 |
| 3603 | Chesapeake Utilities Corp. |  | 474407 |
| 48664 | New Jersey Resources Corp. |  | 2381616 |
| 97493 | ONE Gas, Inc. |  | 7654175 |
| 1683 | Southwest Gas Holdings, Inc. |  | 121529 |
| 9985 | Spire, Inc. |  | 764252 |
|  |  |  | 11681759 |
| Ground Transportation – 0.1% | Ground Transportation – 0.1% | Ground Transportation – 0.1% | Ground Transportation – 0.1% |
| 25184 | Hertz Global Holdings, Inc.\*<sup>(a)</sup> |  | 171755 |
| 20623 | Werner Enterprises, Inc. |  | 508563 |
|  |  |  | 680318 |
| Health Care Equipment & Supplies – 1.1% | Health Care Equipment & Supplies – 1.1% | Health Care Equipment & Supplies – 1.1% | Health Care Equipment & Supplies – 1.1% |
| 38231 | AtriCure, Inc.\* |  | 1143489 |
| 36262 | Avanos Medical, Inc.\* |  | 455088 |
| 120439 | Embecta Corp. |  | 1468151 |
| 93665 | Inmode Ltd.\* |  | 1320677 |
| 31077 | Inogen, Inc.\* |  | 221579 |
| 103322 | Integra LifeSciences Holdings Corp.\* |  | 1693448 |
| 31321 | LivaNova PLC\* |  | 1158877 |
| 2023 | OmniAb, Inc. 12.5 Earnout\*<sup>(b)</sup> |  |  |
| 2023 | OmniAb, Inc. 15.00 Earnout\*<sup>(b)</sup> |  |  |
| 18393 | Orthofix Medical, Inc.\* |  | 255847 |
| 23671 | Zimvie, Inc.\* |  | 214459 |
|  |  |  | 7931615 |
| Health Care Providers & Services – 1.4% | Health Care Providers & Services – 1.4% | Health Care Providers & Services – 1.4% | Health Care Providers & Services – 1.4% |
| 20622 | agilon health, Inc.\* |  | 87849 |
| 152223 | Ardent Health Partners, Inc.\* |  | 1937799 |
| 257611 | Enhabit, Inc.\* |  | 2058312 |
| 29801 | Joint Corp. (The)\* |  | 298308 |
| 452721 | LifeStance Health Group, Inc.\* |  | 2974377 |
| 4964 | National HealthCare Corp. |  | 469048 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 24 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Health Care Providers & Services – (continued) | Health Care Providers & Services – (continued) | Health Care Providers & Services – (continued) |
| 53696 | Owens & Minor, Inc.\* | 379094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141225 | Pediatrix Medical Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1818978 |
|  |  | 10023765 |
| Health Care REITs – 2.3% | Health Care REITs – 2.3% | Health Care REITs – 2.3% |
| 203438 | CareTrust REIT, Inc. REIT | 5954630 |
| 85726 | Community Healthcare Trust, Inc. REIT | 1464200 |
| 165250 | Diversified Healthcare Trust REIT | 373465 |
| 220114 | Global Medical REIT, Inc. REIT | 1703682 |
| 402423 | Sabra Health Care REIT, Inc. REIT | 7183251 |
|  |  | 16679228 |
| Health Care Technology – 0.2% | Health Care Technology – 0.2% | Health Care Technology – 0.2% |
| 163849 | Health Catalyst, Inc.\* | 647204 |
| 19348 | Waystar Holding Corp.\* | 719165 |
|  |  | 1366369 |
| Hotel & Resort REITs – 1.5% | Hotel & Resort REITs – 1.5% | Hotel & Resort REITs – 1.5% |
| 187410 | Apple Hospitality REIT, Inc. REIT | 2205816 |
| 472621 | Chatham Lodging Trust REIT | 3246906 |
| 32077 | Pebblebrook Hotel Trust REIT | 290297 |
| 592713 | RLJ Lodging Trust REIT | 4154918 |
| 505700 | Service Properties Trust REIT | 910260 |
| 257203 | Summit Hotel Properties, Inc. REIT | 1046816 |
| 22350 | Xenia Hotels & Resorts, Inc. REIT | 238698 |
|  |  | 12093711 |
| Hotels, Restaurants & Leisure – 1.7% | Hotels, Restaurants & Leisure – 1.7% | Hotels, Restaurants & Leisure – 1.7% |
| 99747 | Dine Brands Global, Inc. | 1985963 |
| 28967 | Golden Entertainment, Inc. | 744452 |
| 317823 | International Game Technology PLC | 5212297 |
| 149441 | Life Time Group Holdings, Inc.\* | 4581861 |
| 2873 | Red Rock Resorts, Inc., Class A | 122677 |
|  |  | 12647250 |
| Household Durables – 2.0% | Household Durables – 2.0% | Household Durables – 2.0% |
| 69740 | Beazer Homes USA, Inc.\* | 1364115 |
| 285830 | GoPro, Inc., Class A\* | 164638 |
| 30961 | Green Brick Partners, Inc.\* | 1826389 |
| 56820 | LGI Homes, Inc.\* | 3102940 |
| 46506 | M/I Homes, Inc.\* | 4961260 |
| 45325 | Meritage Homes Corp. | 3088446 |
| 1329 | Taylor Morrison Home Corp.\* | 76218 |
|  |  | 14584006 |
| Household Products – 0.3% | Household Products – 0.3% | Household Products – 0.3% |
| 66611 | Central Garden & Pet Co., Class A\* | 1969687 |
| Independent Power and Renewable Electricity Producers – 0.5% | Independent Power and Renewable Electricity Producers – 0.5% | Independent Power and Renewable Electricity Producers – 0.5% |
| 54761 | Ormat Technologies, Inc. | 3975649 |
| Industrial REITs – 0.9% | Industrial REITs – 0.9% | Industrial REITs – 0.9% |
| 786525 | LXP Industrial Trust REIT | 6205682 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Insurance – 2.0% | Insurance – 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127025 | Ambac Financial Group, Inc.\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013659 |
| 36650 | AMERISAFE, Inc. |  | 1703858 |
| 266954 | Fidelis Insurance Holdings Ltd. (United Kingdom) |  | 4364698 |
| 29566 | Hamilton Insurance Group Ltd., Class B (Bermuda)\* |  | 546971 |
| 16590 | Heritage Insurance Holdings, Inc.\* |  | 313551 |
| 30205 | Horace Mann Educators Corp. |  | 1254716 |
| 214290 | James River Group Holdings Ltd. |  | 1020020 |
| 11747 | Stewart Information Services Corp. |  | 769194 |
| 150123 | Universal Insurance Holdings, Inc. |  | 3638982 |
|  |  |  | 14625649 |
| Interactive Media & Services – 1.0% | Interactive Media & Services – 1.0% | Interactive Media & Services – 1.0% | Interactive Media & Services – 1.0% |
| 524922 | Bumble, Inc., Class A\* |  | 2215171 |
| 6741 | Cars.com, Inc.\* |  | 78465 |
| 79017 | fuboTV, Inc.\* |  | 237051 |
| 849685 | Vimeo, Inc.\* |  | 4282412 |
| 25954 | Ziff Davis, Inc.\* |  | 766422 |
|  |  |  | 7579521 |
| IT Services – 0.1% | IT Services – 0.1% | IT Services – 0.1% | IT Services – 0.1% |
| 155538 | Fastly, Inc., Class A\* |  | 894344 |
| 76376 | Rackspace Technology, Inc.\*<sup>(a)</sup> |  | 103871 |
|  |  |  | 998215 |
| Leisure Products – 0.9% | Leisure Products – 0.9% | Leisure Products – 0.9% | Leisure Products – 0.9% |
| 4555 | JAKKS Pacific, Inc. |  | 87866 |
| 22073 | Latham Group, Inc.\* |  | 120629 |
| 42332 | Peloton Interactive, Inc., Class A\* |  | 291667 |
| 236845 | Smith & Wesson Brands, Inc. |  | 2257133 |
| 558138 | Topgolf Callaway Brands Corp.\* |  | 3689292 |
|  |  |  | 6446587 |
| Life Sciences Tools & Services – 0.6% | Life Sciences Tools & Services – 0.6% | Life Sciences Tools & Services – 0.6% | Life Sciences Tools & Services – 0.6% |
| 471147 | Adaptive Biotechnologies Corp.\* |  | 3467642 |
| 271275 | Cytek Biosciences, Inc.\* |  | 1006430 |
|  |  |  | 4474072 |
| Machinery – 2.4% | Machinery – 2.4% | Machinery – 2.4% | Machinery – 2.4% |
| 17440 | Astec Industries, Inc. |  | 631851 |
| 5426 | Gencor Industries, Inc.\* |  | 68856 |
| 283418 | Hillman Solutions Corp.\* |  | 1981092 |
| 55386 | JBT Marel Corp. |  | 5829930 |
| 157037 | Kennametal, Inc. |  | 3059081 |
| 8257 | Luxfer Holdings PLC (United Kingdom) |  | 88845 |
| 42289 | Manitowoc Co., Inc. (The)\* |  | 333237 |
| 62875 | Mayville Engineering Co., Inc.\* |  | 803543 |
| 64604 | Miller Industries, Inc. |  | 2636489 |
| 22075 | Mueller Industries, Inc. |  | 1623837 |
| 15518 | Proto Labs, Inc.\* |  | 545613 |
|  |  |  | 17602374 |
| Marine Transportation – 0.7% | Marine Transportation – 0.7% | Marine Transportation – 0.7% | Marine Transportation – 0.7% |
| 114697 | Costamare, Inc. (Monaco) |  | 1070123 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **25** |

---

------

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Marine Transportation – (continued) | Marine Transportation – (continued) | Marine Transportation – (continued) | Marine Transportation – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130965 | Golden Ocean Group Ltd. (Norway)<sup>(a)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011050 |
| 12327 | Matson, Inc. |  | 1344753 |
| 33557 | Pangaea Logistics Solutions Ltd. |  | 135235 |
| 597078 | Safe Bulkers, Inc. (Monaco) |  | 2024094 |
|  |  |  | 5585255 |
| Media – 0.6% | Media – 0.6% |  |  |
| 418793 | EW Scripps Co. (The), Class A\* |  | 841774 |
| 267414 | Gannett Co., Inc.\* |  | 855725 |
| 675614 | Gray Media, Inc. |  | 2263307 |
| 353774 | iHeartMedia, Inc., Class A\* |  | 364387 |
|  |  |  | 4325193 |
| Metals & Mining – 1.2% | Metals & Mining – 1.2% | Metals & Mining – 1.2% | Metals & Mining – 1.2% |
| 6213 | Caledonia Mining Corp. PLC (South Africa) |  | 81825 |
| 3360 | Carpenter Technology Corp. |  | 657250 |
| 289403 | Coeur Mining, Inc.\* |  | 1606187 |
| 38521 | Commercial Metals Co. |  | 1715725 |
| 196800 | Hecla Mining Co. |  | 1125696 |
| 37956 | Olympic Steel, Inc. |  | 1224081 |
| 23395 | Ryerson Holding Corp. |  | 546975 |
| 80183 | Worthington Steel, Inc. |  | 2057496 |
|  |  |  | 9015235 |
| Mortgage Real Estate Investment Trusts (REITs) – 1.8% | Mortgage Real Estate Investment Trusts (REITs) – 1.8% | Mortgage Real Estate Investment Trusts (REITs) – 1.8% | Mortgage Real Estate Investment Trusts (REITs) – 1.8% |
| 93505 | Arbor Realty Trust, Inc. REIT |  | 1078113 |
| 445358 | BrightSpire Capital, Inc. REIT |  | 2231243 |
| 85659 | Ladder Capital Corp. REIT |  | 894280 |
| 303780 | MFA Financial, Inc. REIT |  | 2983120 |
| 11366 | New York Mortgage Trust, Inc. REIT |  | 66718 |
| 330046 | Orchid Island Capital, Inc. REIT |  | 2359829 |
| 503984 | TPG RE Finance Trust, Inc. REIT |  | 3850438 |
|  |  |  | 13463741 |
| Multi-Utilities – 1.0% | Multi-Utilities – 1.0% | Multi-Utilities – 1.0% | Multi-Utilities – 1.0% |
| 124730 | Black Hills Corp. |  | 7596057 |
| Office REITs – 0.5% | Office REITs – 0.5% | Office REITs – 0.5% | Office REITs – 0.5% |
| 71996 | City Office REIT, Inc. REIT |  | 365740 |
| 153810 | Easterly Government Properties, Inc. REIT |  | 3102348 |
| 55868 | Hudson Pacific Properties, Inc. REIT |  | 114529 |
|  |  |  | 3582617 |
| Oil, Gas & Consumable Fuels – 5.0% | Oil, Gas & Consumable Fuels – 5.0% | Oil, Gas & Consumable Fuels – 5.0% | Oil, Gas & Consumable Fuels – 5.0% |
| 90298 | California Resources Corp. |  | 3116184 |
| 71257 | Clean Energy Fuels Corp.\* |  | 103323 |
| 17539 | Core Natural Resources, Inc. |  | 1266491 |
| 115878 | Delek US Holdings, Inc. |  | 1508732 |
| 16525 | DHT Holdings, Inc. |  | 176652 |
| 254199 | Diversified Energy Co. PLC |  | 3154610 |
| 38263 | Energy Fuels, Inc.\*<sup>(a)</sup> |  | 172949 |
| 124910 | Excelerate Energy, Inc., Class A |  | 3195198 |
| 158240 | Golar LNG Ltd. (Cameroon) |  | 6725991 |
| 183957 | Murphy Oil Corp. |  | 3776637 |
| 1129016 | Nordic American Tankers Ltd. |  | 2890281 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Oil, Gas & Consumable Fuels – (continued) | Oil, Gas & Consumable Fuels – (continued) | Oil, Gas & Consumable Fuels – (continued) | Oil, Gas & Consumable Fuels – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98687 | Northern Oil & Gas, Inc. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2398094 |
| 43530 | PBF Energy, Inc., Class A |  | 747845 |
| 16254 | Peabody Energy Corp. |  | 200574 |
| 163200 | Ring Energy, Inc.\* |  | 144611 |
| 122519 | Scorpio Tankers, Inc. (Monaco) |  | 4617741 |
| 86832 | SFL Corp. Ltd. (Norway) |  | 713759 |
| 135145 | Talos Energy, Inc.\* |  | 929798 |
| 165755 | VAALCO Energy, Inc. |  | 542019 |
|  |  |  | 36381489 |
| Paper & Forest Products – 0.0% | Paper & Forest Products – 0.0% | Paper & Forest Products – 0.0% | Paper & Forest Products – 0.0% |
| 5279 | Sylvamo Corp. |  | 314734 |
| Passenger Airlines – 0.7% | Passenger Airlines – 0.7% | Passenger Airlines – 0.7% | Passenger Airlines – 0.7% |
| 15554 | Blade Air Mobility, Inc.\* |  | 41218 |
| 60443 | SkyWest, Inc.\* |  | 5389702 |
|  |  |  | 5430920 |
| Personal Care Products – 0.3% | Personal Care Products – 0.3% | Personal Care Products – 0.3% | Personal Care Products – 0.3% |
| 196149 | Herbalife Ltd.\* |  | 1412273 |
| 73915 | Nu Skin Enterprises, Inc., Class A |  | 467882 |
|  |  |  | 1880155 |
| Pharmaceuticals – 1.5% | Pharmaceuticals – 1.5% | Pharmaceuticals – 1.5% | Pharmaceuticals – 1.5% |
| 137974 | Amneal Pharmaceuticals, Inc.\* |  | 1056881 |
| 2530 | Axsome Therapeutics, Inc.\* |  | 284094 |
| 8686 | Ligand Pharmaceuticals, Inc.\* |  | 954244 |
| 55444 | Phathom Pharmaceuticals, Inc.\*<sup>(a)</sup> |  | 237855 |
| 28464 | Phibro Animal Health Corp., Class A |  | 529715 |
| 30584 | Prestige Consumer Healthcare, Inc.\* |  | 2484338 |
| 175980 | Supernus Pharmaceuticals, Inc.\* |  | 5715830 |
| 28885 | Xeris Biopharma Holdings, Inc.\* |  | 132004 |
|  |  |  | 11394961 |
| Professional Services – 1.5% | Professional Services – 1.5% | Professional Services – 1.5% | Professional Services – 1.5% |
| 1046336 | Alight, Inc., Class A |  | 5346777 |
| 737511 | Conduent, Inc.\* |  | 1556148 |
| 17482 | IBEX Holdings Ltd.\* |  | 437749 |
| 44922 | Korn Ferry |  | 2771687 |
| 371040 | Planet Labs PBC\* |  | 1220722 |
|  |  |  | 11333083 |
| Real Estate Management & Development – 0.7% | Real Estate Management & Development – 0.7% | Real Estate Management & Development – 0.7% | Real Estate Management & Development – 0.7% |
| 254475 | Anywhere Real Estate, Inc.\* |  | 880483 |
| 20190 | FRP Holdings, Inc.\* |  | 536751 |
| 244236 | Kennedy-Wilson Holdings, Inc. |  | 1563110 |
| 112714 | Newmark Group, Inc., Class A |  | 1238727 |
| 602314 | Opendoor Technologies, Inc.\* |  | 456735 |
| 23969 | RE/MAX Holdings, Inc., Class A\* |  | 183363 |
|  |  |  | 4859169 |
| Residential REITs – 1.7% | Residential REITs – 1.7% | Residential REITs – 1.7% | Residential REITs – 1.7% |
| 30178 | Centerspace REIT |  | 1821544 |
| 78985 | Elme Communities REIT |  | 1229797 |
| 135664 | NexPoint Residential Trust, Inc. REIT |  | 5057554 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 26 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Residential REITs – (continued) | Residential REITs – (continued) | Residential REITs – (continued) | Residential REITs – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214222 | Veris Residential, Inc. REIT | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3324725 |
|  |  |  | 11433620 |
| Retail REITs – 1.6% | Retail REITs – 1.6% | Retail REITs – 1.6% | Retail REITs – 1.6% |
| 252816 | Kite Realty Group Trust REIT |  | 5473466 |
| 122142 | Macerich Co. (The) REIT |  | 1790602 |
| 64066 | Phillips Edison & Co., Inc. REIT |  | 2223090 |
| 30777 | Tanger, Inc. REIT |  | 969783 |
| 70994 | Urban Edge Properties REIT |  | 1282862 |
|  |  |  | 11739803 |
| Semiconductors & Semiconductor Equipment – 0.6% | Semiconductors & Semiconductor Equipment – 0.6% | Semiconductors & Semiconductor Equipment – 0.6% | Semiconductors & Semiconductor Equipment – 0.6% |
| 76582 | ACM Research, Inc., Class A\* |  | 1491052 |
| 24969 | Alpha & Omega Semiconductor Ltd.\* |  | 470166 |
| 26292 | Ambarella, Inc.\* |  | 1261753 |
| 8312 | Diodes, Inc.\* |  | 319181 |
| 2347 | Ichor Holdings Ltd.\* |  | 46424 |
| 103714 | Rigetti Computing, Inc.\*<sup>(a)</sup> |  | 919943 |
|  |  |  | 4508519 |
| Software – 2.2% | Software – 2.2% |  |  |
| 61322 | Alarm.com Holdings, Inc.\* |  | 3286859 |
| 48265 | Alkami Technology, Inc.\* |  | 1288193 |
| 23471 | Clearwater Analytics Holdings, Inc., Class A\* |  | 533731 |
| 6376 | Commvault Systems, Inc.\* |  | 1065621 |
| 128397 | Consensus Cloud Solutions, Inc.\* |  | 2549964 |
| 88149 | D-Wave Quantum, Inc. (Canada)\*<sup>(a)</sup> |  | 609110 |
| 3860 | Freshworks, Inc., Class A\* |  | 57012 |
| 20754 | Hut 8 Corp. (Canada)\* |  | 255482 |
| 9581 | MARA Holdings, Inc.\*<sup>(a)</sup> |  | 128098 |
| 23587 | Olo, Inc., Class A\* |  | 146239 |
| 23155 | Ooma, Inc.\* |  | 283186 |
| 67812 | Pagaya Technologies Ltd., Class A\* |  | 743220 |
| 125573 | Riot Platforms, Inc.\* |  | 909148 |
| 3955 | Sapiens International Corp. NV (Israel) |  | 108327 |
| 254254 | Verint Systems, Inc.\* |  | 4485041 |
|  |  |  | 16449231 |
| Specialized REITs – 0.7% | Specialized REITs – 0.7% | Specialized REITs – 0.7% | Specialized REITs – 0.7% |
| 88528 | Gladstone Land Corp. REIT |  | 879083 |
| 7701 | PotlatchDeltic Corp. REIT |  | 295641 |
| 878751 | Uniti Group, Inc. REIT |  | 4323455 |
|  |  |  | 5498179 |
| Specialty Retail – 2.9% | Specialty Retail – 2.9% | Specialty Retail – 2.9% | Specialty Retail – 2.9% |
| 45013 | America's Car-Mart, Inc.\* |  | 2134516 |
| 26493 | Asbury Automotive Group, Inc.\* |  | 5779183 |
| 987 | Boot Barn Holdings, Inc.\* |  | 102984 |
| 461004 | EVgo, Inc.\* |  | 1272371 |
| 123936 | Haverty Furniture Cos., Inc. |  | 2250678 |
| 141183 | Monro, Inc. |  | 1968091 |
| 7577 | OneWater Marine, Inc., Class A\* |  | 113731 |
| 135091 | Petco Health & Wellness Co., Inc.\* |  | 398518 |
| 8504 | RealReal, Inc. (The)\* |  | 49323 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Specialty Retail – (continued) | Specialty Retail – (continued) | Specialty Retail – (continued) |
| 45086 | Sonic Automotive, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2737622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201719 | Stitch Fix, Inc., Class A\* | 659621 |
| 44387 | Victoria's Secret & Co.\* | 834476 |
| 54828 | Warby Parker, Inc., Class A\* | 905210 |
| 1399 | Winmark Corp. | 503654 |
| 114101 | Zumiez, Inc.\* | 1334982 |
|  |  | 21044960 |
| Technology Hardware, Storage & Peripherals – 0.0% | Technology Hardware, Storage & Peripherals – 0.0% | Technology Hardware, Storage & Peripherals – 0.0% |
| 5765 | Turtle Beach Corp.\* | 66586 |
| Textiles, Apparel & Luxury Goods – 0.3% | Textiles, Apparel & Luxury Goods – 0.3% | Textiles, Apparel & Luxury Goods – 0.3% |
| 4894 | G-III Apparel Group Ltd.\* | 123427 |
| 144751 | Movado Group, Inc. | 2010591 |
|  |  | 2134018 |
| Tobacco – 0.5% | Tobacco – 0.5% |  |
| 68179 | Universal Corp. | 3972790 |
| Trading Companies & Distributors – 1.0% | Trading Companies & Distributors – 1.0% | Trading Companies & Distributors – 1.0% |
| 176098 | DNOW, Inc.\* | 2794675 |
| 31582 | DXP Enterprises, Inc.\* | 2793744 |
| 5023 | FTAI Aviation Ltd. | 538013 |
| 27627 | Rush Enterprises, Inc., Class A | 1408701 |
|  |  | 7535133 |
| Water Utilities – 1.3% | Water Utilities – 1.3% | Water Utilities – 1.3% |
| 19135 | American States Water Co. | 1552040 |
| 3437 | California Water Service Group | 174084 |
| 78087 | Consolidated Water Co. Ltd. | 1814742 |
| 71065 | Middlesex Water Co. | 4485623 |
| 27210 | SJW Group | 1543895 |
| 7738 | York Water Co. (The) | 272378 |
|  |  | 9842762 |
| Wireless Telecommunication Services – 1.1% | Wireless Telecommunication Services – 1.1% | Wireless Telecommunication Services – 1.1% |
| 138833 | Spok Holdings, Inc. | 1990865 |
| 166571 | Telephone and Data Systems, Inc. | 6244747 |
|  |  | 8235612 |
| TOTAL COMMON STOCKS<br>(Cost $776,156,569) | TOTAL COMMON STOCKS<br>(Cost $776,156,569) | 729150470 |
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 0.0%<sup>(c)</sup> | Investment Company – 0.0%<sup>(c)</sup> | Investment Company – 0.0%<sup>(c)</sup> |
|  Goldman Sachs Financial Square Government<br>Fund – Institutional Shares | Goldman Sachs Financial Square Government<br>Fund – Institutional Shares | Goldman Sachs Financial Square Government<br>Fund – Institutional Shares |
| 185 | 4.248% | 185 |
| (Cost $185) | (Cost $185) |  |
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING | TOTAL INVESTMENTS BEFORE SECURITIES LENDING | TOTAL INVESTMENTS BEFORE SECURITIES LENDING |
| REINVESTMENT VEHICLE | REINVESTMENT VEHICLE |  |
| (Cost $776,156,754) | (Cost $776,156,754) | 729150655 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **27** |

---

------

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Dividend Rate** | **Value** |
| Securities Lending Reinvestment Vehicle – 1.0%<sup>(c)</sup> | Securities Lending Reinvestment Vehicle – 1.0%<sup>(c)</sup> | Securities Lending Reinvestment Vehicle – 1.0%<sup>(c)</sup> |
|  Goldman Sachs Financial Square Government<br>Fund - Institutional Shares | Goldman Sachs Financial Square Government<br>Fund - Institutional Shares | Goldman Sachs Financial Square Government<br>Fund - Institutional Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7187407 | 4.248% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7187407 |
| (Cost $7,187,407) | (Cost $7,187,407) |  |
| TOTAL INVESTMENTS – 100.6% | TOTAL INVESTMENTS – 100.6% | TOTAL INVESTMENTS – 100.6% |
| (Cost $783,344,161) | (Cost $783,344,161) | $736338062 |
|  **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (0.6)%** | **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (0.6)%** | (4221794) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $732116268 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | 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) | All or a portion of security is on loan. |
| (b) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
| (c) | Represents an affiliated issuer. |

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Public Limited Company |
| REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Real Estate Investment Trust |

---

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2025, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized <br>Appreciation/ <br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  Russell 2000 E-Mini Index | 37 | 06/20/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3644130 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12716 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 28 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – 98.9% | Common Stocks – 98.9% | Common Stocks – 98.9% |
| Aerospace & Defense – 3.1% | Aerospace & Defense – 3.1% | Aerospace & Defense – 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44012 | General Dynamics Corp. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11976545 |
| 71730 | General Electric Co. | 14456464 |
| 20895 | Howmet Aerospace, Inc. | 2895629 |
| 8500 | RTX Corp. | 1072105 |
| 10410 | Textron, Inc. | 732552 |
|  |  | 31133295 |
| Air Freight & Logistics – 1.1% | Air Freight & Logistics – 1.1% | Air Freight & Logistics – 1.1% |
| 111838 | United Parcel Service, Inc., Class B | 10658161 |
| Automobiles – 1.5% | Automobiles – 1.5% | Automobiles – 1.5% |
| 54198 | Tesla, Inc.\* | 15292508 |
| Banks – 4.3% | Banks – 4.3% |  |
| 120987 | Bank of America Corp. | 4824962 |
| 142385 | Citigroup, Inc. | 9736286 |
| 55641 | Citizens Financial Group, Inc. | 2052596 |
| 24589 | Cullen/Frost Bankers, Inc. | 2863881 |
| 146594 | Huntington Bancshares, Inc. | 2130011 |
| 42788 | JPMorgan Chase & Co. | 10466800 |
| 67923 | PNC Financial Services Group, Inc. (The) | 10914547 |
| 4822 | Synovus Financial Corp. | 208889 |
|  |  | 43197972 |
| Beverages – 1.9% | Beverages – 1.9% | Beverages – 1.9% |
| 85909 | Coca-Cola Co. (The) | 6232698 |
| 301 | Coca-Cola Consolidated, Inc. | 408099 |
| 54160 | Monster Beverage Corp.\* | 3256099 |
| 68259 | PepsiCo, Inc. | 9254555 |
|  |  | 19151451 |
| Biotechnology – 2.1% | Biotechnology – 2.1% | Biotechnology – 2.1% |
| 3045 | Amgen, Inc. | 885852 |
| 51557 | BioMarin Pharmaceutical, Inc.\* | 3283665 |
| 15431 | Gilead Sciences, Inc. | 1644019 |
| 21169 | Natera, Inc.\* | 3195037 |
| 19761 | Regeneron Pharmaceuticals, Inc. | 11832096 |
|  |  | 20840669 |
| Broadline Retail – 4.0% | Broadline Retail – 4.0% | Broadline Retail – 4.0% |
| 216142 | Amazon.com, Inc.\* | 39860908 |
| Building Products – 0.1% | Building Products – 0.1% | Building Products – 0.1% |
| 9446 | Carrier Global Corp. | 590753 |
| Capital Markets – 4.2% | Capital Markets – 4.2% | Capital Markets – 4.2% |
| 22284 | Ameriprise Financial, Inc. | 10496210 |
| 47518 | CME Group, Inc. | 13166287 |
| 89989 | Invesco Ltd. | 1253547 |
| 117700 | Morgan Stanley | 13584934 |
| 1174 | MSCI, Inc. | 639959 |
| 189744 | XP, Inc., Class A (Brazil) | 3054878 |
|  |  | 42195815 |
| Chemicals – 1.9% | Chemicals – 1.9% | Chemicals – 1.9% |
| 47836 | Ecolab, Inc. | 12027406 |
| 15967 | Linde PLC | 7236723 |
|  |  | 19264129 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Commercial Services & Supplies – 1.2% | Commercial Services & Supplies – 1.2% | Commercial Services & Supplies – 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59227 | Cintas Corp. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12537171 |
| Communications Equipment – 0.1% | Communications Equipment – 0.1% | Communications Equipment – 0.1% |
| 8260 | Arista Networks, Inc.\* | 679550 |
| 12521 | Cisco Systems, Inc. | 722838 |
|  |  | 1402388 |
| Construction & Engineering – 0.4% | Construction & Engineering – 0.4% | Construction & Engineering – 0.4% |
| 3305 | AECOM | 326038 |
| 1404 | Comfort Systems USA, Inc. | 558160 |
| 24434 | MasTec, Inc.\* | 3110937 |
|  |  | 3995135 |
| Construction Materials – 0.2% | Construction Materials – 0.2% | Construction Materials – 0.2% |
| 7042 | Vulcan Materials Co. | 1847328 |
| Consumer Finance – 1.2% | Consumer Finance – 1.2% | Consumer Finance – 1.2% |
| 67078 | Capital One Financial Corp. | 12091480 |
| Consumer Staples Distribution & Retail – 1.2% | Consumer Staples Distribution & Retail – 1.2% | Consumer Staples Distribution & Retail – 1.2% |
| 6102 | Costco Wholesale Corp. | 6068439 |
| 72269 | Sysco Corp. | 5160006 |
| 9083 | US Foods Holding Corp.\* | 596390 |
|  |  | 11824835 |
| Diversified Consumer Services – 0.3% | Diversified Consumer Services – 0.3% | Diversified Consumer Services – 0.3% |
| 12403 | Bright Horizons Family Solutions, Inc.\* | 1555584 |
| 29747 | H&R Block, Inc. | 1795827 |
|  |  | 3351411 |
| Diversified Telecommunication Services – 1.2% | Diversified Telecommunication Services – 1.2% | Diversified Telecommunication Services – 1.2% |
| 276223 | Verizon Communications, Inc. | 12170385 |
| Electric Utilities – 1.0% | Electric Utilities – 1.0% | Electric Utilities – 1.0% |
| 7044 | Constellation Energy Corp. | 1573911 |
| 50443 | NextEra Energy, Inc. | 3373628 |
| 44356 | PPL Corp. | 1618994 |
| 53444 | Xcel Energy, Inc. | 3778491 |
|  |  | 10345024 |
| Electrical Equipment – 0.2% | Electrical Equipment – 0.2% | Electrical Equipment – 0.2% |
| 15001 | AMETEK, Inc. | 2543870 |
| Electronic Equipment, Instruments & Components – 0.7% | Electronic Equipment, Instruments & Components – 0.7% | Electronic Equipment, Instruments & Components – 0.7% |
| 123210 | Corning, Inc. | 5468060 |
| 2926 | Teledyne Technologies, Inc.\* | 1363604 |
|  |  | 6831664 |
| Energy Equipment & Services – 0.1% | Energy Equipment & Services – 0.1% | Energy Equipment & Services – 0.1% |
| 37849 | TechnipFMC PLC (United Kingdom) | 1066206 |
| Entertainment – 0.7% | Entertainment – 0.7% | Entertainment – 0.7% |
| 4183 | Netflix, Inc.\* | 4733985 |
| 15972 | Roku, Inc.\* | 1088971 |
| 8946 | Walt Disney Co. (The) | 813638 |
|  |  | 6636594 |
| Financial Services – 4.0% | Financial Services – 4.0% | Financial Services – 4.0% |
| 25183 | Berkshire Hathaway, Inc., Class B\* | 13428835 |
| 59735 | Corebridge Financial, Inc. | 1769948 |
| 15656 | Euronet Worldwide, Inc.\* | 1551510 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **29** |

---

------

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Financial Services – (continued) | Financial Services – (continued) | Financial Services – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14970 | Fiserv, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2763013 |
| 18842 | Mastercard, Inc., Class A | 10326546 |
| 29054 | Visa, Inc., Class A | 10038157 |
|  |  | 39878009 |
| Health Care Equipment & Supplies – 3.0% | Health Care Equipment & Supplies – 3.0% | Health Care Equipment & Supplies – 3.0% |
| 113816 | Abbott Laboratories | 14881442 |
| 31776 | Boston Scientific Corp.\* | 3268797 |
| 17361 | Intuitive Surgical, Inc.\* | 8954804 |
| 41862 | Medtronic PLC | 3548223 |
|  |  | 30653266 |
| Health Care Providers & Services – 2.5% | Health Care Providers & Services – 2.5% | Health Care Providers & Services – 2.5% |
| 1189 | Cigna Group (The) | 404307 |
| 133667 | CVS Health Corp. | 8916926 |
| 4338 | Encompass Health Corp. | 507503 |
| 12624 | HCA Healthcare, Inc. | 4356290 |
| 3335 | UnitedHealth Group, Inc. | 1372152 |
| 54370 | Universal Health Services, Inc., Class B | 9627296 |
|  |  | 25184474 |
| Health Care REITs – 1.3% | Health Care REITs – 1.3% | Health Care REITs – 1.3% |
| 37692 | Omega Healthcare Investors, Inc. REIT | 1471873 |
| 92274 | Ventas, Inc. REIT | 6466562 |
| 32872 | Welltower, Inc. REIT | 5015939 |
|  |  | 12954374 |
| Hotels, Restaurants & Leisure – 2.3% | Hotels, Restaurants & Leisure – 2.3% | Hotels, Restaurants & Leisure – 2.3% |
| 12230 | Airbnb, Inc., Class A\* | 1491082 |
| 1755 | Booking Holdings, Inc. | 8949236 |
| 1542 | Darden Restaurants, Inc. | 309387 |
| 21150 | DoorDash, Inc., Class A\* | 4079624 |
| 19352 | Flutter Entertainment PLC (United Kingdom)\* | 4663638 |
| 4406 | Las Vegas Sands Corp. | 161568 |
| 10277 | McDonald's Corp. | 3285043 |
|  |  | 22939578 |
| Household Durables – 0.1% | Household Durables – 0.1% | Household Durables – 0.1% |
| 3879 | Garmin Ltd. | 724869 |
| Household Products – 2.1% | Household Products – 2.1% | Household Products – 2.1% |
| 27829 | Colgate-Palmolive Co. | 2565556 |
| 112723 | Procter & Gamble Co. (The) | 18325378 |
|  |  | 20890934 |
| Industrial REITs – 0.4% | Industrial REITs – 0.4% | Industrial REITs – 0.4% |
| 39985 | Prologis, Inc. REIT | 4086467 |
| Insurance – 1.5% | Insurance – 1.5% |  |
| 12646 | Marsh & McLennan Cos., Inc. | 2851294 |
| 47279 | Travelers Cos., Inc. (The) | 12487802 |
|  |  | 15339096 |
| Interactive Media & Services – 7.1% | Interactive Media & Services – 7.1% | Interactive Media & Services – 7.1% |
| 78708 | Alphabet, Inc., Class A | 12498830 |
| 203037 | Alphabet, Inc., Class C | 32666623 |
| 43631 | Meta Platforms, Inc., Class A | 23953419 |
| 104697 | Pinterest, Inc., Class A\* | 2650928 |
|  |  | 71769800 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| IT Services – 0.5% | IT Services – 0.5% | IT Services – 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4597 | Gartner, Inc.\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1935705 |
| 10308 | GoDaddy, Inc., Class A\* | 1941306 |
| 7731 | Twilio, Inc., Class A\* | 747665 |
|  |  | 4624676 |
| Life Sciences Tools & Services – 1.1% | Life Sciences Tools & Services – 1.1% | Life Sciences Tools & Services – 1.1% |
| 68944 | IQVIA Holdings, Inc.\* | 10691146 |
| 101 | Mettler-Toledo International, Inc.\* | 108128 |
|  |  | 10799274 |
| Machinery – 1.2% | Machinery – 1.2% | Machinery – 1.2% |
| 8540 | Caterpillar, Inc. | 2641166 |
| 7966 | Parker-Hannifin Corp. | 4819908 |
| 23036 | Westinghouse Air Brake Technologies Corp. | 4255670 |
|  |  | 11716744 |
| Mortgage Real Estate Investment Trusts (REITs) – 0.2% | Mortgage Real Estate Investment Trusts (REITs) – 0.2% | Mortgage Real Estate Investment Trusts (REITs) – 0.2% |
| 98925 | Annaly Capital Management, Inc. REIT | 1938930 |
| Multi-Utilities – 0.5% | Multi-Utilities – 0.5% | Multi-Utilities – 0.5% |
| 28266 | Ameren Corp. | 2805118 |
| 20629 | CMS Energy Corp. | 1519326 |
| 15052 | Sempra | 1117912 |
|  |  | 5442356 |
| Oil, Gas & Consumable Fuels – 2.4% | Oil, Gas & Consumable Fuels – 2.4% | Oil, Gas & Consumable Fuels – 2.4% |
| 23024 | Antero Midstream Corp. | 381047 |
| 108346 | Antero Resources Corp.\* | 3773691 |
| 21551 | Chevron Corp. | 2932229 |
| 410282 | Kinder Morgan, Inc. | 10790417 |
| 40023 | Marathon Petroleum Corp. | 5499560 |
| 1009 | Phillips 66 | 104997 |
| 17057 | Williams Cos., Inc. (The) | 999028 |
|  |  | 24480969 |
| Passenger Airlines – 0.3% | Passenger Airlines – 0.3% | Passenger Airlines – 0.3% |
| 60844 | Alaska Air Group, Inc.\* | 2693564 |
| 7083 | United Airlines Holdings, Inc.\* | 487452 |
|  |  | 3181016 |
| Pharmaceuticals – 2.7% | Pharmaceuticals – 2.7% | Pharmaceuticals – 2.7% |
| 12044 | Eli Lilly & Co. | 10826954 |
| 21145 | Johnson & Johnson | 3305175 |
| 42754 | Pfizer, Inc. | 1043625 |
| 77544 | Zoetis, Inc. | 12127881 |
|  |  | 27303635 |
| Professional Services – 1.3% | Professional Services – 1.3% | Professional Services – 1.3% |
| 4551 | Broadridge Financial Solutions, Inc. | 1103162 |
| 45054 | Equifax, Inc. | 11719897 |
| 6816 | Genpact Ltd. | 342572 |
|  |  | 13165631 |
| Semiconductors & Semiconductor Equipment – 10.3% | Semiconductors & Semiconductor Equipment – 10.3% | Semiconductors & Semiconductor Equipment – 10.3% |
| 137057 | Broadcom, Inc. | 26379361 |
| 7654 | Marvell Technology, Inc. | 446764 |
| 485418 | NVIDIA Corp. | 52871729 |
| 70412 | QUALCOMM, Inc. | 10453365 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 30 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Semiconductors & Semiconductor Equipment – (continued) | Semiconductors & Semiconductor Equipment – (continued) | Semiconductors & Semiconductor Equipment – (continued) | Semiconductors & Semiconductor Equipment – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85203 | Texas Instruments, Inc. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13636740 |
|  |  |  | 103787959 |
| Software – 10.3% | Software – 10.3% | Software – 10.3% | Software – 10.3% |
| 53512 | Datadog, Inc., Class A\* |  | 5466786 |
| 2779 | Fair Isaac Corp.\* |  | 5529321 |
| 6595 | Manhattan Associates, Inc.\* |  | 1169887 |
| 183981 | Microsoft Corp. |  | 72720330 |
| 6814 | Palantir Technologies, Inc., Class A\* |  | 807050 |
| 9018 | Palo Alto Networks, Inc.\* |  | 1685735 |
| 41455 | Salesforce, Inc. |  | 11139373 |
| 5783 | ServiceNow, Inc.\* |  | 5522823 |
|  |  |  | 104041305 |
| Specialized REITs – 0.3% | Specialized REITs – 0.3% | Specialized REITs – 0.3% | Specialized REITs – 0.3% |
| 10189 | Public Storage REIT |  | 3061081 |
| Specialty Retail – 2.9% | Specialty Retail – 2.9% | Specialty Retail – 2.9% | Specialty Retail – 2.9% |
| 1067 | AutoZone, Inc.\* |  | 4014694 |
| 2295 | Carvana Co.\* |  | 560784 |
| 29633 | Home Depot, Inc. (The) |  | 10682400 |
| 1841 | Lithia Motors, Inc. |  | 538971 |
| 13479 | Lowe's Cos., Inc. |  | 3013365 |
| 5797 | Penske Automotive Group, Inc. |  | 902419 |
| 58194 | TJX Cos., Inc. (The) |  | 7488404 |
| 14610 | Williams-Sonoma, Inc. |  | 2256807 |
|  |  |  | 29457844 |
| Technology Hardware, Storage & Peripherals – 7.5% | Technology Hardware, Storage & Peripherals – 7.5% | Technology Hardware, Storage & Peripherals – 7.5% | Technology Hardware, Storage & Peripherals – 7.5% |
| 356340 | Apple, Inc. |  | 75722250 |
| Textiles, Apparel & Luxury Goods – 0.3% | Textiles, Apparel & Luxury Goods – 0.3% | Textiles, Apparel & Luxury Goods – 0.3% | Textiles, Apparel & Luxury Goods – 0.3% |
| 39447 | Birkenstock Holding PLC (Germany)\* |  | 2028759 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Textiles, Apparel & Luxury Goods – (continued) | Textiles, Apparel & Luxury Goods – (continued) | Textiles, Apparel & Luxury Goods – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12985 | Skechers USA, Inc., Class A\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623540 |
|  |  | 2652299 |
| Trading Companies & Distributors – 0.1% | Trading Companies & Distributors – 0.1% | Trading Companies & Distributors – 0.1% |
| 861 | United Rentals, Inc. | 543678 |
| 389 | W.W. Grainger, Inc. | 398457 |
| 936 | Watsco, Inc. | 430410 |
|  |  | 1372545 |
| TOTAL COMMON STOCKS | TOTAL COMMON STOCKS | TOTAL COMMON STOCKS |
| (Cost $758,488,407) | (Cost $758,488,407) | 995998533 |
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 0.0%<sup>(a)</sup> | Investment Company – 0.0%<sup>(a)</sup> | Investment Company – 0.0%<sup>(a)</sup> |
|  Goldman Sachs Financial Square Government<br>Fund – Institutional Shares | Goldman Sachs Financial Square Government<br>Fund – Institutional Shares | Goldman Sachs Financial Square Government<br>Fund – Institutional Shares |
| 91 | 4.248% | 91 |
| (Cost $91) | (Cost $91) |  |
| TOTAL INVESTMENTS – 98.9% | TOTAL INVESTMENTS – 98.9% |  |
| (Cost $758,488,498) | (Cost $758,488,498) | $995998624 |
|  **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 1.1%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 1.1%** | 11010094 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $1007008718 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | 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:** | **Investment Abbreviations:** |
| PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Public Limited Company |
| REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Real Estate Investment Trust |

---

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2025, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized <br>Appreciation/ <br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  S&P 500 E-Mini Index | 29 | 06/20/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8101150 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660930 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **31** |

---

------

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Large Cap Growth<br>Insights Fund** | **Large Cap Value<br>Insights Fund** | **Small Cap Equity<br>Insights Fund** |
| Assets: |  |  |  |
|  Investments in unaffiliated issuers, at value (cost $807,569,892, $495,865,183 and $394,670,708, respectively)<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1332048576 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509151397 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387806668 |
|  Investments in affiliated issuers, at value (cost $4,053, $1,194 and $256,897, respectively) | 4053 | 1194 | 256897 |
|  Investments in affiliated securities lending reinvestment vehicle, at value which equals cost |  |  | 4003738 |
|  Cash | 4973945 |  | 6024889 |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 44238136 | 10094791 | 7610676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 2036093 | 42985 | 399413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 360787 | 804753 | 221268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts | 76521 | 374957 | 531777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 16646 | 12591 | 12551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income |  | 3 | 4461 |
|  Variation margin on futures contracts | 57699 |  |  |
|  Other assets | 75562 | 68063 | 64223 |
|  **Total assets** | 1383888018 | 520550734 | 406936561 |
| Liabilities: |  |  |  |
|  Variation margin on futures contracts |  | 152645 | 38640 |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 37088823 | 881546 | 7370148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 6557882 | 866511 | 256600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 269952 | 109293 | 125803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 80156 | 22262 | 13797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned |  |  | 4003738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to custodian |  | 4056999 |  |
|  Accrued expenses | 194793 | 77887 | 70995 |
|  **Total liabilities** | 44191606 | 6167143 | 11879721 |
| Net Assets: |  |  |  |
|  Paid-in capital | 830387878 | 498760478 | 397350676 |
|  Total distributable earnings (loss) | 509308534 | 15623113 | (2293836) |
|  **NET ASSETS** | $1339696412 | $514383591 | $395056840 |
|  Net Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $213638719 | $48794021 | $25853825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 17862497 | 7155127 | 3642525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 258577691 | 44498496 | 108847660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 22818323 | 2561709 | 756474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 165502566 | 54536127 | 39595875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 560214290 | 310198552 | 70035135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 30344981 | 4244342 | 3976642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 70737345 | 42395217 | 142348704 |
|  Total Net Assets | $1339696412 | $514383591 | $395056840 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 7735654 | 2172650 | 1129819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 967772 | 322964 | 213251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 8485575 | 1985239 | 4441199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 867770 | 113249 | 34078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 6140960 | 2442418 | 1741401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 18414895 | 13842818 | 2857302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 1193531 | 191006 | 181275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 2327446 | 1893144 | 5810322 |
|  Net asset value, offering and redemption price per share:<sup>(b)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $27.62 | $22.46 | $22.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 18.46 | 22.15 | 17.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 30.47 | 22.41 | 24.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 26.30 | 22.62 | 22.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 26.95 | 22.33 | 22.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 30.42 | 22.41 | 24.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 25.42 | 22.22 | 21.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 30.39 | 22.39 | 24.50 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes loaned securities having a market value of $–, $– and $3,770,373 for Large Cap Growth Insights Fund, Large Cap Value Insights Fund and Small Cap Equity Insights Fund, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 32 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities (continued) *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Maximum public offering price per share for Class A Shares of the Large Cap Growth Insights Fund, Large Cap Value Insights Fund and Small Cap Equity Insights Fund is $29.23, $23.77 and $24.21, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value ("NAV") or the original purchase price of the shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **33** |

---

------

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities (continued) *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Small Cap Growth<br>Insights Fund** | **Small Cap Value<br>Insights Fund** | **U.S. Equity<br>Insights Fund** |
| Assets: |  |  |  |
|  Investments in unaffiliated issuers, at value (cost $116,479,220, $776,156,569 and $758,488,407, respectively)<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118559543 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729150470 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995998533 |
|  Investments in affiliated issuers, at value (cost $182, $185 and $91, respectively) | 182 | 185 | 91 |
|  Investments in affiliated securities lending reinvestment vehicle, at value which equals cost | 1465164 | 7187407 |  |
|  Cash | 1034310 |  | 8836186 |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 198163 | 422240 | 165957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts | 17937 | 978593 | 691836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 16870 | 533369 | 1162017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 8656 | 17660 | 13840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 1932 | 28807 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  | 37905977 | 28526595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims |  | 18903 |  |
|  Variation margin on futures contracts | 690 |  | 4712 |
|  Other assets | 64844 | 73905 | 75942 |
|  **Total assets** | 121368291 | 776317516 | 1035475711 |
| Liabilities: |  |  |  |
|  Variation margin on futures contracts |  | 925534 |  |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned | 1465164 | 7187407 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 52620 | 4360520 | 465351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 38079 | 247913 | 207947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 9597 | 33762 | 70262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income distribution |  | 177 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased |  | 1277862 | 27566959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to custodian |  | 30038363 |  |
|  Accrued expenses | 395804 | 129710 | 156474 |
|  **Total liabilities** | 1961264 | 44201248 | 28466993 |
| Net Assets: |  |  |  |
|  Paid-in capital | 121354717 | 789353323 | 733680158 |
|  Total distributable earnings (loss) | (1947690) | (57237055) | 273328560 |
|  **NET ASSETS** | $119407027 | $732116268 | $1007008718 |
|  Net Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $30249405 | $95156377 | $317813036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 2266018 | 2139625 | 11870291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 31656097 | 240119326 | 286651225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service |  |  | 2361992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 17155755 | 80551369 | 50190335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 8360142 | 267056533 | 30370364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 7047984 | 17174442 | 7468397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 22671626 | 29918596 | 300283078 |
|  Total Net Assets | $119407027 | $732116268 | $1007008718 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 2061101 | 3306943 | 5496448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 95709 | 186727 | 252715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 1307798 | 4966902 | 4696799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service |  |  | 41211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 1045972 | 2818842 | 886991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 344635 | 5525826 | 498338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 566816 | 625870 | 132609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 935094 | 619172 | 4926424 |
|  Net asset value, offering and redemption price per share:<sup>(b)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $14.68 | $28.77 | $57.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 23.68 | 11.46 | 46.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 24.21 | 48.34 | 61.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service |  |  | 57.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 16.40 | 28.58 | 56.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 24.26 | 48.33 | 60.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 12.43 | 27.44 | 56.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 24.25 | 48.32 | 60.95 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 34 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities (continued) *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes loaned securities having a market value of $1,382,622, $6,808,805 and $– for Small Cap Growth Insights Fund, Small Cap Value Insights Fund and U.S. Equity Insights Fund, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Maximum public offering price per share for Class A Shares of the Small Cap Growth Insights Fund, Small Cap Value Insights Fund and U.S. Equity Insights Fund is $15.53, $30.44 and $61.19, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value ("NAV") or the original purchase price of the shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **35** |

---

------

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations *For the Six Months Ended April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
|  | **Large Cap Growth<br>Insights Fund** | **Large Cap Value<br>Insights Fund** | **Small Cap Equity<br>Insights Fund** |
| Investment income: |  |  |  |
| Dividends — unaffiliated issuers (net of foreign withholding taxes of $–, $– and $18,498, respectively) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4268317 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5367026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2991942 |
|  Dividends — affiliated issuers | 61042 | 70029 | 32357 |
|  Securities lending income, net of rebates received or paid to borrowers – affiliated issuer |  | 8 | 35166 |
|  **Total Investment Income** | 4329359 | 5437063 | 3059465 |
| Expenses: |  |  |  |
|  Management fees | 3585189 | 1313587 | 1685494 |
|  Transfer Agency fees<sup>(a)</sup>  | 513807 | 157256 | 119794 |
|  Distribution and/or Service (12b-1) fees<sup>(a)</sup>  | 453625 | 111641 | 65680 |
|  Custody, accounting and administrative services | 75527 | 35916 | 37992 |
|  Registration fees | 70564 | 53555 | 55055 |
|  Shareholder Administration fees — Service Shares | 67062 | 3292 | 1201 |
|  Professional fees | 54037 | 53965 | 54213 |
|  Service fees — Class C | 26889 | 9911 | 5368 |
|  Printing and mailing costs | 26059 | 16436 | 19586 |
|  Trustee fees | 15019 | 13978 | 13988 |
|  Other | 18368 | 10482 | 12422 |
|  **Total expenses** | 4906146 | 1780019 | 2070793 |
|  Less — expense reductions | (233324) | (176593) | (186246) |
|  **Net expenses** | 4672822 | 1603426 | 1884547 |
|  **NET INVESTMENT INCOME (LOSS)** | (343463) | 3833637 | 1174918 |
| Realized and Unrealized gain (loss): |  |  |  |
|  Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (4472111) | 3308493 | 6692917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (3194948) | (1221565) | (18729) |
|  Net change in unrealized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (53032948) | (24055758) | (46380969) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (32706) | 28948 | 611907 |
|  **Net realized and unrealized loss** | (60732713) | (21939882) | (39094874) |
|  **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(61076176) | $(18106245) | $(37919956) |

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<sup>(a)</sup> Class specific Distribution and/or Service and Transfer Agency fees were as follows:

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** |
| **Fund** | **Class A** | **Class C** | **Service** | **Class R** | **Class A** | **Class C** | **Institutional** | **Service** | **Investor** | **Class R6** | **Class R** | **Class P** |
|  Large Cap Growth Insights Fund | $288853 | $80667 | $– | $84105 | $173313 | $16134 | $54784 | $5365 | $142515 | $84950 | $25232 | $11514 |
|  Large Cap Value Insights Fund | 66429 | 29732 | 3292 | 12188 | 39858 | 5946 | 8729 | 527 | 49489 | 42217 | 3656 | 6834 |
|  Small Cap Equity Insights Fund | 37874 | 16103 | 1201 | 10502 | 22725 | 3221 | 23971 | 192 | 34088 | 11581 | 3151 | 20865 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| 36 | **The accompanying notes are an integral part of these financial statements.** |

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GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations (continued) *For the Six Months Ended April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
|  | **Small Cap Growth<br>Insights Fund** | **Small Cap Value<br>Insights Fund** | **U.S. Equity<br>Insights Fund** |
| Investment income: |  |  |  |
| Dividends — unaffiliated issuers (net of foreign withholding taxes of $4,496, $15,877 and $–, respectively) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441897 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9909553 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7379599 |
| Dividends — affiliated issuers | 14336 | 22552 | 12235 |
| Securities lending income, net of rebates received or paid to borrowers – affiliated issuer | 11118 | 147676 | 2 |
|  **Total Investment Income** | 467351 | 10079781 | 7391836 |
| Expenses: |  |  |  |
|  Management fees | 530853 | 3623942 | 2790135 |
|  Distribution and/or Service (12b-1) fees<sup>(a)</sup>  | 65638 | 197710 | 503612 |
|  Transfer Agency fees<sup>(a)</sup>  | 58035 | 286840 | 428028 |
|  Professional fees | 50391 | 55427 | 54028 |
|  Registration fees | 35467 | 58185 | 54107 |
|  Custody, accounting and administrative services | 16400 | 57973 | 59915 |
|  Trustee fees | 13656 | 15056 | 10242 |
|  Printing and mailing costs | 10000 | 46125 | 29431 |
|  Service fees — Class C | 3483 | 3247 | 16855 |
|  Shareholder Administration fees — Service Shares |  |  | 3580 |
|  Other | 7238 | 19871 | 14876 |
|  **Total expenses** | 791161 | 4364376 | 3964809 |
|  Less — expense reductions | (130976) | (235343) | (201403) |
|  **Net expenses** | 660185 | 4129033 | 3763406 |
|  **NET INVESTMENT INCOME (LOSS)** | (192834) | 5950748 | 3628430 |
| Realized and Unrealized gain (loss): |  |  |  |
|  Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 1731678 | (7386363) | 36577240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (344314) | (1811751) | (50150) |
|  Net change in unrealized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (13041710) | (108393830) | (74009821) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 38064 | 45549 | 660930 |
|  **Net realized and unrealized loss** | (11616282) | (117546395) | (36821801) |
|  **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(11809116) | $(111595647) | $(33193371) |

---

<sup>(a)</sup> Class specific Distribution and/or Service and Transfer Agency fees were as follows:

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** |
| **Fund** | **Class A** | **Class C** | **Service** | **Class R** | **Class A** | **Class C** | **Institutional** | **Service** | **Investor** | **Class R6** | **Class R** | **Class P** |
|  Small Cap Growth Insights Fund | $42471 | $10450 | $– | $12717 | $25483 | $2090 | $7276 | $– | $13998 | $1357 | $3815 | $4016 |
|  Small Cap Value Insights Fund | 137534 | 9742 |  | 50434 | 82521 | 1948 | 65799 |  | 68517 | 46257 | 15130 | 6668 |
|  U.S. Equity Insights Fund | 429493 | 50564 | 3580 | 19975 | 257697 | 10113 | 60704 | 573 | 39147 | 4750 | 5993 | 49051 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **37** |

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GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** |
|  | **For the<br>Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **For the Fiscal<br>Year Ended<br>October 31, 2024** | **For the<br>Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **For the Fiscal<br>Year Ended<br>October 31, 2024** |
| From operations: |  |  |  |  |
|  Net investment income (loss) | $(343463) | $(814895) | $3833637 | $4838226 |
|  Net realized gain (loss) | (7667059) | 156890785 | 2086928 | 55864707 |
|  Net change in unrealized gain (loss) | (53065654) | 278777971 | (24026810) | 38748027 |
|  **Net increase (decrease) in net assets resulting from operations** | (61076176) | 434853861 | (18106245) | 99450960 |
| Distributions to shareholders: |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (27772194) | (14187844) | (6799644) | (1802551) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (4197853) | (2314652) | (1018664) | (230118) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (30387092) | (16404919) | (5662925) | (1628893) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares | (3608408) | (1787395) | (330188) | (76799) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (23328723) | (10083585) | (7804589) | (2282761) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (56199055) | (25995687) | (28877127) | (5935102) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares | (4309845) | (2110858) | (617115) | (138695) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (8568200) | (3665774) | (5856700) | (1514351) |
|  **Total distributions to shareholders** | (158371370) | (76550714) | (56966952) | (13609270) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 305514264 | 243985250 | 203060970 | 29694495 |
|  Reinvestment of distributions | 131269282 | 69201464 | 44943302 | 13165028 |
|  Cost of shares redeemed | (199621783) | (344662267) | (42705549) | (115626004) |
|  **Net increase (decrease) in net assets resulting from share transactions** | 237161763 | (31475553) | 205298723 | (72766481) |
|  **TOTAL INCREASE** | 17714217 | 326827594 | 130225526 | 13075209 |
| Net Assets: |  |  |  |  |
|  Beginning of period | $1321982195 | $995154601 | $384158065 | $371082856 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1339696412 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1321982195 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514383591 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384158065 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| 38 | **The accompanying notes are an integral part of these financial statements.** |

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GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** |
|  | **For the<br>Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **For the Fiscal<br>Year Ended<br>October 31, 2024** | **For the<br>Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **For the Fiscal<br>Year Ended<br>October 31, 2024** |
| From operations: |  |  |  |  |
|  Net investment income (loss) | $1174918 | $1974166 | $(192834) | $(350184) |
|  Net realized gain | 6674188 | 78073820 | 1387364 | 22127241 |
|  Net change in unrealized gain (loss) | (45769062) | 52725745 | (13003646) | 17322151 |
|  **Net increase (decrease) in net assets resulting from operations** | (37919956) | 132773731 | (11809116) | 39099208 |
| Distributions to shareholders: |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (3838546) | (117628) | (342765) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (723886) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (14615795) | (824051) | (297652) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares | (118634) | (8429) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (5709456) | (239907) | (195811) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (9260127) | (812645) | (72234) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares | (510282) |  | (39647) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (16118834) | (1069929) | (216902) |  |
|  **Total distributions to shareholders** | (50895560) | (3072589) | (1165011) |  |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 116071930 | 108187255 | 21392382 | 30545864 |
|  Reinvestment of distributions | 12174718 | 3025536 | 1082797 |  |
|  Cost of shares redeemed | (77351583) | (132061957) | (17493149) | (30649060) |
|  **Net increase (decrease) in net assets resulting from share transactions** | 50895065 | (20849166) | 4982030 | (103196) |
|  **TOTAL INCREASE (DECREASE)** | (37920451) | 108851976 | (7992097) | 38996012 |
| Net Assets: |  |  |  |  |
|  Beginning of period | $432977291 | $324125315 | $127399124 | $88403112 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395056840 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432977291 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119407027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127399124 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **39** |

---

------

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** |
|  | **For the<br>Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **For the Fiscal<br>Year Ended<br>October 31, 2024** | **For the<br>Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **For the Fiscal<br>Year Ended<br>October 31, 2024** |
| From operations: |  |  |  |  |
|  Net investment income | $5950748 | $9756304 | $3628430 | $4534576 |
|  Net realized gain (loss) | (9198114) | 149290609 | 36527090 | 152577888 |
|  Net change in unrealized gain (loss) | (108348281) | 117460555 | (73348891) | 170266868 |
|  **Net increase (decrease) in net assets resulting from operations** | (111595647) | 276507468 | (33193371) | 327379332 |
| Distributions to shareholders: |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (24172418) | (2135387) | (49566565) | (7596194) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (1183300) | (86314) | (2352799) | (342909) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (47220586) | (4379286) | (42023240) | (7331833) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares |  |  | (413236) | (136245) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (20457778) | (1665993) | (7537857) | (1360524) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (45628858) | (4104364) | (4336845) | (654438) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares | (4592652) | (324677) | (1141000) | (169826) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (7733635) | (804361) | (46268704) | (7532922) |
|  **Total distributions to shareholders** | (150989227) | (13500382) | (153640246) | (25124891) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 182029449 | 225980431 | 98220185 | 84526269 |
|  Reinvestment of distributions | 83049719 | 13072090 | 127949115 | 24656944 |
|  Cost of shares redeemed | (238704831) | (359344327) | (115399568) | (185971937) |
|  **Net increase (decrease) in net assets resulting from share transactions** | 26374337 | (120291806) | 110769732 | (76788724) |
|  **TOTAL INCREASE (DECREASE)** | (236210537) | 142715280 | (76063885) | 225465717 |
| Net Assets: |  |  |  |  |
|  Beginning of period | $968326805 | $825611525 | $1083072603 | $857606886 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732116268 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968326805 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007008718 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1083072603 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| 40 | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $32.25 | $23.95 | $25.20 | $48.76 | $37.63 | $31.54 |
|  Net investment income (loss)<sup>(a)</sup>  | (0.05) | (0.09) | (0.04) | 0.03 <sup>(b)</sup> | (0.09) | – <sup>(c)</sup> |
|  Net realized and unrealized gain (loss) | (0.65) | 10.33 | 2.88 | (8.25) | 15.02 | 7.31 |
|  Total from investment operations | (0.70) | 10.24 | 2.84 | (8.22) | 14.93 | 7.31 |
|  Distributions to shareholders from net investment income |  |  | (0.02) |  |  | (0.10) |
|  Distributions to shareholders from net realized gains | (3.93) | (1.94) | (4.07) | (15.34) | (3.80) | (1.12) |
|  Total distributions | (3.93) | (1.94) | (4.09) | (15.34) | (3.80) | (1.22) |
|  Net asset value, end of period | $27.62 | $32.25 | $23.95 | $25.20 | $48.76 | $37.63 |
|  **Total Return<sup>(d)</sup>**  | (3.73)% | 45.00% | 13.11% | (24.27)% | 42.69% | 23.84% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213639 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224690 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177858 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211454 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336453 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286777 |
|  Ratio of net expenses to average net assets | 0.91 %<sup>(e)</sup> | 0.89% | 0.96% | 0.92% | 0.91% | 0.92% |
|  Ratio of total expenses to average net assets | 0.94 %<sup>(e)</sup> | 0.92% | 1.00% | 0.96% | 0.94% | 0.95% |
|  Ratio of net investment income (loss) to average net assets | (0.30)%<sup>(e)</sup> | (0.30)% | (0.17)% | 0.10 %<sup>(b)</sup> | (0.21)% | (0.01)% |
|  Portfolio turnover rate<sup>(f)</sup>  | 99% | 215% | 206% | 200% | 214% | 218% |

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&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.10 per share and 0.32% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **41** |

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------

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $22.81 | $17.56 | $19.65 | $41.64 | $32.87 | $27.79 |
|  Net investment loss<sup>(a)</sup>  | (0.11) | (0.21) | (0.16) | (0.15)<sup>(b)</sup> | (0.35) | (0.23) |
|  Net realized and unrealized gain (loss) | (0.31) | 7.40 | 2.14 | (6.50) | 12.92 | 6.43 |
|  Total from investment operations | (0.42) | 7.19 | 1.98 | (6.65) | 12.57 | 6.20 |
|  Distributions to shareholders from net realized gains | (3.93) | (1.94) | (4.07) | (15.34) | (3.80) | (1.12) |
|  Net asset value, end of period | $18.46 | $22.81 | $17.56 | $19.65 | $41.64 | $32.87 |
|  **Total Return<sup>(c)</sup>**  | (4.09)% | 43.92% | 12.28% | (24.84)% | 41.59% | 22.97% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17862 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24488 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21113 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26260 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47078 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41838 |
|  Ratio of net expenses to average net assets | 1.66 %<sup>(d)</sup> | 1.64% | 1.71% | 1.67% | 1.66% | 1.67% |
|  Ratio of total expenses to average net assets | 1.69 %<sup>(d)</sup> | 1.67% | 1.75% | 1.71% | 1.69% | 1.70% |
|  Ratio of net investment loss to average net assets | (1.04)%<sup>(d)</sup> | (1.04)% | (0.91)% | (0.64)%<sup>(b)</sup> | (0.96)% | (0.76)% |
|  Portfolio turnover rate<sup>(e)</sup>  | 99% | 215% | 206% | 200% | 214% | 218% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.10 per share and 0.32% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 42 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $35.17 | $25.90 | $26.92 | $50.98 | $39.16 | $32.77 |
|  Net investment income<sup>(a)</sup>  | 0.01 | 0.02 | 0.05 | 0.21 <sup>(b)</sup> | 0.07 | 0.13 |
|  Net realized and unrealized gain (loss) | (0.76) | 11.21 | 3.10 | (8.85) | 15.66 | 7.61 |
|  Total from investment operations | (0.75) | 11.23 | 3.15 | (8.64) | 15.73 | 7.74 |
|  Distributions to shareholders from net investment income | (0.02) | (0.02) | (0.10) | (0.08) | (0.11) | (0.23) |
|  Distributions to shareholders from net realized gains | (3.93) | (1.94) | (4.07) | (15.34) | (3.80) | (1.12) |
|  Total distributions | (3.95) | (1.96) | (4.17) | (15.42) | (3.91) | (1.35) |
|  Net asset value, end of period | $30.47 | $35.17 | $25.90 | $26.92 | $50.98 | $39.16 |
|  **Total Return<sup>(c)</sup>**  | (3.56)% | 45.56% | 13.51% | (24.00)% | 43.18% | 24.33% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258578 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276974 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221330 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295292 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893602 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741893 |
|  Ratio of net expenses to average net assets | 0.55 %<sup>(d)</sup> | 0.53% | 0.59% | 0.55% | 0.54% | 0.54% |
|  Ratio of total expenses to average net assets | 0.58 %<sup>(d)</sup> | 0.56% | 0.63% | 0.59% | 0.57% | 0.58% |
|  Ratio of net investment income to average net assets | 0.06 %<sup>(d)</sup> | 0.06% | 0.20% | 0.64 %<sup>(b)</sup> | 0.16% | 0.36% |
|  Portfolio turnover rate<sup>(e)</sup>  | 99% | 215% | 206% | 200% | 214% | 218% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.10 per share and 0.32% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **43** |

---

------

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $30.90 | $23.04 | $24.42 | $47.77 | $36.98 | $31.02 |
|  Net investment loss<sup>(a)</sup>  | (0.06) | (0.12) | (0.07) | – <sup>(b)(c)</sup> | (0.14) | (0.05) |
|  Net realized and unrealized gain (loss) | (0.61) | 9.92 | 2.77 | (8.01) | 14.73 | 7.20 |
|  Total from investment operations | (0.67) | 9.80 | 2.70 | (8.01) | 14.59 | 7.15 |
|  Distributions to shareholders from net investment income |  |  | (0.01) |  |  | (0.07) |
|  Distributions to shareholders from net realized gains | (3.93) | (1.94) | (4.07) | (15.34) | (3.80) | (1.12) |
|  Total distributions | (3.93) | (1.94) | (4.08) | (15.34) | (3.80) | (1.19) |
|  Net asset value, end of period | $26.30 | $30.90 | $23.04 | $24.42 | $47.77 | $36.98 |
|  **Total Return<sup>(d)</sup>**  | (3.83)% | 44.86% | 12.91% | (24.36)% | 42.50% | 23.68% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22818 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28807 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21347 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19093 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34280 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47346 |
|  Ratio of net expenses to average net assets | 1.05 %<sup>(e)</sup> | 1.03% | 1.09% | 1.05% | 1.04% | 1.04% |
|  Ratio of total expenses to average net assets | 1.08 %<sup>(e)</sup> | 1.06% | 1.13% | 1.09% | 1.07% | 1.08% |
|  Ratio of net investment income (loss) to average net assets | (0.44)%<sup>(e)</sup> | (0.45)% | (0.33)% | 0.01 %<sup>(b)</sup> | (0.34)% | (0.13)% |
|  Portfolio turnover rate<sup>(f)</sup>  | 99% | 215% | 206% | 200% | 214% | 218% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.10 per share and 0.32% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 44 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $31.52 | $23.39 | $24.70 | $48.07 | $37.12 | $31.13 |
|  Net investment income (loss)<sup>(a)</sup>  | (0.01) | (0.02) | 0.01 | 0.11 <sup>(b)</sup> | 0.02 | 0.09 |
|  Net realized and unrealized gain (loss) | (0.63) | 10.09 | 2.82 | (8.09) | 14.80 | 7.21 |
|  Total from investment operations | (0.64) | 10.07 | 2.83 | (7.98) | 14.82 | 7.30 |
|  Distributions to shareholders from net investment income |  |  | (0.07) | (0.05) | (0.07) | (0.19) |
|  Distributions to shareholders from net realized gains | (3.93) | (1.94) | (4.07) | (15.34) | (3.80) | (1.12) |
|  Total distributions | (3.93) | (1.94) | (4.14) | (15.39) | (3.87) | (1.31) |
|  Net asset value, end of period | $26.95 | $31.52 | $23.39 | $24.70 | $48.07 | $37.12 |
|  **Total Return<sup>(c)</sup>**  | (3.62)% | 45.38% | 13.41% | (24.10)% | 43.03% | 24.17% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165503 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192124 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131787 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137645 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271096 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308107 |
|  Ratio of net expenses to average net assets | 0.66 %<sup>(d)</sup> | 0.64% | 0.71% | 0.67% | 0.66% | 0.67% |
|  Ratio of total expenses to average net assets | 0.69 %<sup>(d)</sup> | 0.67% | 0.75% | 0.71% | 0.69% | 0.70% |
|  Ratio of net investment income (loss) to average net assets | (0.05)%<sup>(d)</sup> | (0.06)% | 0.06% | 0.36 %<sup>(b)</sup> | 0.04% | 0.26% |
|  Portfolio turnover rate<sup>(e)</sup>  | 99% | 215% | 206% | 200% | 214% | 218% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.10 per share and 0.32% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **45** |

---

------

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $35.12 | $25.86 | $26.90 | $50.95 | $39.14 | $32.75 |
|  Net investment income<sup>(a)</sup>  | 0.01 | 0.02 | 0.04 | 0.15 <sup>(b)</sup> | 0.08 | 0.13 |
|  Net realized and unrealized gain (loss) | (0.76) | 11.21 | 3.10 | (8.76) | 15.65 | 7.61 |
|  Total from investment operations | (0.75) | 11.23 | 3.14 | (8.61) | 15.73 | 7.74 |
|  Distributions to shareholders from net investment income | (0.02) | (0.03) | (0.11) | (0.10) | (0.12) | (0.23) |
|  Distributions to shareholders from net realized gains | (3.93) | (1.94) | (4.07) | (15.34) | (3.80) | (1.12) |
|  Total distributions | (3.95) | (1.97) | (4.18) | (15.44) | (3.92) | (1.35) |
|  Net asset value, end of period | $30.42 | $35.12 | $25.86 | $26.90 | $50.95 | $39.14 |
|  **Total Return<sup>(c)</sup>**  | (3.55)% | 45.56% | 13.50% | (23.97)% | 43.19% | 24.36% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560214 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465405 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347130 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225067 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295157 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373079 |
|  Ratio of net expenses to average net assets | 0.54 %<sup>(d)</sup> | 0.52% | 0.58% | 0.54% | 0.53% | 0.53% |
|  Ratio of total expenses to average net assets | 0.57 %<sup>(d)</sup> | 0.55% | 0.62% | 0.58% | 0.56% | 0.57% |
|  Ratio of net investment income to average net assets | 0.07 %<sup>(d)</sup> | 0.07% | 0.18% | 0.48 %<sup>(b)</sup> | 0.17% | 0.36% |
|  Portfolio turnover rate<sup>(e)</sup>  | 99% | 215% | 206% | 200% | 214% | 218% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.10 per share and 0.32% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 46 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $30.01 | $22.45 | $23.91 | $47.14 | $36.58 | $30.73 |
|  Net investment loss<sup>(a)</sup>  | (0.08) | (0.15) | (0.10) | (0.05)<sup>(b)</sup> | (0.19) | (0.08) |
|  Net realized and unrealized gain (loss) | (0.58) | 9.65 | 2.71 | (7.84) | 14.55 | 7.12 |
|  Total from investment operations | (0.66) | 9.50 | 2.61 | (7.89) | 14.36 | 7.04 |
|  Distributions to shareholders from net investment income |  |  |  |  |  | (0.07) |
|  Distributions to shareholders from net realized gains | (3.93) | (1.94) | (4.07) | (15.34) | (3.80) | (1.12) |
|  Total distributions | (3.93) | (1.94) | (4.07) | (15.34) | (3.80) | (1.19) |
|  Net asset value, end of period | $25.42 | $30.01 | $22.45 | $23.91 | $47.14 | $36.58 |
|  **Total Return<sup>(c)</sup>**  | (3.89)% | 44.69% | 12.80% | (24.46)% | 42.33% | 23.55% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30345 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33157 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25326 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22666 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30111 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27314 |
|  Ratio of net expenses to average net assets | 1.16 %<sup>(d)</sup> | 1.14% | 1.21% | 1.17% | 1.16% | 1.17% |
|  Ratio of total expenses to average net assets | 1.19 %<sup>(d)</sup> | 1.17% | 1.25% | 1.21% | 1.19% | 1.20% |
|  Ratio of net investment loss to average net assets | (0.55)%<sup>(d)</sup> | (0.56)% | (0.44)% | (0.17)%<sup>(b)</sup> | (0.46)% | (0.25)% |
|  Portfolio turnover rate<sup>(e)</sup>  | 99% | 215% | 206% | 200% | 214% | 218% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.10 per share and 0.32% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **47** |

---

------

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $35.09 | $25.84 | $26.87 | $50.93 | $39.12 | $32.74 |
|  Net investment income<sup>(a)</sup>  | 0.01 | 0.02 | 0.05 | 0.15 <sup>(b)</sup> | 0.07 | 0.13 |
|  Net realized and unrealized gain (loss) | (0.76) | 11.20 | 3.10 | (8.78) | 15.66 | 7.61 |
|  Total from investment operations | (0.75) | 11.22 | 3.15 | (8.63) | 15.73 | 7.74 |
|  Distributions to shareholders from net investment income | (0.02) | (0.03) | (0.11) | (0.09) | (0.12) | (0.24) |
|  Distributions to shareholders from net realized gains | (3.93) | (1.94) | (4.07) | (15.34) | (3.80) | (1.12) |
|  Total distributions | (3.95) | (1.97) | (4.18) | (15.43) | (3.92) | (1.36) |
|  Net asset value, end of period | $30.39 | $35.09 | $25.84 | $26.87 | $50.93 | $39.12 |
|  **Total Return<sup>(c)</sup>**  | (3.56)% | 45.55% | 13.55% | (24.00)% | 43.21% | 24.34% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70737 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76336 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49264 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53467 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78307 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59286 |
|  Ratio of net expenses to average net assets | 0.54 %<sup>(d)</sup> | 0.52% | 0.58% | 0.54% | 0.53% | 0.53% |
|  Ratio of total expenses to average net assets | 0.57 %<sup>(d)</sup> | 0.55% | 0.62% | 0.58% | 0.56% | 0.57% |
|  Ratio of net investment income to average net assets | 0.07 %<sup>(d)</sup> | 0.06% | 0.19% | 0.47 %<sup>(b)</sup> | 0.17% | 0.36% |
|  Portfolio turnover rate<sup>(e)</sup>  | 99% | 215% | 206% | 200% | 214% | 218% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.10 per share and 0.32% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 48 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $26.15 | $20.74 | $21.53 | $27.15 | $19.23 | $21.27 |
|  Net investment income<sup>(a)</sup>  | 0.15 | 0.25 | 0.26 | 0.24 <sup>(b)</sup> | 0.22 <sup>(c)</sup> | 0.25 |
|  Net realized and unrealized gain (loss) | (0.55) | 5.97 | (0.33) | (1.47) | 7.98 | (2.03) |
|  Total from investment operations | (0.40) | 6.22 | (0.07) | (1.23) | 8.20 | (1.78) |
|  Distributions to shareholders from net investment income | (0.10) | (0.28) | (0.26) | (0.24) | (0.28) | (0.26) |
|  Distributions to shareholders from net realized gains | (3.19) | (0.53) | (0.46) | (4.15) |  |  |
|  Total distributions | (3.29) | (0.81) | (0.72) | (4.39) | (0.28) | (0.26) |
|  Net asset value, end of period | $22.46 | $26.15 | $20.74 | $21.53 | $27.15 | $19.23 |
|  **Total Return<sup>(d)</sup>**  | (2.31)% | 30.56% | (0.47)% | (5.42)% | 42.87% | (8.34)% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48794 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54521 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47338 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55887 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62575 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47125 |
|  Ratio of net expenses to average net assets | 0.92 %<sup>(e)</sup> | 0.92% | 0.93% | 0.93% | 0.93% | 0.94% |
|  Ratio of total expenses to average net assets | 1.00 %<sup>(e)</sup> | 1.02% | 1.02% | 1.01% | 1.03% | 1.05% |
|  Ratio of net investment income to average net assets | 1.21 %<sup>(e)</sup> | 1.04% | 1.21% | 1.04 %<sup>(b)</sup> | 0.87 %<sup>(c)</sup> | 1.26% |
|  Portfolio turnover rate<sup>(f)</sup>  | 98% | 206% | 208% | 209% | 215% | 212% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.05 per share and 0.24% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounts to $0.02 per share and 0.09% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **49** |

---

------

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $25.84 | $20.51 | $21.29 | $26.90 | $19.05 | $21.06 |
|  Net investment income<sup>(a)</sup>  | 0.05 | 0.07 | 0.10 | 0.07 <sup>(b)</sup> | 0.04 <sup>(c)</sup> | 0.10 |
|  Net realized and unrealized gain (loss) | (0.54) | 5.89 | (0.33) | (1.46) | 7.91 | (2.01) |
|  Total from investment operations | (0.49) | 5.96 | (0.23) | (1.39) | 7.95 | (1.91) |
|  Distributions to shareholders from net investment income | (0.01) | (0.10) | (0.09) | (0.07) | (0.10) | (0.10) |
|  Distributions to shareholders from net realized gains | (3.19) | (0.53) | (0.46) | (4.15) |  |  |
|  Total distributions | (3.20) | (0.63) | (0.55) | (4.22) | (0.10) | (0.10) |
|  Net asset value, end of period | $22.15 | $25.84 | $20.51 | $21.29 | $26.90 | $19.05 |
|  **Total Return<sup>(d)</sup>**  | (2.65)% | 29.57% | (1.20)% | (6.14)% | 41.85% | (9.02)% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7155 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8317 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7544 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8955 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10713 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8773 |
|  Ratio of net expenses to average net assets | 1.67 %<sup>(e)</sup> | 1.67% | 1.68% | 1.68% | 1.68% | 1.69% |
|  Ratio of total expenses to average net assets | 1.75 %<sup>(e)</sup> | 1.77% | 1.77% | 1.76% | 1.78% | 1.80% |
|  Ratio of net investment income to average net assets | 0.46 %<sup>(e)</sup> | 0.29% | 0.46% | 0.32 %<sup>(b)</sup> | 0.16 %<sup>(c)</sup> | 0.52% |
|  Portfolio turnover rate<sup>(f)</sup>  | 98% | 206% | 208% | 209% | 215% | 212% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.05 per share and 0.24% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounts to $0.02 per share and 0.09% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 50 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $26.11 | $20.70 | $21.49 | $27.11 | $19.20 | $21.24 |
|  Net investment income<sup>(a)</sup>  | 0.19 | 0.34 | 0.34 | 0.32 <sup>(b)</sup> | 0.31 <sup>(c)</sup> | 0.33 |
|  Net realized and unrealized gain (loss) | (0.56) | 5.96 | (0.33) | (1.47) | 7.97 | (2.04) |
|  Total from investment operations | (0.37) | 6.30 | 0.01 | (1.15) | 8.28 | (1.71) |
|  Distributions to shareholders from net investment income | (0.14) | (0.36) | (0.34) | (0.32) | (0.37) | (0.33) |
|  Distributions to shareholders from net realized gains | (3.19) | (0.53) | (0.46) | (4.15) |  |  |
|  Total distributions | (3.33) | (0.89) | (0.80) | (4.47) | (0.37) | (0.33) |
|  Net asset value, end of period | $22.41 | $26.11 | $20.70 | $21.49 | $27.11 | $19.20 |
|  **Total Return<sup>(d)</sup>**  | (2.13)% | 31.07% | (0.10)% | (5.08)% | 43.40% | (7.98)% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44498 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44596 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74799 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93154 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114706 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88472 |
|  Ratio of net expenses to average net assets | 0.56 %<sup>(e)</sup> | 0.56% | 0.57% | 0.56% | 0.56% | 0.56% |
|  Ratio of total expenses to average net assets | 0.64 %<sup>(e)</sup> | 0.66% | 0.66% | 0.64% | 0.66% | 0.67% |
|  Ratio of net investment income to average net assets | 1.57 %<sup>(e)</sup> | 1.41% | 1.58% | 1.43 %<sup>(b)</sup> | 1.26 %<sup>(c)</sup> | 1.64% |
|  Portfolio turnover rate<sup>(f)</sup>  | 98% | 206% | 208% | 209% | 215% | 212% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.05 per share and 0.24% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounts to $0.02 per share and 0.09% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **51** |

---

------

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $26.32 | $20.87 | $21.66 | $27.28 | $19.32 | $21.36 |
|  Net investment income<sup>(a)</sup>  | 0.13 | 0.22 | 0.24 | 0.21 <sup>(b)</sup> | 0.19 <sup>(c)</sup> | 0.23 |
|  Net realized and unrealized gain (loss) | (0.56) | 6.00 | (0.35) | (1.48) | 8.02 | (2.04) |
|  Total from investment operations | (0.43) | 6.22 | (0.11) | (1.27) | 8.21 | (1.81) |
|  Distributions to shareholders from net investment income | (0.08) | (0.24) | (0.22) | (0.20) | (0.25) | (0.23) |
|  Distributions to shareholders from net realized gains | (3.19) | (0.53) | (0.46) | (4.15) |  |  |
|  Total distributions | (3.27) | (0.77) | (0.68) | (4.35) | (0.25) | (0.23) |
|  Net asset value, end of period | $22.62 | $26.32 | $20.87 | $21.66 | $27.28 | $19.32 |
|  **Total Return<sup>(d)</sup>**  | (2.40)% | 30.39% | (0.62)% | (5.55)% | 42.68% | (8.44)% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2562 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2547 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2092 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3756 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6769 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5230 |
|  Ratio of net expenses to average net assets | 1.06 %<sup>(e)</sup> | 1.06% | 1.07% | 1.06% | 1.06% | 1.06% |
|  Ratio of total expenses to average net assets | 1.13 %<sup>(e)</sup> | 1.16% | 1.16% | 1.14% | 1.16% | 1.17% |
|  Ratio of net investment income to average net assets | 1.08 %<sup>(e)</sup> | 0.89% | 1.11% | 0.93 %<sup>(b)</sup> | 0.76 %<sup>(c)</sup> | 1.13% |
|  Portfolio turnover rate<sup>(f)</sup>  | 98% | 206% | 208% | 209% | 215% | 212% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.05 per share and 0.24% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounts to $0.02 per share and 0.09% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 52 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $26.02 | $20.64 | $21.43 | $27.04 | $19.15 | $21.18 |
|  Net investment income<sup>(a)</sup>  | 0.17 | 0.31 | 0.32 | 0.30 <sup>(b)</sup> | 0.28 <sup>(c)</sup> | 0.31 |
|  Net realized and unrealized gain (loss) | (0.54) | 5.94 | (0.34) | (1.47) | 7.95 | (2.03) |
|  Total from investment operations | (0.37) | 6.25 | (0.02) | (1.17) | 8.23 | (1.72) |
|  Distributions to shareholders from net investment income | (0.13) | (0.34) | (0.31) | (0.29) | (0.34) | (0.31) |
|  Distributions to shareholders from net realized gains | (3.19) | (0.53) | (0.46) | (4.15) |  |  |
|  Total distributions | (3.32) | (0.87) | (0.77) | (4.44) | (0.34) | (0.31) |
|  Net asset value, end of period | $22.33 | $26.02 | $20.64 | $21.43 | $27.04 | $19.15 |
|  **Total Return<sup>(d)</sup>**  | (2.20)% | 30.88% | (0.22)% | (5.17)% | 43.24% | (8.09)% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54536 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61032 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55448 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74490 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91133 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70302 |
|  Ratio of net expenses to average net assets | 0.67 %<sup>(e)</sup> | 0.67% | 0.68% | 0.68% | 0.68% | 0.69% |
|  Ratio of total expenses to average net assets | 0.74 %<sup>(e)</sup> | 0.77% | 0.78% | 0.76% | 0.78% | 0.80% |
|  Ratio of net investment income to average net assets | 1.45 %<sup>(e)</sup> | 1.29% | 1.47% | 1.31 %<sup>(b)</sup> | 1.13 %<sup>(c)</sup> | 1.54% |
|  Portfolio turnover rate<sup>(f)</sup>  | 98% | 206% | 208% | 209% | 215% | 212% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.05 per share and 0.24% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounts to $0.02 per share and 0.09% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **53** |

---

------

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $26.10 | $20.70 | $21.49 | $27.11 | $19.20 | $21.24 |
|  Net investment income<sup>(a)</sup>  | 0.19 | 0.34 | 0.34 | 0.32 <sup>(b)</sup> | 0.31 <sup>(c)</sup> | 0.32 |
|  Net realized and unrealized gain (loss) | (0.55) | 5.95 | (0.33) | (1.47) | 7.98 | (2.02) |
|  Total from investment operations | (0.36) | 6.29 | 0.01 | (1.15) | 8.29 | (1.70) |
|  Distributions to shareholders from net investment income | (0.14) | (0.36) | (0.34) | (0.32) | (0.38) | (0.34) |
|  Distributions to shareholders from net realized gains | (3.19) | (0.53) | (0.46) | (4.15) |  |  |
|  Total distributions | (3.33) | (0.89) | (0.80) | (4.47) | (0.38) | (0.34) |
|  Net asset value, end of period | $22.41 | $26.10 | $20.70 | $21.49 | $27.11 | $19.20 |
|  **Total Return<sup>(d)</sup>**  | (2.13)% | 31.05% | (0.09)% | (5.07)% | 43.42% | (7.97)% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310199 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162504 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138745 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82457 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79348 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65692 |
|  Ratio of net expenses to average net assets | 0.55 %<sup>(e)</sup> | 0.55% | 0.56% | 0.55% | 0.55% | 0.55% |
|  Ratio of total expenses to average net assets | 0.62 %<sup>(e)</sup> | 0.65% | 0.65% | 0.63% | 0.65% | 0.66% |
|  Ratio of net investment income to average net assets | 1.62 %<sup>(e)</sup> | 1.40% | 1.58% | 1.43 %<sup>(b)</sup> | 1.26 %<sup>(c)</sup> | 1.63% |
|  Portfolio turnover rate<sup>(f)</sup>  | 98% | 206% | 208% | 209% | 215% | 212% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.05 per share and 0.24% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounts to $0.02 per share and 0.09% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 54 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $25.91 | $20.56 | $21.35 | $26.96 | $19.09 | $21.12 |
|  Net investment income<sup>(a)</sup>  | 0.11 | 0.19 | 0.21 | 0.18 <sup>(b)</sup> | 0.16 <sup>(c)</sup> | 0.19 |
|  Net realized and unrealized gain (loss) | (0.54) | 5.91 | (0.34) | (1.46) | 7.93 | (2.01) |
|  Total from investment operations | (0.43) | 6.10 | (0.13) | (1.28) | 8.09 | (1.82) |
|  Distributions to shareholders from net investment income | (0.07) | (0.22) | (0.20) | (0.18) | (0.22) | (0.21) |
|  Distributions to shareholders from net realized gains | (3.19) | (0.53) | (0.46) | (4.15) |  |  |
|  Total distributions | (3.26) | (0.75) | (0.66) | (4.33) | (0.22) | (0.21) |
|  Net asset value, end of period | $22.22 | $25.91 | $20.56 | $21.35 | $26.96 | $19.09 |
|  **Total Return<sup>(d)</sup>**  | (2.45)% | 30.26% | (0.73)% | (5.66)% | 42.57% | (8.58)% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4244 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4875 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3313 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4764 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5450 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4885 |
|  Ratio of net expenses to average net assets | 1.17 %<sup>(e)</sup> | 1.17% | 1.18% | 1.18% | 1.18% | 1.19% |
|  Ratio of total expenses to average net assets | 1.24 %<sup>(e)</sup> | 1.27% | 1.28% | 1.26% | 1.28% | 1.30% |
|  Ratio of net investment income to average net assets | 0.96 %<sup>(e)</sup> | 0.77% | 0.98% | 0.81 %<sup>(b)</sup> | 0.64 %<sup>(c)</sup> | 0.99% |
|  Portfolio turnover rate<sup>(f)</sup>  | 98% | 206% | 208% | 209% | 215% | 212% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.05 per share and 0.24% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounts to $0.02 per share and 0.09% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **55** |

---

------

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $26.09 | $20.69 | $21.48 | $27.10 | $19.19 | $21.23 |
|  Net investment income<sup>(a)</sup>  | 0.19 | 0.34 | 0.34 | 0.32 <sup>(b)</sup> | 0.30 <sup>(c)</sup> | 0.32 |
|  Net realized and unrealized gain (loss) | (0.56) | 5.95 | (0.33) | (1.47) | 7.99 | (2.02) |
|  Total from investment operations | (0.37) | 6.29 | 0.01 | (1.15) | 8.29 | (1.70) |
|  Distributions to shareholders from net investment income | (0.14) | (0.36) | (0.34) | (0.32) | (0.38) | (0.34) |
|  Distributions to shareholders from net realized gains | (3.19) | (0.53) | (0.46) | (4.15) |  |  |
|  Total distributions | (3.33) | (0.89) | (0.80) | (4.47) | (0.38) | (0.34) |
|  Net asset value, end of period | $22.39 | $26.09 | $20.69 | $21.48 | $27.10 | $19.19 |
|  **Total Return<sup>(d)</sup>**  | (2.13)% | 31.06% | (0.09)% | (5.07)% | 43.44% | (7.97)% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42395 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45765 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41804 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47406 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46078 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30086 |
|  Ratio of net expenses to average net assets | 0.55 %<sup>(e)</sup> | 0.55% | 0.56% | 0.55% | 0.55% | 0.55% |
|  Ratio of total expenses to average net assets | 0.62 %<sup>(e)</sup> | 0.65% | 0.65% | 0.63% | 0.65% | 0.66% |
|  Ratio of net investment income to average net assets | 1.58 %<sup>(e)</sup> | 1.40% | 1.58% | 1.42 %<sup>(b)</sup> | 1.23 %<sup>(c)</sup> | 1.63% |
|  Portfolio turnover rate<sup>(f)</sup>  | 98% | 206% | 208% | 209% | 215% | 212% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.05 per share and 0.24% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounts to $0.02 per share and 0.09% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 56 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $28.71 | $20.59 | $21.70 | $35.35 | $22.96 | $25.62 |
|  Net investment income (loss)<sup>(a)</sup>  | 0.03 | 0.04 | 0.10 <sup>(b)</sup> | 0.05 <sup>(c)</sup> | (0.04) | (0.01) |
|  Net realized and unrealized gain (loss) | (2.31) | 8.18 | (1.11) | (5.10) | 12.48 | (2.60) |
|  Total from investment operations | (2.28) | 8.22 | (1.01) | (5.05) | 12.44 | (2.61) |
|  Distributions to shareholders from net investment income | (0.24) | (0.10) | (0.10) |  | (0.05) | (0.05) |
|  Distributions to shareholders from net realized gains | (3.31) |  |  | (8.60) |  |  |
|  Total distributions | (3.55) | (0.10) | (0.10) | (8.60) | (0.05) | (0.05) |
|  Net asset value, end of period | $22.88 | $28.71 | $20.59 | $21.70 | $35.35 | $22.96 |
|  **Total Return<sup>(d)</sup>**  | (9.97)% | 40.03% | (4.64)% | (17.64)% | 54.23% | (10.18)% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25854 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31573 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23791 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33325 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44195 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34071 |
|  Ratio of net expenses to average net assets | 1.20 %<sup>(e)</sup> | 1.20% | 1.21% | 1.21% | 1.21% | 1.22% |
|  Ratio of total expenses to average net assets | 1.29 %<sup>(e)</sup> | 1.29% | 1.30% | 1.29% | 1.29% | 1.30% |
|  Ratio of net investment income (loss) to average net assets | 0.25 %<sup>(e)</sup> | 0.17% | 0.43 %<sup>(b)</sup> | 0.22 %<sup>(c)</sup> | (0.13)% | (0.02)% |
|  Portfolio turnover rate<sup>(f)</sup>  | 75% | 164% | 145% | 155% | 165% | 141% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.06 per share and 0.25% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounts to $0.08 per share and 0.31% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **57** |

---

------

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $22.22 | $15.99 | $16.89 | $29.67 | $19.39 | $21.75 |
|  Net investment loss<sup>(a)</sup>  | (0.05) | (0.12) | (0.05)<sup>(b)</sup> | (0.10)<sup>(c)</sup> | (0.24) | (0.15) |
|  Net realized and unrealized gain (loss) | (1.67) | 6.35 | (0.85) | (4.08) | 10.52 | (2.21) |
|  Total from investment operations | (1.72) | 6.23 | (0.90) | (4.18) | 10.28 | (2.36) |
|  Distributions to shareholders from net investment income | (0.11) |  |  |  |  |  |
|  Distributions to shareholders from net realized gains | (3.31) |  |  | (8.60) |  |  |
|  Total distributions | (3.42) |  |  |  |  |  |
|  Net asset value, end of period | $17.08 | $22.22 | $15.99 | $16.89 | $29.67 | $19.39 |
|  **Total Return<sup>(d)</sup>**  | (10.31)% | 38.96% | (5.33)% | (18.24)% | 53.02% | (10.82)% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3643 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4744 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3749 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5093 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7503 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5951 |
|  Ratio of net expenses to average net assets | 1.95 %<sup>(e)</sup> | 1.95% | 1.96% | 1.96% | 1.96% | 1.97% |
|  Ratio of total expenses to average net assets | 2.04 %<sup>(e)</sup> | 2.04% | 2.05% | 2.04% | 2.04% | 2.05% |
|  Ratio of net investment loss to average net assets | (0.51)%<sup>(e)</sup> | (0.58)% | (0.32)%<sup>(b)</sup> | (0.53)%<sup>(c)</sup> | (0.88)% | (0.78)% |
|  Portfolio turnover rate<sup>(f)</sup>  | 75% | 164% | 145% | 155% | 165% | 141% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.06 per share and 0.25% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounts to $0.08 per share and 0.31% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 58 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $30.55 | $21.91 | $23.09 | $36.92 | $23.98 | $26.74 |
|  Net investment income<sup>(a)</sup>  | 0.08 | 0.15 | 0.19 <sup>(b)</sup> | 0.15 <sup>(c)</sup> | 0.09 | 0.08 |
|  Net realized and unrealized gain (loss) | (2.48) | 8.69 | (1.18) | (5.38) | 13.00 | (2.69) |
|  Total from investment operations | (2.40) | 8.84 | (0.99) | (5.23) | 13.09 | (2.61) |
|  Distributions to shareholders from net investment income | (0.33) | (0.20) | (0.19) |  | (0.15) | (0.15) |
|  Distributions to shareholders from net realized gains | (3.31) |  |  | (8.60) |  |  |
|  Total distributions | (3.64) | (0.20) | (0.19) | (8.60) | (0.15) | (0.15) |
|  Net asset value, end of period | $24.51 | $30.55 | $21.91 | $23.09 | $36.92 | $23.98 |
|  **Total Return<sup>(d)</sup>**  | (9.80)% | 40.51% | (4.28)% | (17.31)% | 54.73% | (9.82)% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108848 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120959 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90070 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144712 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226678 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216274 |
|  Ratio of net expenses to average net assets | 0.84 %<sup>(e)</sup> | 0.84% | 0.85% | 0.84% | 0.84% | 0.84% |
|  Ratio of total expenses to average net assets | 0.93 %<sup>(e)</sup> | 0.93% | 0.94% | 0.92% | 0.93% | 0.92% |
|  Ratio of net investment income to average net assets | 0.61 %<sup>(e)</sup> | 0.53% | 0.81 %<sup>(b)</sup> | 0.60 %<sup>(c)</sup> | 0.28% | 0.34% |
|  Portfolio turnover rate<sup>(f)</sup>  | 75% | 164% | 145% | 155% | 165% | 141% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.06 per share and 0.25% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounts to $0.08 per share and 0.31% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **59** |

---

------

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $27.92 | $20.05 | $21.13 | $34.68 | $22.55 | $25.17 |
|  Net investment income (loss)<sup>(a)</sup>  | 0.01 | 0.02 | 0.06 <sup>(b)</sup> | 0.02 <sup>(c)</sup> | (0.08) | (0.03) |
|  Net realized and unrealized gain (loss) | (2.22) | 7.94 | (1.06) | (4.97) | 12.25 | (2.56) |
|  Total from investment operations | (2.21) | 7.96 | (1.00) | (4.95) | 12.17 | (2.59) |
|  Distributions to shareholders from net investment income | (0.20) | (0.09) | (0.08) |  | (0.04) | (0.03) |
|  Distributions to shareholders from net realized gains | (3.31) |  |  | (8.60) |  |  |
|  Total distributions | (3.51) | (0.09) | (0.08) | (8.60) | (0.04) | (0.03) |
|  Net asset value, end of period | $22.20 | $27.92 | $20.05 | $21.13 | $34.68 | $22.55 |
|  **Total Return<sup>(d)</sup>**  | (10.01)% | 39.77% | (4.76)% | (17.73)% | 54.06% | (10.29)% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1914 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2357 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3701 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2867 |
|  Ratio of net expenses to average net assets | 1.34 %<sup>(e)</sup> | 1.34% | 1.35% | 1.34% | 1.34% | 1.34% |
|  Ratio of total expenses to average net assets | 1.43 %<sup>(e)</sup> | 1.43% | 1.44% | 1.42% | 1.43% | 1.42% |
|  Ratio of net investment income (loss) to average net assets | 0.10 %<sup>(e)</sup> | 0.10% | 0.28 %<sup>(b)</sup> | 0.10 %<sup>(c)</sup> | (0.26)% | (0.15)% |
|  Portfolio turnover rate<sup>(f)</sup>  | 75% | 164% | 145% | 155% | 165% | 141% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.06 per share and 0.25% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounts to $0.08 per share and 0.31% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 60 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $28.58 | $20.51 | $21.62 | $35.18 | $22.85 | $25.50 |
|  Net investment income<sup>(a)</sup>  | 0.07 | 0.11 | 0.15 <sup>(b)</sup> | 0.12 <sup>(c)</sup> | 0.05 | 0.05 |
|  Net realized and unrealized gain (loss) | (2.29) | 8.13 | (1.10) | (5.08) | 12.40 | (2.58) |
|  Total from investment operations | (2.22) | 8.24 | (0.95) | (4.96) | 12.45 | (2.53) |
|  Distributions to shareholders from net investment income | (0.31) | (0.17) | (0.16) |  | (0.12) | (0.12) |
|  Distributions to shareholders from net realized gains | (3.31) |  |  | (8.60) |  |  |
|  Total distributions | (3.62) | (0.17) | (0.16) | (8.60) | (0.12) | (0.12) |
|  Net asset value, end of period | $22.74 | $28.58 | $20.51 | $21.62 | $35.18 | $22.85 |
|  **Total Return<sup>(d)</sup>**  | (9.84)% | 40.34% | (4.38)% | (17.42)% | 54.61% | (9.95)% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39596 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42287 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27490 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30746 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66963 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64724 |
|  Ratio of net expenses to average net assets | 0.95 %<sup>(e)</sup> | 0.95% | 0.96% | 0.96% | 0.96% | 0.97% |
|  Ratio of total expenses to average net assets | 1.04 %<sup>(e)</sup> | 1.04% | 1.05% | 1.04% | 1.05% | 1.05% |
|  Ratio of net investment income to average net assets | 0.50 %<sup>(e)</sup> | 0.41% | 0.67 %<sup>(b)</sup> | 0.50 %<sup>(c)</sup> | 0.15% | 0.22% |
|  Portfolio turnover rate<sup>(f)</sup>  | 75% | 164% | 145% | 155% | 165% | 141% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.06 per share and 0.25% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounts to $0.08 per share and 0.31% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **61** |

---

------

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $30.55 | $21.91 | $23.10 | $36.93 | $23.98 | $26.74 |
|  Net investment income<sup>(a)</sup>  | 0.09 | 0.15 | 0.19 <sup>(b)</sup> | 0.15 <sup>(c)</sup> | 0.11 | 0.09 |
|  Net realized and unrealized gain (loss) | (2.49) | 8.69 | (1.18) | (5.38) | 13.00 | (2.70) |
|  Total from investment operations | (2.40) | 8.84 | (0.99) | (5.23) | 13.11 | (2.61) |
|  Distributions to shareholders from net investment income | (0.33) | (0.20) | (0.20) |  | (0.16) | (0.15) |
|  Distributions to shareholders from net realized gains | (3.31) |  |  | (8.60) |  |  |
|  Total distributions | (3.64) | (0.20) | (0.20) | (8.60) | (0.16) | (0.15) |
|  Net asset value, end of period | $24.51 | $30.55 | $21.91 | $23.10 | $36.93 | $23.98 |
|  **Total Return<sup>(d)</sup>**  | (9.80)% | 40.54% | (4.30)% | (17.30)% | 54.82% | (9.81)% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70035 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79961 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67575 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83140 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100558 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119496 |
|  Ratio of net expenses to average net assets | 0.83 %<sup>(e)</sup> | 0.83% | 0.84% | 0.83% | 0.83% | 0.83% |
|  Ratio of total expenses to average net assets | 0.92 %<sup>(e)</sup> | 0.92% | 0.93% | 0.91% | 0.91% | 0.91% |
|  Ratio of net investment income to average net assets | 0.62 %<sup>(e)</sup> | 0.55% | 0.79 %<sup>(b)</sup> | 0.59 %<sup>(c)</sup> | 0.34% | 0.36% |
|  Portfolio turnover rate<sup>(f)</sup>  | 75% | 164% | 145% | 155% | 165% | 141% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.06 per share and 0.25% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounts to $0.08 per share and 0.31% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 62 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $27.64 | $19.80 | $20.86 | $34.39 | $22.36 | $24.96 |
|  Net investment income (loss)<sup>(a)</sup>  | – <sup>(b)</sup> | (0.02) | 0.05 <sup>(c)</sup> | (0.01)<sup>(d)</sup> | (0.11) | (0.06) |
|  Net realized and unrealized gain (loss) | (2.20) | 7.86 | (1.06) | (4.92) | 12.15 | (2.54) |
|  Total from investment operations | (2.20) | 7.84 | (1.01) | (4.93) | 12.04 | (2.60) |
|  Distributions to shareholders from net investment income | (0.19) |  | (0.05) |  | (0.01) |  |
|  Distributions to shareholders from net realized gains | (3.31) |  |  | (8.60) |  |  |
|  Total distributions | (3.50) |  | (0.05) | (8.60) | (0.01) |  |
|  Net asset value, end of period | $21.94 | $27.64 | $19.80 | $20.86 | $34.39 | $22.36 |
|  **Total Return<sup>(e)</sup>**  | (10.05)% | 39.60% | (4.84)% | (17.83)% | 53.83% | (10.39)% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3977 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3905 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3035 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15767 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13817 |
|  Ratio of net expenses to average net assets | 1.45 %<sup>(f)</sup> | 1.45% | 1.46% | 1.46% | 1.46% | 1.47% |
|  Ratio of total expenses to average net assets | 1.54 %<sup>(f)</sup> | 1.54% | 1.56% | 1.54% | 1.54% | 1.55% |
|  Ratio of net investment income (loss) to average net assets | – %<sup>(f)(g)</sup> | (0.08)% | 0.26 %<sup>(c)</sup> | (0.04)%<sup>(d)</sup> | (0.36)% | (0.28)% |
|  Portfolio turnover rate<sup>(h)</sup>  | 75% | 164% | 145% | 155% | 165% | 141% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounts to $0.06 per share and 0.25% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Reflects income recognized from special dividends which amounts to $0.08 per share and 0.31% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Amount is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(h) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **63** |

---

------

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $30.54 | $21.91 | $23.09 | $36.92 | $23.98 | $26.74 |
|  Net investment income<sup>(a)</sup>  | 0.09 | 0.15 | 0.19 <sup>(b)</sup> | 0.15 <sup>(c)</sup> | 0.08 | 0.09 |
|  Net realized and unrealized gain (loss) | (2.49) | 8.68 | (1.17) | (5.38) | 13.02 | (2.70) |
|  Total from investment operations | (2.40) | 8.83 | (0.98) | (5.23) | 13.10 | (2.61) |
|  Distributions to shareholders from net investment income | (0.33) | (0.20) | (0.20) |  | (0.16) | (0.15) |
|  Distributions to shareholders from net realized gains | (3.31) |  |  | (8.60) |  |  |
|  Total distributions | (3.64) | (0.20) | (0.20) | (8.60) | (0.16) | (0.15) |
|  Net asset value, end of period | $24.50 | $30.54 | $21.91 | $23.09 | $36.92 | $23.98 |
|  **Total Return<sup>(d)</sup>**  | (9.80)% | 40.49% | (4.26)% | (17.31)% | 54.78% | (9.81)% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142349 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148584 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106501 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140356 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144239 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87170 |
|  Ratio of net expenses to average net assets | 0.83 %<sup>(e)</sup> | 0.83% | 0.84% | 0.83% | 0.83% | 0.83% |
|  Ratio of total expenses to average net assets | 0.92 %<sup>(e)</sup> | 0.92% | 0.93% | 0.91% | 0.92% | 0.91% |
|  Ratio of net investment income to average net assets | 0.62 %<sup>(e)</sup> | 0.54% | 0.80 %<sup>(b)</sup> | 0.58 %<sup>(c)</sup> | 0.23% | 0.36% |
|  Portfolio turnover rate<sup>(f)</sup>  | 75% | 164% | 145% | 155% | 165% | 141% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.06 per share and 0.25% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounts to $0.08 per share and 0.31% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 64 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $16.16 | $11.42 | $11.94 | $47.18 | $34.29 | $35.08 |
|  Net investment loss<sup>(a)</sup>  | – <sup>(b)</sup> | (0.07) | (0.04)<sup>(c)</sup> | (0.05)<sup>(d)</sup> | (0.28) | (0.17) |
|  Net realized and unrealized gain (loss) | (1.31) | 4.81 | (0.46) | (6.01) | 14.62 | (0.13) |
|  Total from investment operations | (1.31) | 4.74 | (0.50) | (6.06) | 14.34 | (0.30) |
|  Distributions to shareholders from net investment income | (0.17) |  | (0.02) |  | (0.04) | – <sup>(b)</sup> |
|  Distributions to shareholders from net realized gains |  |  |  | (29.18) | (1.41) | (0.49) |
|  Total distributions | (0.17) |  | (0.02) | (29.18) | (1.45) | (0.49) |
|  Net asset value, end of period | $14.68 | $16.16 | $11.42 | $11.94 | $47.18 | $34.29 |
|  **Total Return<sup>(e)</sup>**  | (8.30)% | 41.51% | (4.15)% | (25.73)% | 42.51% | (0.95)% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30249 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34059 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27037 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32695 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59166 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50865 |
|  Ratio of net expenses to average net assets | 1.20 %<sup>(f)</sup> | 1.20% | 1.21% | 1.21% | 1.21% | 1.22% |
|  Ratio of total expenses to average net assets | 1.40 %<sup>(f)</sup> | 1.43% | 1.45% | 1.40% | 1.33% | 1.30% |
|  Ratio of net investment loss to average net assets | (0.50)%<sup>(f)</sup> | (0.49)% | (0.36)%<sup>(c)</sup> | (0.37)%<sup>(d)</sup> | (0.64)% | (0.51)% |
|  Portfolio turnover rate<sup>(g)</sup>  | 74% | 166% | 153% | 155% | 170% | 144% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounts to $0.02 per share and 0.13% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Reflects income recognized from special dividends which amounts to $0.07 per share and 0.34% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **65** |

---

------

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data\* |  |  |  |  |  |  |
|  Net asset value, beginning of period | $25.91 | $18.46 | $19.39 | $306.54 | $227.34 | $235.44 |
|  Net investment loss<sup>(a)</sup>  | (0.01) | (0.29) | (0.22)<sup>(b)</sup> | (0.24)<sup>(c)</sup> | (4.05) | (2.79) |
|  Net realized and unrealized gain (loss) | (2.22) | 7.74 | (0.71) | (24.29) | 96.30 | (0.90) |
|  Total from investment operations | (2.23) | 7.45 | (0.93) | (24.53) | 92.25 | (3.69) |
|  Distributions to shareholders from net investment income |  |  |  |  | (0.36) | – <sup>(d)</sup> |
|  Distributions to shareholders from net realized gains |  |  |  | (262.62) | (12.69) | (4.41) |
|  Total distributions |  |  |  | (262.62) | (13.05) | (4.41) |
|  Net asset value, end of period | $23.68 | $25.91 | $18.46 | $19.39 | $306.54 | $227.34 |
|  **Total Return<sup>(e)</sup>**  | (8.61)% | 40.36% | (4.80)% | (26.49)% | 41.47% | (1.70)% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2266 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3046 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2829 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4687 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7866 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6439 |
|  Ratio of net expenses to average net assets | 1.95 %<sup>(f)</sup> | 1.95% | 1.96% | 1.96% | 1.96% | 1.97% |
|  Ratio of total expenses to average net assets | 2.15 %<sup>(f)</sup> | 2.18% | 2.21% | 2.14% | 2.08% | 2.05% |
|  Ratio of net investment loss to average net assets | (1.25)%<sup>(f)</sup> | (1.23)% | (1.08)%<sup>(b)</sup> | (1.10)%<sup>(c)</sup> | (1.39)% | (1.26)% |
|  Portfolio turnover rate<sup>(g)</sup>  | 74% | 166% | 153% | 155% | 170% | 144% |

---

\* On June 10, 2022, the Fund's Class C Shares affected a 9-for-1 reverse share split. All per share data prior to June 10, 2022 has been adjusted to reflect the reverse share split.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.02 per share and 0.13% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounts to $0.07 per share and 0.34% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 66 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $26.55 | $18.70 | $19.51 | $57.27 | $41.22 | $41.92 |
|  Net investment income (loss)<sup>(a)</sup>  | (0.01) | (0.03) | – <sup>(b)(c)</sup> | 0.01 <sup>(d)</sup> | (0.13) | (0.05) |
|  Net realized and unrealized gain (loss) | (2.11) | 7.88 | (0.74) | (8.59) | 17.63 | (0.16) |
|  Total from investment operations | (2.12) | 7.85 | (0.74) | (8.58) | 17.50 | (0.21) |
|  Distributions to shareholders from net investment income | (0.22) |  | (0.06) |  | (0.04) | – <sup>(c)</sup> |
|  Distributions to shareholders from net realized gains |  |  |  | (29.18) | (1.41) | (0.49) |
|  Distributions to shareholders from return of capital |  |  | (0.01) |  |  |  |
|  Total distributions | (0.22) |  | (0.07) | (29.18) | (1.45) | (0.49) |
|  Net asset value, end of period | $24.21 | $26.55 | $18.70 | $19.51 | $57.27 | $41.22 |
|  **Total Return<sup>(e)</sup>**  | (8.12)% | 41.98% | (3.78)% | (25.48)% | 43.04% | (0.57)% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31656 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34739 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27490 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43621 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163028 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200116 |
|  Ratio of net expenses to average net assets | 0.84 %<sup>(f)</sup> | 0.84% | 0.85% | 0.84% | 0.84% | 0.84% |
|  Ratio of total expenses to average net assets | 1.04 %<sup>(f)</sup> | 1.07% | 1.09% | 1.01% | 0.96% | 0.92% |
|  Ratio of net investment income (loss) to average net assets | (0.14)%<sup>(f)</sup> | (0.13)% | 0.02 %<sup>(b)</sup> | 0.04 %<sup>(d)</sup> | (0.25)% | (0.13)% |
|  Portfolio turnover rate<sup>(g)</sup>  | 74% | 166% | 153% | 155% | 170% | 144% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.02 per share and 0.13% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Reflects income recognized from special dividends which amounts to $0.07 per share and 0.34% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **67** |

---

------

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $18.05 | $12.73 | $13.29 | $48.95 | $35.44 | $36.16 |
|  Net investment loss<sup>(a)</sup>  | (0.01) | (0.04) | (0.01)<sup>(b)</sup> | (0.02)<sup>(c)</sup> | (0.15) | (0.09) |
|  Net realized and unrealized gain (loss) | (1.44) | 5.36 | (0.50) | (6.46) | 15.11 | (0.14) |
|  Total from investment operations | (1.45) | 5.32 | (0.51) | (6.48) | 14.96 | (0.23) |
|  Distributions to shareholders from net investment income | (0.20) |  | (0.05) |  | (0.04) | – <sup>(d)</sup> |
|  Distributions to shareholders from net realized gains |  |  |  | (29.18) | (1.41) | (0.49) |
|  Total distributions | (0.20) |  | (0.05) | (29.18) | (1.45) | (0.49) |
|  Net asset value, end of period | $16.40 | $18.05 | $12.73 | $13.29 | $48.95 | $35.44 |
|  **Total Return<sup>(e)</sup>**  | (8.19)% | 41.79% | (3.85)% | (25.59)% | 42.89% | (0.72)% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17156 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17179 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15956 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20880 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66827 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442743 |
|  Ratio of net expenses to average net assets | 0.95 %<sup>(f)</sup> | 0.95% | 0.96% | 0.96% | 0.96% | 0.97% |
|  Ratio of total expenses to average net assets | 1.15 %<sup>(f)</sup> | 1.18% | 1.21% | 1.14% | 1.06% | 1.05% |
|  Ratio of net investment loss to average net assets | (0.25)%<sup>(f)</sup> | (0.23)% | (0.11)%<sup>(b)</sup> | (0.10)%<sup>(c)</sup> | (0.32)% | (0.26)% |
|  Portfolio turnover rate<sup>(g)</sup>  | 74% | 166% | 153% | 155% | 170% | 144% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.02 per share and 0.13% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounts to $0.07 per share and 0.34% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 68 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $26.61 | $18.74 | $19.54 | $57.31 | $41.24 | $41.95 |
|  Net investment income (loss)<sup>(a)</sup>  | (0.02) | (0.03) | 0.01 <sup>(b)</sup> | 0.02 <sup>(c)</sup> | (0.10) | (0.05) |
|  Net realized and unrealized gain (loss) | (2.11) | 7.90 | (0.74) | (8.61) | 17.62 | (0.17) |
|  Total from investment operations | (2.13) | 7.87 | (0.73) | (8.59) | 17.52 | (0.22) |
|  Distributions to shareholders from net investment income | (0.22) |  | (0.06) |  | (0.04) | – <sup>(d)</sup> |
|  Distributions to shareholders from net realized gains |  |  |  | (29.18) | (1.41) | (0.49) |
|  Distributions to shareholders from return of capital |  |  | (0.01) |  |  |  |
|  Total distributions | (0.22) |  | (0.07) | (29.18) | (1.45) | (0.49) |
|  Net asset value, end of period | $24.26 | $26.61 | $18.74 | $19.54 | $57.31 | $41.24 |
|  **Total Return<sup>(e)</sup>**  | (8.13)% | 42.00% | (3.78)% | (25.45)% | 43.07% | (0.57)% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8360 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8905 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7222 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17370 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96907 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263023 |
|  Ratio of net expenses to average net assets | 0.83 %<sup>(f)</sup> | 0.83% | 0.84% | 0.83% | 0.83% | 0.83% |
|  Ratio of total expenses to average net assets | 1.03 %<sup>(f)</sup> | 1.06% | 1.10% | 0.99% | 0.93% | 0.91% |
|  Ratio of net investment income (loss) to average net assets | (0.13)%<sup>(f)</sup> | (0.12)% | 0.07 %<sup>(b)</sup> | 0.07 %<sup>(c)</sup> | (0.19)% | (0.12)% |
|  Portfolio turnover rate<sup>(g)</sup>  | 74% | 166% | 153% | 155% | 170% | 144% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.02 per share and 0.13% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounts to $0.07 per share and 0.34% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **69** |

---

------

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $13.71 | $9.71 | $10.16 | $44.83 | $32.71 | $33.58 |
|  Net investment loss<sup>(a)</sup>  | (0.05) | (0.09) | (0.06)<sup>(b)</sup> | (0.08)<sup>(c)</sup> | (0.36) | (0.25) |
|  Net realized and unrealized gain (loss) | (1.09) | 4.09 | (0.39) | (5.41) | 13.93 | (0.13) |
|  Total from investment operations | (1.14) | 4.00 | (0.45) | (5.49) | 13.57 | (0.38) |
|  Distributions to shareholders from net investment income | (0.14) |  |  |  | (0.04) | – <sup>(d)</sup> |
|  Distributions to shareholders from net realized gains |  |  |  | (29.18) | (1.41) | (0.49) |
|  Total distributions | (0.14) |  |  | (29.18) | (1.45) | (0.49) |
|  Net asset value, end of period | $12.43 | $13.71 | $9.71 | $10.16 | $44.83 | $32.71 |
|  **Total Return<sup>(e)</sup>**  | (8.46)% | 41.19% | (4.43)% | (25.92)% | 42.20% | (1.23)% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7048 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3846 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3130 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3863 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6605 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8168 |
|  Ratio of net expenses to average net assets | 1.45 %<sup>(f)</sup> | 1.45% | 1.46% | 1.46% | 1.46% | 1.47% |
|  Ratio of total expenses to average net assets | 1.64 %<sup>(f)</sup> | 1.68% | 1.70% | 1.65% | 1.57% | 1.55% |
|  Ratio of net investment loss to average net assets | (0.73)%<sup>(f)</sup> | (0.74)% | (0.61)%<sup>(b)</sup> | (0.64)%<sup>(c)</sup> | (0.86)% | (0.77)% |
|  Portfolio turnover rate<sup>(g)</sup>  | 74% | 166% | 153% | 155% | 170% | 144% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.02 per share and 0.13% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounts to $0.07 per share and 0.34% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 70 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $26.59 | $18.73 | $19.54 | $57.31 | $41.24 | $41.94 |
|  Net investment loss<sup>(a)</sup>  | – <sup>(b)</sup> | (0.04) | – <sup>(b)(c)</sup> | – <sup>(b)(d)</sup> | (0.13) | (0.05) |
|  Net realized and unrealized gain (loss) | (2.12) | 7.90 | (0.73) | (8.59) | 17.65 | (0.16) |
|  Total from investment operations | (2.12) | 7.86 | (0.73) | (8.59) | 17.52 | (0.21) |
|  Distributions to shareholders from net investment income | (0.22) |  | (0.07) |  | (0.04) | – <sup>(b)</sup> |
|  Distributions to shareholders from net realized gains |  |  |  | (29.18) | (1.41) | (0.49) |
|  Distributions to shareholders from return of capital |  |  | (0.01) |  |  |  |
|  Total distributions | (0.22) |  | (0.08) | (29.18) | (1.45) | (0.49) |
|  Net asset value, end of period | $24.25 | $26.59 | $18.73 | $19.54 | $57.31 | $41.24 |
|  **Total Return<sup>(e)</sup>**  | (8.10)% | 41.96% | (3.74)% | (25.49)% | 43.07% | (0.57)% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22672 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25626 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4739 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5274 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10801 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10241 |
|  Ratio of net expenses to average net assets | 0.83 %<sup>(f)</sup> | 0.83% | 0.84% | 0.83% | 0.83% | 0.83% |
|  Ratio of total expenses to average net assets | 1.03 %<sup>(f)</sup> | 1.06% | 1.08% | 1.01% | 0.95% | 0.91% |
|  Ratio of net investment income (loss) to average net assets | (0.13)%<sup>(f)</sup> | (0.17)% | 0.02 %<sup>(c)</sup> | – %<sup>(d)</sup> | (0.25)% | (0.12)% |
|  Portfolio turnover rate<sup>(g)</sup>  | 74% | 166% | 153% | 155% | 170% | 144% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounts to $0.02 per share and 0.13% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Reflects income recognized from special dividends which amounts to $0.07 per share and 0.34% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **71** |

---

------

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $41.08 | $30.81 | $34.42 | $53.90 | $32.93 | $39.69 |
|  Net investment income<sup>(a)</sup>  | 0.17 | 0.30 | 0.41 | 0.27 <sup>(b)</sup> | 0.24 | 0.19 |
|  Net realized and unrealized gain (loss) | (3.85) | 10.63 | (2.86) | (4.48) | 21.00 | (6.70) |
|  Total from investment operations | (3.68) | 10.93 | (2.45) | (4.21) | 21.24 | (6.51) |
|  Distributions to shareholders from net investment income | (0.34) | (0.66) | (0.50) | (0.31) | (0.27) | (0.25) |
|  Distributions to shareholders from net realized gains | (8.29) |  | (0.66) | (14.96) |  |  |
|  Total distributions | (8.63) | (0.66) | (1.16) | (15.27) | (0.27) | (0.25) |
|  Net asset value, end of period | $28.77 | $41.08 | $30.81 | $34.42 | $53.90 | $32.93 |
|  **Total Return<sup>(c)</sup>**  | (12.60)% | 35.77% | (7.32)% | (9.67)% | 64.75% | (16.49)% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95156 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116692 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101472 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119953 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154971 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98493 |
|  Ratio of net expenses to average net assets | 1.20 %<sup>(d)</sup> | 1.20% | 1.21% | 1.21% | 1.21% | 1.22% |
|  Ratio of total expenses to average net assets | 1.26 %<sup>(d)</sup> | 1.25% | 1.27% | 1.26% | 1.26% | 1.31% |
|  Ratio of net investment income to average net assets | 1.02 %<sup>(d)</sup> | 0.78% | 1.25% | 0.73 %<sup>(b)</sup> | 0.49% | 0.56% |
|  Portfolio turnover rate<sup>(e)</sup>  | 61% | 152% | 136% | 173% | 187% | 153% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.15 per share and 0.33% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 72 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $21.29 | $16.26 | $18.74 | $36.61 | $22.48 | $27.24 |
|  Net investment income (loss)<sup>(a)</sup>  | 0.02 | 0.01 | 0.09 | – <sup>(b)(c)</sup> | (0.08) | (0.04) |
|  Net realized and unrealized gain (loss) | (1.25) | 5.57 | (1.53) | (2.69) | 14.32 | (4.61) |
|  Total from investment operations | (1.23) | 5.58 | (1.44) | (2.69) | 14.24 | (4.65) |
|  Distributions to shareholders from net investment income | (0.31) | (0.55) | (0.38) | (0.22) | (0.11) | (0.11) |
|  Distributions to shareholders from net realized gains | (8.29) |  | (0.66) | (14.96) |  |  |
|  Total distributions | (8.60) | (0.55) | (1.04) | (15.18) | (0.11) | (0.11) |
|  Net asset value, end of period | $11.46 | $21.29 | $16.26 | $18.74 | $36.61 | $22.48 |
|  **Total Return<sup>(d)</sup>**  | (12.90)% | 34.78% | (8.01)% | (10.33)% | 63.49% | (17.11)% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2140 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2943 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2648 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4536 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7118 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5313 |
|  Ratio of net expenses to average net assets | 1.95 %<sup>(e)</sup> | 1.95% | 1.96% | 1.96% | 1.96% | 1.97% |
|  Ratio of total expenses to average net assets | 2.01 %<sup>(e)</sup> | 2.00% | 2.02% | 2.01% | 2.01% | 2.06% |
|  Ratio of net investment income (loss) to average net assets | 0.28 %<sup>(e)</sup> | 0.04% | 0.52% | (0.02)%<sup>(b)</sup> | (0.25)% | (0.19)% |
|  Portfolio turnover rate<sup>(f)</sup>  | 61% | 152% | 136% | 173% | 187% | 153% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.15 per share and 0.33% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **73** |

---

------

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $63.50 | $47.25 | $52.11 | $73.39 | $44.70 | $53.74 |
|  Net investment income<sup>(a)</sup>  | 0.38 | 0.67 | 0.82 | 0.60 <sup>(b)</sup> | 0.56 | 0.43 |
|  Net realized and unrealized gain (loss) | (6.80) | 16.36 | (4.39) | (6.48) | 28.53 | (9.07) |
|  Total from investment operations | (6.42) | 17.03 | (3.57) | (5.88) | 29.09 | (8.64) |
|  Distributions to shareholders from net investment income | (0.45) | (0.78) | (0.63) | (0.44) | (0.40) | (0.40) |
|  Distributions to shareholders from net realized gains | (8.29) |  | (0.66) | (14.96) |  |  |
|  Total distributions | (8.74) | (0.78) | (1.29) | (15.40) | (0.40) | (0.40) |
|  Net asset value, end of period | $48.34 | $63.50 | $47.25 | $52.11 | $73.39 | $44.70 |
|  **Total Return<sup>(c)</sup>**  | (12.42)% | 36.25% | (6.98)% | (9.32)% | 65.37% | (16.19)% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240119 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344137 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269189 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347239 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379380 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190491 |
|  Ratio of net expenses to average net assets | 0.84 %<sup>(d)</sup> | 0.84% | 0.85% | 0.84% | 0.84% | 0.84% |
|  Ratio of total expenses to average net assets | 0.90 %<sup>(d)</sup> | 0.89% | 0.90% | 0.89% | 0.89% | 0.93% |
|  Ratio of net investment income to average net assets | 1.38 %<sup>(d)</sup> | 1.14% | 1.62% | 1.09 %<sup>(b)</sup> | 0.86% | 0.93% |
|  Portfolio turnover rate<sup>(e)</sup>  | 61% | 152% | 136% | 173% | 187% | 153% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.15 per share and 0.33% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 74 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $40.90 | $30.62 | $34.20 | $53.64 | $32.77 | $39.53 |
|  Net investment income<sup>(a)</sup>  | 0.22 | 0.40 | 0.51 | 0.37 <sup>(b)</sup> | 0.36 | 0.25 |
|  Net realized and unrealized gain (loss) | (3.82) | 10.57 | (2.87) | (4.46) | 20.88 | (6.64) |
|  Total from investment operations | (3.60) | 10.97 | (2.36) | (4.09) | 21.24 | (6.39) |
|  Distributions to shareholders from net investment income | (0.43) | (0.69) | (0.56) | (0.39) | (0.37) | (0.37) |
|  Distributions to shareholders from net realized gains | (8.29) |  | (0.66) | (14.96) |  |  |
|  Total distributions | (8.72) | (0.69) | (1.22) | (15.35) | (0.37) | (0.37) |
|  Net asset value, end of period | $28.58 | $40.90 | $30.62 | $34.20 | $53.64 | $32.77 |
|  **Total Return<sup>(c)</sup>**  | (12.47)% | 36.13% | (7.07)% | (9.44)% | 65.17% | (16.32)% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80551 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98436 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157291 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336969 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363808 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273560 |
|  Ratio of net expenses to average net assets | 0.95 %<sup>(d)</sup> | 0.95% | 0.96% | 0.96% | 0.96% | 0.97% |
|  Ratio of total expenses to average net assets | 1.01 %<sup>(d)</sup> | 1.00% | 1.02% | 1.01% | 1.01% | 1.06% |
|  Ratio of net investment income to average net assets | 1.28 %<sup>(d)</sup> | 1.09% | 1.54% | 0.99 %<sup>(b)</sup> | 0.75% | 0.77% |
|  Portfolio turnover rate<sup>(e)</sup>  | 61% | 152% | 136% | 173% | 187% | 153% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.15 per share and 0.33% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **75** |

---

------

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $63.48 | $47.24 | $52.10 | $73.38 | $44.70 | $53.73 |
|  Net investment income<sup>(a)</sup>  | 0.39 | 0.67 | 0.82 | 0.62 <sup>(b)</sup> | 0.57 | 0.43 |
|  Net realized and unrealized gain (loss) | (6.79) | 16.35 | (4.39) | (6.49) | 28.51 | (9.06) |
|  Total from investment operations | (6.40) | 17.02 | (3.57) | (5.87) | 29.08 | (8.63) |
|  Distributions to shareholders from net investment income | (0.46) | (0.78) | (0.63) | (0.45) | (0.40) | (0.40) |
|  Distributions to shareholders from net realized gains | (8.29) |  | (0.66) | (14.96) |  |  |
|  Total distributions | (8.75) | (0.78) | (1.29) | (15.41) | (0.40) | (0.40) |
|  Net asset value, end of period | $48.33 | $63.48 | $47.24 | $52.10 | $73.38 | $44.70 |
|  **Total Return<sup>(c)</sup>**  | (12.43)% | 36.27% | (6.97)% | (9.31)% | 65.36% | (16.17)% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267057 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329750 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243638 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273667 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306101 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158330 |
|  Ratio of net expenses to average net assets | 0.83 %<sup>(d)</sup> | 0.83% | 0.84% | 0.83% | 0.83% | 0.83% |
|  Ratio of total expenses to average net assets | 0.89 %<sup>(d)</sup> | 0.88% | 0.89% | 0.88% | 0.88% | 0.93% |
|  Ratio of net investment income to average net assets | 1.39 %<sup>(d)</sup> | 1.15% | 1.62% | 1.11 %<sup>(b)</sup> | 0.86% | 0.94% |
|  Portfolio turnover rate<sup>(e)</sup>  | 61% | 152% | 136% | 173% | 187% | 153% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.15 per share and 0.33% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 76 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $39.54 | $29.68 | $33.20 | $52.56 | $32.21 | $38.96 |
|  Net investment income<sup>(a)</sup>  | 0.12 | 0.19 | 0.32 | 0.17 <sup>(b)</sup> | 0.11 | 0.10 |
|  Net realized and unrealized gain (loss) | (3.66) | 10.26 | (2.77) | (4.33) | 20.52 | (6.56) |
|  Total from investment operations | (3.54) | 10.45 | (2.45) | (4.16) | 20.63 | (6.46) |
|  Distributions to shareholders from net investment income | (0.27) | (0.59) | (0.41) | (0.24) | (0.28) | (0.29) |
|  Distributions to shareholders from net realized gains | (8.29) |  | (0.66) | (14.96) |  |  |
|  Total distributions | (8.56) | (0.59) | (1.07) | (15.20) | (0.28) | (0.29) |
|  Net asset value, end of period | $27.44 | $39.54 | $29.68 | $33.20 | $52.56 | $32.21 |
|  **Total Return<sup>(c)</sup>**  | (12.71)% | 35.46% | (7.56)% | (9.88)% | 64.31% | (16.70)% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17174 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20754 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16443 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18476 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22584 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14038 |
|  Ratio of net expenses to average net assets | 1.45 %<sup>(d)</sup> | 1.45% | 1.46% | 1.46% | 1.46% | 1.47% |
|  Ratio of total expenses to average net assets | 1.51 %<sup>(d)</sup> | 1.50% | 1.52% | 1.51% | 1.51% | 1.56% |
|  Ratio of net investment income to average net assets | 0.77 %<sup>(d)</sup> | 0.53% | 0.99% | 0.47 %<sup>(b)</sup> | 0.24% | 0.30% |
|  Portfolio turnover rate<sup>(e)</sup>  | 61% | 152% | 136% | 173% | 187% | 153% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.15 per share and 0.33% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **77** |

---

------

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $63.47 | $47.23 | $52.09 | $73.38 | $44.69 | $53.72 |
|  Net investment income<sup>(a)</sup>  | 0.39 | 0.66 | 0.82 | 0.61 <sup>(b)</sup> | 0.57 | 0.44 |
|  Net realized and unrealized gain (loss) | (6.79) | 16.37 | (4.38) | (6.49) | 28.52 | (9.07) |
|  Total from investment operations | (6.40) | 17.03 | (3.56) | (5.88) | 29.09 | (8.63) |
|  Distributions to shareholders from net investment income | (0.46) | (0.79) | (0.64) | (0.45) | (0.40) | (0.40) |
|  Distributions to shareholders from net realized gains | (8.29) |  | (0.66) | (14.96) |  |  |
|  Total distributions | (8.75) | (0.79) | (1.30) | (15.41) | (0.40) | (0.40) |
|  Net asset value, end of period | $48.32 | $63.47 | $47.23 | $52.09 | $73.38 | $44.69 |
|  **Total Return<sup>(c)</sup>**  | (12.42)% | 36.29% | (6.97)% | (9.32)% | 65.36% | (16.18)% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29919 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55616 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34930 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42933 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45484 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28504 |
|  Ratio of net expenses to average net assets | 0.83 %<sup>(d)</sup> | 0.83% | 0.84% | 0.83% | 0.83% | 0.83% |
|  Ratio of total expenses to average net assets | 0.89 %<sup>(d)</sup> | 0.88% | 0.89% | 0.88% | 0.88% | 0.92% |
|  Ratio of net investment income to average net assets | 1.37 %<sup>(d)</sup> | 1.14% | 1.62% | 1.10 %<sup>(b)</sup> | 0.88% | 0.94% |
|  Portfolio turnover rate<sup>(e)</sup>  | 61% | 152% | 136% | 173% | 187% | 153% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.15 per share and 0.33% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 78 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $69.20 | $51.10 | $48.39 | $72.68 | $53.72 | $49.48 |
|  Net investment income<sup>(a)</sup>  | 0.14 | 0.14 | 0.20 | 0.33 <sup>(b)</sup> | 0.20 | 0.28 |
|  Net realized and unrealized gain (loss) | (1.59) | 19.39 | 2.85 | (8.80) | 21.27 | 4.67 |
|  Total from investment operations | (1.45) | 19.53 | 3.05 | (8.47) | 21.47 | 4.95 |
|  Distributions to shareholders from net investment income | (0.12) | (0.22) | (0.34) | (0.25) | (0.28) | (0.71) |
|  Distributions to shareholders from net realized gains | (9.81) | (1.21) |  | (15.57) | (2.23) |  |
|  Total distributions | (9.93) | (1.43) | (0.34) | (15.82) | (2.51) | (0.71) |
|  Net asset value, end of period | $57.82 | $69.20 | $51.10 | $48.39 | $72.68 | $53.72 |
|  **Total Return<sup>(c)</sup>**  | (3.55)% | 38.87% | 6.37% | (14.87)% | 41.26% | 10.04% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317813 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347175 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276758 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288769 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380721 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294540 |
|  Ratio of net expenses to average net assets | 0.92 %<sup>(d)</sup> | 0.92% | 0.93% | 0.93% | 0.93% | 0.94% |
|  Ratio of total expenses to average net assets | 0.96 %<sup>(d)</sup> | 0.96% | 0.97% | 0.97% | 0.97% | 1.00% |
|  Ratio of net investment income to average net assets | 0.45 %<sup>(d)</sup> | 0.22% | 0.40% | 0.62 %<sup>(b)</sup> | 0.31% | 0.55% |
|  Portfolio turnover rate<sup>(e)</sup>  | 99% | 206% | 203% | 205% | 214% | 213% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.13 per share and 0.23% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **79** |

---

------

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $58.03 | $43.18 | $40.94 | $64.06 | $47.71 | $44.04 |
|  Net investment loss<sup>(a)</sup>  | (0.08) | (0.27) | (0.14) | (0.06)<sup>(b)</sup> | (0.25) | (0.09) |
|  Net realized and unrealized gain (loss) | (1.17) | 16.33 | 2.41 | (7.49) | 18.83 | 4.16 |
|  Total from investment operations | (1.25) | 16.06 | 2.27 | (7.55) | 18.58 | 4.07 |
|  Distributions to shareholders from net investment income |  |  | (0.03) |  |  | (0.40) |
|  Distributions to shareholders from net realized gains | (9.81) | (1.21) |  | (15.57) | (2.23) |  |
|  Total distributions | (9.81) | (1.21) | (0.03) | (15.57) | (2.23) | (0.40) |
|  Net asset value, end of period | $46.97 | $58.03 | $43.18 | $40.94 | $64.06 | $47.71 |
|  **Total Return<sup>(c)</sup>**  | (3.91)% | 37.84% | 5.56% | (15.50)% | 40.22% | 9.25% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11870 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14261 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12429 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14311 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19252 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16275 |
|  Ratio of net expenses to average net assets | 1.67 %<sup>(d)</sup> | 1.67% | 1.68% | 1.68% | 1.68% | 1.69% |
|  Ratio of total expenses to average net assets | 1.71 %<sup>(d)</sup> | 1.71% | 1.72% | 1.72% | 1.72% | 1.75% |
|  Ratio of net investment loss to average net assets | (0.31)%<sup>(d)</sup> | (0.52)% | (0.34)% | (0.13)%<sup>(b)</sup> | (0.44)% | (0.20)% |
|  Portfolio turnover rate<sup>(e)</sup>  | 99% | 206% | 203% | 205% | 214% | 213% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.13 per share and 0.23% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 80 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $72.61 | $53.54 | $50.70 | $75.37 | $55.60 | $51.16 |
|  Net investment income<sup>(a)</sup>  | 0.27 | 0.38 | 0.41 | 0.55 <sup>(b)</sup> | 0.45 | 0.50 |
|  Net realized and unrealized gain (loss) | (1.71) | 20.31 | 2.97 | (9.20) | 22.02 | 4.82 |
|  Total from investment operations | (1.44) | 20.69 | 3.38 | (8.65) | 22.47 | 5.32 |
|  Distributions to shareholders from net investment income | (0.33) | (0.41) | (0.54) | (0.45) | (0.47) | (0.88) |
|  Distributions to shareholders from net realized gains | (9.81) | (1.21) |  | (15.57) | (2.23) |  |
|  Total distributions | (10.14) | (1.62) | (0.54) | (16.02) | (2.70) | (0.88) |
|  Net asset value, end of period | $61.03 | $72.61 | $53.54 | $50.70 | $75.37 | $55.60 |
|  **Total Return<sup>(c)</sup>**  | (3.38)% | 39.37% | 6.75% | (14.55)% | 41.79% | 10.47% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286651 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301418 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243864 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253657 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325457 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255177 |
|  Ratio of net expenses to average net assets | 0.56 %<sup>(d)</sup> | 0.56% | 0.57% | 0.56% | 0.56% | 0.56% |
|  Ratio of total expenses to average net assets | 0.60 %<sup>(d)</sup> | 0.60% | 0.61% | 0.60% | 0.60% | 0.62% |
|  Ratio of net investment income to average net assets | 0.81 %<sup>(d)</sup> | 0.58% | 0.77% | 0.99 %<sup>(b)</sup> | 0.68% | 0.94% |
|  Portfolio turnover rate<sup>(e)</sup>  | 99% | 206% | 203% | 205% | 214% | 213% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.13 per share and 0.23% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **81** |

---

------

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $68.60 | $50.69 | $48.01 | $72.21 | $53.38 | $49.19 |
|  Net investment income<sup>(a)</sup>  | 0.09 | 0.09 | 0.13 | 0.26 <sup>(b)</sup> | 0.11 | 0.22 |
|  Net realized and unrealized gain (loss) | (1.57) | 19.19 | 2.82 | (8.74) | 21.14 | 4.64 |
|  Total from investment operations | (1.48) | 19.28 | 2.95 | (8.48) | 21.25 | 4.86 |
|  Distributions to shareholders from net investment income |  | (0.16) | (0.27) | (0.15) | (0.19) | (0.67) |
|  Distributions to shareholders from net realized gains | (9.81) | (1.21) |  | (15.57) | (2.23) |  |
|  Total distributions | (9.81) | (1.37) | (0.27) | (15.72) | (2.42) | (0.67) |
|  Net asset value, end of period | $57.31 | $68.60 | $50.69 | $48.01 | $72.21 | $53.38 |
|  **Total Return<sup>(c)</sup>**  | (3.60)% | 38.68% | 6.20% | (14.98)% | 41.08% | 9.93% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2362 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2888 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5082 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4781 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6302 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5761 |
|  Ratio of net expenses to average net assets | 1.06 %<sup>(d)</sup> | 1.06% | 1.07% | 1.06% | 1.06% | 1.06% |
|  Ratio of total expenses to average net assets | 1.10 %<sup>(d)</sup> | 1.10% | 1.11% | 1.10% | 1.10% | 1.12% |
|  Ratio of net investment income to average net assets | 0.30 %<sup>(d)</sup> | 0.15% | 0.26% | 0.49 %<sup>(b)</sup> | 0.17% | 0.44% |
|  Portfolio turnover rate<sup>(e)</sup>  | 99% | 206% | 203% | 205% | 214% | 213% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.13 per share and 0.23% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 82 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $67.97 | $50.18 | $47.56 | $71.70 | $53.02 | $48.84 |
|  Net investment income<sup>(a)</sup>  | 0.21 | 0.29 | 0.35 | 0.46 <sup>(b)</sup> | 0.36 | 0.42 |
|  Net realized and unrealized gain (loss) | (1.53) | 19.02 | 2.76 | (8.63) | 20.96 | 4.59 |
|  Total from investment operations | (1.32) | 19.31 | 3.11 | (8.17) | 21.32 | 5.01 |
|  Distributions to shareholders from net investment income | (0.26) | (0.31) | (0.49) | (0.40) | (0.41) | (0.83) |
|  Distributions to shareholders from net realized gains | (9.81) | (1.21) |  | (15.57) | (2.23) |  |
|  Total distributions | (10.07) | (1.52) | (0.49) | (15.97) | (2.64) | (0.83) |
|  Net asset value, end of period | $56.58 | $67.97 | $50.18 | $47.56 | $71.70 | $53.02 |
|  **Total Return<sup>(c)</sup>**  | (3.41)% | 39.20% | 6.62% | (14.65)% | 41.61% | 10.33% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50190 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51656 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45491 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87159 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127076 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88924 |
|  Ratio of net expenses to average net assets | 0.67 %<sup>(d)</sup> | 0.67% | 0.68% | 0.68% | 0.68% | 0.69% |
|  Ratio of total expenses to average net assets | 0.71 %<sup>(d)</sup> | 0.71% | 0.72% | 0.72% | 0.72% | 0.75% |
|  Ratio of net investment income to average net assets | 0.70 %<sup>(d)</sup> | 0.48% | 0.71% | 0.87 %<sup>(b)</sup> | 0.56% | 0.84% |
|  Portfolio turnover rate<sup>(e)</sup>  | 99% | 206% | 203% | 205% | 214% | 213% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.13 per share and 0.23% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **83** |

---

------

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $72.52 | $53.47 | $50.64 | $75.30 | $55.56 | $51.13 |
|  Net investment income<sup>(a)</sup>  | 0.27 | 0.38 | 0.40 | 0.52 <sup>(b)</sup> | 0.46 | 0.50 |
|  Net realized and unrealized gain (loss) | (1.70) | 20.30 | 2.97 | (9.15) | 21.99 | 4.83 |
|  Total from investment operations | (1.43) | 20.68 | 3.37 | (8.63) | 22.45 | 5.33 |
|  Distributions to shareholders from net investment income | (0.34) | (0.42) | (0.54) | (0.46) | (0.48) | (0.90) |
|  Distributions to shareholders from net realized gains | (9.81) | (1.21) |  | (15.57) | (2.23) |  |
|  Total distributions | (10.15) | (1.63) | (0.54) | (16.03) | (2.71) | (0.90) |
|  Net asset value, end of period | $60.94 | $72.52 | $53.47 | $50.64 | $75.30 | $55.56 |
|  **Total Return<sup>(c)</sup>**  | (3.37)% | 39.40% | 6.75% | (14.54)% | 41.78% | 10.49% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30370 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30122 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20915 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17987 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14142 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8871 |
|  Ratio of net expenses to average net assets | 0.55 %<sup>(d)</sup> | 0.55% | 0.56% | 0.55% | 0.55% | 0.55% |
|  Ratio of total expenses to average net assets | 0.59 %<sup>(d)</sup> | 0.59% | 0.60% | 0.59% | 0.60% | 0.61% |
|  Ratio of net investment income to average net assets | 0.82 %<sup>(d)</sup> | 0.59% | 0.75% | 0.95 %<sup>(b)</sup> | 0.69% | 0.95% |
|  Portfolio turnover rate<sup>(e)</sup>  | 99% | 206% | 203% | 205% | 214% | 213% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.13 per share and 0.23% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 84 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $67.60 | $49.94 | $47.07 | $71.12 | $52.63 | $48.47 |
|  Net investment income (loss)<sup>(a)</sup>  | 0.06 | (0.02) | 0.09 | 0.19 <sup>(b)</sup> | 0.07 | 0.16 |
|  Net realized and unrealized gain (loss) | (1.53) | 18.96 | 2.78 | (8.58) | 20.80 | 4.57 |
|  Total from investment operations | (1.47) | 18.94 | 2.87 | (8.39) | 20.87 | 4.73 |
|  Distributions to shareholders from net investment income |  | (0.07) |  | (0.09) | (0.15) | (0.57) |
|  Distributions to shareholders from net realized gains | (9.81) | (1.21) |  | (15.57) | (2.23) |  |
|  Total distributions | (9.81) | (1.28) |  | (15.66) | (2.38) | (0.57) |
|  Net asset value, end of period | $56.32 | $67.60 | $49.94 | $47.07 | $71.12 | $52.63 |
|  **Total Return<sup>(c)</sup>**  | (3.66)% | 38.52% | 6.10% | (15.08)% | 40.91% | 9.79% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7468 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8733 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6890 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17488 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41005 |
|  Ratio of net expenses to average net assets | 1.17 %<sup>(d)</sup> | 1.17% | 1.18% | 1.18% | 1.18% | 1.19% |
|  Ratio of total expenses to average net assets | 1.21 %<sup>(d)</sup> | 1.21% | 1.22% | 1.22% | 1.22% | 1.25% |
|  Ratio of net investment income (loss) to average net assets | 0.19 %<sup>(d)</sup> | (0.03)% | 0.18% | 0.37 %<sup>(b)</sup> | 0.11% | 0.31% |
|  Portfolio turnover rate<sup>(e)</sup>  | 99% | 206% | 203% | 205% | 214% | 213% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.13 per share and 0.23% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **85** |

---

------

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $72.53 | $53.48 | $50.65 | $75.31 | $55.56 | $51.14 |
|  Net investment income<sup>(a)</sup>  | 0.27 | 0.38 | 0.41 | 0.55 <sup>(b)</sup> | 0.46 | 0.50 |
|  Net realized and unrealized gain (loss) | (1.70) | 20.30 | 2.96 | (9.18) | 22.00 | 4.83 |
|  Total from investment operations | (1.43) | 20.68 | 3.37 | (8.63) | 22.46 | 5.33 |
|  Distributions to shareholders from net investment income | (0.34) | (0.42) | (0.54) | (0.46) | (0.48) | (0.91) |
|  Distributions to shareholders from net realized gains | (9.81) | (1.21) |  | (15.57) | (2.23) |  |
|  Total distributions | (10.15) | (1.63) | (0.54) | (16.03) | (2.71) | (0.91) |
|  Net asset value, end of period | $60.95 | $72.53 | $53.48 | $50.65 | $75.31 | $55.56 |
|  **Total Return<sup>(c)</sup>**  | (3.36)% | 39.40% | 6.75% | (14.54)% | 41.80% | 10.49% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300283 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326820 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246177 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289752 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327501 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245632 |
|  Ratio of net expenses to average net assets | 0.55 %<sup>(d)</sup> | 0.55% | 0.56% | 0.55% | 0.55% | 0.55% |
|  Ratio of total expenses to average net assets | 0.59 %<sup>(d)</sup> | 0.59% | 0.60% | 0.59% | 0.59% | 0.61% |
|  Ratio of net investment income to average net assets | 0.81 %<sup>(d)</sup> | 0.59% | 0.78% | 1.00 %<sup>(b)</sup> | 0.68% | 0.94% |
|  Portfolio turnover rate<sup>(e)</sup>  | 99% | 206% | 203% | 205% | 214% | 213% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.13 per share and 0.23% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 86 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. ORGANIZATION

Goldman Sachs Trust (the "Trust") is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the "Funds" or individually a "Fund"), along with their corresponding share classes and respective diversification status under the Act:

---

| | | |
|:---|:---|:---|
| **Fund** | **Share Classes Offered** | **Diversified/ Non-Diversified** |
| Goldman Sachs Large Cap Growth Insights Fund | A, C, Institutional, Service, Investor, R6, R and P | Non-Diversified |
| Goldman Sachs Large Cap Value Insights Fund | A, C, Institutional, Service, Investor, R6, R and P | Diversified |
| Goldman Sachs Small Cap Equity Insights Fund | A, C, Institutional, Service, Investor, R6, R and P | Diversified |
| Goldman Sachs Small Cap Growth Insights Fund | A, C, Institutional, Investor, R6, R and P | Diversified |
| Goldman Sachs Small Cap Value Insights Fund | A, C, Institutional, Investor, R6, R and P | Diversified |
| Goldman Sachs U.S. Equity Insights Fund | A, C, Institutional, Service, Investor, R6, R and P | Diversified |

---

Class A Shares are sold with a front-end sales charge of up to 5.50%. Class C Shares are sold with a contingent deferred sales charge ("CDSC") of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Investor, Class R6, Class R and Class P Shares are not subject to a sales charge.

Goldman Sachs Asset Management, L.P. ("GSAM"), an affiliate of Goldman Sachs & Co. LLC ("Goldman Sachs"), serves as investment adviser to the Funds pursuant to a management agreement (the "Agreement") with the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;A. Investment Valuation — The Funds' valuation policy is to value investments at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;B. Investment Income and Investments — Investment income includes interest income, dividend income and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value ("NAV") calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These reclaims, if any, are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered, if any, are reflected as other income in the Statements of Operations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds' investments in U.S. real estate investment trusts ("REITs") may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**87**

------

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES (continued)

&nbsp;&nbsp;&nbsp;&nbsp;C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service and Shareholder Administration fees.

&nbsp;&nbsp;&nbsp;&nbsp;D. Federal Taxes and Distributions to Shareholders — It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:

---

| | | |
|:---|:---|:---|
| **Fund** | **Income Distributions Declared/Paid** | **Capital Gains Distributions Declared/Paid** |
| Large Cap Growth Insights Fund | Annually | Annually |
| Large Cap Value Insights Fund | Quarterly | Annually |
| Small Cap Equity Insights Fund | Annually | Annually |
| Small Cap Growth Insights Fund | Annually | Annually |
| Small Cap Value Insights Fund | Annually | Annually |
| U.S. Equity Insights Fund | Annually | Annually |

---

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund's distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds' net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

88.0 ------

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

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.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter ("OTC") and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**89**

------

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

&nbsp;&nbsp;&nbsp;&nbsp;i. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;C. Fair Value Hierarchy — The following is a summary of the Funds' investments and derivatives classified in the fair value hierarchy as of April 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Large Cap Growth Insights Fund** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | $8102807 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 1323063489 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 882280 |  |  |
|  Investment Company | 4053 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1332052629 | $— | $— |
| Derivative Type |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts<sup>(b)</sup>  | $34149 | $— | $— |
| **Large Cap Value Insights Fund** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | $7201241 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 498500409 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 3449747 |  |  |
|  Investment Company | 1194 |  |  |
|  **Total** | $509152591 | $— | $— |
| Derivative Type |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts<sup>(b)</sup>  | $28948 | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

90.0 ------

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Small Cap Equity Insights Fund** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $1045878 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 4783621 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 4345548 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 376709623 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 921998 |  |  |
|  Investment Company | 256897 |  |  |
|  Securities Lending Reinvestment Vehicle | 4003738 |  |  |
|  **Total** | $392067303 | $— | $— |
| Derivative Type |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts<sup>(b)</sup>  | $469188 | $— | $— |
| **Small Cap Growth Insights Fund** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $79390 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 1882087 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 239599 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116072361 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 286106 |  |  |
|  Investment Company | 182 |  |  |
|  Securities Lending Reinvestment Vehicle | 1465164 |  |  |
|  **Total** | $120024889 | $— | $— |
| Derivative Type |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts<sup>(b)</sup>  | $902 | $— | $— |
| **Small Cap Value Insights Fund** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $6807816 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 179688 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 13890310 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 707722350 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 550306 |  |  |
|  Investment Company | 185 |  |  |
|  Securities Lending Reinvestment Vehicle | 7187407 |  |  |
|  **Total** | $736338062 | $— | $— |
| Derivative Type |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts<sup>(b)</sup>  | $12716 | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**91**

------

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | |
|:---|:---|:---|:---|
| **U.S. Equity Insights Fund** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | $7758603 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 985185052 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 3054878 |  |  |
|  Investment Company | 91 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995998624 | $— | $— |
| Derivative Type |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts<sup>(b)</sup>  | $660930 | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount shown represents unrealized gain (loss) at period end.

For further information regarding security characteristics, see the Schedules of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of April 30, 2025. These instruments were used as part of the Funds' investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds' net exposure.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** |  |  |  |
| **Risk** | **Statement of Assets and Liabilities** | **Assets<sup>1</sup>** | **Statement of Assets and Liabilities** | **Liabilities<sup>1</sup>** |
| Equity | Variation margin on futures contracts | $34149 | Variation margin on futures contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** |  |  |  |
| **Risk** | **Statement of Assets and Liabilities** | **Assets<sup>1</sup>** | **Statement of Assets and Liabilities** | **Liabilities<sup>1</sup>** |
| Equity | Variation margin on futures contracts | $28948 | Variation margin on futures contracts | $— |
| **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** |  |  |  |
| **Risk** | **Statement of Assets and Liabilities** | **Assets<sup>1</sup>** | **Statement of Assets and Liabilities** | **Liabilities<sup>1</sup>** |
| Equity | Variation margin on futures contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469188 | Variation margin on futures contracts | $— |
| **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** |  |  |  |
| **Risk** | **Statement of Assets and Liabilities** | **Assets<sup>1</sup>** | **Statement of Assets and Liabilities** | **Liabilities<sup>1</sup>** |
| Equity | Variation margin on futures contracts | $902 | Variation margin on futures contracts | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

92.0 ------

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** |  |  |  |
| **Risk** | **Statement of Assets and Liabilities** | **Assets<sup>1</sup>** | **Statement of Assets and Liabilities** | **Liabilities<sup>1</sup>** |
| Equity | Variation margin on futures contracts | $12716 | Variation margin on futures contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** |  |  |  |
| **Risk** | **Statement of Assets and Liabilities** | **Assets<sup>1</sup>** | **Statement of Assets and Liabilities** | **Liabilities<sup>1</sup>** |
| Equity | Variation margin on futures contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660930 | Variation margin on futures contracts | $— |

---

<sup>1</sup> Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedule of Investments. Only the variation margin as of April 30, 2025 is reported within the Statements of Assets and Liabilities.

The following tables set forth, by certain risk types, the Funds' gains (losses) related to these derivatives and their indicative volumes for the six months ended April 30, 2025. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in "Net realized gain (loss)" or "Net change in unrealized gain (loss)" on the Statements of Operations:

---

| | | | |
|:---|:---|:---|:---|
| **Large Cap Growth Insights Fund** |  |  |  |
| **Risk** | **Statement of Operations** | **Net Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Equity | Net realized gain (loss) from futures contracts/Net<br>change in unrealized gain (loss) on futures contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3194948) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32706) |
| **Large Cap Value Insights Fund** |  |  |  |
| **Risk** | **Statement of Operations** | **Net Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Equity | Net realized gain (loss) from futures contracts/Net<br>change in unrealized gain (loss) on futures contracts | (1221565) | 28948 |
| **Small Cap Equity Insights Fund** |  |  |  |
| **Risk** | **Statement of Operations** | **Net Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Equity | Net realized gain (loss) from futures contracts/Net<br>change in unrealized gain (loss) on futures contracts | (18729) | 611907 |
| **Small Cap Growth Insights Fund** |  |  |  |
| **Risk** | **Statement of Operations** | **Net Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Equity | Net realized gain (loss) from futures contracts/Net<br>change in unrealized gain (loss) on futures contracts | (344314) | 38064 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**93**

------

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Small Cap Value Insights Fund** |  |  |  |
| **Risk** | **Statement of Operations** | **Net Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Equity | Net realized gain (loss) from futures contracts/Net<br>change in unrealized gain (loss) on futures contracts | $(1811751) | $45549 |
| **U.S. Equity Insights Fund** |  |  |  |
| **Risk** | **Statement of Operations** | **Net Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Equity | Net realized gain (loss) from futures contracts/Net<br>change in unrealized gain (loss) on futures contracts | (50150) | 660930 |

---

For the six months ended April 30, 2025, the relevant values for each derivative type were as follows:

---

| | |
|:---|:---|
| **Fund** | **Average<br>Number of<br>Contracts<sup>(a)</sup>** |
|  Large Cap Growth Insights Fund | 64 |
|  Large Cap Value Insights Fund | 32 |
|  Small Cap Equity Insights Fund | 42 |
|  Small Cap Growth Insights Fund | 20 |
|  Small Cap Value Insights Fund | 90 |
|  U.S. Equity Insights Fund | 25 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amounts disclosed represent average number of contracts, based on absolute values, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the six months ended April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds' business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund's average daily net assets.

For the six months ended April 30, 2025, contractual and effective net management fees with GSAM were at the following rates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

94.0 ------

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Contractual Management Rate**  | **Contractual Management Rate**  | **Contractual Management Rate**  | **Contractual Management Rate**  | **Contractual Management Rate**  | | **Effective Net<br>Management<br>Rate^** |
| **Fund** | **First<br>$1 billion** | **Next<br>$1 billion** | **Next<br>$3 billion** | **Next<br>$3 billion** | **Over<br>$8 billion** | **Effective<br>Rate** | **Effective Net<br>Management<br>Rate^** |
|  Large Cap Growth Insights Fund | 0.52% | 0.47% | 0.44% | 0.44% | 0.43% | 0.50% | 0.50% |
|  Large Cap Value Insights Fund | 0.52 | 0.47 | 0.44 | 0.44 | 0.43 | 0.52 | 0.52 |
|  Small Cap Equity Insights Fund | 0.80 | 0.80 | 0.72 | 0.68 | 0.67 | 0.80 | 0.80 |
|  Small Cap Growth Insights Fund | 0.80 | 0.80 | 0.72 | 0.68 | 0.67 | 0.80 | 0.80 |
|  Small Cap Value Insights Fund | 0.80 | 0.80 | 0.72 | 0.68 | 0.67 | 0.80 | 0.80 |
|  U.S. Equity Insights Fund | 0.52 | 0.47 | 0.44 | 0.44 | 0.43 | 0.52 | 0.52 |

---

^ Effective Net Management Rate includes the impact of management fee waivers of affiliated Underlying Funds, if any. The Effective Net Management Rate may not correlate to the Contractual Management Rate as a result of management fee waivers that may be in effect from time to time.

The Large Cap Growth Insights, Large Cap Value Insights, Small Cap Equity Insights, Small Cap Growth Insights, Small Cap Value Insights and U.S. Equity Insights Funds invest in Institutional Shares of the Underlying Money Market Fund, which is an affiliated underlying fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated underlying funds in which the Funds invest, except those management fees it earns from the Funds' investments of cash collateral received in connection with securities lending transactions in the Underlying Money Market Fund. For the six months ended April 30, 2025, the management fee waived by GSAM for each Fund was as follows:

---

| | |
|:---|:---|
| **Fund** | **Management<br>Fee Waived** |
|  Large Cap Growth Insights Fund | $2128 |
|  Large Cap Value Insights Fund | 2359 |
|  Small Cap Equity Insights Fund | 1408 |
|  Small Cap Growth Insights Fund | 477 |
|  Small Cap Value Insights Fund | 808 |
|  U.S. Equity Insights Fund | 432 |

---

&nbsp;&nbsp;&nbsp;&nbsp;B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A and Class R Shares of each applicable Fund, has adopted Distribution and Service Plans subject to Rule 12b-1 under the Act. Under the Distribution and Service Plans, Goldman Sachs, which serves as distributor (the "Distributor"), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A or Class R Shares of the Funds, as applicable, as set forth below.

The Trust, on behalf of Class C Shares of each applicable Fund, has adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Funds, as set forth below.

The Trust, on behalf of Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Funds as set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**95**

------

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution and/or Service Plan Rates**  | **Distribution and/or Service Plan Rates**  | **Distribution and/or Service Plan Rates**  | **Distribution and/or Service Plan Rates**  |
|  | **Class A\*** | **Class C** | **Service** | **Class R\*** |
|  Distribution and/or Service Plan | 0.25% | 0.75% | 0.50% | 0.50% |

---

\* With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and/or Service Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on "service fees" imposed by the Financial Industry Regulatory Authority. 

&nbsp;&nbsp;&nbsp;&nbsp;C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares' front end sales charge and Class C Shares' CDSC. During the six months ended April 30, 2025, Goldman Sachs retained the following amounts:

---

| | | |
|:---|:---|:---|
|  | **Front End<br>Sales Charge** | **Contingent Deferred**<br> **Sales Charge** |
| **Fund** | **Class A** | **Class C** |
|  Large Cap Growth Insights Fund | $11541 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Large Cap Value Insights Fund | 401 | 165 |
|  Small Cap Equity Insights Fund | 881 | 168 |
|  Small Cap Growth Insights Fund | 883 | 25 |
|  Small Cap Value Insights Fund | 1925 |  |
|  U.S. Equity Insights Fund | 4107 | 254 |

---

&nbsp;&nbsp;&nbsp;&nbsp;D. Service and/or Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Service Plans to allow Class C Shares and Shareholder Administration Plans to allow Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance or shareholder administration services to their customers who are beneficial owners of such shares. The Service and Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C and Service Shares of the Funds, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.15% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional and Service Shares.

&nbsp;&nbsp;&nbsp;&nbsp;F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain "Other Expenses" of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets are 0.004%. These Other Expense limitations will remain in place through at least February 28, 2026, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds' expenses and are received irrespective of the application of the "Other Expense" limitations described above.

For the six months ended April 30, 2025, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

96.0 ------

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Management<br>Fee Waiver** | **Other Expense<br>Reimbursements** | **Total Expense** <br> **Reductions**  |
|  Large Cap Growth Insights Fund | $2128 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231196 | $233324 |
|  Large Cap Value Insights Fund | 2359 | 174234 | 176593 |
|  Small Cap Equity Insights Fund | 1408 | 184838 | 186246 |
|  Small Cap Growth Insights Fund | 477 | 130499 | 130976 |
|  Small Cap Value Insights Fund | 808 | 234535 | 235343 |
|  U.S. Equity Insights Fund | 432 | 200971 | 201403 |

---

&nbsp;&nbsp;&nbsp;&nbsp;G. Line of Credit Facility — As of April 30, 2025, the Funds participated in a $1,300,000,000 committed, unsecured revolving line of credit facility (the "facility") together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended April 30, 2025, the Funds did not have any borrowings under the facility. Prior to April 14, 2025, the facility was $1,150,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;H. Other Transactions with Affiliates — For the six months ended April 30, 2025, Goldman Sachs did not earn brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs.

As of April 30, 2025, the following Goldman Sachs funds were beneficial owners of 5% or more of total outstanding shares of the following Funds:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Goldman Sachs<br>Dynamic Global<br>Equity** | **Goldman<br>Sachs Growth<br>and Income<br>Strategy<br>Portfolio** | **Goldman Sachs<br>Growth Strategy<br>Portfolio** | **Goldman<br>Sachs En-<br>hanced Divi-<br>dend Global<br>Equity** | **Goldman Sachs<br>Balanced Strategy<br>Portfolio** |
|  Large Cap Growth Insights Fund | –% | 6% | 8% | –% | –% |
|  Large Cap Value Insights Fund | 12 | 17 | 23 |  | 6 |
|  Small Cap Equity Insights Fund |  |  |  | 5 |  |

---

The following table provides information about the Funds' investments in the Underlying Money Market Fund as of and for the six months ended April 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** |  |  |  |
| **Underlying Fund** | **Beginning value<br>as of October 31,<br>2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>April 30, 2025** | **Shares as of April<br>30, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
|  | $– | $85976051 | $(85971998) | $4053 | 4053 | $61042 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**97**

------

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** |  |  |  |
| **Underlying Fund** | **Beginning value<br>as of October 31,<br>2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>April 30, 2025** | **Shares as of April<br>30, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |
|  | $453783 | $66813120 | $(67265709) | $1194 | 1194 | $70029 |
| **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** |  |  |  |
| **Underlying Fund** | **Beginning value<br>as of October 31,<br>2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>April 30, 2025** | **Shares as of April<br>30, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |
|  | 3881815 | 49151783 | (52776701) | 256897 | 256897 | 32357 |
| **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** |  |  |  |
| **Underlying Fund** | **Beginning value<br>as of October 31,<br>2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>April 30, 2025** | **Shares as of April<br>30, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |
|  | 1341626 | 11749370 | (13090814) | 182 | 182 | 14336 |
| **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** |  |  |  |
| **Underlying Fund** | **Beginning value<br>as of October 31,<br>2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>April 30, 2025** | **Shares as of April<br>30, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |
|  | 6661301 | 25307783 | (31968899) | 185 | 185 | 22552 |
| **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** |  |  |  |
| **Underlying Fund** | **Beginning value<br>as of October 31,<br>2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>April 30, 2025** | **Shares as of April<br>30, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |
|  |  | 10314197 | (10314106) | 91 | 91 | 12235 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the period ended April 30, 2025, were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

98.0 ------

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. PORTFOLIO SECURITIES TRANSACTIONS (continued)

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
|  Large Cap Growth Insights Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1462081830 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1385536576 |
|  Large Cap Value Insights Fund | 636241699 | 484068734 |
|  Small Cap Equity Insights Fund | 319088360 | 313258344 |
|  Small Cap Growth Insights Fund | 101937367 | 96467905 |
|  Small Cap Value Insights Fund | 544601475 | 644370266 |
|  U.S. Equity Insights Fund | 1067529093 | 1106814050 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission ("SEC") and the terms and conditions contained therein, the Funds may lend their 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 Funds' securities lending procedures, the Funds receive 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 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 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 is unable to purchase replacement securities, GSAL 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 amounts of the Funds' overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of April 30, 2025, are disclosed as "Payable upon return of securities loaned" on the Statements of Assets and Liabilities, where applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**99**

------

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. SECURITIES LENDING (continued)

Both the Funds and GSAL received compensation relating to the lending of the Funds' securities. The amounts earned by the Funds for the six months ended April 30, 2025 are reported under Investment Income on the Statements of Operations.

The table below details securities lending activity with affiliates of Goldman Sachs:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | |
| **Fund** | **Earnings of GSAL<br>Relating to<br>Securities**<br> **Loaned** | **Amounts Received**<br> **by the Funds**<br> **from Lending to<br>Goldman Sachs** | **Amounts Payable to<br>Goldman Sachs<br>Upon Return of<br>Securities Loaned as of<br>April 30, 2025** |
|  Large Cap Value Insights Fund | $1 | $— | $— |
|  Small Cap Equity Insights Fund | 3916 | 476 | 320033 |
|  Small Cap Growth Insights Fund | 1230 | 249 | 277864 |
|  Small Cap Value Insights Fund | 16407 | 7870 | 188502 |

---

The following table provides information about the Funds' investments in the Government Money Market Fund for the six months ended April 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Beginning value as<br>of October 31, 2024** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Ending value as<br>of April 30, 2025** |
|  Large Cap Value Insights Fund | $— | $161000 | $(161000) | $— |
|  Small Cap Equity Insights Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2996700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30596954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29589916) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4003738 |
|  Small Cap Growth Insights Fund | 1099725 | 14662435 | (14296996) | 1465164 |
|  Small Cap Value Insights Fund | 6197240 | 51025437 | (50035270) | 7187407 |
|  U.S. Equity Insights Fund |  | 155050 | (155050) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. TAX INFORMATION

As of the Funds' most recent fiscal year end, October 31, 2024, the Funds' capital loss carryforwards and certain timing differences on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Growth<br>Insights Fund** | **Large Cap Value<br>Insights Fund** | **Small Cap Equity<br>Insights Fund** | **Small Cap Growth<br>Insights Fund** | **Small Cap Value<br>Insights Fund** |
|  Capital loss carryforwards: Perpetual Short-Term | $— | $— | $— | $(3226032) | $— |
|  Timing differences (Qualified Late Year Loss Deferral) | (1440434) |  |  | (351686) |  |
|  |  |  |  |  | **U.S. Equity<br>Insights Fund** |
|  Timing differences (Other) |  |  |  |  | $2 |

---

As of April 30, 2025, the Funds' aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

100.0 ------

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. TAX INFORMATION (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Large Cap Growth<br>Insights Fund** | **Large Cap Value<br>Insights Fund** | **Small Cap Equity<br>Insights Fund** |
|  Tax Cost | $813322429 | $496422078 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402108622 |
|  Gross unrealized gain | 545658748 | 38330815 | 38671754 |
|  Gross unrealized loss | (26928548) | (25600302) | (48713073) |
|  Net unrealized gain (loss) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518730200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12730513 | $(10041319) |
|  | **Small Cap Growth<br>Insights Fund** | **Small Cap Value<br>Insights Fund** | **U.S. Equity Insights<br>Fund** |
|  Tax Cost | $119590213 | $787323203 | $761729111 |
|  Gross unrealized gain | 15031381 | 58887017 | 267299999 |
|  Gross unrealized loss | (14596705) | (109872158) | (33030486) |
|  Net unrealized gain (loss) | $434676 | $(50985141) | $234269513 |

---

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains (losses) on regulated futures contracts, and differences in the tax treatment of passive foreign investment company investments.

GSAM has reviewed the Funds' tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds' financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. OTHER RISKS

The Funds' risks include, but are not limited to, the following:

Investment Style Risk — Different investment styles (e.g., "growth", "value" or "quantitative") tend to shift in and out of favor depending upon market and economic conditions and investor sentiment. The Fund may outperform or underperform other funds that invest in similar asset classes but employ different investment styles. Value investing is an example of an investment style. Value stocks are those believed to be undervalued in comparison to their peers, due to market, company-specific or other factors.

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.

Management Risk — A strategy used by the Investment Adviser may fail to produce the intended results.

Market and Credit Risks — In the normal course of business, a 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 a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**101**

------

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. OTHER RISKS (continued)

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 Large Cap Growth Insights Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in fewer issuers than diversified mutual funds. Thus, the 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.

Portfolio Turnover Rate Risk — A high rate of portfolio turnover may involve correspondingly greater expenses which must be borne by the Fund and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders.

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. INDEMNIFICATIONS

Under the Trust's organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. OTHER MATTERS

The Funds adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Each Fund operates in one segment. The segment derives its revenues from Fund investments made in accordance with the defined investment strategy of the Fund, as prescribed in the Funds' prospectus. The Chief Operating Decision Maker ("CODM") is the Investment Adviser. The CODM monitors and actively manages the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for the Funds' single segment, is consistent with that presented within the Funds' financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. SUBSEQUENT EVENTS

Subsequent events have been evaluated through the date of issuance, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

102.0 ------

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

13 . SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Large Cap Growth Insights Fund**  | **Large Cap Growth Insights Fund**  | **Large Cap Growth Insights Fund**  | **Large Cap Growth Insights Fund**  |
|  | **For the Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **For the Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **October 31, 2024** | **For the Fiscal Year Ended**<br> **October 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 818919 | $25560315 | 757468 | $21470410 |
|  Reinvestment of distributions | 686351 | 21736739 | 472195 | 11927636 |
|  Shares redeemed | (736688) | (22211138) | (1689801) | (48701601) |
|  | 768582 | 25085916 | (460138) | (15303555) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 119880 | 2338733 | 123799 | 2528084 |
|  Reinvestment of distributions | 175353 | 3722755 | 125430 | 2255235 |
|  Shares redeemed | (401087) | (8281487) | (378134) | (7685756) |
|  | (105854) | (2219999) | (128905) | (2902437) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 1358780 | 43918243 | 2336562 | 70672170 |
|  Reinvestment of distributions | 682031 | 23817875 | 512634 | 14088375 |
|  Shares redeemed | (1429757) | (47439957) | (3521817) | (109400667) |
|  | 611054 | 20296161 | (672621) | (24640122) |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 116255 | 3573214 | 155105 | 4306272 |
|  Reinvestment of distributions | 37160 | 1121118 | 28650 | 694203 |
|  Shares redeemed | (218017) | (6360913) | (177726) | (5107647) |
|  | (64602) | (1666581) | 6029 | (107172) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 1182295 | 35399007 | 2505919 | 68299019 |
|  Reinvestment of distributions | 687391 | 21226642 | 409390 | 10083287 |
|  Shares redeemed | (1823792) | (53138304) | (2454550) | (68115403) |
|  | 45894 | 3487345 | 460759 | 10266903 |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 5417616 | 188044817 | 1853677 | 59000912 |
|  Reinvestment of distributions | 1375327 | 47948120 | 888387 | 24388611 |
|  Shares redeemed | (1628112) | (52070304) | (2914031) | (89546092) |
|  | 5164831 | 183922633 | (171967) | (6156569) |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 151306 | 4225253 | 257865 | 6920001 |
|  Reinvestment of distributions | 133437 | 3895031 | 89102 | 2098344 |
|  Shares redeemed | (196259) | (5272632) | (369959) | (9910914) |
|  | 88484 | 2847652 | (22992) | (892569) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 74896 | 2454683 | 343300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10788382 |
|  Reinvestment of distributions | 223957 | 7801002 | 133678 | 3665773 |
|  Shares redeemed | (146669) | (4847048) | (208244) | (6194187) |
|  | 152184 | 5408637 | 268734 | 8259968 |
|  **NET INCREASE (DECREASE) IN SHARES** | 6660573 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237161764 | (721101) | $(31475553) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**103**

------

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Large Cap Value Insights Fund**  | **Large Cap Value Insights Fund**  | **Large Cap Value Insights Fund**  | **Large Cap Value Insights Fund**  |
|  | **For the Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **For the Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **October 31, 2024** | **For the Fiscal Year Ended**<br> **October 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 124835 | $2974393 | 137867 | $3306586 |
|  Reinvestment of distributions | 209910 | 5037618 | 72650 | 1661332 |
|  Shares redeemed | (246899) | (5816803) | (408273) | (9846435) |
|  | 87846 | 2195208 | (197756) | (4878517) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 25686 | 600582 | 19496 | 453915 |
|  Reinvestment of distributions | 33808 | 800713 | 9927 | 220547 |
|  Shares redeemed | (58335) | (1380432) | (75462) | (1788517) |
|  | 1159 | 20863 | (46039) | (1114055) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 598682 | 13900865 | 258753 | 6213983 |
|  Reinvestment of distributions | 161836 | 3874364 | 60329 | 1384953 |
|  Shares redeemed | (483458) | (11396872) | (2224160) | (48974661) |
|  | 277060 | 6378357 | (1905078) | (41375725) |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 12909 | 325619 | 18578 | 449144 |
|  Reinvestment of distributions | 10953 | 264766 | 3320 | 76301 |
|  Shares redeemed | (7383) | (175905) | (25363) | (618657) |
|  | 16479 | 414480 | (3465) | (93212) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 628191 | 14784659 | 341439 | 8039269 |
|  Reinvestment of distributions | 265274 | 6328025 | 99951 | 2282440 |
|  Shares redeemed | (796622) | (18070545) | (782674) | (18746056) |
|  | 96843 | 3042139 | (341284) | (8424347) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 6697576 | 167695886 | 258819 | 6516362 |
|  Reinvestment of distributions | 977547 | 23390217 | 256370 | 5886409 |
|  Shares redeemed | (57933) | (1416988) | (992336) | (24123354) |
|  | 7617190 | 189669115 | (477147) | (11720583) |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 12393 | 293106 | 44877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022377 |
|  Reinvestment of distributions | 20954 | 497577 | 6139 | 138695 |
|  Shares redeemed | (30484) | (687255) | (23978) | (565066) |
|  | 2863 | 103428 | 27038 | 596006 |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 106358 | 2485860 | 150437 | 3692859 |
|  Reinvestment of distributions | 198536 | 4750022 | 65864 | 1514351 |
|  Shares redeemed | (166054) | (3760749) | (482805) | (10963258) |
|  | 138840 | 3475133 | (266504) | (5756048) |
|  **NET INCREASE (DECREASE) IN SHARES** | 8238280 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205298723 | (3210235) | $(72766481) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

104.0 ------

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Small Cap Equity Insights Fund**  | **Small Cap Equity Insights Fund**  | **Small Cap Equity Insights Fund**  | **Small Cap Equity Insights Fund**  |
|  | **For the Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **For the Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **October 31, 2024** | **For the Fiscal Year Ended**<br> **October 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 249872 | $7032620 | 177270 | $4690383 |
|  Reinvestment of distributions | 29820 | 819128 | 4589 | 111606 |
|  Shares redeemed | (249539) | (6963327) | (237404) | (6146615) |
|  | 30153 | 888421 | (55545) | (1344626) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 56515 | 1135968 | 45999 | 917231 |
|  Reinvestment of distributions | 6812 | 140160 |  |  |
|  Shares redeemed | (63621) | (1268158) | (66961) | (1384356) |
|  | (294) | 7970 | (20962) | (467125) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 956533 | 27241804 | 815653 | 22320354 |
|  Reinvestment of distributions | 117771 | 3461518 | 30406 | 784182 |
|  Shares redeemed | (592545) | (16761655) | (997676) | (27599249) |
|  | 481759 | 13941667 | (151617) | (4494713) |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 10915 | 281272 | 4935 | 130639 |
|  Reinvestment of distributions | 955 | 25453 | 356 | 8429 |
|  Shares redeemed | (12304) | (300419) | (66276) | (1600377) |
|  | (434) | 6306 | (60985) | (1461309) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 856835 | 23012942 | 524422 | 13647555 |
|  Reinvestment of distributions | 50455 | 1376579 | 9934 | 239907 |
|  Shares redeemed | (645513) | (15978449) | (395186) | (10404377) |
|  | 261777 | 8411072 | 139170 | 3483085 |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 423758 | 12456061 | 1112938 | 27854969 |
|  Reinvestment of distributions | 77638 | 2281102 | 31465 | 811483 |
|  Shares redeemed | (261350) | (7869416) | (1610795) | (46406801) |
|  | 240046 | 6867747 | (466392) | (17740349) |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 42592 | 1103377 | 18307 | 456213 |
|  Reinvestment of distributions | 4157 | 109573 |  |  |
|  Shares redeemed | (6738) | (177729) | (30350) | (788863) |
|  | 40011 | 1035221 | (12043) | (332650) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 1729293 | 43807886 | 1400326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38169911 |
|  Reinvestment of distributions | 134860 | 3961205 | 41503 | 1069929 |
|  Shares redeemed | (919018) | (28032430) | (1438544) | (37731319) |
|  | 945135 | 19736661 | 3285 | 1508521 |
|  **NET INCREASE (DECREASE) IN SHARES** | 1998153 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50895065 | (625089) | $(20849166) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**105**

------

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Small Cap Growth Insights Fund**  | **Small Cap Growth Insights Fund**  | **Small Cap Growth Insights Fund**  | **Small Cap Growth Insights Fund**  |
|  | **For the Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **For the Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **October 31, 2024** | **For the Fiscal Year Ended**<br> **October 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 120725 | $2019842 | 162292 | $2355153 |
|  Reinvestment of distributions | 19147 | 332971 |  |  |
|  Shares redeemed | (186864) | (3141995) | (422015) | (6132210) |
|  | (46992) | (789182) | (259723) | (3777057) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 4511 | 123084 | 12298 | 284714 |
|  Shares redeemed | (26340) | (698021) | (48025) | (1080838) |
|  | (21829) | (574937) | (35727) | (796124) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 231289 | 6406894 | 246889 | 5813130 |
|  Reinvestment of distributions | 7939 | 227460 |  |  |
|  Shares redeemed | (239924) | (6260808) | (408488) | (9631039) |
|  | (696) | 373546 | (161599) | (3817909) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 230097 | 4343627 | 206561 | 3540573 |
|  Reinvestment of distributions | 10081 | 195776 |  |  |
|  Shares redeemed | (145943) | (2547708) | (508550) | (7970227) |
|  | 94235 | 1991695 | (301989) | (4429654) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 55130 | 1480158 | 115091 | 2765152 |
|  Reinvestment of distributions | 2440 | 70041 |  |  |
|  Shares redeemed | (47623) | (1287852) | (165804) | (3956226) |
|  | 9947 | 262347 | (50713) | (1191074) |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 336173 | 4543057 | 62929 | 780847 |
|  Reinvestment of distributions | 2688 | 39647 |  |  |
|  Shares redeemed | (52674) | (721105) | (104553) | (1268812) |
|  | 286187 | 3861599 | (41624) | (487965) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 91919 | 2475720 | 735824 | 15006295 |
|  Reinvestment of distributions | 7560 | 216902 |  |  |
|  Shares redeemed | (128014) | (2835660) | (25210) | (609708) |
|  | (28535) | (143038) | 710614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14396587 |
|  **NET INCREASE (DECREASE) IN SHARES** | 292317 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4982030 | (140761) | $(103196) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

106.0 ------

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Small Cap Value Insights Fund**  | **Small Cap Value Insights Fund**  | **Small Cap Value Insights Fund**  | **Small Cap Value Insights Fund**  |
|  | **For the Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **For the Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **October 31, 2024** | **For the Fiscal Year Ended**<br> **October 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 464380 | $16170530 | 229044 | $8804203 |
|  Reinvestment of distributions | 371180 | 13065768 | 54601 | 1971082 |
|  Shares redeemed | (369026) | (12709609) | (736839) | (27687847) |
|  | 466534 | 16526689 | (453194) | (16912562) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 46140 | 650622 | 9386 | 186708 |
|  Reinvestment of distributions | 46400 | 659415 | 4577 | 86185 |
|  Shares redeemed | (44056) | (609095) | (38615) | (737634) |
|  | 48484 | 700942 | (24652) | (464741) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 1089128 | 61016394 | 1127048 | 65884567 |
|  Reinvestment of distributions | 437721 | 25793828 | 74878 | 4165461 |
|  Shares redeemed | (1979835) | (101962203) | (1479577) | (84579585) |
|  | (452986) | (15151981) | (277651) | (14529557) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 1359563 | 45379941 | 1152573 | 45345052 |
|  Reinvestment of distributions | 327715 | 11464535 | 46445 | 1665993 |
|  Shares redeemed | (1275089) | (43175306) | (3928979) | (142613518) |
|  | 412189 | 13669170 | (2729961) | (95602473) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 872535 | 49506985 | 1430234 | 84015143 |
|  Reinvestment of distributions | 427959 | 25207559 | 72925 | 4055349 |
|  Shares redeemed | (969143) | (53987153) | (1466534) | (85285507) |
|  | 331351 | 20727391 | 36625 | 2784985 |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 139077 | 4659961 | 131807 | 4797543 |
|  Reinvestment of distributions | 75221 | 2524663 | 9295 | 323659 |
|  Shares redeemed | (113348) | (3541493) | (170172) | (6227629) |
|  | 100950 | 3643131 | (29070) | (1106427) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 78967 | 4645016 | 330525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16947215 |
|  Reinvestment of distributions | 73593 | 4333951 | 14467 | 804361 |
|  Shares redeemed | (409640) | (22719972) | (208303) | (12212607) |
|  | (257080) | (13741005) | 136689 | 5538969 |
|  **NET INCREASE (DECREASE) IN SHARES** | 649442 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26374337 | (3341214) | $(120291806) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**107**

------

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **U.S. Equity Insights Fund**  | **U.S. Equity Insights Fund**  | **U.S. Equity Insights Fund**  | **U.S. Equity Insights Fund**  |
|  | **For the Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **For the Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **October 31, 2024** | **For the Fiscal Year Ended**<br> **October 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 225366 | $14408532 | 147062 | $9213160 |
|  Reinvestment of distributions | 615703 | 39676903 | 128431 | 7180590 |
|  Shares redeemed | (361756) | (22932546) | (674604) | (41876488) |
|  | 479313 | 31152889 | (399111) | (25482738) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 13308 | 713795 | 15629 | 794230 |
|  Reinvestment of distributions | 37955 | 1988822 | 7295 | 342786 |
|  Shares redeemed | (44317) | (2335414) | (65012) | (3427212) |
|  | 6946 | 367203 | (42088) | (2290196) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 543721 | 35387810 | 594086 | 38404668 |
|  Reinvestment of distributions | 522612 | 35603273 | 124504 | 7299271 |
|  Shares redeemed | (520958) | (34553552) | (1122258) | (74659924) |
|  | 545375 | 36437531 | (403668) | (28955985) |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 3044 | 185407 | 7292 | 430377 |
|  Reinvestment of distributions | 4771 | 304367 | 2336 | 129509 |
|  Shares redeemed | (8706) | (481668) | (67779) | (4393082) |
|  | (891) | 8106 | (58151) | (3833196) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 127112 | 7917261 | 102747 | 6168035 |
|  Reinvestment of distributions | 101419 | 6404416 | 24792 | 1360524 |
|  Shares redeemed | (101482) | (6356936) | (274236) | (17258353) |
|  | 127049 | 7964741 | (146697) | (9729794) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 115065 | 7764057 | 125270 | 8043887 |
|  Reinvestment of distributions | 53264 | 3623810 | 10992 | 643694 |
|  Shares redeemed | (85354) | (5678205) | (112034) | (7248809) |
|  | 82975 | 5709662 | 24228 | 1438772 |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 12304 | 789617 | 17287 | 1039083 |
|  Reinvestment of distributions | 15186 | 952313 | 3074 | 167845 |
|  Shares redeemed | (24066) | (1626921) | (29139) | (1770389) |
|  | 3424 | 115009 | (8778) | (563461) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 467824 | 31053706 | 324618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20432829 |
|  Reinvestment of distributions | 578958 | 39395211 | 128617 | 7532725 |
|  Shares redeemed | (626409) | (41434326) | (550234) | (35337680) |
|  | 420373 | 29014591 | (96999) | (7372126) |
|  **NET INCREASE (DECREASE) IN SHARES** | 1664564 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110769732 | (1131264) | $(76788724) |

---

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![LOGO](g97265dsp112.jpg)

TRUSTEES Gregory G. Weaver, Chair Cheryl K. Beebe Dwight L. Bush Kathryn A. Cassidy John G. Chou Joaquin Delgado Eileen H. Dowling Lawrence Hughes John F. Killian Steven D. Krichmar Michael Latham James A. McNamara Lawrence W. Stranghoener GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser 200 West Street, New York, New York 10282 OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Robert Griffith, Secretary© 2025 Goldman Sachs. All rights reserved. DOMINSSAR-25

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![LOGO](g71257dsp001.jpg)

Goldman Sachs Funds Semi-Annual Financial Statements April 30, 2025 Goldman Sachs Fundamental Equity International Funds Goldman Sachs China Equity Fund Goldman Sachs Emerging Markets Equity Fund Goldman Sachs Emerging Markets Equity ex. China Fund Goldman Sachs ESG Emerging Markets Equity Fund Goldman Sachs International Equity ESG Fund Goldman Sachs International Equity Income Fund

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Goldman Sachs Fundamental Equity International Funds

---

| | |
|:---|:---|
| **Table of Contents** | **Page** |
|  **Schedules of Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs China Equity Fund](#fei71257_1) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Emerging Markets Equity Fund](#fei71257_2) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Emerging Markets Equity Ex. China Fund](#fei71257_3) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs ESG Emerging Markets Equity Fund](#fei71257_4) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs International Equity ESG Fund](#fei71257_5) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs International Equity Income Fund](#fei71257_6) | 18 |
|  **Financial Statements** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#fei71257_7) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#fei71257_8) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#fei71257_9) | 25 |
|  **Financial Highlights** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs China Equity Fund](#fei71257_10) | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Emerging Markets Equity Fund](#fei71257_11) | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Emerging Markets Equity ex. China Fund](#fei71257_12) | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs ESG Emerging Markets Equity Fund](#fei71257_13) | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs International Equity ESG Fund](#fei71257_14) | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs International Equity Income Fund](#fei71257_15) | 62 |
|  **[Notes to Financial Statements](#fei71257_16)** | 69 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

GOLDMAN SACHS CHINA EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 98.8% | Common Stocks – 98.8% | Common Stocks – 98.8% |
| China – 97.3% | China – 97.3% | China – 97.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;164876 | Alibaba Group Holding Ltd. (Consumer Discretionary Distribution & Retail) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2461604 |
| 14441 | Anji Microelectronics |  |
|  | Technology Shanghai Co. Ltd., Class A (Semiconductors & Semiconductor Equipment) | 367381 |
| 47800 | ANTA Sports Products Ltd. (Consumer Durables & Apparel) | 564796 |
| 521000 | Bank of Jiangsu Co. Ltd., Class A (Banks) | 728714 |
| 10500 | BYD Co. Ltd., Class A (Automobiles & Components) | 510588 |
| 13000 | BYD Co. Ltd., Class H (Automobiles & Components) | 617451 |
| 59000 | BYD Electronic International Co. Ltd. (Technology Hardware & Equipment) | 244875 |
| 134200 | China Construction Bank Corp., Class A (Banks) | 167184 |
| 1622000 | China Construction Bank Corp., Class H (Banks) | 1332356 |
| 443000 | China Feihe Ltd. (Food, Beverage & Tobacco)<sup>(a)</sup> | 334774 |
| 130500 | China Merchants Bank Co. Ltd., Class A (Banks) | 731821 |
| 89000 | China Merchants Bank Co. Ltd., Class H (Banks) | 485463 |
| 630000 | China Petroleum & Chemical Corp., Class H (Energy) | 321597 |
| 67200 | China Resources Mixc Lifestyle Services Ltd. (Real Estate Management & Development)<sup>(a)</sup> | 321934 |
| 30320 | China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences) | 171585 |
| 175900 | China Tower Corp. Ltd., Class H (Telecommunication Services)<sup>(a)</sup> | 254787 |
| 203500 | China Yangtze Power Co. Ltd., Class A (Utilities) | 825660 |
| 123689 | CITIC Securities Co. Ltd., Class A (Financial Services) | 425956 |
| 6500 | CITIC Securities Co. Ltd., Class H (Financial Services) | 16065 |
| 23134 | Contemporary Amperex Technology Co. Ltd., Class A (Capital Goods) | 739052 |
| 262595 | Focus Media Information Technology Co. Ltd., Class A (Media & Entertainment) | 260439 |
| 42080 | Fuyao Glass Industry Group Co. Ltd., Class A (Automobiles & Components) | 336381 |
| 40000 | H World Group Ltd. (Consumer Services) | 140326 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 4950 | H World Group Ltd. ADR (Consumer Services) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169488 |
| &nbsp;&nbsp;&nbsp;&nbsp;114000 | Haidilao International Holding Ltd. (Consumer Services)<sup>(a)</sup> | 256677 |
| 137900 | Huaxin Cement Co. Ltd., Class A (Materials) | 228052 |
| 76299 | Inner Mongolia Yili Industrial Group Co. Ltd., Class A (Food, Beverage & Tobacco) | 312374 |
| 48000 | Innovent Biologics, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)\*<sup>(a)</sup> | 332444 |
| 13400 | Jiangsu Expressway Co. Ltd., Class A (Transportation) | 28078 |
| 72940 | Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences) | 512148 |
| 14198 | KE Holdings, Inc. ADR (Real Estate Management & Development) | 288219 |
| 4319 | Kweichow Moutai Co. Ltd., Class A (Food, Beverage & Tobacco) | 919387 |
| 2400 | Laopu Gold Co. Ltd., Class H (Consumer Durables & Apparel)\* | 222456 |
| 62900 | LONGi Green Energy Technology Co. Ltd., Class A (Semiconductors & Semiconductor Equipment) | 127249 |
| 19700 | Mao Geping Cosmetics Co. Ltd. (Household & Personal Products)\* | 271473 |
| 48890 | Meituan, Class B (Consumer Services)\*<sup>(a)</sup> | 809493 |
| 47200 | Midea Group Co. Ltd., Class A (Consumer Durables & Apparel) | 478137 |
| 3400 | Mixue Group (Consumer Services)\* | 213936 |
| 30425 | Montage Technology Co. Ltd., Class A (Semiconductors & Semiconductor Equipment) | 321803 |
| 8400 | NAURA Technology Group Co. Ltd., Class A (Semiconductors & Semiconductor Equipment) | 521928 |
| 33100 | NetEase, Inc. (Media & Entertainment) | 711529 |
| 44700 | Ningbo Orient Wires & Cables Co. Ltd., Class A (Capital Goods) | 310873 |
| 31172 | Ningbo Tuopu Group Co. Ltd., Class A (Automobiles & Components) | 225212 |
| 418000 | PetroChina Co. Ltd., Class H (Energy) | 319410 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>3</sub>

------

GOLDMAN SACHS CHINA EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 364000 | PICC Property & Casualty Co. Ltd., Class H (Insurance) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670284 |
| 40800 | Ping An Insurance Group Co. of China Ltd., Class A (Insurance) | 284851 |
| 64000 | Ping An Insurance Group Co. of China Ltd., Class H (Insurance) | 383042 |
| 18400 | Pop Mart International Group Ltd. (Consumer Discretionary Distribution & Retail)<sup>(a)</sup> | 458919 |
| &nbsp;&nbsp;&nbsp;&nbsp;303000 | Postal Savings Bank of China Co. Ltd., Class H (Banks)<sup>(a)</sup> | 186279 |
| 6467 | Qifu Technology, Inc. ADR (Financial Services) | 265341 |
| 10600 | Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A (Food, Beverage & Tobacco) | 297684 |
| 45278 | Shenzhen Inovance Technology Co. Ltd., Class A (Capital Goods) | 445307 |
| 5100 | Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care Equipment & Services) | 154113 |
| 35800 | Sieyuan Electric Co. Ltd., Class A (Capital Goods) | 354817 |
| 34700 | Sinomine Resource Group Co. Ltd., Class A (Materials) | 138908 |
| 25249 | Sunresin New Materials Co. Ltd., Class A (Materials) | 151108 |
| 57800 | Tencent Holdings Ltd. (Media & Entertainment) | 3540305 |
| 18839 | Tencent Music Entertainment Group ADR (Media & Entertainment) | 252819 |
| 7500 | Trip.com Group Ltd. (Consumer Services) | 451806 |
| 38000 | Tsingtao Brewery Co. Ltd., Class H (Food, Beverage & Tobacco) | 268526 |
| 90800 | Unisplendour Corp. Ltd., Class A (Technology Hardware & Equipment) | 315052 |
| 62000 | Venustech Group, Inc., Class A (Software & Services) | 132139 |
| 177298 | Weichai Power Co. Ltd., Class A (Capital Goods) | 371542 |
| 32000 | Weichai Power Co. Ltd., Class H (Capital Goods) | 62429 |
| 27228 | WuXi AppTec Co. Ltd., Class H (Pharmaceuticals, Biotechnology & Life Sciences)<sup>(a)</sup> | 210434 |
| 210000 | Xiaomi Corp., Class B (Technology Hardware & Equipment)\*<sup>(a)</sup> | 1344463 |
| 181370 | Yunnan Aluminium Co. Ltd., Class A (Materials) | 379698 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 43200 | Yunnan Yuntianhua Co. Ltd., Class A (Materials) | $132765 |
| &nbsp;&nbsp;&nbsp;&nbsp;352000 | Zijin Mining Group Co. Ltd., Class H (Materials) | 769009 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31962795 |
| Hong Kong – 1.0% | Hong Kong – 1.0% | Hong Kong – 1.0% |
| 4700 | Duality Biotherapeutics, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)\* | 125687 |
| 4601 | Hong Kong Exchanges & Clearing Ltd. (Financial Services) | 201016 |
|  |  | 326703 |
| Taiwan – 0.5% | Taiwan – 0.5% | Taiwan – 0.5% |
| 5000 | Jentech Precision Industrial Co. Ltd. (Semiconductors & Semiconductor Equipment) | 157449 |
| TOTAL INVESTMENTS – 98.8%<br>(Cost $24,316,030) | TOTAL INVESTMENTS – 98.8%<br>(Cost $24,316,030) | $32446947 |
|  **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 1.2%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 1.2%** | 389791 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $32836738 |

---

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.

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

**Investment Abbreviations:**<br>ADR —American Depositary Receipt<br>

---

| | |
|:---|:---|
| Sector Name | **% of<br>Market<br>Value** |
|  Consumer Discretionary | 24.4% |
|  Financials | 18.1 |
|  Communication Services | 15.5 |
|  Information Technology | 10.9 |
|  Consumer Staples | 7.4 |
|  Industrials | 7.1 |
|  Materials | 5.5 |
|  Health Care | 4.6 |
|  Utilities | 2.6 |
|  Energy | 2.0 |
|  Real Estate | 1.9 |
|  **TOTAL INVESTMENTS** | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 4 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 99.3% | Common Stocks – 99.3% | Common Stocks – 99.3% |
| Brazil – 3.1% | Brazil – 3.1% | Brazil – 3.1% |
| 13567 | MercadoLibre, Inc. (Consumer Discretionary Distribution & Retail)\* | $31622642 |
| 1389372 | NU Holdings Ltd., Class A (Banks)\* | 17269894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4621300 | Raia Drogasil SA (Consumer Staples Distribution & Retail) | 16155801 |
| 3639800 | Rumo SA (Transportation) | 12442335 |
| 1186051 | TIM SA (Telecommunication Services) | 3960365 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81451037 |
| China – 30.5% | China – 30.5% | China – 30.5% |
| 6591624 | Alibaba Group Holding Ltd. (Consumer Discretionary Distribution & Retail) | 98413152 |
| 1652200 | ANTA Sports Products Ltd. (Consumer Durables & Apparel) | 19522100 |
| 760500 | BYD Co. Ltd., Class H (Automobiles & Components) | 36120895 |
| 12554000 | China Feihe Ltd. (Food, Beverage & Tobacco)<sup>(a)</sup> | 9487011 |
| 7263500 | China Merchants Bank Co. Ltd., Class H (Banks) | 39619810 |
| 2653180 | China Yangtze Power Co. Ltd., Class A (Utilities) | 10764739 |
| 623274 | Contemporary Amperex Technology Co. Ltd., Class A (Capital Goods) | 19911463 |
| 2550000 | Fuyao Glass Industry Group Co. Ltd., Class H (Automobiles & Components)<sup>(a)</sup> | 18033636 |
| 364263 | H World Group Ltd. ADR (Consumer Services) | 12472365 |
| 664379 | KE Holdings, Inc. ADR (Real Estate Management & Development) | 13486894 |
| 150951 | Kweichow Moutai Co. Ltd., Class A (Food, Beverage & Tobacco) | 32132975 |
| 467000 | Mao Geping Cosmetics Co. Ltd. (Household & Personal Products)\* | 6435436 |
| 1227600 | Meituan, Class B (Consumer Services)\*<sup>(a)</sup> | 20325911 |
| 1622800 | Midea Group Co. Ltd., Class A (Consumer Durables & Apparel) | 16438999 |
| 89300 | NAURA Technology Group Co. Ltd., Class A (Semiconductors & Semiconductor Equipment) | 5548591 |
| 1468900 | NetEase, Inc. (Media & Entertainment) | 31575990 |
| 1421210 | Ningbo Tuopu Group Co. Ltd., Class A (Automobiles & Components) | 10267968 |
| 12730000 | PICC Property & Casualty Co. Ltd., Class H (Insurance) | 23441529 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) | China – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5319000 | Ping An Insurance Group Co. of China Ltd., Class H (Insurance) | $| 31834411 |
| 775500 | Ping An Insurance Group Co. of China Ltd., Class H (Insurance) |  | 4641396 |
| 445229 | Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care Equipment & Services) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13454071 |
| 1355600 | Shenzhou International Group Holdings Ltd. (Consumer Durables & Apparel) |  | 9396615 |
| 1818220 | Sunresin New Materials Co. Ltd., Class A (Materials) |  | 10881504 |
| 3006700 | Tencent Holdings Ltd. (Media & Entertainment) |  | 184163245 |
| 1116598 | Tencent Music Entertainment Group ADR (Media & Entertainment) |  | 14984745 |
| 10518000 | Weichai Power Co. Ltd., Class H (Capital Goods) |  | 20519581 |
| 6886800 | Xiaomi Corp., Class B (Technology Hardware & Equipment)\*<sup>(a)</sup> |  | 44090702 |
| 8574992 | Yunnan Aluminium Co. Ltd., Class A (Materials) |  | 17951729 |
| 11144000 | Zijin Mining Group Co. Ltd., Class H (Materials) |  | 24346117 |
|  |  |  | 800263580 |
| Egypt – 0.3% | Egypt – 0.3% | Egypt – 0.3% | Egypt – 0.3% |
| 5106169 | Commercial International Bank - Egypt (CIB), GDR (Banks) |  | 7971725 |
| Greece – 2.5% | Greece – 2.5% | Greece – 2.5% | Greece – 2.5% |
| 504458 | JUMBO SA (Consumer Discretionary Distribution & Retail) |  | 15887019 |
| 2643232 | National Bank of Greece SA (Banks) |  | 28053867 |
| 3988731 | Piraeus Financial Holdings SA (Banks) |  | 22400853 |
|  |  |  | 66341739 |
| India – 19.7% | India – 19.7% | India – 19.7% | India – 19.7% |
| 730196 | 360 ONE WAM Ltd. (Financial Services) |  | 8505380 |
| 212359 | Amber Enterprises India Ltd. (Consumer Durables & Apparel)\* |  | 15500152 |
| 263672 | Apollo Hospitals Enterprise Ltd. (Health Care Equipment & Services) |  | 21793537 |
| 772941 | Archean Chemical Industries Ltd. (Materials) |  | 5730122 |
| 1989683 | Axis Bank Ltd. (Banks) |  | 27909507 |
| 322294 | Bajaj Finance Ltd. (Financial Services) |  | 32885773 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>5</sub>

------

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| India – (continued) | India – (continued) | India – (continued) | India – (continued) |
| 510408 | Cartrade Tech Ltd. (Consumer Discretionary Distribution & Retail)\* | $| 10298021 |
| 161521 | Coforge Ltd. (Software & Services) |  | 14042481 |
| 433657 | Computer Age Management Services Ltd. (Commercial & Professional Services) |  | 19996724 |
| &nbsp;&nbsp;&nbsp;&nbsp;15827935 | Eternal Ltd. (Consumer Services)\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43320845 |
| 1165090 | Five-Star Business Finance Ltd. (Financial Services)\* |  | 9742729 |
| 860043 | Godrej Properties Ltd. (Real Estate Management & Development)\* |  | 21971488 |
| 4547975 | ICICI Bank Ltd. (Banks) |  | 76448201 |
| 190395 | Info Edge India Ltd. (Media & Entertainment) |  | 15926407 |
| 2099132 | Infosys Ltd. (Software & Services) |  | 37108318 |
| 353983 | Navin Fluorine International Ltd. (Materials) |  | 18954538 |
| 406285 | Netweb Technologies India Ltd. (Technology Hardware & Equipment) |  | 6803236 |
| 987455 | SBI Life Insurance Co. Ltd. (Insurance)<sup>(a)</sup> |  | 20651725 |
| 1874433 | Sona Blw Precision Forgings Ltd. (Automobiles & Components)<sup>(a)</sup> |  | 10670394 |
| 1613015 | Sun Pharmaceutical Industries Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |  | 34983960 |
| 2299759 | Tata Consumer Products Ltd. (Food, Beverage & Tobacco) |  | 31733092 |
| 456779 | Torrent Pharmaceuticals Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |  | 17963841 |
| 454605 | TVS Motor Co. Ltd. (Automobiles & Components) |  | 14366252 |
|  |  |  | 517306723 |
| Indonesia – 2.8% | Indonesia – 2.8% | Indonesia – 2.8% | Indonesia – 2.8% |
| 65071900 | Bank Central Asia Tbk PT (Banks) |  | 34593947 |
| 52476000 | Bank Mandiri Persero Tbk PT (Banks) |  | 15496560 |
| 148861000 | BFI Finance Indonesia Tbk PT (Financial Services) |  | 7865861 |
| 205008500 | Map Aktif Adiperkasa PT (Consumer Discretionary Distribution & Retail) |  | 8021361 |
| 399875000 | Nusantara Sejahtera Raya Tbk PT (Media & Entertainment)<sup>(a)</sup> |  | 3420617 |
| 8752600 | Nusantara Sejahtera Raya Tbk PT (Media & Entertainment)<sup>(a)</sup> |  | 74872 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Indonesia – (continued) | Indonesia – (continued) | Indonesia – (continued) | Indonesia – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;221471200 | Pakuwon Jati Tbk PT (Real Estate Management & Development) | $| 5090659 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74563877 |
| Mexico – 2.8% | Mexico – 2.8% | Mexico – 2.8% | Mexico – 2.8% |
| 15862900 | America Movil SAB de CV, Series B (Telecommunication Services) |  | 13686559 |
| 1375699 | Arca Continental SAB de CV (Food, Beverage & Tobacco) |  | 14477091 |
| 2713300 | Banco del Bajio SA (Banks)<sup>(a)</sup> |  | 6497365 |
| 6767050 | Gentera SAB de CV (Financial Services) |  | 11815292 |
| 2938814 | Prologis Property Mexico SA de CV REIT (Equity Real Estate Investment Trusts (REITs)) |  | 10467666 |
| 5041300 | Wal-Mart de Mexico SAB de CV (Consumer Staples Distribution & Retail) |  | 15976992 |
|  |  |  | 72920965 |
| Peru – 0.9% | Peru – 0.9% | Peru – 0.9% | Peru – 0.9% |
| 112831 | Credicorp Ltd. (Banks) |  | 22813300 |
| Philippines – 1.5% | Philippines – 1.5% | Philippines – 1.5% | Philippines – 1.5% |
| 4942740 | BDO Unibank, Inc. (Banks) |  | 14185955 |
| 2785210 | Jollibee Foods Corp. (Consumer Services) |  | 11440474 |
| 103014400 | Monde Nissin Corp. (Food, Beverage & Tobacco)<sup>(a)</sup> |  | 14348797 |
|  |  |  | 39975226 |
| Poland – 1.3% | Poland – 1.3% | Poland – 1.3% | Poland – 1.3% |
| 305833 | Bank Pekao SA (Banks)\* |  | 15328848 |
| 139051 | Dino Polska SA (Consumer Staples Distribution & Retail)\*<sup>(a)</sup> |  | 19493211 |
|  |  |  | 34822059 |
| Russia – 0.0% | Russia – 0.0% | Russia – 0.0% | Russia – 0.0% |
| 2495750 | Renaissance Insurance Group JSC (Insurance)<sup>(b)</sup> |  |  |
| 4327745 | Sberbank of Russia PJSC (Banks)<sup>(b)</sup> |  |  |
| Saudi Arabia – 4.3% | Saudi Arabia – 4.3% | Saudi Arabia – 4.3% | Saudi Arabia – 4.3% |
| 921136 | Al Rajhi Bank (Banks) |  | 23929239 |
| 1915229 | Alinma Bank (Banks) |  | 14833969 |
| 1083108 | Almarai Co. JSC (Food, Beverage & Tobacco) |  | 15256698 |
| 217165 | Co. for Cooperative Insurance (The) (Insurance) |  | 8050750 |
| 32411 | Elm Co. (Software & Services) |  | 8968821 |
| 423887 | Rasan Information Technology Co. (Insurance)\* |  | 9673822 |
| 1696834 | Saudi National Bank (The) (Banks) |  | 16167475 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 6 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Saudi Arabia – (continued) | Saudi Arabia – (continued) | Saudi Arabia – (continued) | Saudi Arabia – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1201838 | Saudi Telecom Co. (Telecommunication Services) | $| 15258258 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112139032 |
| Singapore – 0.1% | Singapore – 0.1% | Singapore – 0.1% | Singapore – 0.1% |
| 7221393 | Nanofilm Technologies International Ltd. (Materials) |  | 2907909 |
| Slovenia – 0.8% | Slovenia – 0.8% | Slovenia – 0.8% | Slovenia – 0.8% |
| 670100 | Nova Ljubljanska Banka dd, GDR (Banks) |  | 19830134 |
| South Africa – 2.2% | South Africa – 2.2% | South Africa – 2.2% | South Africa – 2.2% |
| 126328 | Bid Corp. Ltd. (Consumer Staples Distribution & Retail) |  | 3174966 |
| 103108 | Capitec Bank Holdings Ltd. (Banks) |  | 19137492 |
| 627021 | Clicks Group Ltd. (Consumer Staples Distribution & Retail) |  | 13335436 |
| 1481795 | JSE Ltd. (Financial Services) |  | 10140054 |
| 20554055 | Old Mutual Ltd. (Insurance)<sup>(c)</sup> |  | 12519451 |
|  |  |  | 58307399 |
| South Korea – 8.6% | South Korea – 8.6% | South Korea – 8.6% | South Korea – 8.6% |
| 111845 | Hyundai Rotem Co. Ltd. (Capital Goods) |  | 8815515 |
| 188548 | JYP Entertainment Corp. (Media & Entertainment) |  | 9171370 |
| 354740 | KB Financial Group, Inc. (Banks) |  | 22419125 |
| 302140 | Kia Corp. (Automobiles & Components) |  | 19201996 |
| 319144 | LG Electronics, Inc. (Consumer Durables & Apparel) |  | 16019619 |
| 80992 | NCSoft Corp. (Media & Entertainment) |  | 8336914 |
| 29104 | Samsung Biologics Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)\*<sup>(a)</sup> |  | 21538973 |
| 560843 | Samsung E&A Co. Ltd. (Capital Goods) |  | 7583364 |
| 1892629 | Samsung Electronics Co. Ltd. (Technology Hardware & Equipment) |  | 73845725 |
| 305987 | SK Hynix, Inc. (Semiconductors & Semiconductor Equipment) |  | 38178946 |
|  |  |  | 225111547 |
| Taiwan – 15.1% | Taiwan – 15.1% | Taiwan – 15.1% | Taiwan – 15.1% |
| 906000 | Accton Technology Corp. (Technology Hardware & Equipment) |  | 16875461 |
| 4420000 | ASE Technology Holding Co. Ltd. (Semiconductors & Semiconductor Equipment) |  | 18834503 |
| 1221000 | Chroma ATE, Inc. (Technology Hardware & Equipment) |  | 11161455 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Taiwan – (continued) | Taiwan – (continued) | Taiwan – (continued) | Taiwan – (continued) |
| 2513000 | Delta Electronics, Inc. (Technology Hardware & Equipment) | $| 26331730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2339000 | E Ink Holdings, Inc. (Technology Hardware & Equipment) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16339291 |
| 365000 | Jentech Precision Industrial Co. Ltd. (Semiconductors & Semiconductor Equipment) |  | 11493747 |
| 1029000 | MediaTek, Inc. (Semiconductors & Semiconductor Equipment) |  | 43725402 |
| 1404000 | Merida Industry Co. Ltd. (Consumer Durables & Apparel) |  | 5823337 |
| 635000 | Nien Made Enterprise Co. Ltd. (Consumer Durables & Apparel) |  | 7776106 |
| 7944883 | Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) |  | 225114717 |
| 1013723 | Yageo Corp. (Technology Hardware & Equipment) |  | 14534950 |
|  |  |  | 398010699 |
| Thailand – 1.1% | Thailand – 1.1% | Thailand – 1.1% | Thailand – 1.1% |
| 25447700 | Bangkok Dusit Medical Services PCL, Class F (Health Care Equipment & Services) |  | 18249468 |
| 28156600 | True Corp. PCL, NVDR (Telecommunication Services)\* |  | 10193673 |
|  |  |  | 28443141 |
| United Arab Emirates – 1.5% | United Arab Emirates – 1.5% | United Arab Emirates – 1.5% | United Arab Emirates – 1.5% |
| 2546791 | Abu Dhabi Islamic Bank PJSC (Banks) |  | 12679887 |
| 17179227 | Adnoc Gas PLC (Energy) |  | 14829161 |
| 28807525 | Talabat Holding PLC (Consumer Services)\* |  | 11099248 |
|  |  |  | 38608296 |
| United States – 0.2% | United States – 0.2% | United States – 0.2% | United States – 0.2% |
| 763992 | GCC SAB de CV (Materials) |  | 6406695 |
| TOTAL COMMON STOCKS<br>(Cost $2,042,122,887) | TOTAL COMMON STOCKS<br>(Cost $2,042,122,887) |  | 2608195083 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Rate** | **Value** |
| Preferred Stocks – 1.1% | Preferred Stocks – 1.1% | Preferred Stocks – 1.1% | Preferred Stocks – 1.1% |
| Brazil – 1.1% | Brazil – 1.1% | Brazil – 1.1% |  |
| 3406590 | Itau Unibanco Holding SA (Banks) | 6.73% | 21357404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6679100 | Marcopolo SA (Capital Goods) | 8.38 | 8285396 |
| TOTAL PREFERRED STOCKS<br>(Cost $25,699,866) | TOTAL PREFERRED STOCKS<br>(Cost $25,699,866) | TOTAL PREFERRED STOCKS<br>(Cost $25,699,866) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29642800 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>7</sub>

------

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 0.2%<sup>(d)</sup> | Investment Company – 0.2%<sup>(d)</sup> | Investment Company – 0.2%<sup>(d)</sup> |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4193129 | 4.248% | $4193129 |
| (Cost $4,193,129) | (Cost $4,193,129) | (Cost $4,193,129) |
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $2,072,015,882) | TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $2,072,015,882) | 2642031012 |
| Securities Lending Reinvestment Vehicle – 0.1%<sup>(d)</sup> | Securities Lending Reinvestment Vehicle – 0.1%<sup>(d)</sup> | Securities Lending Reinvestment Vehicle – 0.1%<sup>(d)</sup> |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3035500 | 4.248% | 3035500 |
| (Cost $3,035,500) | (Cost $3,035,500) | (Cost $3,035,500) |
| TOTAL INVESTMENTS – 100.7%<br>(Cost $2,075,051,382) | TOTAL INVESTMENTS – 100.7%<br>(Cost $2,075,051,382) | $2645066512 |
|  **LIABILITIES IN EXCESS OF OTHER ASSETS – (0.7)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS – (0.7)%** | (17722980) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2627343532 |

---

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.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.

&nbsp;&nbsp;&nbsp;&nbsp;(c) All or a portion of security is on loan.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents an affiliated issuer.

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—American Depositary Receipt |
| GDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Global Depositary Receipt |
| NVDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Non-Voting Depository Receipt |
| PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Public Limited Company |
| REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Real Estate Investment Trust |

---

---

| | |
|:---|:---|
| Sector Name | **% of<br>Market<br>Value** |
|  Financials | 25.4% |
|  Information Technology | 23.2 |
|  Consumer Discretionary | 17.4 |
|  Communication Services | 11.8 |
|  Consumer Staples | 7.2 |
|  Health Care | 4.8 |
|  Industrials | 3.7 |
|  Materials | 3.3 |
|  Real Estate | 1.9 |
|  Energy | 0.6 |
|  Utilities | 0.4 |
|  Investment Company | 0.2 |
|  Securities Lending Reinvestment Vehicle | 0.1 |
|  **TOTAL INVESTMENTS** | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 8 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *April 30, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – 97.5% | Common Stocks – 97.5% |  |
| Brazil – 4.9% | Brazil – 4.9% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12800 | Caixa Seguridade Participacoes SA (Insurance) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36899 |
| 78 | MercadoLibre, Inc. (Consumer Discretionary Distribution & Retail)\* | 181806 |
| 6182 | NU Holdings Ltd., Class A (Banks)\* | 76842 |
| 25000 | Raia Drogasil SA (Consumer Staples Distribution & Retail) | 87399 |
| 17800 | Rumo SA (Transportation) | 60848 |
| 21900 | TIM SA (Telecommunication Services) | 73127 |
|  |  | 516921 |
| Egypt – 0.3% | Egypt – 0.3% |  |
| 19007 | Commercial International Bank - Egypt (CIB), GDR (Banks) | 29674 |
| Greece – 3.4% | Greece – 3.4% |  |
| 2883 | Hellenic Telecommunications Organization SA (Telecommunication Services) | 54711 |
| 2405 | JUMBO SA (Consumer Discretionary Distribution & Retail) | 75741 |
| 12726 | National Bank of Greece SA (Banks) | 135067 |
| 16940 | Piraeus Financial Holdings SA (Banks) | 95136 |
|  |  | 360655 |
| India – 29.2% | India – 29.2% |  |
| 3886 | 360 ONE WAM Ltd. (Financial Services) | 45264 |
| 936 | Amber Enterprises India Ltd. (Consumer Durables & Apparel)\* | 68319 |
| 1266 | Apollo Hospitals Enterprise Ltd. (Health Care Equipment & Services) | 104640 |
| 3771 | Archean Chemical Industries Ltd. (Materials) | 27956 |
| 10904 | Axis Bank Ltd. (Banks) | 152952 |
| 1371 | Bajaj Finance Ltd. (Financial Services) | 139892 |
| 8247 | Bharti Airtel Ltd. (Telecommunication Services) | 181914 |
| 6524 | CMS Info Systems Ltd. (Commercial & Professional Services) | 34001 |
| 848 | Coforge Ltd. (Software & Services) | 73724 |
| 1531 | Computer Age Management Services Ltd. (Commercial & Professional Services) | 70597 |
| 810 | Craftsman Automation Ltd. (Capital Goods) | 44145 |
| 70810 | Eternal Ltd. (Consumer Services)\* | 193806 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |
| India – (continued) | India – (continued) |  |
| 5880 | Five-Star Business Finance Ltd. (Financial Services)\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49170 |
| 6075 | Godrej Consumer Products Ltd. (Household & Personal Products) | 90605 |
| 4412 | Godrej Properties Ltd. (Real Estate Management & Development)\* | 112713 |
| 6135 | Gokaldas Exports Ltd. (Consumer Durables & Apparel)\* | 61510 |
| 15147 | Hindalco Industries Ltd. (Materials) | 111951 |
| 4157 | Home First Finance Co. India Ltd. (Financial Services)<sup>(a)</sup> | 60539 |
| 19688 | ICICI Bank Ltd. (Banks) | 330941 |
| 752 | Info Edge India Ltd. (Media & Entertainment) | 62904 |
| 8700 | Infosys Ltd. (Software & Services) | 153798 |
| 2285 | Kfin Technologies Ltd. (Financial Services) | 32479 |
| 1818 | Navin Fluorine International Ltd. (Materials) | 97348 |
| 1801 | Netweb Technologies India Ltd. (Technology Hardware & Equipment) | 30158 |
| 5177 | Reliance Industries Ltd. (Energy) | 85961 |
| 4139 | SAI Life Sciences Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)\*<sup>(a)</sup> | 34093 |
| 4259 | SBI Life Insurance Co. Ltd. (Insurance)<sup>(a)</sup> | 89073 |
| 8146 | Sona Blw Precision Forgings Ltd. (Automobiles & Components)<sup>(a)</sup> | 46372 |
| 6724 | Sun Pharmaceutical Industries Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 145834 |
| 4899 | Suven Pharmaceuticals Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)\* | 66081 |
| 9596 | Tata Consumer Products Ltd. (Food, Beverage & Tobacco) | 132410 |
| 42647 | Tata Steel Ltd. (Materials) | 70985 |
| 1953 | Torrent Pharmaceuticals Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 76806 |
|  |  | 3078941 |
| Indonesia – 3.8% | Indonesia – 3.8% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;447800 | Bank Central Asia Tbk PT (Banks) | 238062 |
| 224900 | Bank Mandiri Persero Tbk PT (Banks) | 66415 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>9</sub>

------

GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *April 30, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |
| Indonesia – (continued) | Indonesia – (continued) |  |
| 551500 | BFI Finance Indonesia Tbk PT (Financial Services) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29141 |
| &nbsp;&nbsp;&nbsp;&nbsp;1048600 | Map Aktif Adiperkasa PT (Consumer Discretionary Distribution & Retail) | 41029 |
| 1200800 | Nusantara Sejahtera Raya Tbk PT (Media & Entertainment)<sup>(a)</sup> | 10272 |
| 892900 | Pakuwon Jati Tbk PT (Real Estate Management & Development) | 20524 |
|  |  | 405443 |
| Mexico – 3.3% | Mexico – 3.3% |  |
| 77100 | America Movil SAB de CV, Series B (Telecommunication Services) | 66522 |
| 6127 | Arca Continental SAB de CV (Food, Beverage & Tobacco) | 64477 |
| 11000 | Grupo Financiero Banorte SAB de CV, Class O (Banks) | 94527 |
| 12404 | Prologis Property Mexico SA de CV REIT (Equity Real Estate Investment Trusts (REITs)) | 44181 |
| 24600 | Wal-Mart de Mexico SAB de CV (Consumer Staples Distribution & Retail) | 77963 |
|  |  | 347670 |
| Peru – 1.2% | Peru – 1.2% |  |
| 633 | Credicorp Ltd. (Banks) | 127986 |
| Philippines – 1.6% | Philippines – 1.6% |  |
| 21630 | BDO Unibank, Inc. (Banks) | 62079 |
| 11020 | Jollibee Foods Corp. (Consumer Services) | 45266 |
| 440100 | Monde Nissin Corp. (Food, Beverage & Tobacco)<sup>(a)</sup> | 61301 |
|  |  | 168646 |
| Poland – 1.4% | Poland – 1.4% |  |
| 1222 | Bank Pekao SA (Banks)\* | 61249 |
| 635 | Dino Polska SA (Consumer Staples Distribution & Retail)\*<sup>(a)</sup> | 89019 |
|  |  | 150268 |
| Romania – 0.5% | Romania – 0.5% |  |
| 1783 | Societatea De Producere A Energiei Electrice in Hidrocentrale Hidroelectrica SA (Utilities) | 47985 |
| Saudi Arabia – 5.6% | Saudi Arabia – 5.6% |  |
| 6248 | Al Rajhi Bank (Banks) | 162310 |
| 7662 | Alinma Bank (Banks) | 59344 |
| 5822 | Almarai Co. JSC (Food, Beverage & Tobacco) | 82009 |
| 1669 | Co. for Cooperative Insurance (The) (Insurance) | 61873 |
| 70 | Elm Co. (Software & Services) | 19371 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |
| Saudi Arabia – (continued) | Saudi Arabia – (continued) |  |
| 1711 | Rasan Information Technology Co. (Insurance)\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39048 |
| 8407 | Saudi National Bank (The) (Banks) | 80102 |
| 6648 | Saudi Telecom Co. (Telecommunication Services) | 84402 |
|  |  | 588459 |
| Singapore – 0.9% | Singapore – 0.9% |  |
| 31900 | Nanofilm Technologies International Ltd. (Materials) | 12845 |
| 595 | Sea Ltd. ADR (Media & Entertainment)\* | 79760 |
|  |  | 92605 |
| Slovenia – 0.9% | Slovenia – 0.9% |  |
| 3181 | Nova Ljubljanska Banka dd, GDR (Banks) | 94135 |
| South Africa – 2.8% | South Africa – 2.8% |  |
| 184 | Bid Corp. Ltd. (Consumer Staples Distribution & Retail) | 4624 |
| 451 | Capitec Bank Holdings Ltd. (Banks) | 83709 |
| 3507 | Clicks Group Ltd. (Consumer Staples Distribution & Retail) | 74587 |
| 6754 | JSE Ltd. (Financial Services) | 46218 |
| 80795 | Old Mutual Ltd. (Insurance) | 49212 |
| 13039 | Woolworths Holdings Ltd. (Consumer Discretionary Distribution & Retail) | 40376 |
|  |  | 298726 |
| South Korea – 11.6% | South Korea – 11.6% |  |
| 742 | F&F Co. Ltd. (Consumer Durables & Apparel) | 36842 |
| 555 | Hyundai Rotem Co. Ltd. (Capital Goods) | 43745 |
| 2831 | I-Scream Media Co. Ltd. (Consumer Services)\* | 31250 |
| 856 | JYP Entertainment Corp. (Media & Entertainment) | 41638 |
| 1649 | KB Financial Group, Inc. (Banks) | 104215 |
| 2065 | Kia Corp. (Automobiles & Components) | 131238 |
| 1417 | LG Electronics, Inc. (Consumer Durables & Apparel) | 71127 |
| 392 | NCSoft Corp. (Media & Entertainment) | 40350 |
| 138 | Samsung Biologics Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)\*<sup>(a)</sup> | 102129 |
| 2863 | Samsung E&A Co. Ltd. (Capital Goods) | 38712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10905 | Samsung Electronics Co. Ltd. (Technology Hardware & Equipment) | 425486 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 10 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |
| South Korea – (continued) | South Korea – (continued) |  |
| 1288 | SK Hynix, Inc. (Semiconductors & Semiconductor Equipment) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160708 |
|  |  | 1227440 |
| Taiwan – 21.4% | Taiwan – 21.4% |  |
| 4000 | Accton Technology Corp. (Technology Hardware & Equipment) | 74505 |
| 23000 | ASE Technology Holding Co. Ltd. (Semiconductors & Semiconductor Equipment) | 98008 |
| 7000 | Chroma ATE, Inc. (Technology Hardware & Equipment) | 63989 |
| 12000 | Delta Electronics, Inc. (Technology Hardware & Equipment) | 125738 |
| 11000 | E Ink Holdings, Inc. (Technology Hardware & Equipment) | 76841 |
| 2000 | Jentech Precision Industrial Co. Ltd. (Semiconductors & Semiconductor Equipment) | 62979 |
| 6000 | MediaTek, Inc. (Semiconductors & Semiconductor Equipment) | 254959 |
| 7000 | Merida Industry Co. Ltd. (Consumer Durables & Apparel) | 29034 |
| 3000 | Nien Made Enterprise Co. Ltd. (Consumer Durables & Apparel) | 36738 |
| 48000 | Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | 1360059 |
| 4974 | Yageo Corp. (Technology Hardware & Equipment) | 71318 |
|  |  | 2254168 |
| Thailand – 1.0% | Thailand – 1.0% |  |
| 93300 | Bangkok Dusit Medical Services PCL, Class F (Health Care Equipment & Services) | 66909 |
| &nbsp;&nbsp;&nbsp;&nbsp;113400 | True Corp. PCL, NVDR (Telecommunication Services)\* | 41054 |
|  |  | 107963 |
| United Arab Emirates – 3.2% | United Arab Emirates – 3.2% |  |
| 18743 | Abu Dhabi Islamic Bank PJSC (Banks) | 93317 |
| 78263 | ADNOC Drilling Co. PJSC (Energy) | 104417 |
| 78306 | Adnoc Gas PLC (Energy) | 67594 |
| 62420 | Emirates Central Cooling Systems Corp. (Utilities) | 27361 |
| 121522 | Talabat Holding PLC (Consumer Services)\* | 46821 |
|  |  | 339510 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** |  | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| United States – 0.5% | United States – 0.5% | United States – 0.5% | United States – 0.5% |
| 6152 | GCC SAB de CV (Materials) | GCC SAB de CV (Materials) | $51589 |
| **TOTAL COMMON STOCKS**<br> **(Cost $8,444,109)** | **TOTAL COMMON STOCKS**<br> **(Cost $8,444,109)** | **TOTAL COMMON STOCKS**<br> **(Cost $8,444,109)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10288784 |
| **Shares** | **Description** | **Rate** | **Value** |
| Preferred Stocks – 1.3% | Preferred Stocks – 1.3% | Preferred Stocks – 1.3% | Preferred Stocks – 1.3% |
| Brazil – 1.3% | Brazil – 1.3% | Brazil – 1.3% | Brazil – 1.3% |
| 14630 | Itau Unibanco Holding SA (Banks) | 6.73% | 91722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38734 | Marcopolo SA (Capital Goods) | 8.38 | 48049 |
| **TOTAL PREFERRED STOCKS**<br> **(Cost $121,470)** | **TOTAL PREFERRED STOCKS**<br> **(Cost $121,470)** | **TOTAL PREFERRED STOCKS**<br> **(Cost $121,470)** | 139771 |
| **Shares** | **Dividend Rate** | **Dividend Rate** | **Value** |
| Investment Company – 0.0%<sup>(b)</sup> | Investment Company – 0.0%<sup>(b)</sup> | Investment Company – 0.0%<sup>(b)</sup> | Investment Company – 0.0%<sup>(b)</sup> |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |
| 7 | 4.248% | 4.248% | 7 |
| **(Cost $7)** | **(Cost $7)** | **(Cost $7)** |  |
| **TOTAL INVESTMENTS – 98.8%**<br> **(Cost $8,565,586)** | **TOTAL INVESTMENTS – 98.8%**<br> **(Cost $8,565,586)** | **TOTAL INVESTMENTS – 98.8%**<br> **(Cost $8,565,586)** | $10428562 |
|  **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 1.2%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 1.2%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 1.2%** | 129974 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10558536 |

---

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.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents an affiliated issuer.

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—American Depositary Receipt |
| GDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Global Depositary Receipt |
| NVDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Non-Voting Depository Receipt |
| PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Public Limited Company |
| REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>11</sub>

------

GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *April 30, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Sector Name | **% of<br>Market<br>Value** |
|  Information Technology | 29.2% |
|  Financials | 28.0 |
|  Consumer Discretionary | 11.0 |
|  Consumer Staples | 7.3 |
|  Communication Services | 7.1 |
|  Health Care | 5.7 |
|  Materials | 3.6 |
|  Industrials | 3.2 |
|  Energy | 2.5 |
|  Real Estate | 1.7 |
|  Utilities | 0.7 |
|  Investment Company | 0.0 |
|  **TOTAL INVESTMENTS** | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 12 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – 99.4% | Common Stocks – 99.4% |  |
| Brazil – 3.9% | Brazil – 3.9% |  |
| 170 | MercadoLibre, Inc. (Consumer Discretionary Distribution & Retail)\* | $396245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12522 | NU Holdings Ltd., Class A (Banks)\* | 155648 |
| 38100 | Raia Drogasil SA (Consumer Staples Distribution & Retail) | 133195 |
| 29900 | Rumo SA (Transportation) | 102211 |
| 14732 | TIM SA (Telecommunication Services) | 49192 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836491 |
| China – 31.0% | China – 31.0% |  |
| 54827 | Alibaba Group Holding Ltd. (Consumer Discretionary Distribution & Retail) | 818569 |
| 17600 | ANTA Sports Products Ltd. (Consumer Durables & Apparel) | 207958 |
| 7000 | BYD Co. Ltd., Class H (Automobiles & Components) | 332474 |
| 103000 | China Feihe Ltd. (Food, Beverage & Tobacco)<sup>(a)</sup> | 77837 |
| 75000 | China Merchants Bank Co. Ltd., Class H (Banks) | 409098 |
| 34299 | China Yangtze Power Co. Ltd., Class A (Utilities) | 139161 |
| 7160 | Contemporary Amperex Technology Co. Ltd., Class A (Capital Goods) | 228737 |
| 22400 | Fuyao Glass Industry Group Co. Ltd., Class H (Automobiles & Components)<sup>(a)</sup> | 158413 |
| 3327 | H World Group Ltd. ADR (Consumer Services) | 113917 |
| 6017 | KE Holdings, Inc. ADR (Real Estate Management & Development) | 122145 |
| 11300 | Meituan, Class B (Consumer Services)\*<sup>(a)</sup> | 187099 |
| 14778 | Midea Group Co. Ltd., Class A (Consumer Durables & Apparel) | 149701 |
| 13100 | NetEase, Inc. (Media & Entertainment) | 281602 |
| 11900 | Ningbo Tuopu Group Co. Ltd., Class A (Automobiles & Components) | 85975 |
| 110000 | PICC Property & Casualty Co. Ltd., Class H (Insurance) | 202558 |
| 57500 | Ping An Insurance Group Co. of China Ltd., Class H (Insurance) | 344140 |
| 4100 | Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care Equipment & Services) | 123895 |
| 11200 | Shenzhou International Group Holdings Ltd. (Consumer Durables & Apparel) | 77635 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |
| China – (continued) | China – (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28200 | Tencent Holdings Ltd. (Media & Entertainment) | $1727277 |
| 10752 | Tencent Music Entertainment Group ADR (Media & Entertainment) | 144292 |
| 86000 | Weichai Power Co. Ltd., Class H (Capital Goods) | 167778 |
| 60200 | Xiaomi Corp., Class B (Technology Hardware & Equipment)\*<sup>(a)</sup> | 385413 |
| 101700 | Yunnan Aluminium Co. Ltd., Class A (Materials) | 212909 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6698583 |
| Egypt – 0.3% | Egypt – 0.3% |  |
| 41356 | Commercial International Bank - Egypt (CIB), GDR (Banks) | 64565 |
| Greece – 2.7% | Greece – 2.7% |  |
| 5702 | JUMBO SA (Consumer Discretionary Distribution & Retail) | 179574 |
| 19967 | National Bank of Greece SA (Banks) | 211919 |
| 33095 | Piraeus Financial Holdings SA (Banks) | 185863 |
|  |  | 577356 |
| Hong Kong – 0.6% | Hong Kong – 0.6% |  |
| 3167 | Hong Kong Exchanges & Clearing Ltd. (Financial Services) | 138365 |
| India – 20.3% | India – 20.3% |  |
| 3504 | Apollo Hospitals Enterprise Ltd. (Health Care Equipment & Services) | 289620 |
| 23246 | Axis Bank Ltd. (Banks) | 326074 |
| 3058 | Bajaj Finance Ltd. (Financial Services) | 312028 |
| 158755 | Eternal Ltd. (Consumer Services)\* | 434510 |
| 7908 | Godrej Properties Ltd. (Real Estate Management & Development)\* | 202025 |
| 45394 | ICICI Bank Ltd. (Banks) | 763041 |
| 2440 | Info Edge India Ltd. (Media & Entertainment) | 204104 |
| 17973 | Infosys Ltd. ADR (Software & Services) | 316325 |
| 127258 | NTPC Green Energy Ltd. (Utilities)\* | 150932 |
| 9837 | SBI Life Insurance Co. Ltd. (Insurance)<sup>(a)</sup> | 205732 |
| 15459 | Sona Blw Precision Forgings Ltd. (Automobiles & Components)<sup>(a)</sup> | 88002 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>13</sub>

------

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |
| India – (continued) | India – (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13540 | Sun Pharmaceutical Industries Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293663 |
| 33197 | Tata Consumer Products Ltd. (Food, Beverage & Tobacco) | 458067 |
| 5239 | Torrent Pharmaceuticals Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 206035 |
| 4497 | TVS Motor Co. Ltd. (Automobiles & Components) | 142112 |
|  |  | 4392270 |
| Indonesia – 2.7% | Indonesia – 2.7% |  |
| 756900 | Bank Central Asia Tbk PT (Banks) | 402388 |
| 588200 | Bank Mandiri Persero Tbk PT (Banks) | 173700 |
|  |  | 576088 |
| Mexico – 2.8% | Mexico – 2.8% |  |
| 177200 | America Movil SAB de CV, Series B (Telecommunication Services) | 152889 |
| 15699 | Arca Continental SAB de CV (Food, Beverage & Tobacco) | 165207 |
| 23700 | Banco del Bajio SA (Banks)<sup>(a)</sup> | 56753 |
| 21380 | Prologis Property Mexico SA de CV REIT (Equity Real Estate Investment Trusts (REITs)) | 76153 |
| 50501 | Wal-Mart de Mexico SAB de CV (Consumer Staples Distribution & Retail) | 160049 |
|  |  | 611051 |
| Peru – 0.9% | Peru – 0.9% |  |
| 922 | Credicorp Ltd. (Banks) | 186419 |
| Philippines – 1.4% | Philippines – 1.4% |  |
| 38570 | BDO Unibank, Inc. (Banks) | 110698 |
| 10400 | Jollibee Foods Corp. (Consumer Services) | 42719 |
| 1062400 | Monde Nissin Corp. (Food, Beverage & Tobacco)<sup>(a)</sup> | 147981 |
|  |  | 301398 |
| Poland – 0.6% | Poland – 0.6% |  |
| 2537 | Bank Pekao SA (Banks)\* | 127158 |
| Romania – 0.3% | Romania – 0.3% |  |
| 2621 | Societatea De Producere A Energiei Electrice in Hidrocentrale Hidroelectrica SA (Utilities) | 70538 |
| Russia – –% | Russia – –% |  |
| 16753 | Renaissance Insurance Group JSC (Insurance)<sup>(b)</sup> |  |
| Saudi Arabia – 4.6% | Saudi Arabia – 4.6% |  |
| 7583 | Al Rajhi Bank (Banks) | 196991 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |
| Saudi Arabia – (continued) | Saudi Arabia – (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15893 | Alinma Bank (Banks) | $123096 |
| 8999 | Almarai Co. JSC (Food, Beverage & Tobacco) | 126760 |
| 3641 | Co. for Cooperative Insurance (The) (Insurance) | 134979 |
| 267 | Elm Co. (Software & Services) | 73885 |
| 3553 | Rasan Information Technology Co. (Insurance)\* | 81086 |
| 13663 | Saudi National Bank (The) (Banks) | 130181 |
| 9972 | Saudi Telecom Co. (Telecommunication Services) | 126602 |
|  |  | 993580 |
| South Africa – 2.3% | South Africa – 2.3% |  |
| 1294 | Bid Corp. Ltd. (Consumer Staples Distribution & Retail) | 32522 |
| 852 | Capitec Bank Holdings Ltd. (Banks) | 158136 |
| 8736 | Clicks Group Ltd. (Consumer Staples Distribution & Retail) | 185797 |
| 182861 | Old Mutual Ltd. (Insurance) | 111380 |
|  |  | 487835 |
| South Korea – 7.1% | South Korea – 7.1% |  |
| 3509 | KB Financial Group, Inc. (Banks) | 221764 |
| 2844 | Kia Corp. (Automobiles & Components) | 180746 |
| 2624 | LG Electronics, Inc. (Consumer Durables & Apparel) | 131713 |
| 732 | NCSoft Corp. (Media & Entertainment) | 75349 |
| 15917 | Samsung Electronics Co. Ltd. (Technology Hardware & Equipment) | 621042 |
| 2522 | SK Hynix, Inc. (Semiconductors & Semiconductor Equipment) | 314678 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1545292 |
| Taiwan – 15.9% | Taiwan – 15.9% |  |
| 8000 | Accton Technology Corp. (Technology Hardware & Equipment) | 149011 |
| 42000 | ASE Technology Holding Co. Ltd. (Semiconductors & Semiconductor Equipment) | 178970 |
| 24000 | Delta Electronics, Inc. (Technology Hardware & Equipment) | 251477 |
| 20000 | E Ink Holdings, Inc. (Technology Hardware & Equipment) | 139712 |
| 12000 | MediaTek, Inc. (Semiconductors & Semiconductor Equipment) | 509917 |
| 7000 | Nien Made Enterprise Co. Ltd. (Consumer Durables & Apparel) | 85721 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 14 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Taiwan – (continued) | Taiwan – (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71000 | Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | $2011753 |
| 7169 | Yageo Corp. (Technology Hardware & Equipment) | Yageo Corp. (Technology Hardware & Equipment) | 102791 |
|  |  |  | 3429352 |
| Thailand – 1.1% | Thailand – 1.1% |  |  |
| 262100 | Bangkok Dusit Medical Services PCL, Class F (Health Care Equipment & Services) | Bangkok Dusit Medical Services PCL, Class F (Health Care Equipment & Services) | 187961 |
| 127500 | True Corp. PCL, NVDR (Telecommunication Services)\* | True Corp. PCL, NVDR (Telecommunication Services)\* | 46160 |
|  |  |  | 234121 |
| United Arab Emirates – 0.9% | United Arab Emirates – 0.9% |  |  |
| 19875 | Abu Dhabi Islamic Bank PJSC (Banks) | Abu Dhabi Islamic Bank PJSC (Banks) | 98953 |
| 232433 | Talabat Holding PLC (Consumer Services)\* | Talabat Holding PLC (Consumer Services)\* | 89554 |
|  |  |  | 188507 |
|  **TOTAL COMMON STOCKS**<br> **(Cost $16,861,388)** | **TOTAL COMMON STOCKS**<br> **(Cost $16,861,388)** | **TOTAL COMMON STOCKS**<br> **(Cost $16,861,388)** | 21458969 |
| **Shares** | **Description** | **Rate** | **Value** |
| Preferred Stock – 1.1% | Preferred Stock – 1.1% | Preferred Stock – 1.1% | Preferred Stock – 1.1% |
| Brazil – 1.1% | Brazil – 1.1% | Brazil – 1.1% | Brazil – 1.1% |
| 36190 | Itau Unibanco Holding SA (Banks) |  |  |
| **(Cost $166,136)** | **(Cost $166,136)** | 6.73% | 226891 |
| **Shares** | **Dividend Rate** | **Dividend Rate** | **Value** |
| Investment Company – 0.0%<sup>(c)</sup> | Investment Company – 0.0%<sup>(c)</sup> | Investment Company – 0.0%<sup>(c)</sup> | Investment Company – 0.0%<sup>(c)</sup> |
|  Goldman Sachs Financial Square Government<br>Fund - Institutional Shares | Goldman Sachs Financial Square Government<br>Fund - Institutional Shares | Goldman Sachs Financial Square Government<br>Fund - Institutional Shares |  |
| 261 | 4.248% | 4.248% | 261 |
| **(Cost $261)** | **(Cost $261)** | **(Cost $261)** |  |
| **TOTAL INVESTMENTS – 100.5%**<br> **(Cost $17,027,785)** | **TOTAL INVESTMENTS – 100.5%**<br> **(Cost $17,027,785)** | **TOTAL INVESTMENTS – 100.5%**<br> **(Cost $17,027,785)** | $21686121 |
|  **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (0.5)%** | **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (0.5)%** | **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (0.5)%** | (104728) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21581393 |

---

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.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents an affiliated issuer.

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—American Depositary Receipt |
| GDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Global Depositary Receipt |
| NVDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Non-Voting Depository Receipt |
| PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Public Limited Company |
| REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Real Estate Investment Trust |

---

---

| | |
|:---|:---|
| Sector Name | **% of<br>Market<br>Value** |
|  Financials | 27.0% |
|  Information Technology | 23.4 |
|  Consumer Discretionary | 18 |
|  Communication Services | 12.9 |
|  Consumer Staples | 6.8 |
|  Health Care | 5.1 |
|  Industrials | 2.3 |
|  Real Estate | 1.8 |
|  Utilities | 1.7 |
|  Materials | 1 |
|  Investment Company | 0 |
|  **TOTAL INVESTMENTS** | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **15** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 97.8% | Common Stocks – 97.8% |  |
| Denmark – 1.6% | Denmark – 1.6% | Denmark – 1.6% |
| 233387 | Novo Nordisk A/S, Class B (Pharmaceuticals, Biotechnology & Life Sciences) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15604620 |
| France – 8.8% | France – 8.8% | France – 8.8% |
| 406982 | BNP Paribas SA (Banks) | 34483389 |
| 165342 | Capgemini SE (Software & Services) | 26397248 |
| 184546 | Vinci SA (Capital Goods) | 25922684 |
|  |  | 86803321 |
| Germany – 6.5% | Germany – 6.5% | Germany – 6.5% |
| 712653 | Infineon Technologies AG (Semiconductors & Semiconductor Equipment) | 23605238 |
| 70481 | SAP SE (Software & Services) | 20621949 |
| 86483 | Siemens AG (Capital Goods) | 19913698 |
|  |  | 64140885 |
| Hong Kong – 2.9% | Hong Kong – 2.9% | Hong Kong – 2.9% |
| 3799800 | AIA Group Ltd. (Insurance) | 28471583 |
| Italy – 1.8% | Italy – 1.8% | Italy – 1.8% |
| 293271 | Moncler SpA (Consumer Durables & Apparel) | 18100951 |
| Japan – 21.1% | Japan – 21.1% | Japan – 21.1% |
| 213300 | Hoya Corp. (Health Care Equipment & Services) | 25098198 |
| 576600 | ITOCHU Corp. (Capital Goods) | 29489019 |
| 43500 | Keyence Corp. (Technology Hardware & Equipment) | 18186986 |
| 386100 | Nomura Research Institute Ltd. (Software & Services) | 14620626 |
| &nbsp;&nbsp;&nbsp;&nbsp;1305100 | ORIX Corp. (Financial Services) | 26180347 |
| 1113800 | Sony Group Corp. (Consumer Durables & Apparel) | 29385160 |
| 1527200 | Sumitomo Mitsui Financial Group, Inc. (Banks) | 36434737 |
| 947373 | Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 28656734 |
|  |  | 208051807 |
| Netherlands – 5.9% | Netherlands – 5.9% | Netherlands – 5.9% |
| 20305 | ASML Holding NV (Semiconductors & Semiconductor Equipment) | 13593026 |
| 1084550 | Koninklijke Ahold Delhaize NV (Consumer Staples Distribution & Retail) | 44530628 |
|  |  | 58123654 |
| Spain – 8.2% | Spain – 8.2% | Spain – 8.2% |
| 1353677 | Banco Bilbao Vizcaya Argentaria SA (Banks) | 18577929 |
| 805632 | Cellnex Telecom SA (Telecommunication Services)\*<sup>(a)</sup> | 32603416 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |  |
| Spain – (continued) | Spain – (continued) | Spain – (continued) | Spain – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;1659843 | Iberdrola SA (Utilities) | $| 29920112 |
|  |  |  | 81101457 |
| Switzerland – 7.9% | Switzerland – 7.9% | Switzerland – 7.9% | Switzerland – 7.9% |
| 167179 | DSM-Firmenich AG (Materials) |  | 18161195 |
| 29618 | Lonza Group AG (Pharmaceuticals, Biotechnology & Life Sciences) |  | 21280807 |
| 54470 | Zurich Insurance Group AG (Insurance) |  | 38633982 |
|  |  |  | 78075984 |
| Taiwan – 2.0% | Taiwan – 2.0% | Taiwan – 2.0% | Taiwan – 2.0% |
| 114654 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Semiconductors & Semiconductor Equipment) |  | 19111675 |
| United Kingdom – 18.6% | United Kingdom – 18.6% | United Kingdom – 18.6% | United Kingdom – 18.6% |
| 441301 | Ashtead Group PLC (Capital Goods) |  | 23623924 |
| 212747 | AstraZeneca PLC (Pharmaceuticals, Biotechnology & Life Sciences) |  | 30479582 |
| 707960 | Compass Group PLC (Consumer Services) |  | 23868760 |
| 2387865 | National Grid PLC (Utilities) |  | 34466709 |
| 3377764 | NatWest Group PLC (Banks) |  | 21726760 |
| 599466 | RELX PLC (Commercial & Professional Services) |  | 32715965 |
| 3672205 | Rentokil Initial PLC (Commercial & Professional Services) |  | 16823444 |
|  |  |  | 183705144 |
| United States – 12.5% | United States – 12.5% | United States – 12.5% | United States – 12.5% |
| 203755 | Experian PLC (Commercial & Professional Services) |  | 10137028 |
| 149722 | Ferguson Enterprises, Inc. (Capital Goods) |  | 25401835 |
| 289827 | Nestle SA (Food, Beverage & Tobacco) |  | 30848428 |
| 117717 | Schneider Electric SE (Capital Goods) |  | 27504093 |
| 48214 | Spotify Technology SA (Media & Entertainment)\* |  | 29602432 |
|  |  |  | 123493816 |
| **TOTAL COMMON STOCKS**<br> **(Cost $795,807,098)** | **TOTAL COMMON STOCKS**<br> **(Cost $795,807,098)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964784897 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 16 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 1.5%<sup>(b)</sup> | Investment Company – 1.5%<sup>(b)</sup> | Investment Company – 1.5%<sup>(b)</sup> |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp;14366058 | 4.248% | $14366058 |
| **(Cost $14,366,058)** | **(Cost $14,366,058)** | **(Cost $14,366,058)** |
| **TOTAL INVESTMENTS – 99.3%**<br> **(Cost $810,173,156)** | **TOTAL INVESTMENTS – 99.3%**<br> **(Cost $810,173,156)** | $979150955 |
|  **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 0.7%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 0.7%** | 6837089 |
|  **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985988044 |

---

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.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents an affiliated issuer.

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—American Depositary Receipt |
| PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Public Limited Company |

---

---

| | |
|:---|:---|
| Sector Name | **% of** <br> **Market** <br> **Value**  |
|  Industrials | 21.6% |
|  Financials | 20.9 |
|  Information Technology | 13.9 |
|  Health Care | 12.4 |
|  Consumer Staples | 7.7 |
|  Consumer Discretionary | 7.3 |
|  Utilities | 6.6 |
|  Communication Services | 6.3 |
|  Materials | 1.8 |
|  Investment Company | 1.5 |
|  **TOTAL INVESTMENTS** | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **17** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 95.6% | Common Stocks – 95.6% | Common Stocks – 95.6% |
| Australia – 4.5% | Australia – 4.5% | Australia – 4.5% |
| 1227336 | Rio Tinto PLC (Materials) | $73136275 |
| 3550409 | Transurban Group (Transportation) | 31994062 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105130337 |
| Denmark – 0.8% | Denmark – 0.8% | Denmark – 0.8% |
| 290200 | Novo Nordisk A/S, Class B (Pharmaceuticals, Biotechnology & Life Sciences) | 19403226 |
| France – 12.7% | France – 12.7% | France – 12.7% |
| 352297 | Capgemini SE (Software & Services) | 56245064 |
| 93200 | LVMH Moet Hennessy Louis Vuitton SE (Consumer Durables & Apparel) | 51626229 |
| 1153577 | Societe Generale SA (Banks) | 60146365 |
| 1247027 | TotalEnergies SE (Energy) | 71024678 |
| 392916 | Vinci SA (Capital Goods) | 55191862 |
|  |  | 294234198 |
| Germany – 5.4% | Germany – 5.4% | Germany – 5.4% |
| 1858339 | Deutsche Telekom AG (Telecommunication Services) | 66746969 |
| 255311 | Siemens AG (Capital Goods) | 58788274 |
|  |  | 125535243 |
| Italy – 2.5% | Italy – 2.5% | Italy – 2.5% |
| 6696214 | Enel SpA (Utilities) | 57985927 |
| Japan – 15.3% | Japan – 15.3% | Japan – 15.3% |
| 1188800 | ITOCHU Corp. (Capital Goods) | 60798728 |
| 2627300 | Murata Manufacturing Co. |  |
|  | Ltd. (Technology Hardware & Equipment) | 37429984 |
| 2920100 | ORIX Corp. (Financial Services) | 58577297 |
| 3485200 | Sumitomo Mitsui Financial Group, Inc. (Banks) | 83147161 |
| 1134500 | Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 34317068 |
| 234000 | Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment) | 34842224 |
| 2389000 | Toyota Motor Corp. (Automobiles & Components) | 45628513 |
|  |  | 354740975 |
| Netherlands – 7.5% | Netherlands – 7.5% | Netherlands – 7.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;2058102 | ING Groep NV (Banks) | 39966951 |
| 1897938 | Koninklijke Ahold Delhaize NV (Consumer Staples Distribution & Retail) | 77927593 |
| 12020072 | Koninklijke KPN NV (Telecommunication Services) | 55915655 |
|  |  | 173810199 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Singapore – 3.7% | Singapore – 3.7% | Singapore – 3.7% |
| 1507650 | DBS Group Holdings Ltd. (Banks) | $48982363 |
| 3364300 | Singapore Exchange Ltd. (Financial Services) | 37010195 |
|  |  | 85992558 |
| Spain – 4.6% | Spain – 4.6% | Spain – 4.6% |
| 2689728 | Banco Bilbao Vizcaya Argentaria SA (Banks) | 36913959 |
| 3881581 | Iberdrola SA (Utilities) | 69968869 |
|  |  | 106882828 |
| Switzerland – 5.4% | Switzerland – 5.4% | Switzerland – 5.4% |
| 25982 | Partners Group Holding AG (Financial Services) | 34043480 |
| 127411 | Zurich Insurance Group AG (Insurance) | 90368906 |
|  |  | 124412386 |
| Taiwan – 1.5% | Taiwan – 1.5% | Taiwan – 1.5% |
| 1231000 | Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | 34879836 |
| United Kingdom – 16.6% | United Kingdom – 16.6% | United Kingdom – 16.6% |
| 507282 | AstraZeneca PLC (Pharmaceuticals, Biotechnology & Life Sciences) | 72676670 |
| 1026273 | Coca-Cola Europacific Partners PLC (Food, Beverage & Tobacco) | 93124012 |
| 8230524 | HSBC Holdings PLC (Banks) | 91748795 |
| 4761388 | National Grid PLC (Utilities) | 68726404 |
| 8934238 | NatWest Group PLC (Banks) | 57467617 |
|  |  | 383743498 |
| United States – 15.1% | United States – 15.1% | United States – 15.1% |
| 285665 | Ferguson Enterprises, Inc. (Capital Goods) | 48465924 |
| 4489 | Ferguson Enterprises, Inc. (Capital Goods) | 762273 |
| 367510 | Nestle SA (Food, Beverage & Tobacco) | 39116803 |
| 558144 | Sanofi SA (Pharmaceuticals, Biotechnology & Life Sciences) | 61056418 |
| 194259 | Schneider Electric SE (Capital Goods) | 45387817 |
| &nbsp;&nbsp;&nbsp;&nbsp;2147961 | Shell PLC (Energy) | 69318486 |
| 471754 | Swiss Re AG (Insurance) | 84681872 |
|  |  | 348789593 |
| **TOTAL COMMON STOCKS**<br> **(Cost $1,864,318,603)** | **TOTAL COMMON STOCKS**<br> **(Cost $1,864,318,603)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2215540804 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 18 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 3.7%<sup>(a)</sup> | Investment Company – 3.7%<sup>(a)</sup> | Investment Company – 3.7%<sup>(a)</sup> | Investment Company – 3.7%<sup>(a)</sup> |
|  Goldman Sachs Financial Square Government<br>Fund - Institutional Shares | Goldman Sachs Financial Square Government<br>Fund - Institutional Shares | Goldman Sachs Financial Square Government<br>Fund - Institutional Shares | Goldman Sachs Financial Square Government<br>Fund - Institutional Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85453120 | 4.248% | 4.248% | $85453120 |
| **(Cost $85,453,120)** | **(Cost $85,453,120)** | **(Cost $85,453,120)** | **(Cost $85,453,120)** |
| **TOTAL INVESTMENTS – 99.3%**<br> **(Cost $1,949,771,723)** | **TOTAL INVESTMENTS – 99.3%**<br> **(Cost $1,949,771,723)** | **TOTAL INVESTMENTS – 99.3%**<br> **(Cost $1,949,771,723)** | $2300993924 |
|  **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 0.7%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 0.7%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 0.7%** | 16160972 |
|  **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2317154896 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents an affiliated issuer.

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Public Limited Company |

---

---

| | |
|:---|:---|
| Sector Name | **% of** <br> **Market** <br> **Value**  |
|  Financials | 31.4% |
|  Industrials | 13.1 |
|  Consumer Staples | 9.1 |
|  Utilities | 8.6 |
|  Health Care | 8.2 |
|  Information Technology | 7.1 |
|  Energy | 6.1 |
|  Communication Services | 5.3 |
|  Consumer Discretionary | 4.2 |
|  Investment Company | 3.7 |
|  Materials | 3.2 |
|  **TOTAL INVESTMENTS** | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **19** |

---

------

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **China Equity Fund** | **Emerging Markets**<br> **Equity Fund** | **Emerging Markets<br>Equity ex. China Fund** |
| Assets: |  |  |  |
|  Investments in unaffiliated issuers, at value (cost $24,316,030, $2,067,822,753 and $8,565,579, respectively)<sup>(a)</sup> | $32446947 | $2637837883 | $10428555 |
|  Investments in affiliated issuers, at value (cost $–, $4,193,129 and $7, respectively) |  | 4193129 | 7 |
|  Investments in affiliated securities lending reinvestment vehicle, at value which equals cost |  | 3035500 |  |
|  Cash | 414414 | 6238638 | 133434 |
|  Foreign Currency, at value (cost $42,714, $12,237,653 and $88,878, respectively) | 42388 | 12252290 | 89081 |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 525198 | 6969883 | 1156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 57425 | 1034701 | 9371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 12693 |  | 12987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 2675 | 593647 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 901 | 25003 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims |  | 467569 | 1215 |
|  Other assets | 53971 | 83161 | 74725 |
|  **Total assets** | 33556612 | 2672731404 | 10750531 |
| Liabilities: |  |  |  |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 526598 | 17820718 | 3125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 81761 | 1717308 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 13295 | 944618 | 3785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 1895 | 27567 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned |  | 3035500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains taxes |  | 21403439 | 123273 |
|  Accrued expenses | 96324 | 438722 | 61596 |
|  **Total liabilities** | 719873 | 45387872 | 191995 |
| Net Assets: |  |  |  |
|  Paid-in capital | 74509615 | 3076617311 | 9175740 |
|  Total distributable earnings (loss) | (41672877) | (449273779) | 1382796 |
|  **NET ASSETS** | $32836738 | $2627343532 | $10558536 |
|  Net Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $8704173 | $119379277 | $130895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 381484 | 7686231 | 59115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 5559974 | 1923613786 | 6993486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service |  | 19632739 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 104225 | 66605179 | 60504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 552874 | 100079000 | 60705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  | 59821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 17534008 | 390347320 | 3194010 |
|  Total Net Assets | $32836738 | $2627343532 | $10558536 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 413444 | 5425326 | 11057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 20922 | 397722 | 5013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 243354 | 81247777 | 589668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service |  | 928615 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 4591 | 2832832 | 5104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 24296 | 4208197 | 5118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  | 5055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 770115 | 16409568 | 269536 |
|  Net asset value, offering and redemption price per share:<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $21.05 | $22.00 | $11.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 18.23 | 19.33 | 11.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 22.85 | 23.68 | 11.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service |  | 21.14 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 22.70 | 23.51 | 11.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 22.76 | 23.78 | 11.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  | 11.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 22.77 | 23.79 | 11.85 |

---

<sup>(a)</sup> Includes loaned securities having a market value of $–, $2,844,492 and $– for China Equity Fund, Emerging Markets Equity Fund and Emerging Markets Equity ex. China Fund, respectively. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 20 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities (continued) *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(b)</sup> Maximum public offering price per share for Class A Shares of the China Equity Fund, Emerging Markets Equity Fund and Emerging Markets Equity ex. China Fund is $22.28, $23.28 and $12.53, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value ("NAV") or the original purchase price of the shares. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **21** |

---

------

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities (continued) *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **ESG Emerging Markets<br>Equity Fund** | **International Equity<br>ESG Fund** | **International Equity<br>Income Fund** |
| Assets: |  |  |  |
|  Investments in unaffiliated issuers, at value (cost $17,027,524, $795,807,098 and $1,864,318,603, respectively) | $21685860 | $964784897 | $2215540804 |
|  Investments in affiliated issuers, at value (cost $261, $14,366,058 and $85,453,120, respectively) | 261 | 14366058 | 85453120 |
|  Cash |  | 517559 | 50001 |
|  Foreign Currency, at value (cost $135,608, $– and $2,122, respectively) | 138275 |  | 1988 |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 35763 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 15779 | 25760 | 22390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 8908 | 2910905 | 6658636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims | 2796 | 2697058 | 5284106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 2479 | 2053476 | 6083848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income |  | 7882 | 13946 |
|  Other assets | 80275 | 67753 | 156299 |
|  **Total assets** | 21970396 | 987431348 | 2319265138 |
| Liabilities: |  |  |  |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains taxes | 179071 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 90965 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to custodian | 81602 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 7848 | 321255 | 677680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 672 | 25445 | 68460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed |  | 970881 | 1335767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign bank overdraft (cost $–, $9,904 and $–, respectively) |  | 11798 |  |
|  Accrued expenses | 28845 | 113925 | 28335 |
|  **Total liabilities** | 389003 | 1443304 | 2110242 |
| Net Assets: |  |  |  |
|  Paid-in capital | 86372360 | 844920140 | 1914727224 |
|  Total distributable earnings (loss) | (64790967) | 141067904 | 402427672 |
|  **NET ASSETS** | $21581393 | $985988044 | $2317154896 |
|  Net Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $1763355 | $76506772 | $90804203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 83861 | 7045978 | 6225724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 15199429 | 587542952 | 1379147666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service |  | 1027760 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 428602 | 117757205 | 582490342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 46175 | 98412396 | 173666476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 146390 |  | 1716930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 3913581 | 97694981 | 83103555 |
|  Total Net Assets | $21581393 | $985988044 | $2317154896 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 173101 | 2604965 | 4826655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 8469 | 262706 | 383529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 1490302 | 19464501 | 68923906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service |  | 33477 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 42039 | 3929230 | 31071810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 4521 | 3280555 | 8692996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 14530 |  | 90804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 383610 | 3255400 | 4161616 |
|  Net asset value, offering and redemption price per share:<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $10.19 | $29.37 | $18.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 9.90 | 26.82 | 16.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 10.20 | 30.19 | 20.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service |  | 30.70 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 10.20 | 29.97 | 18.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 10.21 | 30.00 | 19.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 10.08 |  | 18.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 10.20 | 30.01 | 19.97 |

---

<sup>(a)</sup> Maximum public offering price per share for Class A Shares of the ESG Emerging Markets Equity Fund, International Equity ESG Fund and International Equity Income Fund is $10.78, $31.08 and $19.90, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value ("NAV") or the original purchase price of the shares. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 22 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations *For the Six Months Ended April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **China Equity Fund** | **Emerging Markets<br>Equity Fund** | **Emerging Markets<br>Equity ex. China<br>Fund** |
| Investment income: |  |  |  |
| Dividends — unaffiliated issuers (net of foreign withholding taxes of $21,249, $3,081,639 and $17,634, respectively) | $225171 | $19886444 | $108921 |
|  Dividends — affiliated issuers | 1248 | 98259 | 377 |
| Securities lending income, net of rebates received or paid to borrowers – affiliated issuer | 918 | 25517 |  |
|  **Total Investment Income** | 227337 | 20010220 | 109298 |
| Expenses: |  |  |  |
|  Management fees | 169769 | 13297412 | 50035 |
|  Professional fees | 51485 | 74892 | 63984 |
|  Custody, accounting and administrative services | 44894 | 971490 | 17704 |
|  Registration fees | 40688 | 65960 | 53914 |
|  Printing and mailing costs | 15135 | 110272 | 6638 |
|  Trustee fees | 13572 | 16459 | 13509 |
|  Distribution and/or Service (12b-1) fees<sup>(a)</sup> | 12633 | 202131 | 514 |
|  Transfer Agency fees<sup>(a)</sup> | 10930 | 620737 | 2191 |
|  Service fees — Class C | 650 | 10507 | 74 |
|  Shareholder Administration fees — Service Shares |  | 23639 |  |
|  Other | 1429 | 56693 | 4523 |
|  **Total expenses** | 361185 | 15450192 | 213086 |
|  Less — expense reductions | (158079) | (1052109) | (154115) |
|  **Net expenses** | 203106 | 14398083 | 58971 |
|  **NET INVESTMENT INCOME** | 24231 | 5612137 | 50327 |
| Realized and Unrealized gain (loss): |  |  |  |
|  Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 1325520 | 37075955 | (163972) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (4282) | (1095583) | 23191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 4185 |  |  |
|  Net change in unrealized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers (including the effects of the net change in foreign capital gains tax liability of $–, $(6482605) and $(42717), respectively) | 424224 | (74999558) | (347869) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 35 | 162043 | 3163 |
|  **Net realized and unrealized gain (loss)** | 1749682 | (38857143) | (485487) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $&nbsp;&nbsp;&nbsp;&nbsp;1773913 | $&nbsp;&nbsp;&nbsp;&nbsp;(33245006) | $&nbsp;&nbsp;&nbsp;&nbsp;(435160) |

---

<sup>(a)</sup> Class specific Distribution and/or Service and Transfer Agency fees were as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** |
| **Fund** | **Class A** | **Class C** | **Service** | **Class R** | **Class A** | **Class C** | **Institutional** | **Service** | **Investor** | **Class R6** | **Class R** | **Class P** |
|  China Equity Fund | $10683 | $1950 | $– | $– | $6410 | $390 | $1271 | $– | $99 | $78 | $– | $2682 |
|  Emerging Markets Equity Fund | 146970 | 31522 | 23639 |  | 88182 | 6305 | 389122 | 3782 | 57063 | 15774 |  | 60509 |
|  Emerging Markets Equity ex. China Fund | 144 | 221 |  | 149 | 86 | 44 | 1389 |  | 45 | 9 | 45 | 573 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **23** |

---

------

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations (continued) *For the Six Months Ended April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **ESG Emerging<br>Markets Equity<br>Fund** | **International<br>Equity ESG Fund** | **International Equity<br>Income Fund** |
| Investment income: |  |  |  |
| Dividends — unaffiliated issuers (net of foreign withholding taxes of $26,387, $1,119,385 and $4,331,427, respectively) | $156145 | $11842450 | $42773361 |
|  Dividends — affiliated issuers | 3621 | 255412 | 1012278 |
|  Securities lending income, net of rebates received or paid to borrowers – affiliated issuer |  | 13577 | 24325 |
|  **Total Investment Income** | 159766 | 12111439 | 43809964 |
| Expenses: |  |  |  |
|  Management fees | 107953 | 4180876 | 7291559 |
|  Professional fees | 58781 | 92496 | 77043 |
|  Custody, accounting and administrative services | 53496 | 132297 | 182637 |
|  Registration fees | 45622 | 61716 | 126347 |
|  Printing and mailing costs | 15756 | 53919 | 61649 |
|  Trustee fees | 13499 | 14660 | 15378 |
|  Transfer Agency fees<sup>(a)</sup> | 5562 | 300896 | 689606 |
|  Distribution and/or Service (12b-1) fees<sup>(a)</sup> | 3021 | 130735 | 122692 |
|  Service fees — Class C | 103 | 8607 | 6998 |
|  Shareholder Administration fees — Service Shares |  | 1455 |  |
|  Other | 9252 | 25783 | 29949 |
|  **Total expenses** | 313045 | 5003440 | 8603858 |
|  Less — expense reductions | (192892) | (563962) | (482790) |
|  **Net expenses** | 120153 | 4439478 | 8121068 |
|  **NET INVESTMENT INCOME** | 39613 | 7671961 | 35688896 |
| Realized and Unrealized gain (loss): |  |  |  |
|  Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (81277) | 10041211 | 33291652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (9614) | (216133) | (725870) |
|  Net change in unrealized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers (including the effects of the net change in foreign capital gains tax liability of $(31404), $– and $–, respectively) | (177315) | 49843974 | 145414234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 4291 | 352984 | 560281 |
|  **Net realized and unrealized gain (loss)** | (263915) | 60022036 | 178540297 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $&nbsp;&nbsp;&nbsp;&nbsp;(224302) | $&nbsp;&nbsp;&nbsp;&nbsp;67693997 | $&nbsp;&nbsp;&nbsp;&nbsp;214229193 |

---

<sup>(a)</sup> Class specific Distribution and/or Service and Transfer Agency fees were as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** |
| **Fund** | **Class A** | **Class C** | **Service** | **Class R** | **Class A** | **Class C** | **Institutional** | **Service** | **Investor** | **Class R6** | **Class R** | **Class P** |
|  ESG Emerging Markets Equity Fund | $2241 | $309 | $– | $471 | $1344 | $62 | $3046 | $– | $322 | $7 | $141 | $640 |
|  International Equity ESG Fund | 103459 | 25820 | 1456 |  | 62076 | 5164 | 117607 | 233 | 87351 | 14558 |  | 13907 |
|  International Equity Income Fund | 97751 | 20993 |  | 3948 | 58650 | 4198 | 229750 |  | 366563 | 19090 | 1185 | 10170 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 24 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **China Equity Fund** | **China Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** |
|  | **For the**<br> **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **For the Fiscal**<br> **Year Ended<br>October 31, 2024** | **For the**<br> **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **For the Fiscal**<br> **Year Ended<br>October 31, 2024** |
| From operations: |  |  |  |  |
|  Net investment income | $24231 | $527538 | $5612137 | $32130183 |
|  Net realized gain (loss) | 1325423 | (6590687) | 35980372 | (43626573) |
|  Net change in unrealized gain (loss) | 424259 | 10414816 | (74837515) | 597889474 |
| **Net increase (decrease) in net assets resulting from operations** | 1773913 | 4351667 | (33245006) | 586393084 |
| Distributions to shareholders: |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (118541) | (78216) | (1016465) | (1171626) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (1861) | (838) |  | (54328) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (105678) | (79737) | (20960093) | (25625540) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares |  |  | (124858) | (170765) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (2898) | (1342) | (802265) | (1299258) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (8253) | (6706) | (1166910) | (1579416) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (283207) | (366992) | (4436977) | (6102843) |
|  **Total distributions to shareholders** | (520438) | (533831) | (28507568) | (36003776) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 3702450 | 10537290 | 202510973 | 621504121 |
|  Reinvestment of distributions | 516667 | 524821 | 26482816 | 33534121 |
|  Cost of shares redeemed | (8530447) | (28742050) | (398799394) | (947977680) |
| **Net decrease in net assets resulting from share transactions** | (4311330) | (17679939) | (169805605) | (292939438) |
|  **TOTAL INCREASE (DECREASE)** | (3057855) | (13862103) | (231558179) | 257449870 |
| Net Assets: |  |  |  |  |
|  Beginning of period | $35894593 | $49756696 | $2858901711 | $2601451841 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32836738 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35894593 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2627343532 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2858901711 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **25** |

---

------

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Emerging Markets Equity ex. China Fund** | **Emerging Markets Equity ex. China Fund** | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** |
|  | **For the**<br> **Six Months Ended**<br> **April 30, 2025<br>(Unaudited)** | **For the Fiscal<br>Year Ended<br>October 31, 2024** | **For the**<br> **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **For the Fiscal<br>Year Ended<br>October 31, 2024** |
| From operations: |  |  |  |  |
|  Net investment income | $50327 | $116720 | $39613 | $253740 |
|  Net realized loss | (140781) | (113302) | (90891) | (561439) |
|  Net change in unrealized gain (loss) | (344706) | 2172384 | (173024) | 5572560 |
| **Net increase (decrease) in net assets resulting from operations** | (435160) | 2175802 | (224302) | 5264861 |
| Distributions to shareholders: |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (841) | (396) | (11780) | (23675) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares |  |  | (43) | (389) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (76982) | (56292) | (136755) | (236421) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (605) | (461) | (3481) | (8507) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (674) | (532) | (404) | (349) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares | (296) | (188) | (921) | (2902) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (45633) | (33781) | (38616) | (101718) |
|  **Total distributions to shareholders** | (125031) | (91650) | (192000) | (373961) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 106053 | 2319386 | 1268962 | 3409377 |
|  Reinvestment of distributions | 125032 | 91651 | 191875 | 373737 |
|  Cost of shares redeemed | (1208513) | (614963) | (2346044) | (11102107) |
| **Net increase (decrease) in net assets resulting from share transactions** | (977428) | 1796074 | (885207) | (7318993) |
|  **TOTAL INCREASE (DECREASE)** | (1537619) | 3880226 | (1301509) | (2428093) |
| Net Assets: |  |  |  |  |
|  Beginning of period | $12096155 | $8215929 | $22882902 | $25310995 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10558536 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12096155 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21581393 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22882902 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 26 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **International Equity ESG Fund** | **International Equity ESG Fund** | **International Equity Income Fund** | **International Equity Income Fund** |
|  | **For the**<br> **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **For the Fiscal**<br> **Year Ended<br>October 31, 2024** | **For the**<br> **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **For the Fiscal**<br> **Year Ended<br>October 31, 2024** |
| From operations: |  |  |  |  |
|  Net investment income | $7671961 | $19249204 | $35688896 | $44683819 |
|  Net realized gain | 9825078 | 1388336 | 32565782 | 3429536 |
|  Net change in unrealized gain | 50196958 | 170924328 | 145974515 | 208879974 |
| **Net increase in net assets resulting from operations** | 67693997 | 191561868 | 214229193 | 256993329 |
| Distributions to shareholders: |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (2086643) | (1671550) | (337308) | (2477947) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (107234) | (67969) |  | (157719) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (15211477) | (9517753) | (8257544) | (29355570) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares | (24820) | (10514) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (2919686) | (1780835) | (3344495) | (12925592) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (2439527) | (1652881) | (807684) | (2576510) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares |  |  | (5832) | (33162) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (2312822) | (1569940) | (466966) | (1910659) |
|  **Total distributions to shareholders** | (25102209) | (16271442) | (13219829) | (49437159) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 144509370 | 338348301 | 678134723 | 734224622 |
|  Reinvestment of distributions | 18628566 | 12269837 | 13105017 | 49006081 |
|  Cost of shares redeemed | (290873105) | (393895485) | (290413378) | (349973827) |
| **Net increase (decrease) in net assets resulting from share transactions** | (127735169) | (43277347) | 400826362 | 433256876 |
|  **TOTAL INCREASE (DECREASE)** | (85143381) | 132013079 | 601835726 | 640813046 |
| Net Assets: |  |  |  |  |
|  Beginning of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1071131425 | $939118346 | $1715319170 | $1074506124 |
|  End of period | $985988044 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1071131425 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2317154896 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1715319170 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **27** |

---

------

GOLDMAN SACHS CHINA EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **China Equity Fund** | **China Equity Fund** | **China Equity Fund** | **China Equity Fund** | **China Equity Fund** | **China Equity Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.09 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.62 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.80 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.99 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.87 |
|  Net investment income (loss)<sup>(a)</sup> | (0.01) | 0.21 | 0.02 | (0.15) | (0.15) | (0.07) |
|  Net realized and unrealized gain (loss) | 1.03 | 2.16 | 1.45 | (16.89) | 0.93 | 11.35 |
|  Total from investment operations | 1.02 | 2.37 | 1.47 | (17.04) | 0.78 | 11.28 |
|  Distributions to shareholders from net investment income | (0.27) | (0.16) |  |  |  | (0.16) |
|  Distributions to shareholders from net realized gains |  |  |  | (2.14) | (1.97) |  |
|  Total distributions | (0.27) | (0.16) |  | (2.14) | (1.97) | (0.16) |
|  Net asset value, end of period | $21.05 | $20.30 | $18.09 | $16.62 | $35.80 | $36.99 |
|  **Total Return<sup>(b)</sup>** | 5.10% | 13.30% | 8.91% | (50.53)% | 1.96% | 43.67% |
|  Net assets, end of period (in 000's) | $8704 | $8409 | $9149 | $9664 | $22002 | $18617 |
|  Ratio of net expenses to average net assets | 1.45 %<sup>(c)</sup> | 1.46% | 1.48% | 1.47% | 1.45% | 1.47% |
|  Ratio of total expenses to average net assets | 2.38 %<sup>(c)</sup> | 2.30% | 1.92% | 1.81% | 1.77% | 2.11% |
|  Ratio of net investment income (loss) to average net assets | (0.10)%<sup>(c)</sup> | 1.15% | 0.11% | (0.55)% | (0.38)% | (0.24)% |
|  Portfolio turnover rate<sup>(d)</sup> | 25% | 70% | 73% | 37% | 46% | 106% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 28 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS CHINA EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **China Equity Fund** | **China Equity Fund** | **China Equity Fund** | **China Equity Fund** | **China Equity Fund** | **China Equity Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.46 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.55 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.39 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.53 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.03 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.14 |
|  Net investment income (loss)<sup>(a)</sup> | (0.08) | 0.06 | (0.12) | (0.36) | (0.40) | (0.26) |
|  Net realized and unrealized gain (loss) | 0.91 | 1.87 | 1.28 | (14.64) | 0.87 | 10.15 |
|  Total from investment operations | 0.83 | 1.93 | 1.16 | (15.00) | 0.47 | 9.89 |
|  Distributions to shareholders from net investment income | (0.06) | (0.02) |  |  |  |  |
|  Distributions to shareholders from net realized gains |  |  |  | (2.14) | (1.97) |  |
|  Total distributions | (0.06) | (0.02) |  | (2.14) | (1.97) |  |
|  Net asset value, end of period | $18.23 | $17.46 | $15.55 | $14.39 | $31.53 | $33.03 |
|  **Total Return<sup>(b)</sup>** | 4.76% | 12.40% | 8.06% | (50.89)% | 1.22% | 42.60% |
|  Net assets, end of period (in 000's) | $381 | $754 | $831 | $1042 | $1737 | $973 |
|  Ratio of net expenses to average net assets | 2.20 %<sup>(c)</sup> | 2.21% | 2.23% | 2.22% | 2.20% | 2.21% |
|  Ratio of total expenses to average net assets | 3.14 %<sup>(c)</sup> | 3.06% | 2.68% | 2.56% | 2.54% | 2.85% |
|  Ratio of net investment income (loss) to average net assets | (0.94)%<sup>(c)</sup> | 0.40% | (0.67)% | (1.56)% | (1.17)% | (0.98)% |
|  Portfolio turnover rate<sup>(d)</sup> | 25% | 70% | 73% | 37% | 46% | 106% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **29** |

---

------

GOLDMAN SACHS CHINA EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **China Equity Fund** | **China Equity Fund** | **China Equity Fund** | **China Equity Fund** | **China Equity Fund** | **China Equity Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.03 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.63 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.01 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.52 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.63 |
|  Net investment income<sup>(a)</sup> | 0.02 | 0.29 | 0.10 | 0.01 | 0.03 | 0.05 |
|  Net realized and unrealized gain (loss) | 1.14 | 2.34 | 1.57 | (18.36) | 0.92 | 12.09 |
|  Total from investment operations | 1.16 | 2.63 | 1.67 | (18.35) | 0.95 | 12.14 |
|  Distributions to shareholders from net investment income | (0.34) | (0.23) | (0.05) |  |  | (0.25) |
|  Distributions to shareholders from net realized gains |  |  |  | (2.14) | (1.97) |  |
|  Total distributions | (0.34) | (0.23) | (0.05) | (2.14) | (1.97) | (0.25) |
|  Net asset value, end of period | $22.85 | $22.03 | $19.63 | $18.01 | $38.50 | $39.52 |
|  **Total Return<sup>(b)</sup>** | 5.32% | 13.68% | 9.24% | (50.35)% | 2.28% | 44.13% |
|  Net assets, end of period (in 000's) | $5560 | $6843 | $6778 | $8320 | $23762 | $10824 |
|  Ratio of net expenses to average net assets | 1.09 %<sup>(c)</sup> | 1.11% | 1.16% | 1.15% | 1.15% | 1.15% |
|  Ratio of total expenses to average net assets | 2.03 %<sup>(c)</sup> | 1.95% | 1.56% | 1.44% | 1.40% | 1.74% |
|  Ratio of net investment income to average net assets | 0.22 %<sup>(c)</sup> | 1.50% | 0.46% | 0.03% | 0.07% | 0.17% |
|  Portfolio turnover rate<sup>(d)</sup> | 25% | 70% | 73% | 37% | 46% | 106% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 30 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS CHINA EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **China Equity Fund** | **China Equity Fund** | **China Equity Fund** | **China Equity Fund** | **China Equity Fund** | **China Equity Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.90 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.87 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.24 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.46 |
|  Net investment income (loss)<sup>(a)</sup> | – <sup>(b)</sup> | 0.18 | 0.08 | (0.06) | (0.01) | 0.01 |
|  Net realized and unrealized gain (loss) | 1.12 | 2.43 | 1.56 | (18.17) | 0.94 | 12.03 |
|  Total from investment operations | 1.12 | 2.61 | 1.64 | (18.23) | 0.93 | 12.04 |
|  Distributions to shareholders from net investment income | (0.32) | (0.18) | (0.04) |  |  | (0.22) |
|  Distributions to shareholders from net realized gains |  |  |  | (2.14) | (1.97) |  |
|  Total distributions | (0.32) | (0.18) | (0.04) | (2.14) | (1.97) | (0.22) |
|  Net asset value, end of period | $22.70 | $21.90 | $19.47 | $17.87 | $38.24 | $39.28 |
|  **Total Return<sup>(c)</sup>** | 5.25% | 13.60% | 9.19% | (50.40)% | 2.22% | 44.01% |
|  Net assets, end of period (in 000's) | $104 | $211 | $262 | $298 | $636 | $762 |
|  Ratio of net expenses to average net assets | 1.20 %<sup>(d)</sup> | 1.21% | 1.23% | 1.22% | 1.20% | 1.22% |
|  Ratio of total expenses to average net assets | 2.14 %<sup>(d)</sup> | 2.03% | 1.68% | 1.56% | 1.49% | 1.86% |
|  Ratio of net investment income (loss) to average net assets | (0.02)%<sup>(d)</sup> | 0.94% | 0.37% | (0.20)% | (0.02)% | 0.04% |
|  Portfolio turnover rate<sup>(e)</sup> | 25% | 70% | 73% | 37% | 46% | 106% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **31** |

---

------

GOLDMAN SACHS CHINA EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **China Equity Fund** | **China Equity Fund** | **China Equity Fund** | **China Equity Fund** | **China Equity Fund** | **China Equity Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.95 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.56 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.95 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.39 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.54 |
|  Net investment income (loss)<sup>(a)</sup> | 0.03 | 0.29 | 0.11 | (0.05) | 0.03 | (0.02) |
|  Net realized and unrealized gain (loss) | 1.12 | 2.33 | 1.56 | (18.23) | 0.92 | 12.13 |
|  Total from investment operations | 1.15 | 2.62 | 1.67 | (18.28) | 0.95 | 12.11 |
|  Distributions to shareholders from net investment income | (0.34) | (0.23) | (0.06) |  |  | (0.26) |
|  Distributions to shareholders from net realized gains |  |  |  | (2.14) | (1.97) |  |
|  Total distributions | (0.34) | (0.23) | (0.06) | (2.14) | (1.97) | (0.26) |
|  Net asset value, end of period | $22.76 | $21.95 | $19.56 | $17.95 | $38.37 | $39.39 |
|  **Total Return<sup>(b)</sup>** | 5.35% | 13.63% | 9.32% | (50.37)% | 2.29% | 44.15% |
|  Net assets, end of period (in 000's) | $553 | $531 | $659 | $734 | $1389 | $631 |
|  Ratio of net expenses to average net assets | 1.08 %<sup>(c)</sup> | 1.10% | 1.15% | 1.14% | 1.14% | 1.14% |
|  Ratio of total expenses to average net assets | 2.01 %<sup>(c)</sup> | 1.93% | 1.55% | 1.43% | 1.38% | 1.71% |
|  Ratio of net investment income (loss) to average net assets | 0.27 %<sup>(c)</sup> | 1.48% | 0.51% | (0.18)% | 0.08% | (0.07)% |
|  Portfolio turnover rate<sup>(d)</sup> | 25% | 70% | 73% | 37% | 46% | 106% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 32 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS CHINA EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **China Equity Fund** | **China Equity Fund** | **China Equity Fund** | **China Equity Fund** | **China Equity Fund** | **China Equity Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.96 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.57 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.95 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.39 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.55 |
|  Net investment income (loss)<sup>(a)</sup> | 0.03 | 0.28 | 0.10 | (0.02) | – <sup>(b)</sup> | 0.01 |
|  Net realized and unrealized gain (loss) | 1.12 | 2.34 | 1.58 | (18.28) | 0.96 | 12.10 |
|  Total from investment operations | 1.15 | 2.62 | 1.68 | (18.30) | 0.96 | 12.11 |
|  Distributions to shareholders from net investment income | (0.34) | (0.23) | (0.06) |  |  | (0.26) |
|  Distributions to shareholders from net realized gains |  |  |  | (2.14) | (1.97) |  |
|  Total distributions | (0.34) | (0.23) | (0.06) | (2.14) | (1.97) | (0.26) |
|  Net asset value, end of period | $22.77 | $21.96 | $19.57 | $17.95 | $38.39 | $39.40 |
|  **Total Return<sup>(c)</sup>** | 5.34% | 13.63% | 9.31% | (50.35)% | 2.26% | 44.17% |
|  Net assets, end of period (in 000's) | $17534 | $19147 | $32077 | $36651 | $90250 | $56345 |
|  Ratio of net expenses to average net assets | 1.08 %<sup>(d)</sup> | 1.11% | 1.15% | 1.14% | 1.14% | 1.14% |
|  Ratio of total expenses to average net assets | 2.02 %<sup>(d)</sup> | 1.92% | 1.55% | 1.43% | 1.39% | 1.71% |
|  Ratio of net investment income (loss) to average net assets | 0.26 %<sup>(d)</sup> | 1.45% | 0.46% | (0.07)% | 0.01% | 0.04% |
|  Portfolio turnover rate<sup>(e)</sup> | 25% | 70% | 73% | 37% | 46% | 106% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **33** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.48 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.80 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.53 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.76 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.35 |
|  Net investment income (loss)<sup>(a)</sup> | 0.02 | 0.19 | 0.13 | 0.08 | (0.02) | 0.11 |
|  Net realized and unrealized gain (loss) | (0.31) | 4.13 | 1.44 | (11.63) | 4.81 | 3.49 |
|  Total from investment operations | (0.29) | 4.32 | 1.57 | (11.55) | 4.79 | 3.60 |
|  Distributions to shareholders from net investment income | (0.19) | (0.21) |  | (0.18) | (0.02) | (0.19) |
|  Net asset value, end of period | $22.00 | $22.48 | $18.37 | $16.80 | $28.53 | $23.76 |
|  **Total Return<sup>(b)</sup>** | (1.24)% | 23.66% | 9.35% | (40.71)% | 20.11% | 17.77% |
|  Net assets, end of period (in 000's) | $119379 | $121954 | $104938 | $165155 | $265040 | $247765 |
|  Ratio of net expenses to average net assets | 1.35 %<sup>(c)</sup> | 1.33% | 1.33% | 1.31% | 1.34% | 1.49% |
|  Ratio of total expenses to average net assets | 1.49 %<sup>(c)</sup> | 1.50% | 1.48% | 1.47% | 1.48% | 1.54% |
|  Ratio of net investment income (loss) to average net assets | 0.15 %<sup>(c)</sup> | 0.92% | 0.66% | 0.37% | (0.08)% | 0.51% |
|  Portfolio turnover rate<sup>(d)</sup> | 18% | 36% | 32% | 51% | 52% | 31% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 34 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.65 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.06 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.80 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.23 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.16 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.12 |
|  Net investment income (loss)<sup>(a)</sup> | (0.06) | 0.02 | (0.01) | (0.07) | (0.21) | (0.06) |
|  Net realized and unrealized gain (loss) | (0.26) | 3.64 | 1.27 | (10.28) | 4.28 | 3.12 |
|  Total from investment operations | (0.32) | 3.66 | 1.26 | (10.35) | 4.07 | 3.06 |
|  Distributions to shareholders from net investment income |  | (0.07) |  | (0.08) |  | (0.02) |
|  Net asset value, end of period | $19.33 | $19.65 | $16.06 | $14.80 | $25.23 | $21.16 |
|  **Total Return<sup>(b)</sup>** | (1.63)% | 22.76% | 8.51% | (41.14)% | 19.23% | 16.85% |
|  Net assets, end of period (in 000's) | $7686 | $9697 | $14191 | $18128 | $36367 | $23425 |
|  Ratio of net expenses to average net assets | 2.10 %<sup>(c)</sup> | 2.08% | 2.08% | 2.06% | 2.09% | 2.24% |
|  Ratio of total expenses to average net assets | 2.24 %<sup>(c)</sup> | 2.24% | 2.23% | 2.22% | 2.23% | 2.29% |
|  Ratio of net investment income (loss) to average net assets | (0.64)%<sup>(c)</sup> | 0.11% | (0.07)% | (0.36)% | (0.81)% | (0.34)% |
|  Portfolio turnover rate<sup>(d)</sup> | 18% | 36% | 32% | 51% | 52% | 31% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **35** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $24.20 | $19.77 | $18.07 | $30.67 | $25.54 | $21.85 |
|  Net investment income<sup>(a)</sup> | 0.05 | 0.27 | 0.21 | 0.17 | 0.07 | 0.21 |
|  Net realized and unrealized gain (loss) | (0.32) | 4.45 | 1.53 | (12.49) | 5.15 | 3.73 |
|  Total from investment operations | (0.27) | 4.72 | 1.74 | (12.32) | 5.22 | 3.94 |
|  Distributions to shareholders from net investment income | (0.25) | (0.29) | (0.04) | (0.28) | (0.09) | (0.25) |
|  Net asset value, end of period | $23.68 | $24.20 | $19.77 | $18.07 | $30.67 | $25.54 |
|  **Total Return<sup>(b)</sup>** | (1.13)% | 24.09% | 9.65% | (40.52)% | 20.51% | 18.11% |
|  Net assets, end of period (in 000's) | $1923614 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2081734 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1804776 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1798319 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2699332 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1479859 |
|  Ratio of net expenses to average net assets | 1.05 %<sup>(c)</sup> | 1.03% | 1.03% | 1.00% | 1.03% | 1.16% |
|  Ratio of total expenses to average net assets | 1.13 %<sup>(c)</sup> | 1.14% | 1.12% | 1.10% | 1.11% | 1.17% |
|  Ratio of net investment income to average net assets | 0.44 %<sup>(c)</sup> | 1.19% | 1.00% | 0.70% | 0.24% | 0.93% |
|  Portfolio turnover rate<sup>(d)</sup> | 18% | 36% | 32% | 51% | 52% | 31% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 36 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.58 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.64 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.17 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.97 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.68 |
|  Net investment income (loss)<sup>(a)</sup> | (0.01) | 0.14 | 0.09 | 0.04 | (0.07) | 0.07 |
|  Net realized and unrealized gain (loss) | (0.29) | 3.98 | 1.38 | (11.20) | 4.64 | 3.38 |
|  Total from investment operations | (0.30) | 4.12 | 1.47 | (11.16) | 4.57 | 3.45 |
|  Distributions to shareholders from net investment income | (0.14) | (0.18) |  | (0.21) |  | (0.16) |
|  Net asset value, end of period | $21.14 | $21.58 | $17.64 | $16.17 | $27.54 | $22.97 |
|  **Total Return<sup>(b)</sup>** | (1.33)% | 23.43% | 9.09% | (40.80)% | 19.90% | 17.55% |
|  Net assets, end of period (in 000's) | $19633 | $19672 | $17321 | $19903 | $32940 | $26329 |
|  Ratio of net expenses to average net assets | 1.55 %<sup>(c)</sup> | 1.53% | 1.53% | 1.50% | 1.53% | 1.65% |
|  Ratio of total expenses to average net assets | 1.63 %<sup>(c)</sup> | 1.64% | 1.62% | 1.60% | 1.61% | 1.67% |
|  Ratio of net investment income (loss) to average net assets | (0.05)%<sup>(c)</sup> | 0.72% | 0.49% | 0.19% | (0.26)% | 0.35% |
|  Portfolio turnover rate<sup>(d)</sup> | 18% | 36% | 32% | 51% | 52% | 31% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **37** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.03 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.62 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.92 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.66 |
|  Net investment income<sup>(a)</sup> | 0.04 | 0.24 | 0.19 | 0.17 | 0.06 | 0.16 |
|  Net realized and unrealized gain (loss) | (0.32) | 4.44 | 1.53 | (12.42) | 5.11 | 3.73 |
|  Total from investment operations | (0.28) | 4.68 | 1.72 | (12.25) | 5.17 | 3.89 |
|  Distributions to shareholders from net investment income | (0.24) | (0.27) | (0.02) | (0.26) | (0.07) | (0.22) |
|  Net asset value, end of period | $23.51 | $24.03 | $19.62 | $17.92 | $30.43 | $25.33 |
|  **Total Return<sup>(b)</sup>** | (1.12)% | 24.02% | 9.60% | (40.56)% | 20.43% | 18.02% |
|  Net assets, end of period (in 000's) | $66605 | $80605 | $107702 | $140457 | $295910 | $147386 |
|  Ratio of net expenses to average net assets | 1.10 %<sup>(c)</sup> | 1.08% | 1.08% | 1.06% | 1.08% | 1.24% |
|  Ratio of total expenses to average net assets | 1.24 %<sup>(c)</sup> | 1.24% | 1.23% | 1.22% | 1.23% | 1.29% |
|  Ratio of net investment income to average net assets | 0.38 %<sup>(c)</sup> | 1.09% | 0.93% | 0.69% | 0.20% | 0.70% |
|  Portfolio turnover rate<sup>(d)</sup> | 18% | 36% | 32% | 51% | 52% | 31% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 38 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.86 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.15 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.81 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.65 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.94 |
|  Net investment income<sup>(a)</sup> | 0.05 | 0.28 | 0.21 | 0.14 | 0.07 | 0.16 |
|  Net realized and unrealized gain (loss) | (0.33) | 4.46 | 1.55 | (12.52) | 5.19 | 3.80 |
|  Total from investment operations | (0.28) | 4.74 | 1.76 | (12.38) | 5.26 | 3.96 |
|  Distributions to shareholders from net investment income | (0.25) | (0.29) | (0.05) | (0.28) | (0.10) | (0.25) |
|  Net asset value, end of period | $23.78 | $24.31 | $19.86 | $18.15 | $30.81 | $25.65 |
|  **Total Return<sup>(b)</sup>** | (1.08)% | 24.10% | 9.64% | (40.51)% | 20.51% | 18.13% |
|  Net assets, end of period (in 000's) | $100079 | $113102 | $112783 | $132040 | $141786 | $53424 |
|  Ratio of net expenses to average net assets | 1.04 %<sup>(c)</sup> | 1.02% | 1.02% | 0.99% | 1.02% | 1.15% |
|  Ratio of total expenses to average net assets | 1.12 %<sup>(c)</sup> | 1.13% | 1.11% | 1.09% | 1.10% | 1.16% |
|  Ratio of net investment income to average net assets | 0.44 %<sup>(c)</sup> | 1.23% | 1.00% | 0.59% | 0.22% | 0.71% |
|  Portfolio turnover rate<sup>(d)</sup> | 18% | 36% | 32% | 51% | 52% | 31% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **39** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.86 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.15 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.81 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.65 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.94 |
|  Net investment income<sup>(a)</sup> | 0.05 | 0.27 | 0.21 | 0.18 | 0.08 | 0.19 |
|  Net realized and unrealized gain (loss) | (0.33) | 4.48 | 1.55 | (12.56) | 5.18 | 3.77 |
|  Total from investment operations | (0.28) | 4.75 | 1.76 | (12.38) | 5.26 | 3.96 |
|  Distributions to shareholders from net investment income | (0.25) | (0.29) | (0.05) | (0.28) | (0.10) | (0.25) |
|  Net asset value, end of period | $23.79 | $24.32 | $19.86 | $18.15 | $30.81 | $25.65 |
|  **Total Return<sup>(b)</sup>** | (1.12)% | 24.10% | 9.67% | (40.51)% | 20.50% | 18.14% |
|  Net assets, end of period (in 000's) | $390347 | $432138 | $439740 | $491281 | $963360 | $471690 |
|  Ratio of net expenses to average net assets | 1.04 %<sup>(c)</sup> | 1.02% | 1.02% | 0.99% | 1.01% | 1.15% |
|  Ratio of total expenses to average net assets | 1.12 %<sup>(c)</sup> | 1.13% | 1.11% | 1.09% | 1.10% | 1.15% |
|  Ratio of net investment income to average net assets | 0.44 %<sup>(c)</sup> | 1.20% | 1.00% | 0.72% | 0.27% | 0.86% |
|  Portfolio turnover rate<sup>(d)</sup> | 18% | 36% | 32% | 51% | 52% | 31% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 40 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Emerging Markets Equity ex. China Fund** | **Emerging Markets Equity ex. China Fund** | **Emerging Markets Equity ex. China Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **For the Fiscal<br>Year Ended October<br>31, 2024** | **Period Ended<br>October 31, 2023<sup>(a)</sup>** |
| Per Share Data |  |  |  |
|  Net asset value, beginning of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.38 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.99 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00 |
|  Net investment income<sup>(b)</sup> | 0.04 | 0.08 | 0.10 |
|  Net realized and unrealized gain (loss) | (0.49) | 2.38 | (0.08) |
|  Total from investment operations | (0.45) | 2.46 | 0.02 |
|  Distributions to shareholders from net investment income | (0.09) | (0.07) | (0.03) |
|  Net asset value, end of period | $11.84 | $12.38 | $9.99 |
|  **Total Return<sup>(c)</sup>** | (3.62)% | 24.59% | 0.17% |
|  Net assets, end of period (in 000's) | $131 | $117 | $58 |
|  Ratio of net expenses to average net assets | 1.40 %<sup>(d)</sup> | 1.42% | 1.41%<sup>(d)</sup> |
|  Ratio of total expenses to average net assets | 4.20 %<sup>(d)</sup> | 4.61% | 10.78%<sup>(d)</sup> |
|  Ratio of net investment income to average net assets | 0.67 %<sup>(d)</sup> | 0.69% | 1.03%<sup>(d)</sup> |
|  Portfolio turnover rate<sup>(e)</sup> | 15% | 27% | 26% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on December 6, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **41** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Emerging Markets Equity ex. China Fund** | **Emerging Markets Equity ex. China Fund** | **Emerging Markets Equity ex. China Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **For the Fiscal<br>Year Ended October<br>31, 2024** | **Period Ended<br>October 31, 2023<sup>(a)</sup>** |
| Per Share Data |  |  |  |
|  Net asset value, beginning of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.93 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00 |
|  Net investment income (loss)<sup>(b)</sup> | (0.01) | (0.01) | 0.02 |
|  Net realized and unrealized gain (loss) | (0.48) | 2.36 | (0.06) |
|  Total from investment operations | (0.49) | 2.35 | (0.04) |
|  Distributions to shareholders from net investment income |  |  | (0.03) |
|  Net asset value, end of period | $11.79 | $12.28 | $9.93 |
|  **Total Return<sup>(c)</sup>** | (3.91)% | 23.69% | (0.54)% |
|  Net assets, end of period (in 000's) | $59 | $62 | $50 |
|  Ratio of net expenses to average net assets | 2.15 %<sup>(d)</sup> | 2.16% | 2.21%<sup>(d)</sup> |
|  Ratio of total expenses to average net assets | 4.93 %<sup>(d)</sup> | 5.44% | 11.66%<sup>(d)</sup> |
|  Ratio of net investment income (loss) to average net assets | (0.16)%<sup>(d)</sup> | (0.04)% | 0.25%<sup>(d)</sup> |
|  Portfolio turnover rate<sup>(e)</sup> | 15% | 27% | 26% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on December 6, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 42 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Emerging Markets Equity ex. China Fund** | **Emerging Markets Equity ex. China Fund** | **Emerging Markets Equity ex. China Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **For the Fiscal<br>Year Ended October<br>31, 2024** | **Period Ended<br>October 31, 2023<sup>(a)</sup>** |
| Per Share Data |  |  |  |
|  Net asset value, beginning of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.03 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00 |
|  Net investment income<sup>(b)</sup> | 0.06 | 0.13 | 0.13 |
|  Net realized and unrealized gain (loss) | (0.49) | 2.37 | (0.07) |
|  Total from investment operations | (0.43) | 2.50 | 0.06 |
|  Distributions to shareholders from net investment income | (0.13) | (0.11) | (0.03) |
|  Net asset value, end of period | $11.86 | $12.42 | $10.03 |
|  **Total Return<sup>(c)</sup>** | (3.38)% | 25.04% | 0.46% |
|  Net assets, end of period (in 000's) | $6993 | $7240 | $5056 |
|  Ratio of net expenses to average net assets | 1.05 %<sup>(d)</sup> | 1.06% | 1.05%<sup>(d)</sup> |
|  Ratio of total expenses to average net assets | 3.83 %<sup>(d)</sup> | 4.27% | 10.46%<sup>(d)</sup> |
|  Ratio of net investment income to average net assets | 0.94 %<sup>(d)</sup> | 1.07% | 1.41%<sup>(d)</sup> |
|  Portfolio turnover rate<sup>(e)</sup> | 15% | 27% | 26% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on December 6, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **43** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Emerging Markets Equity ex. China Fund** | **Emerging Markets Equity ex. China Fund** | **Emerging Markets Equity ex. China Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **For the Fiscal<br>Year Ended October<br>31, 2024** | **Period Ended<br>October 31, 2023<sup>(a)</sup>** |
| Per Share Data |  |  |  |
|  Net asset value, beginning of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.01 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00 |
|  Net investment income<sup>(b)</sup> | 0.05 | 0.11 | 0.12 |
|  Net realized and unrealized gain (loss) | (0.48) | 2.37 | (0.09) |
|  Total from investment operations | (0.43) | 2.48 | 0.03 |
|  Distributions to shareholders from net investment income | (0.12) | (0.09) | (0.02) |
|  Net asset value, end of period | $11.85 | $12.40 | $10.01 |
|  **Total Return<sup>(c)</sup>** | (3.48)% | 24.91% | 0.33% |
|  Net assets, end of period (in 000's) | $61 | $63 | $50 |
|  Ratio of net expenses to average net assets | 1.15 %<sup>(d)</sup> | 1.16% | 1.17%<sup>(d)</sup> |
|  Ratio of total expenses to average net assets | 3.94 %<sup>(d)</sup> | 4.44% | 10.62%<sup>(d)</sup> |
|  Ratio of net investment income to average net assets | 0.84 %<sup>(d)</sup> | 0.96% | 1.29%<sup>(d)</sup> |
|  Portfolio turnover rate<sup>(e)</sup> | 15% | 27% | 26% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on December 6, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 44 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Emerging Markets Equity ex. China Fund** | **Emerging Markets Equity ex. China Fund** | **Emerging Markets Equity ex. China Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **For the Fiscal<br>Year Ended October<br>31, 2024** | **Period Ended<br>October 31, 2023<sup>(a)</sup>** |
| Per Share Data |  |  |  |
|  Net asset value, beginning of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.03 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00 |
|  Net investment income<sup>(b)</sup> | 0.06 | 0.13 | 0.13 |
|  Net realized and unrealized gain (loss) | (0.49) | 2.37 | (0.07) |
|  Total from investment operations | (0.43) | 2.50 | 0.06 |
|  Distributions to shareholders from net investment income | (0.13) | (0.11) | (0.03) |
|  Net asset value, end of period | $11.86 | $12.42 | $10.03 |
|  **Total Return<sup>(c)</sup>** | (3.37)% | 25.04% | 0.48% |
|  Net assets, end of period (in 000's) | $61 | $63 | $50 |
|  Ratio of net expenses to average net assets | 1.04 %<sup>(d)</sup> | 1.05% | 1.04%<sup>(d)</sup> |
|  Ratio of total expenses to average net assets | 3.82 %<sup>(d)</sup> | 4.32% | 10.49%<sup>(d)</sup> |
|  Ratio of net investment income to average net assets | 0.95 %<sup>(d)</sup> | 1.07% | 1.42%<sup>(d)</sup> |
|  Portfolio turnover rate<sup>(e)</sup> | 15% | 27% | 26% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on December 6, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **45** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Emerging Markets Equity ex. China Fund** | **Emerging Markets Equity ex. China Fund** | **Emerging Markets Equity ex. China Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **For the Fiscal<br>Year Ended October<br>31, 2024** | **Period Ended<br>October 31, 2023<sup>(a)</sup>** |
| Per Share Data |  |  |  |
|  Net asset value, beginning of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.97 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00 |
|  Net investment income<sup>(b)</sup> | 0.02 | 0.05 | 0.07 |
|  Net realized and unrealized gain (loss) | (0.48) | 2.37 | (0.07) |
|  Total from investment operations | (0.46) | 2.42 | –<sup>(c)</sup> |
|  Distributions to shareholders from net investment income | (0.06) | (0.04) | (0.03) |
|  Net asset value, end of period | $11.83 | $12.35 | $9.97 |
|  **Total Return<sup>(d)</sup>** | (3.74)% | 24.29% | (0.03)% |
|  Net assets, end of period (in 000's) | $60 | $62 | $50 |
|  Ratio of net expenses to average net assets | 1.65 %<sup>(e)</sup> | 1.67% | 1.67%<sup>(e)</sup> |
|  Ratio of total expenses to average net assets | 4.44 %<sup>(e)</sup> | 4.94% | 11.12%<sup>(e)</sup> |
|  Ratio of net investment income to average net assets | 0.34 %<sup>(e)</sup> | 0.46% | 0.79%<sup>(e)</sup> |
|  Portfolio turnover rate<sup>(f)</sup> | 15% | 27% | 26% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on December 6, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 46 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Emerging Markets Equity ex. China Fund** | **Emerging Markets Equity ex. China Fund** | **Emerging Markets Equity ex. China Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **For the Fiscal<br>Year Ended October<br>31, 2024** | **Period Ended<br>October 31, 2023<sup>(a)</sup>** |
| Per Share Data |  |  |  |
|  Net asset value, beginning of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.02 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00 |
|  Net investment income<sup>(b)</sup> | 0.05 | 0.13 | 0.11 |
|  Net realized and unrealized gain (loss) | (0.48) | 2.37 | (0.06) |
|  Total from investment operations | (0.43) | 2.50 | 0.05 |
|  Distributions to shareholders from net investment income | (0.13) | (0.11) | (0.03) |
|  Net asset value, end of period | $11.85 | $12.41 | $10.02 |
|  **Total Return<sup>(c)</sup>** | (3.37)% | 24.95% | 0.48% |
|  Net assets, end of period (in 000's) | $3194 | $4489 | $2902 |
|  Ratio of net expenses to average net assets | 1.04 %<sup>(d)</sup> | 1.05% | 1.04%<sup>(d)</sup> |
|  Ratio of total expenses to average net assets | 3.81 %<sup>(d)</sup> | 4.25% | 9.69%<sup>(d)</sup> |
|  Ratio of net investment income to average net assets | 0.88 %<sup>(d)</sup> | 1.06% | 1.20%<sup>(d)</sup> |
|  Portfolio turnover rate<sup>(e)</sup> | 15% | 27% | 26% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on December 6, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **47** |

---

------

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $10.38 | $8.45 | $7.84 | $14.02 | $11.73 | $9.95 |
|  Net investment income (loss)<sup>(a)</sup> | – <sup>(b)</sup> | 0.08 | 0.06 | 0.04 | (0.02) | –<sup>(b)</sup> |
|  Net realized and unrealized gain (loss) | (0.13) | 1.97 | 0.55 | (5.28) | 2.31 | 1.84 |
|  Total from investment operations | (0.13) | 2.05 | 0.61 | (5.24) | 2.29 | 1.84 |
|  Distributions to shareholders from net investment income | (0.06) | (0.12) | – <sup>(b)</sup> | (0.04) |  | (0.06) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.90) |  |  |
|  Total distributions | (0.06) | (0.12) | – <sup>(b)</sup> | (0.94) |  | (0.06) |
|  Net asset value, end of period | $10.19 | $10.38 | $8.45 | $7.84 | $14.02 | $11.73 |
|  **Total Return<sup>(c)</sup>** | (1.19)% | 24.47% | 7.79% | (39.89)% | 19.52% | 18.46% |
|  Net assets, end of period (in 000's) | $1763 | $1889 | $1841 | $1979 | $4072 | $92 |
|  Ratio of net expenses to average net assets | 1.38 %<sup>(d)</sup> | 1.38% | 1.41% | 1.44% | 1.47% | 1.49% |
|  Ratio of total expenses to average net assets | 3.16 %<sup>(d)</sup> | 3.10% | 3.04% | 2.89% | 3.64% | 6.33% |
|  Ratio of net investment income (loss) to average net assets | 0.07 %<sup>(d)</sup> | 0.83% | 0.62% | 0.39% | (0.17)% | 0.02% |
|  Portfolio turnover rate<sup>(e)</sup> | 20% | 34% | 54% | 65% | 116% | 28% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 48 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $10.07 | $8.19 | $7.66 | $13.77 | $11.61 | $9.87 |
|  Net investment income (loss)<sup>(a)</sup> | (0.03) | 0.01 | (0.01) | (0.07) | (0.14) | (0.09) |
|  Net realized and unrealized gain (loss) | (0.13) | 1.91 | 0.54 | (5.14) | 2.30 | 1.83 |
|  Total from investment operations | (0.16) | 1.92 | 0.53 | (5.21) | 2.16 | 1.74 |
|  Distributions to shareholders from net investment income | (0.01) | (0.04) |  |  |  |  |
|  Distributions to shareholders from net realized gains |  |  |  | (0.90) |  |  |
|  Total distributions | (0.01) | (0.04) |  | (0.90) |  |  |
|  Net asset value, end of period | $9.90 | $10.07 | $8.19 | $7.66 | $13.77 | $11.61 |
|  **Total Return<sup>(b)</sup>** | (1.54)% | 23.45% | 6.92% | (40.29)% | 18.60% | 17.58% |
|  Net assets, end of period (in 000's) | $84 | $85 | $74 | $117 | $137 | $58 |
|  Ratio of net expenses to average net assets | 2.13 %<sup>(c)</sup> | 2.13% | 2.16% | 2.19% | 2.20% | 2.24% |
|  Ratio of total expenses to average net assets | 3.91 %<sup>(c)</sup> | 3.85% | 3.80% | 3.65% | 3.64% | 6.94% |
|  Ratio of net investment income (loss) to average net assets | (0.67)%<sup>(c)</sup> | 0.09% | (0.07)% | (0.64)% | (0.96)% | (0.84)% |
|  Portfolio turnover rate<sup>(d)</sup> | 20% | 34% | 54% | 65% | 116% | 28% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **49** |

---

------

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $10.40 | $8.48 | $7.87 | $14.06 | $11.77 | $9.98 |
|  Net investment income<sup>(a)</sup> | 0.02 | 0.11 | 0.08 | 0.09 | 0.01 | 0.03 |
|  Net realized and unrealized gain (loss) | (0.13) | 1.96 | 0.57 | (5.31) | 2.32 | 1.85 |
|  Total from investment operations | (0.11) | 2.07 | 0.65 | (5.22) | 2.33 | 1.88 |
|  Distributions to shareholders from net investment income | (0.09) | (0.15) | (0.04) | (0.07) | (0.04) | (0.09) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.90) |  |  |
|  Total distributions | (0.09) | (0.15) | (0.04) | (0.97) | (0.04) | (0.09) |
|  Net asset value, end of period | $10.20 | $10.40 | $8.48 | $7.87 | $14.06 | $11.77 |
|  **Total Return<sup>(b)</sup>** | (1.02)% | 24.72% | 8.20% | (39.66)% | 19.81% | 18.91% |
|  Net assets, end of period (in 000's) | $15199 | $15575 | $16404 | $10245 | $5008 | $8631 |
|  Ratio of net expenses to average net assets | 1.06 %<sup>(c)</sup> | 1.07% | 1.08% | 1.10% | 1.14% | 1.14% |
|  Ratio of total expenses to average net assets | 2.80 %<sup>(c)</sup> | 2.75% | 2.65% | 2.27% | 3.16% | 5.83% |
|  Ratio of net investment income to average net assets | 0.40 %<sup>(c)</sup> | 1.12% | 0.90% | 0.86% | 0.06% | 0.26% |
|  Portfolio turnover rate<sup>(d)</sup> | 20% | 34% | 54% | 65% | 116% | 28% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 50 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $10.39 | $8.47 | $7.87 | $14.06 | $11.76 | $9.97 |
|  Net investment income<sup>(a)</sup> | 0.02 | 0.12 | 0.08 | 0.06 | 0.01 | 0.02 |
|  Net realized and unrealized gain (loss) | (0.13) | 1.94 | 0.55 | (5.28) | 2.32 | 1.85 |
|  Total from investment operations | (0.11) | 2.06 | 0.63 | (5.22) | 2.33 | 1.87 |
|  Distributions to shareholders from net investment income | (0.08) | (0.14) | (0.03) | (0.07) | (0.03) | (0.08) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.90) |  |  |
|  Total distributions | (0.08) | (0.14) | (0.03) | (0.97) | (0.03) | (0.08) |
|  Net asset value, end of period | $10.20 | $10.39 | $8.47 | $7.87 | $14.06 | $11.76 |
|  **Total Return<sup>(b)</sup>** | (1.12)% | 24.66% | 8.00% | (39.70)% | 19.82% | 18.79% |
|  Net assets, end of period (in 000's) | $429 | $452 | $503 | $829 | $1088 | $59 |
|  Ratio of net expenses to average net assets | 1.13 %<sup>(c)</sup> | 1.13% | 1.16% | 1.19% | 1.22% | 1.24% |
|  Ratio of total expenses to average net assets | 2.91 %<sup>(c)</sup> | 2.84% | 2.75% | 2.64% | 3.33% | 5.94% |
|  Ratio of net investment income to average net assets | 0.32 %<sup>(c)</sup> | 1.24% | 0.93% | 0.61% | 0.08% | 0.15% |
|  Portfolio turnover rate<sup>(d)</sup> | 20% | 34% | 54% | 65% | 116% | 28% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **51** |

---

------

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $10.42 | $8.49 | $7.87 | $14.07 | $11.77 | $9.98 |
|  Net investment income<sup>(a)</sup> | 0.02 | 0.10 | 0.09 | 0.11 | 0.02 | 0.03 |
|  Net realized and unrealized gain (loss) | (0.14) | 1.98 | 0.56 | (5.33) | 2.32 | 1.85 |
|  Total from investment operations | (0.12) | 2.08 | 0.65 | (5.22) | 2.34 | 1.88 |
|  Distributions to shareholders from net investment income | (0.09) | (0.15) | (0.03) | (0.08) | (0.04) | (0.09) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.90) |  |  |
|  Total distributions | (0.09) | (0.15) | (0.03) | (0.98) | (0.04) | (0.09) |
|  Net asset value, end of period | $10.21 | $10.42 | $8.49 | $7.87 | $14.07 | $11.77 |
|  **Total Return<sup>(b)</sup>** | (1.00)% | 24.68% | 8.19% | (39.69)% | 19.90% | 18.92% |
|  Net assets, end of period (in 000's) | $46 | $44 | $19 | $57 | $17 | $65 |
|  Ratio of net expenses to average net assets | 1.05 %<sup>(c)</sup> | 1.06% | 1.08% | 1.09% | 1.13% | 1.13% |
|  Ratio of total expenses to average net assets | 2.80 %<sup>(c)</sup> | 2.77% | 3.00% | 2.05% | 3.00% | 5.84% |
|  Ratio of net investment income to average net assets | 0.42 %<sup>(c)</sup> | 1.05% | 0.97% | 1.09% | 0.13% | 0.26% |
|  Portfolio turnover rate<sup>(d)</sup> | 20% | 34% | 54% | 65% | 116% | 28% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 52 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $10.26 | $8.37 | $7.78 | $13.92 | $11.68 | $9.94 |
|  Net investment income (loss)<sup>(a)</sup> | (0.01) | 0.05 | 0.04 | 0.02 | (0.07) | (0.03) |
|  Net realized and unrealized gain (loss) | (0.12) | 1.94 | 0.55 | (5.25) | 2.31 | 1.83 |
|  Total from investment operations | (0.13) | 1.99 | 0.59 | (5.23) | 2.24 | 1.80 |
|  Distributions to shareholders from net investment income | (0.05) | (0.10) |  | (0.01) |  | (0.06) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.90) |  |  |
|  Total distributions | (0.05) | (0.10) |  | (0.91) |  | (0.06) |
|  Net asset value, end of period | $10.08 | $10.26 | $8.37 | $7.78 | $13.92 | $11.68 |
|  **Total Return<sup>(b)</sup>** | (1.37)% | 24.02% | 7.58% | (40.03)% | 19.18% | 18.11% |
|  Net assets, end of period (in 000's) | $146 | $189 | $214 | $199 | $267 | $255 |
|  Ratio of net expenses to average net assets | 1.63 %<sup>(c)</sup> | 1.63% | 1.65% | 1.69% | 1.72% | 1.74% |
|  Ratio of total expenses to average net assets | 3.41 %<sup>(c)</sup> | 3.35% | 3.29% | 3.10% | 4.12% | 6.53% |
|  Ratio of net investment income (loss) to average net assets | (0.15)%<sup>(c)</sup> | 0.53% | 0.39% | 0.15% | (0.47)% | (0.34)% |
|  Portfolio turnover rate<sup>(d)</sup> | 20% | 34% | 54% | 65% | 116% | 28% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **53** |

---

------

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended**<br> **October 31, 2020<sup>(a)</sup>** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | **Period Ended**<br> **October 31, 2020<sup>(a)</sup>** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $10.40 | $8.48 | $7.87 | $14.07 | $11.77 | $10.87 |
|  Net investment income<sup>(b)</sup> | 0.02 | 0.11 | 0.09 | 0.08 | 0.02 | 0.03 |
|  Net realized and unrealized gain (loss) | (0.13) | 1.96 | 0.56 | (5.30) | 2.32 | 0.87 |
|  Total from investment operations | (0.11) | 2.07 | 0.65 | (5.22) | 2.34 | 0.90 |
|  Distributions to shareholders from net investment income | (0.09) | (0.15) | (0.04) | (0.08) | (0.04) |  |
|  Distributions to shareholders from net realized gains |  |  |  | (0.90) |  |  |
|  Total distributions | (0.09) | (0.15) | (0.04) | (0.98) | (0.04) |  |
|  Net asset value, end of period | $10.20 | $10.40 | $8.48 | $7.87 | $14.07 | $11.77 |
|  **Total Return<sup>(c)</sup>** | (1.02)% | 24.71% | 8.20% | (39.69)% | 19.92% | 8.28% |
|  Net assets, end of period (in 000's) | $3914 | $4648 | $6256 | $13651 | $20156 | $86 |
|  Ratio of net expenses to average net assets | 1.05 %<sup>(d)</sup> | 1.06% | 1.08% | 1.10% | 1.13% | 1.08%<sup>(d)</sup> |
|  Ratio of total expenses to average net assets | 2.79 %<sup>(d)</sup> | 2.72% | 2.73% | 2.46% | 3.46% | 6.51%<sup>(d)</sup> |
|  Ratio of net investment income to average net assets | 0.37 %<sup>(d)</sup> | 1.10% | 1.02% | 0.73% | 0.17% | 0.30%<sup>(d)</sup> |
|  Portfolio turnover rate<sup>(e)</sup> | 20% | 34% | 54% | 65% | 116% | 28% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on January 21, 2020.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 54 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Equity ESG Fund** | **International Equity ESG Fund** | **International Equity ESG Fund** | **International Equity ESG Fund** | **International Equity ESG Fund** | **International Equity ESG Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $27.97 | $23.61 | $21.44 | $30.27 | $21.01 | $20.67 |
|  Net investment income<sup>(a)</sup> | 0.15 <sup>(b)</sup> | 0.40 | 0.42 <sup>(c)</sup> | 0.29 | 0.23 | 0.04 |
|  Net realized and unrealized gain (loss) | 1.85 | 4.33 | 1.94 | (7.31) | 9.03 | 0.66 |
|  Total from investment operations | 2.00 | 4.73 | 2.36 | (7.02) | 9.26 | 0.70 |
|  Distributions to shareholders from net investment income | (0.60) | (0.37) | (0.19) | (0.33) | – <sup>(d)</sup> | (0.36) |
|  Distributions to shareholders from net realized gains |  |  |  | (1.48) |  |  |
|  Total distributions | (0.60) | (0.37) | (0.19) | (1.81) |  | (0.36) |
|  Net asset value, end of period | $29.37 | $27.97 | $23.61 | $21.44 | $30.27 | $21.01 |
|  **Total Return<sup>(e)</sup>** | 7.42% | 20.14% | 11.02% | (24.50)% | 44.15% | 3.30% |
|  Net assets, end of period (in 000's) | $76507 | $103205 | $108276 | $87228 | $62250 | $33927 |
|  Ratio of net expenses to average net assets | 1.17 %<sup>(f)</sup> | 1.17% | 1.18% | 1.18% | 1.18% | 1.20% |
|  Ratio of total expenses to average net assets | 1.33 %<sup>(f)</sup> | 1.32% | 1.35% | 1.36% | 1.47% | 1.69% |
|  Ratio of net investment income to average net assets | 1.13 %<sup>(b)(f)</sup> | 1.46% | 1.66 %<sup>(c)</sup> | 1.19% | 0.82% | 0.21% |
|  Portfolio turnover rate<sup>(g)</sup> | 22% | 43% | 23% | 35% | 39% | 55% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from withholding tax reclaims which amounted to $0.01 per share and 0.04% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.08% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **55** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Equity ESG Fund** | **International Equity ESG Fund** | **International Equity ESG Fund** | **International Equity ESG Fund** | **International Equity ESG Fund** | **International Equity ESG Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $25.47 | $21.54 | $19.54 | $27.80 | $19.44 | $19.16 |
|  Net investment income (loss)<sup>(a)</sup> | 0.07 <sup>(b)</sup> | 0.19 | 0.20 <sup>(c)</sup> | 0.12 | – <sup>(d)</sup> | (0.10) |
|  Net realized and unrealized gain (loss) | 1.67 | 3.93 | 1.80 | (6.72) | 8.36 | 0.60 |
|  Total from investment operations | 1.74 | 4.12 | 2.00 | (6.60) | 8.36 | 0.50 |
|  Distributions to shareholders from net investment income | (0.39) | (0.19) |  | (0.18) |  | (0.22) |
|  Distributions to shareholders from net realized gains |  |  |  | (1.48) |  |  |
|  Total distributions | (0.39) | (0.19) |  | (1.66) |  | (0.22) |
|  Net asset value, end of period | $26.82 | $25.47 | $21.54 | $19.54 | $27.80 | $19.44 |
|  **Total Return<sup>(e)</sup>** | 7.01% | 19.20% | 10.24% | (25.08)% | 43.08% | 2.53% |
|  Net assets, end of period (in 000's) | $7046 | $7533 | $7639 | $7481 | $8953 | $9369 |
|  Ratio of net expenses to average net assets | 1.92 %<sup>(f)</sup> | 1.92% | 1.93% | 1.93% | 1.93% | 1.95% |
|  Ratio of total expenses to average net assets | 2.08 %<sup>(f)</sup> | 2.07% | 2.10% | 2.11% | 2.23% | 2.44% |
|  Ratio of net investment income (loss) to average net assets | 0.54 %<sup>(b)(f)</sup> | 0.75% | 0.86 %<sup>(c)</sup> | 0.52% | (0.01)% | (0.54)% |
|  Portfolio turnover rate<sup>(g)</sup> | 22% | 43% | 23% | 35% | 39% | 55% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from withholding tax reclaims which amounted to $0.01 per share and 0.04% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.08% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 56 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Equity ESG Fund** | **International Equity ESG Fund** | **International Equity ESG Fund** | **International Equity ESG Fund** | **International Equity ESG Fund** | **International Equity ESG Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $28.80 | $24.30 | $22.03 | $31.04 | $21.53 | $21.17 |
|  Net investment income<sup>(a)</sup> | 0.23 <sup>(b)</sup> | 0.52 | 0.50 <sup>(c)</sup> | 0.44 | 0.35 | 0.15 |
|  Net realized and unrealized gain (loss) | 1.86 | 4.43 | 2.01 | (7.57) | 9.23 | 0.63 |
|  Total from investment operations | 2.09 | 4.95 | 2.51 | (7.13) | 9.58 | 0.78 |
|  Distributions to shareholders from net investment income | (0.70) | (0.45) | (0.24) | (0.40) | (0.07) | (0.42) |
|  Distributions to shareholders from net realized gains |  |  |  | (1.48) |  |  |
|  Total distributions | (0.70) | (0.45) | (0.24) | (1.88) | (0.07) | (0.42) |
|  Net asset value, end of period | $30.19 | $28.80 | $24.30 | $22.03 | $31.04 | $21.53 |
|  **Total Return<sup>(d)</sup>** | 7.54% | 20.50% | 11.43% | (24.27)% | 44.62% | 3.62% |
|  Net assets, end of period (in 000's) | $587543 | $643319 | $530652 | $256615 | $111615 | $23137 |
|  Ratio of net expenses to average net assets | 0.86 %<sup>(e)</sup> | 0.86% | 0.86% | 0.86% | 0.86% | 0.86% |
|  Ratio of total expenses to average net assets | 0.97 %<sup>(e)</sup> | 0.96% | 0.98% | 0.98% | 1.09% | 1.33% |
|  Ratio of net investment income to average net assets | 1.60 %<sup>(b)(e)</sup> | 1.84% | 1.91 %<sup>(c)</sup> | 1.77% | 1.20% | 0.72% |
|  Portfolio turnover rate<sup>(f)</sup> | 22% | 43% | 23% | 35% | 39% | 55% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from withholding tax reclaims which amounted to $0.01 per share and 0.04% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.08% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **57** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Equity ESG Fund** | **International Equity ESG Fund** | **International Equity ESG Fund** | **International Equity ESG Fund** | **International Equity ESG Fund** | **International Equity ESG Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $29.22 | $24.65 | $22.38 | $31.63 | $22.00 | $21.63 |
|  Net investment income<sup>(a)</sup> | 0.13 <sup>(b)</sup> | 0.37 | 0.40 <sup>(c)</sup> | 0.32 | 0.17 | 0.01 |
|  Net realized and unrealized gain (loss) | 1.93 | 4.51 | 2.02 | (7.71) | 9.46 | 0.70 |
|  Total from investment operations | 2.06 | 4.88 | 2.42 | (7.39) | 9.63 | 0.71 |
|  Distributions to shareholders from net investment income | (0.58) | (0.31) | (0.15) | (0.38) |  | (0.34) |
|  Distributions to shareholders from net realized gains |  |  |  | (1.48) |  |  |
|  Total distributions | (0.58) | (0.31) | (0.15) | (1.86) |  | (0.34) |
|  Net asset value, end of period | $30.70 | $29.22 | $24.65 | $22.38 | $31.63 | $22.00 |
|  **Total Return<sup>(d)</sup>** | 7.31% | 19.91% | 10.83% | (24.64)% | 43.90% | 3.16% |
|  Net assets, end of period (in 000's) | $1028 | $1254 | $893 | $575 | $260 | $4 |
|  Ratio of net expenses to average net assets | 1.36 %<sup>(e)</sup> | 1.36% | 1.36% | 1.36% | 1.36% | 1.34% |
|  Ratio of total expenses to average net assets | 1.47 %<sup>(e)</sup> | 1.46% | 1.48% | 1.48% | 1.58% | 1.79% |
|  Ratio of net investment income to average net assets | 0.94 %<sup>(b)(e)</sup> | 1.28% | 1.52 %<sup>(c)</sup> | 1.27% | 0.57% | 0.07% |
|  Portfolio turnover rate<sup>(f)</sup> | 22% | 43% | 23% | 35% | 39% | 55% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from withholding tax reclaims which amounted to $0.01 per share and 0.04% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.08% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 58 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Equity ESG Fund** | **International Equity ESG Fund** | **International Equity ESG Fund** | **International Equity ESG Fund** | **International Equity ESG Fund** | **International Equity ESG Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $28.59 | $24.12 | $21.88 | $30.85 | $21.41 | $21.06 |
|  Net investment income<sup>(a)</sup> | 0.21 <sup>(b)</sup> | 0.49 | 0.50 <sup>(c)</sup> | 0.46 | 0.34 | 0.09 |
|  Net realized and unrealized gain (loss) | 1.86 | 4.41 | 1.97 | (7.55) | 9.17 | 0.68 |
|  Total from investment operations | 2.07 | 4.90 | 2.47 | (7.09) | 9.51 | 0.77 |
|  Distributions to shareholders from net investment income | (0.69) | (0.43) | (0.23) | (0.40) | (0.07) | (0.42) |
|  Distributions to shareholders from net realized gains |  |  |  | (1.48) |  |  |
|  Total distributions | (0.69) | (0.43) | (0.23) | (1.88) | (0.07) | (0.42) |
|  Net asset value, end of period | $29.97 | $28.59 | $24.12 | $21.88 | $30.85 | $21.41 |
|  **Total Return<sup>(d)</sup>** | 7.53% | 20.44% | 11.31% | (24.30)% | 44.52% | 3.56% |
|  Net assets, end of period (in 000's) | $117757 | $120244 | $109162 | $78730 | $31735 | $1298 |
|  Ratio of net expenses to average net assets | 0.92 %<sup>(e)</sup> | 0.92% | 0.93% | 0.93% | 0.93% | 0.95% |
|  Ratio of total expenses to average net assets | 1.08 %<sup>(e)</sup> | 1.07% | 1.10% | 1.10% | 1.20% | 1.44% |
|  Ratio of net investment income to average net assets | 1.52 %<sup>(b)(e)</sup> | 1.74% | 1.93 %<sup>(c)</sup> | 1.86% | 1.15% | 0.44% |
|  Portfolio turnover rate<sup>(f)</sup> | 22% | 43% | 23% | 35% | 39% | 55% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from withholding tax reclaims which amounted to $0.01 per share and 0.04% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.08% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **59** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Equity ESG Fund** | **International Equity ESG Fund** | **International Equity ESG Fund** | **International Equity ESG Fund** | **International Equity ESG Fund** | **International Equity ESG Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Six Months Ended**<br> **April 30, 2025<br>(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended**<br> **April 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $28.63 | $24.15 | $21.90 | $30.87 | $21.41 | $21.06 |
|  Net investment income<sup>(a)</sup> | 0.23 <sup>(b)</sup> | 0.50 | 0.51 <sup>(c)</sup> | 0.44 | 0.36 | 0.14 |
|  Net realized and unrealized gain (loss) | 1.84 | 4.43 | 1.99 | (7.53) | 9.17 | 0.64 |
|  Total from investment operations | 2.07 | 4.93 | 2.50 | (7.09) | 9.53 | 0.78 |
|  Distributions to shareholders from net investment income | (0.70) | (0.45) | (0.25) | (0.40) | (0.07) | (0.43) |
|  Distributions to shareholders from net realized gains |  |  |  | (1.48) |  |  |
|  Total distributions | (0.70) | (0.45) | (0.25) | (1.88) | (0.07) | (0.43) |
|  Net asset value, end of period | $30.00 | $28.63 | $24.15 | $21.90 | $30.87 | $21.41 |
|  **Total Return<sup>(d)</sup>** | 7.56% | 20.55% | 11.42% | (24.27)% | 44.65% | 3.63% |
|  Net assets, end of period (in 000's) | $98412 | $100479 | $86937 | $50922 | $15095 | $1981 |
|  Ratio of net expenses to average net assets | 0.85 %<sup>(e)</sup> | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
|  Ratio of total expenses to average net assets | 0.96 %<sup>(e)</sup> | 0.95% | 0.97% | 0.97% | 1.08% | 1.32% |
|  Ratio of net investment income to average net assets | 1.66 %<sup>(b)(e)</sup> | 1.80% | 1.96 %<sup>(c)</sup> | 1.81% | 1.23% | 0.69% |
|  Portfolio turnover rate<sup>(f)</sup> | 22% | 43% | 23% | 35% | 39% | 55% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from withholding tax reclaims which amounted to $0.01 per share and 0.04% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.08% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 60 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Equity ESG Fund** | **International Equity ESG Fund** | **International Equity ESG Fund** | **International Equity ESG Fund** | **International Equity ESG Fund** | **International Equity ESG Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Six Months Ended**<br> **April 30, 2025<br>(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended**<br> **April 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $28.64 | $24.16 | $21.91 | $30.87 | $21.42 | $21.05 |
|  Net investment income<sup>(a)</sup> | 0.23 <sup>(b)</sup> | 0.50 | 0.50 <sup>(c)</sup> | 0.39 | 0.33 | 0.11 |
|  Net realized and unrealized gain (loss) | 1.84 | 4.43 | 1.99 | (7.47) | 9.19 | 0.69 |
|  Total from investment operations | 2.07 | 4.93 | 2.49 | (7.08) | 9.52 | 0.80 |
|  Distributions to shareholders from net investment income | (0.70) | (0.45) | (0.24) | (0.40) | (0.07) | (0.43) |
|  Distributions to shareholders from net realized gains |  |  |  | (1.48) |  |  |
|  Total distributions | (0.70) | (0.45) | (0.24) | (1.88) | (0.07) | (0.43) |
|  Net asset value, end of period | $30.01 | $28.64 | $24.16 | $21.91 | $30.87 | $21.42 |
|  **Total Return<sup>(d)</sup>** | 7.56% | 20.54% | 11.39% | (24.25)% | 44.64% | 3.67% |
|  Net assets, end of period (in 000's) | $97695 | $95097 | $95559 | $89831 | $132657 | $64838 |
|  Ratio of net expenses to average net assets | 0.85 %<sup>(e)</sup> | 0.85% | 0.85% | 0.85% | 0.85% | 0.86% |
|  Ratio of total expenses to average net assets | 0.96 %<sup>(e)</sup> | 0.95% | 0.97% | 0.98% | 1.09% | 1.30% |
|  Ratio of net investment income to average net assets | 1.66 %<sup>(b)(e)</sup> | 1.80% | 1.93 %<sup>(c)</sup> | 1.52% | 1.16% | 0.55% |
|  Portfolio turnover rate<sup>(f)</sup> | 22% | 43% | 23% | 35% | 39% | 55% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from withholding tax reclaims which amounted to $0.01 per share and 0.04% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.08% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **61** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Equity Income Fund** | **International Equity Income Fund** | **International Equity Income Fund** | **International Equity Income Fund** | **International Equity Income Fund** | **International Equity Income Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Six Months Ended**<br> **April 30, 2025<br>(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended**<br> **April 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $17.04 | $14.42 | $12.47 | $15.13 | $11.54 | $13.50 |
|  Net investment income<sup>(a)</sup> | 0.30 | 0.45 | 0.43 | 0.39 | 0.39 | 0.23 |
|  Net realized and unrealized gain (loss) | 1.55 | 2.73 | 1.87 | (2.64) | 3.53 | (1.69) |
|  Total from investment operations | 1.85 | 3.18 | 2.30 | (2.25) | 3.92 | (1.46) |
|  Distributions to shareholders from net investment income | (0.08) | (0.56) | (0.34) | (0.41) | (0.33) | (0.50) |
|  Distributions to shareholders from net realized gains |  |  | (0.01) |  |  |  |
|  Total distributions | (0.08) | (0.56) | (0.35) | (0.41) | (0.33) | (0.50) |
|  Net asset value, end of period | $18.81 | $17.04 | $14.42 | $12.47 | $15.13 | $11.54 |
|  **Total Return<sup>(b)</sup>** | 10.84% | 22.32% | 18.38% | (15.16)% | 34.07% | (11.23)% |
|  Net assets, end of period (in 000's) | $90804 | $77112 | $68183 | $32121 | $20086 | $13669 |
|  Ratio of net expenses to average net assets | 1.14 %<sup>(c)</sup> | 1.16% | 1.19% | 1.19% | 1.20% | 1.23% |
|  Ratio of total expenses to average net assets | 1.21 %<sup>(c)</sup> | 1.25% | 1.29% | 1.42% | 1.69% | 1.92% |
|  Ratio of net investment income to average net assets | 3.41 %<sup>(c)</sup> | 2.75% | 2.86% | 2.80% | 2.71% | 1.87% |
|  Portfolio turnover rate<sup>(d)</sup> | 17% | 41% | 18% | 12% | 28% | 51% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 62 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Equity Income Fund** | **International Equity Income Fund** | **International Equity Income Fund** | **International Equity Income Fund** | **International Equity Income Fund** | **International Equity Income Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Six Months Ended**<br> **April 30, 2025<br>(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended**<br> **April 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $14.69 | $12.51 | $10.87 | $13.24 | $10.14 | $11.89 |
|  Net investment income<sup>(a)</sup> | 0.19 | 0.30 | 0.26 | 0.24 | 0.25 | 0.13 |
|  Net realized and unrealized gain (loss) | 1.35 | 2.35 | 1.66 | (2.30) | 3.09 | (1.50) |
|  Total from investment operations | 1.54 | 2.65 | 1.92 | (2.06) | 3.34 | (1.37) |
|  Distributions to shareholders from net investment income |  | (0.47) | (0.27) | (0.31) | (0.24) | (0.38) |
|  Distributions to shareholders from net realized gains |  |  | (0.01) |  |  |  |
|  Total distributions |  | (0.47) | (0.28) | (0.31) | (0.24) | (0.38) |
|  Net asset value, end of period | $16.23 | $14.69 | $12.51 | $10.87 | $13.24 | $10.14 |
|  **Total Return<sup>(b)</sup>** | 10.48% | 21.33% | 17.52% | (15.76)% | 33.02% | (11.88)% |
|  Net assets, end of period (in 000's) | $6226 | $5430 | $3899 | $1653 | $2149 | $1514 |
|  Ratio of net expenses to average net assets | 1.89 %<sup>(c)</sup> | 1.91% | 1.94% | 1.94% | 1.95% | 1.97% |
|  Ratio of total expenses to average net assets | 1.96 %<sup>(c)</sup> | 2.00% | 2.04% | 2.19% | 2.44% | 2.67% |
|  Ratio of net investment income to average net assets | 2.58 %<sup>(c)</sup> | 2.08% | 2.04% | 1.92% | 1.92% | 1.19% |
|  Portfolio turnover rate<sup>(d)</sup> | 17% | 41% | 18% | 12% | 28% | 51% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **63** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Equity Income Fund** | **International Equity Income Fund** | **International Equity Income Fund** | **International Equity Income Fund** | **International Equity Income Fund** | **International Equity Income Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Six Months Ended**<br> **April 30, 2025<br>(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended**<br> **April 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $18.16 | $15.32 | $13.22 | $16.01 | $12.20 | $14.26 |
|  Net investment income<sup>(a)</sup> | 0.34 | 0.57 | 0.50 | 0.41 | 0.47 | 0.31 |
|  Net realized and unrealized gain (loss) | 1.65 | 2.88 | 1.99 | (2.75) | 3.71 | (1.80) |
|  Total from investment operations | 1.99 | 3.45 | 2.49 | (2.34) | 4.18 | (1.49) |
|  Distributions to shareholders from net investment income | (0.14) | (0.61) | (0.38) | (0.45) | (0.37) | (0.57) |
|  Distributions to shareholders from net realized gains |  |  | (0.01) |  |  |  |
|  Total distributions | (0.14) | (0.61) | (0.39) | (0.45) | (0.37) | (0.57) |
|  Net asset value, end of period | $20.01 | $18.16 | $15.32 | $13.22 | $16.01 | $12.20 |
|  **Total Return<sup>(b)</sup>** | 11.04% | 22.75% | 18.80% | (14.87)% | 34.45% | (10.86)% |
|  Net assets, end of period (in 000's) | $1379148 | $1033131 | $615042 | $207340 | $24118 | $10051 |
|  Ratio of net expenses to average net assets | 0.81 %<sup>(c)</sup> | 0.82% | 0.85% | 0.85% | 0.85% | 0.85% |
|  Ratio of total expenses to average net assets | 0.85 %<sup>(c)</sup> | 0.88% | 0.92% | 1.03% | 1.30% | 1.55% |
|  Ratio of net investment income to average net assets | 3.73 %<sup>(c)</sup> | 3.20% | 3.17% | 2.87% | 3.05% | 2.36% |
|  Portfolio turnover rate<sup>(d)</sup> | 17% | 41% | 18% | 12% | 28% | 51% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 64 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Equity Income Fund** | **International Equity Income Fund** | **International Equity Income Fund** | **International Equity Income Fund** | **International Equity Income Fund** | **International Equity Income Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Six Months Ended**<br> **April 30, 2025<br>(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended**<br> **April 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $17.01 | $14.39 | $12.44 | $15.09 | $11.52 | $13.51 |
|  Net investment income<sup>(a)</sup> | 0.32 | 0.51 | 0.46 | 0.40 | 0.42 | 0.29 |
|  Net realized and unrealized gain (loss) | 1.54 | 2.71 | 1.88 | (2.61) | 3.51 | (1.72) |
|  Total from investment operations | 1.86 | 3.22 | 2.34 | (2.21) | 3.93 | (1.43) |
|  Distributions to shareholders from net investment income | (0.12) | (0.60) | (0.38) | (0.44) | (0.36) | (0.56) |
|  Distributions to shareholders from net realized gains |  |  | (0.01) |  |  |  |
|  Total distributions | (0.12) | (0.60) | (0.39) | (0.44) | (0.36) | (0.56) |
|  Net asset value, end of period | $18.75 | $17.01 | $14.39 | $12.44 | $15.09 | $11.52 |
|  **Total Return<sup>(b)</sup>** | 11.06% | 22.60% | 18.70% | (14.91)% | 34.25% | (10.99)% |
|  Net assets, end of period (in 000's) | $582490 | $440373 | $285524 | $60051 | $20450 | $8958 |
|  Ratio of net expenses to average net assets | 0.89 %<sup>(c)</sup> | 0.91% | 0.94% | 0.94% | 0.95% | 0.98% |
|  Ratio of total expenses to average net assets | 0.96 %<sup>(c)</sup> | 0.99% | 1.04% | 1.16% | 1.43% | 1.71% |
|  Ratio of net investment income to average net assets | 3.66 %<sup>(c)</sup> | 3.06% | 3.07% | 2.95% | 2.92% | 2.39% |
|  Portfolio turnover rate<sup>(d)</sup> | 17% | 41% | 18% | 12% | 28% | 51% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **65** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Equity Income Fund** | **International Equity Income Fund** | **International Equity Income Fund** | **International Equity Income Fund** | **International Equity Income Fund** | **International Equity Income Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Six Months Ended**<br> **April 30, 2025<br>(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended**<br> **April 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $18.13 | $15.30 | $13.20 | $15.99 | $12.18 | $14.25 |
|  Net investment income<sup>(a)</sup> | 0.37 | 0.55 | 0.51 | 0.42 | 0.47 | 0.28 |
|  Net realized and unrealized gain (loss) | 1.62 | 2.89 | 1.99 | (2.76) | 3.72 | (1.78) |
|  Total from investment operations | 1.99 | 3.44 | 2.50 | (2.34) | 4.19 | (1.50) |
|  Distributions to shareholders from net investment income | (0.14) | (0.61) | (0.39) | (0.45) | (0.38) | (0.57) |
|  Distributions to shareholders from net realized gains |  |  | (0.01) |  |  |  |
|  Total distributions | (0.14) | (0.61) | (0.40) | (0.45) | (0.38) | (0.57) |
|  Net asset value, end of period | $19.98 | $18.13 | $15.30 | $13.20 | $15.99 | $12.18 |
|  **Total Return<sup>(b)</sup>** | 11.07% | 22.72% | 18.83% | (14.89)% | 34.52% | (10.93)% |
|  Net assets, end of period (in 000's) | $173666 | $98678 | $51429 | $22020 | $6050 | $2304 |
|  Ratio of net expenses to average net assets | 0.80 %<sup>(c)</sup> | 0.81% | 0.84% | 0.84% | 0.84% | 0.84% |
|  Ratio of total expenses to average net assets | 0.84 %<sup>(c)</sup> | 0.87% | 0.92% | 1.03% | 1.29% | 1.59% |
|  Ratio of net investment income to average net assets | 4.05 %<sup>(c)</sup> | 3.12% | 3.23% | 2.90% | 3.03% | 2.22% |
|  Portfolio turnover rate<sup>(d)</sup> | 17% | 41% | 18% | 12% | 28% | 51% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 66 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Equity Income Fund** | **International Equity Income Fund** | **International Equity Income Fund** | **International Equity Income Fund** | **International Equity Income Fund** | **International Equity Income Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Six Months Ended**<br> **April 30, 2025<br>(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended**<br> **April 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $17.14 | $14.50 | $12.53 | $15.19 | $11.60 | $13.55 |
|  Net investment income<sup>(a)</sup> | 0.26 | 0.42 | 0.36 | 0.34 | 0.41 | 0.24 |
|  Net realized and unrealized gain (loss) | 1.57 | 2.74 | 1.92 | (2.64) | 3.48 | (1.74) |
|  Total from investment operations | 1.83 | 3.16 | 2.28 | (2.30) | 3.89 | (1.50) |
|  Distributions to shareholders from net investment income | (0.06) | (0.52) | (0.30) | (0.36) | (0.30) | (0.45) |
|  Distributions to shareholders from net realized gains |  |  | (0.01) |  |  |  |
|  Total distributions | (0.06) | (0.52) | (0.31) | (0.36) | (0.30) | (0.45) |
|  Net asset value, end of period | $18.91 | $17.14 | $14.50 | $12.53 | $15.19 | $11.60 |
|  **Total Return<sup>(b)</sup>** | 10.74% | 22.01% | 18.14% | (15.36)% | 33.62% | (11.44)% |
|  Net assets, end of period (in 000's) | $1717 | $1498 | $832 | $514 | $620 | $173 |
|  Ratio of net expenses to average net assets | 1.39 %<sup>(c)</sup> | 1.40% | 1.44% | 1.44% | 1.44% | 1.48% |
|  Ratio of total expenses to average net assets | 1.46 %<sup>(c)</sup> | 1.49% | 1.54% | 1.69% | 1.91% | 2.19% |
|  Ratio of net investment income to average net assets | 3.01 %<sup>(c)</sup> | 2.52% | 2.42% | 2.39% | 2.79% | 1.96% |
|  Portfolio turnover rate<sup>(d)</sup> | 17% | 41% | 18% | 12% | 28% | 51% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **67** |

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------

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Equity Income Fund** | **International Equity Income Fund** | **International Equity Income Fund** | **International Equity Income Fund** | **International Equity Income Fund** | **International Equity Income Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Six Months Ended**<br> **April 30, 2025<br>(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended**<br> **April 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $18.12 | $15.29 | $13.20 | $15.98 | $12.17 | $14.23 |
|  Net investment income<sup>(a)</sup> | 0.36 | 0.56 | 0.50 | 0.44 | 0.47 | 0.30 |
|  Net realized and unrealized gain (loss) | 1.63 | 2.88 | 1.98 | (2.77) | 3.72 | (1.79) |
|  Total from investment operations | 1.99 | 3.44 | 2.48 | (2.33) | 4.19 | (1.49) |
|  Distributions to shareholders from net investment income | (0.14) | (0.61) | (0.38) | (0.45) | (0.38) | (0.57) |
|  Distributions to shareholders from net realized gains |  |  | (0.01) |  |  |  |
|  Total distributions | (0.14) | (0.61) | (0.39) | (0.45) | (0.38) | (0.57) |
|  Net asset value, end of period | $19.97 | $18.12 | $15.29 | $13.20 | $15.98 | $12.17 |
|  **Total Return<sup>(b)</sup>** | 11.07% | 22.74% | 18.84% | (14.90)% | 34.55% | (10.89)% |
|  Net assets, end of period (in 000's) | $83104 | $59097 | $49599 | $33413 | $28616 | $20799 |
|  Ratio of net expenses to average net assets | 0.80 %<sup>(c)</sup> | 0.82% | 0.84% | 0.84% | 0.84% | 0.84% |
|  Ratio of total expenses to average net assets | 0.84 %<sup>(c)</sup> | 0.88% | 0.92% | 1.06% | 1.32% | 1.51% |
|  Ratio of net investment income to average net assets | 3.89 %<sup>(c)</sup> | 3.17% | 3.21% | 2.95% | 3.05% | 2.33% |
|  Portfolio turnover rate<sup>(d)</sup> | 17% | 41% | 18% | 12% | 28% | 51% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 68 | **The accompanying notes are an integral part of these financial statements.** |

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GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. ORGANIZATION

Goldman Sachs Trust (the "Trust") is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the "Funds" or individually a "Fund"), along with their corresponding share classes and respective diversification status under the Act:

---

| | | |
|:---|:---|:---|
| **Fund** | **Share Classes Offered** | **Diversified/**<br> **Non-Diversified** |
| Goldman Sachs China Equity Fund | A, C, Institutional, Investor, R6 and P | Diversified |
| Goldman Sachs Emerging Markets Equity Fund | A, C, Institutional, Service, Investor, R6 and P | Non-Diversified |
| Goldman Sachs Emerging Markets Equity ex. China Fund | A, C, Institutional, Investor, R6, R and P | Non-Diversified |
| Goldman Sachs ESG Emerging Markets Equity Fund | A, C, Institutional, Investor, R6, R and P | Non-Diversified |
| Goldman Sachs International Equity ESG Fund | A, C, Institutional, Service, Investor, R6 and P | Diversified |
| Goldman Sachs International Equity Income Fund | A, C, Institutional, Investor, R6, R and P | Diversified |

---

Class A Shares are sold with a front-end sales charge of up to 5.50%. Class C Shares are sold with a contingent deferred sales charge ("CDSC") of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Investor, Class R6, Class R and Class P Shares are not subject to a sales charge.

Goldman Sachs Asset Management, L.P. ("GSAM"), an affiliate of Goldman Sachs & Co. LLC ("Goldman Sachs"), serves as investment adviser to the Funds pursuant to a management agreement (the "Agreement") with the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;A. Investment Valuation — The Funds' valuation policy is to value investments at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;B. Investment Income and Investments — Investment income includes interest income, dividend income and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value ("NAV") calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These reclaims, if any, are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered, if any, are reflected as other income in the Statements of Operations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract.

&nbsp;&nbsp;&nbsp;&nbsp;C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**69**

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GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES (continued)

incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service and Shareholder Administration fees.

&nbsp;&nbsp;&nbsp;&nbsp;D. Federal Taxes and Distributions to Shareholders — It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule.

---

| | | |
|:---|:---|:---|
| **Fund** | **Income Distributions**<br> **Declared/Paid** | **Capital Gains Distributions**<br> **Declared/Paid** |
| China Equity Fund | Annually | Annually |
| Emerging Markets Equity Fund | Annually | Annually |
| Emerging Markets Equity ex. China Fund | Annually | Annually |
| ESG Emerging Markets Equity Fund | Annually | Annually |
| International Equity ESG Fund | Annually | Annually |
| International Equity Income Fund | Semi-Annually | Annually |

---

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund's distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds' net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

&nbsp;&nbsp;&nbsp;&nbsp;E. Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in United States ("U.S.") dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

70.0 ------

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

Underlying Funds (including Money Market Funds) — Underlying funds ("Underlying Funds") include exchange-traded funds ("ETFs") and other investment companies. Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds' shares will correspondingly fluctuate in value. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund's accounting policies and investment holdings, please see the Underlying Fund's shareholder report.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**71**

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GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter ("OTC") and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

&nbsp;&nbsp;&nbsp;&nbsp;i. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;C. Fair Value Hierarchy — The following is a summary of the Funds' investments and derivatives classified in the fair value hierarchy as of April 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **China Equity Fund** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315490 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31131457 | $— |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315490 | $31131457 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Emerging Markets Equity Fund** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $39169907 | $27109217 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 93382237 | 2143947793 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 15887019 | 105106913 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 79327660 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 104264337 | 29642800 |  |
|  Investment Company | 4193129 |  |  |
|  Securities Lending Reinvestment Vehicle | 3035500 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339259789 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2305806723 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

72.0 ------

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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| | | | |
|:---|:---|:---|:---|
| **Emerging Markets Equity ex. China Fund** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $215017 | $113383 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 416756 | 7846419 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 75741 | 577302 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 399259 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 644907 | 139771 |  |
|  Investment Company | 7 |  |  |
|  **Total** | $1751687 | $8676875 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **ESG Emerging Markets Equity Fund** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $329699 | $222701 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 1247048 | 17250508 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 179574 | 595478 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 611051 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 1022910 | 226891 |  |
|  Investment Company | 261 |  |  |
|  **Total** | $3390543 | $18295578 | $— |
| **International Equity ESG Fund** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $19111675 | $236523390 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe |  | 585656016 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 55004267 | 68489549 |  |
|  Investment Company | 14366058 |  |  |
|  **Total** | $88482000 | $890668955 | $— |
| **International Equity Income Fund** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $— | $475613369 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 151109939 | 1134897566 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 48465924 | 300323669 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceania |  | 105130337 |  |
|  Investment Company | 85453120 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285028983 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2015964941 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**73**

------

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

<sup>(a)</sup> 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. 

For further information regarding security characteristics, see the Schedules of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the Funds' gains (losses) related to these derivatives and their indicative volumes for the six months ended April 30, 2025. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in "Net realized gain (loss)" or "Net change in unrealized gain (loss)" on the Statements of Operations:

---

| | | | |
|:---|:---|:---|:---|
| **China Equity Fund** | **China Equity Fund** |  |  |
| <br> **Risk** | **Statement of Operations** | **Net Realized<br>Gain (Loss)** | **Net Change in**<br> **Unrealized**<br> **Gain (Loss)** |
| Equity | Net realized gain (loss) from futures contracts/Net<br>change in unrealized gain (loss) on futures contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4185 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds' business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund's average daily net assets.

For the six months ended April 30, 2025, contractual and effective net management fees with GSAM were at the following rates:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Contractual Management Rate**  | **Contractual Management Rate**  | **Contractual Management Rate**  | **Contractual Management Rate**  | **Contractual Management Rate**  | |  |
| **Fund** | **First<br>$1 billion** | **Next<br>$1 billion** | **Next<br>$3 billion** | **Next<br>$3 billion** | **Over<br>$8 billion** | **Effective**<br> **Rate** | **Effective Net**<br> **Management**<br> **Rate<sup>^</sup>**  |
|  China Equity Fund | 1.00% | 0.90% | 0.86% | 0.84% | 0.82% | 1.00% | 1.00% |
|  Emerging Markets Equity Fund | 1.02 | 1.02 | 0.92 | 0.87 | 0.85 | 0.99 | 0.90 <sup>(1)</sup> |
|  Emerging Markets Equity ex. China Fund | 0.90 | 0.90 | 0.81 | 0.77 | 0.75 | 0.90 | 0.90 |
|  ESG Emerging Markets Equity Fund | 0.98 | 0.98 | 0.88 | 0.84 | 0.82 | 0.98 | 0.91 <sup>(2)</sup> |
|  International Equity ESG Fund | 0.85 | 0.77 | 0.73 | 0.71 | 0.70 | 0.85 | 0.82 <sup>(3)</sup> |
|  International Equity Income Fund | 0.80 | 0.72 | 0.68 | 0.67 | 0.66 | 0.76 | 0.76 |

---

<sup>^</sup> Effective Net Management Rate includes the impact of management fee waivers of affiliated Underlying Funds, if any. The Effective Net Management Rate may not correlate to the Contractual Management Rate as a result of management fee waivers that may be in effect from time to time.

<sup>(1)</sup> GSAM agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.90% as an annual percentage of the average daily net assets of the Fund. This waiver will be effective through at least February 28, 2026, and prior to such date GSAM may not terminate the arrangement without approval of the Trustees. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

74.0 ------

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

<sup>(2)</sup> GSAM agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.91% as an annual percentage of average daily net assets of the Fund. This waiver will be effective through at least February 28, 2026, and prior to such date GSAM may not terminate the arrangement without approval of the Trustees. 

<sup>(3)</sup> GSAM agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.82% as an annual percentage of the average daily net assets of the Fund. This waiver will be effective through at least February 28, 2026, and prior to such date GSAM may not terminate the arrangement without approval of the Trustees. 

The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds' investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund. For the six months ended April 30, 2025, GSAM waived $42, $3,983, $14, $136, $9,611 and $37,923 of the China Equity, Emerging Markets Equity, Emerging Markets Equity ex. China, ESG Emerging Markets Equity, International Equity ESG and International Equity Income Funds' management fees, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A and Class R Shares of each applicable Fund, has adopted Distribution and Service Plans subject to Rule 12b-1 under the Act. Under the Distribution and Service Plans, Goldman Sachs, which serves as distributor (the "Distributor"), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A or Class R Shares of the Funds, as applicable, as set forth below.

The Trust, on behalf of Class C Shares of each applicable Fund, has adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Funds, as set forth below.

The Trust, on behalf of Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Funds as set forth below.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution and/or Service Plan Rates**  | **Distribution and/or Service Plan Rates**  | **Distribution and/or Service Plan Rates**  | **Distribution and/or Service Plan Rates**  |
|  | **Class A\*** | **Class C** | **Service** | **Class R\*** |
|  Distribution and/or Service Plan | 0.25% | 0.75% | 0.25% | 0.50% |

---

\* With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and/or Service Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on "service fees" imposed by the Financial Industry Regulatory Authority. 

&nbsp;&nbsp;&nbsp;&nbsp;C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares' front end sales charge and Class C Shares' CDSC. During the six months ended April 30, 2025, Goldman Sachs retained the following amounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**75**

------

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

---

| | | |
|:---|:---|:---|
|  | **Front End**<br>**Sales Charge**  | **Contingent Deferred**<br>**Sales Charge**  |
| **Fund** | <br> **Class A** | <br> **Class C** |
|  China Equity Fund | $25 | $— |
|  Emerging Markets Equity Fund | 356 |  |
|  International Equity ESG Fund | 706 | 81 |
|  International Equity Income Fund | 5991 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;D. Service and Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Service Plans to allow Class C Shares and Shareholder Administration Plans to allow Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance or shareholder administration services to their customers who are beneficial owners of such shares. The Service and Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C and Service Shares of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.15% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional and Service Shares.

For the six months ended April 30, 2025, the transfer agency fee waivers were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **China Equity Fund** | **Emerging Markets**<br> **Equity Fund** | **International Equity**<br> **ESG Fund** | **International Equity**<br> **Income Fund** |
| Transfer Agency Waivers (Class A, Class C, Investor, and Class R Shares) <sup>\*</sup> | –% | 0.06% 0.02%<sup>(a)</sup> 0.01%<sup>(b)</sup> | 0.05% | 0.03% |

---

\* These arrangements will remain in effect through at least February 28, 2026, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the board of trustees.

<sup>(a)</sup> Prior to February 28, 2025, the waiver was 0.01%. 

<sup>(b)</sup> Prior to February 28, 2025, the waiver was 0.05%. 

&nbsp;&nbsp;&nbsp;&nbsp;F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain "Other Expenses" of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the China Equity, Emerging Markets Equity, Emerging Markets Equity ex. China, ESG Emerging Markets Equity, International Equity ESG and International Equity Income Funds are 0.054%, 0.104%, 0.084%, 0.074%, 0.004% and 0.014%, respectively. These Other Expense limitations will remain in place through at least February 28, 2026 and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. Prior to February 28, 2025, the Other Expense limitation was 0.124% for Emerging Markets Equity ex. China and 0.124% for ESG Emerging Markets Equity. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds' expenses and are received irrespective of the application of the "Other Expense" limitations described above.

For the six months ended April 30, 2025, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

76.0 ------

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Management**<br> **Fee Waiver** | **Transfer Agency**<br> **Waiver/Credits** | **Other Expense**<br> **Reimbursements** | **Total Expense** <br> **Reductions**  |
|  China Equity Fund | $43 | $– | $158036 | $158079 |
|  Emerging Markets Equity Fund | 991490 | 60619 |  | 1052109 |
|  Emerging Markets Equity ex. China Fund | 14 | 21 | 154080 | 154115 |
|  ESG Emerging Markets Equity Fund | 7847 | 455 | 184590 | 192892 |
|  International Equity ESG Fund | 151263 | 51530 | 361169 | 563962 |
|  International Equity Income Fund | 37923 | 86119 | 358748 | 482790 |

---

&nbsp;&nbsp;&nbsp;&nbsp;G. Line of Credit Facility — As of April 30, 2025, the Funds participated in a $1,300,000,000 committed, unsecured revolving line of credit facility (the "facility") together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended April 30, 2025, the Funds did not have any borrowings under the facility. Prior to April 14, 2025, the facility was $1,150,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;H. Other Transactions with Affiliates — For the six months ended April 30, 2025, Goldman Sachs earned $303 and $3 in brokerage commissions from portfolio transactions, on behalf of the Emerging Markets Equity and ESG Emerging Markets Equity, respectively.

The following table provides information about the Fund's investments in the Underlying Fund as of and for the six months ended April 30, 2025:

#### China Equity Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Fund** | **Beginning value**<br> **as of October 31,**<br> **2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of**<br> **April 30, 2025** | **Shares as of April**<br> **30, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
|  | $– | $1864162 | $(1864162) | $– |  | $1248 |
| Emerging Markets Equity Fund | Emerging Markets Equity Fund | Emerging Markets Equity Fund | Emerging Markets Equity Fund | Emerging Markets Equity Fund | Emerging Markets Equity Fund | Emerging Markets Equity Fund |
| **Underlying Fund** | **Beginning value**<br> **as of October 31,**<br> **2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of**<br> **April 30, 2025** | **Shares as of April**<br> **30, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
|  |  | 172950939 | (168757810) | 4193129 | 4193129 | 98259 |
| Emerging Markets Equity ex. China Fund | Emerging Markets Equity ex. China Fund | Emerging Markets Equity ex. China Fund | Emerging Markets Equity ex. China Fund | Emerging Markets Equity ex. China Fund | Emerging Markets Equity ex. China Fund | Emerging Markets Equity ex. China Fund |
| **Underlying Fund** | **Beginning value**<br> **as of October 31,**<br> **2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of**<br> **April 30, 2025** | **Shares as of April**<br> **30, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
|  | 99638 | 348156 | (447787) | 7 | 7 | 377 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**77**

------

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

#### ESG Emerging Markets Equity Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Fund** | **Beginning value<br>as of October 31,<br>2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>April 30, 2025** | **Shares as of April<br>30, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
|  | $90986 | $2498086 | $(2588811) | $261 | 261 | $3621 |
| International Equity ESG Fund | International Equity ESG Fund | International Equity ESG Fund | International Equity ESG Fund | International Equity ESG Fund | International Equity ESG Fund | International Equity ESG Fund |
| **Underlying Fund** | **Beginning value<br>as of October 31,<br>2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>April 30, 2025** | **Shares as of April<br>30, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
|  | 25157546 | 157648185 | (168439673) | 14366058 | 14366058 | 255412 |
| International Equity Income Fund | International Equity Income Fund | International Equity Income Fund | International Equity Income Fund | International Equity Income Fund | International Equity Income Fund | International Equity Income Fund |
| **Underlying Fund** | **Beginning value<br>as of October 31,<br>2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>April 30, 2025** | **Shares as of April<br>30, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
|  | 37356685 | 470974279 | (422877844) | 85453120 | 85453120 | 1012278 |

---

As of April 30, 2025, The Goldman Sachs Group, Inc. was the beneficial owner of the following Funds:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Class A** | **Class C** | **Class R** | **Class R6** | **Institutional** | **Investor** |
|  China Equity Fund | –% | –% | –% | –% | –% | 7% |
|  Emerging Markets Equity ex. China Fund | 46 | 100 | 100 | 100 | 82 | 100 |
|  ESG Emerging Markets Equity Fund |  | 10 | 6 | 18 |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended April 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
|  China Equity Fund | $8667464 | $13676513 |
|  Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497631392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700275713 |
|  Emerging Markets Equity ex. China Fund | 1663527 | 2721314 |
|  ESG Emerging Markets Equity Fund | 4493667 | 5392987 |
|  International Equity ESG Fund | 211376724 | 347734078 |
|  International Equity Income Fund | 674828807 | 323570472 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

78.0 ------

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission ("SEC") and the terms and conditions contained therein, the Funds may lend their 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 Funds' securities lending procedures, the Funds receive 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 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 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 is unable to purchase replacement securities, GSAL 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 amounts of the Funds' overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of April 30, 2025, are disclosed as "Payable upon return of securities loaned" on the Statements of Assets and Liabilities, where applicable.

Both the Funds and GSAL received compensation relating to the lending of the Funds' securities. The amounts earned by the Funds for the six months ended April 30, 2025 are reported under Investment Income on the Statements of Operations.

The table below details securities lending activity with affiliates of Goldman Sachs:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | |
| **Fund** | **Earnings of GSAL<br>Relating to<br>Securities**<br> **Loaned** | **Amounts Received<br>by the Funds<br>from Lending to<br>Goldman Sachs** | **Amounts Payable to<br>Goldman Sachs<br>Upon Return of<br>Securities Loaned as of<br>April 30, 2025** |
|  China Equity Fund | $102 | $— | $— |
|  Emerging Markets Equity Fund | 2836 |  |  |
|  International Equity ESG Fund | 1508 |  |  |
|  International Equity Income Fund | 2703 |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**79**

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GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. SECURITIES LENDING (continued)

The following table provides information about the Funds' investments in the Government Money Market Fund for the six months ended April 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Beginning value as**<br> **of October 31, 2024** | **Purchases**<br> **at Cost** | **Proceeds**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;from Sales**  | **Ending value as** <br> **of April 30, 2025** |
|  China Equity Fund | $106400 | $137963 | $(244363) | $— |
|  Emerging Markets Equity Fund | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35148000 | (33612500) | 3035500 |
|  International Equity ESG Fund |  | 72364700 | (72364700) |  |
|  International Equity Income Fund |  | 122712250 | (122712250) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. TAX INFORMATION

As of the Funds' most recent fiscal year end, October 31, 2024, the Funds' capital loss carryforwards on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **China Equity Fund** | **Emerging Markets<br>Equity Fund** | **Emerging Markets<br>Equity ex. China**<br> **Fund** | **ESG Emerging<br>Markets Equity**<br> **Fund** | **International<br>Equity ESG Fund** | **International** <br> **Equity Income** <br> **Fund** |
|  Capital loss carryforwards: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Short-Term | $(18652267) | $(479028994) | $(7082) | $(35277437) | $(8557460) | $(806215) |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Long-Term | (29290732) | (503906104) | (189776) | (33151795) | (20449574) |  |
|  Total capital loss carryforwards | (47942999) | (982935098) | (196858) | (68429232) | (29007034) | (806215) |

---

As of April 30, 2025, the Funds' aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **China Equity Fund** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerging Markets** <br> **Equity Fund** | **Emerging Markets**<br> **Equity ex. China Fund**  |
|  Tax Cost | $27543280 | $2131042506 | $8625600 |
|  Gross unrealized gain | 64745569 | 505661219184 | 486092051 |
|  Gross unrealized loss | (59841902) | (505147195178) | (484289089) |
|  Net unrealized gain (loss) | $4903667 | $514024006 | $1802962 |
|  | **ESG Emerging Markets** <br> **Equity Fund** | **International Equity<br>ESG Fund** | **International Equity <br>Income Fund** |
|  Tax Cost | $17821924 | $826333960 | $1962112949 |
|  Gross unrealized gain | 2184529776 | 6197872707 | 4404142109 |
|  Gross unrealized loss | (2180665579) | (6045055712) | (4065261134) |
|  Net unrealized gain (loss) | $3864197 | $152816995 | $338880975 |

---

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, and differences in the tax treatment of passive foreign investment company investments and underlying fund investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

80.0 ------

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. TAX INFORMATION (continued)

GSAM has reviewed the Funds' tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds' financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. OTHER RISKS

The Funds' risks include, but are not limited to, the following:

ESG Standards Risk — The ESG Emerging Markets Equity and International Equity ESG Funds' adherence to their environmental, social and governance ("ESG") criteria and the application of GSAM's supplemental ESG analysis when selecting investments may affect the Funds' exposure to certain companies, sectors, regions, and countries and may affect the Funds' performance depending on whether such investments are in or out of favor. For example, the Funds generally will not seek to invest in companies that GSAM believes have adverse social or environmental impacts (i.e., gambling, alcohol, tobacco, coal or weapons companies).

Foreign Custody Risk — A Fund invests in foreign securities, and as such the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund's custodian (each a "Foreign Custodian"). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund's ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

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.

Issuer Concentration Risk — The Funds may invest in a relatively small number of issuers. As a result, they may be subject to greater risks than a fund that invests in a greater number of issuers. A change in the value of any single investment held by the Funds may affect the overall value of the Funds more than it would affect a mutual fund that holds more investments. In particular, the Funds may be more susceptible to adverse developments affecting any single issuer in the Funds and may be susceptible to greater losses because of these developments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**81**

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GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. OTHER RISKS (continued)

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.

Liquidity Risk — A 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. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors' interests because of unusual market conditions, declining prices of the securities sold, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund's NAV and dilute remaining investors' interests. These risks may be more pronounced in connection with the Funds' investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund's liquidity.

Market and Credit Risks — In the normal course of business, a 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 a 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, 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. Additionally, a 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.

Mid-Cap and Small-Cap Risk — Investments in mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.

Non-Diversification Risk — Emerging Markets Equity, Emerging Markets Equity ex. China and ESG Emerging Markets Equity 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.

Sector Risk — To the extent a Fund focuses its investments in securities of issuers in one or more sectors (such as the financial services or telecommunications sectors), the Fund may be subjected, to a greater extent than if its investments were diversified across different sectors, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that sector, such as: adverse economic, business, political, environmental or other developments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. INDEMNIFICATIONS

Under the Trust's organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

82.0 ------

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. INDEMNIFICATIONS (continued)

course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. OTHER MATTERS

The Funds adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Each Fund operates in one segment. The segment derives its revenues from Fund investments made in accordance with the defined investment strategy of the Fund, as prescribed in the Funds' prospectus. The Chief Operating Decision Maker ("CODM") is the Investment Adviser. The CODM monitors and actively manages the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for the Funds' single segment, is consistent with that presented within the Funds' financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. SUBSEQUENT EVENTS

Subsequent events have been evaluated through the date of issuance, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**83**

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GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **China Equity Fund** | **China Equity Fund** | **China Equity Fund** | **China Equity Fund** |
|  | **For the Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **For the Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **October 31, 2024** | **For the Fiscal Year Ended**<br> **October 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 101518 | $2084628 | 354499 | $6374263 |
|  Reinvestment of distributions | 5957 | 116351 | 4480 | 76127 |
|  Shares redeemed | (108184) | (2158242) | (450477) | (8007859) |
|  | (709) | 42737 | (91498) | (1557469) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 730 | 12772 | 34543 | 525035 |
|  Reinvestment of distributions | 110 | 1861 | 57 | 838 |
|  Shares redeemed | (23076) | (410211) | (44891) | (696594) |
|  | (22236) | (395578) | (10291) | (170721) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 56528 | 1238993 | 163812 | 3127664 |
|  Reinvestment of distributions | 4917 | 104096 | 4205 | 77290 |
|  Shares redeemed | (128671) | (2931163) | (202702) | (4084508) |
|  | (67226) | (1588074) | (34685) | (879554) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 180 | 3943 | 5423 | 115268 |
|  Reinvestment of distributions | 138 | 2899 | 73 | 1342 |
|  Shares redeemed | (5342) | (113028) | (9350) | (175389) |
|  | (5024) | (106186) | (3854) | (58779) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 11229 | 261534 | 12476 | 279299 |
|  Reinvestment of distributions | 392 | 8253 | 366 | 6706 |
|  Shares redeemed | (11521) | (261635) | (22349) | (447245) |
|  | 100 | 8152 | (9507) | (161240) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 4745 | 100580 | 5331 | 115761 |
|  Reinvestment of distributions | 13422 | 283207 | 19788 | 362518 |
|  Shares redeemed | (119984) | (2656168) | (792625) | (15330455) |
|  | (101817) | (2272381) | (767506) | (14852176) |
|  **NET DECREASE IN SHARES** | (196913) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4311330) | (917341) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17679939) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

84.0 ------

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** |
|  | **For the Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **For the Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **October 31, 2024** | **For the Fiscal Year Ended**<br> **October 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 635046 | $13955633 | 1620328 | $33473289 |
|  Reinvestment of distributions | 44129 | 953623 | 56617 | 1093268 |
|  Shares redeemed | (678482) | (14857627) | (1965514) | (40532588) |
|  | 693 | 51629 | (288569) | (5966031) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 7443 | 144285 | 52829 | 919284 |
|  Reinvestment of distributions |  |  | 2972 | 50502 |
|  Shares redeemed | (103274) | (1982186) | (445878) | (8009447) |
|  | (95831) | (1837901) | (390077) | (7039661) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 6211843 | 145458529 | 21219030 | 477092890 |
|  Reinvestment of distributions | 819160 | 19029098 | 1122121 | 23272793 |
|  Shares redeemed | (11791425) | (277600337) | (27615919) | (611547042) |
|  | (4760422) | (113112710) | (5274768) | (111181359) |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 100980 | 2094841 | 116633 | 2328879 |
|  Reinvestment of distributions | 5960 | 123854 | 9126 | 169483 |
|  Shares redeemed | (89847) | (1889058) | (196107) | (4018539) |
|  | 17093 | 329637 | (70348) | (1520177) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 398903 | 9351540 | 1576175 | 34697238 |
|  Reinvestment of distributions | 34229 | 789664 | 62500 | 1287501 |
|  Shares redeemed | (954712) | (21960756) | (3772364) | (82074389) |
|  | (521580) | (11819552) | (2133689) | (46089650) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 497939 | 11835112 | 1084640 | 24428749 |
|  Reinvestment of distributions | 49276 | 1149600 | 74890 | 1559956 |
|  Shares redeemed | (991144) | (23443241) | (2187229) | (49655280) |
|  | (443929) | (10458529) | (1027699) | (23666575) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 862771 | 19671033 | 2239233 | 48563792 |
|  Reinvestment of distributions | 190102 | 4436977 | 292736 | 6100618 |
|  Shares redeemed | (2413691) | (57066189) | (6900199) | (152140395) |
|  | (1360818) | (32958179) | (4368230) | (97475985) |
|  **NET DECREASE IN SHARES** | (7164794) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(169805605) | (13553380) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(292939438) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**85**

------

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Emerging Markets Equity ex. China Fund** | **Emerging Markets Equity ex. China Fund** | **Emerging Markets Equity ex. China Fund** | **Emerging Markets Equity ex. China Fund** |
|  | **For the Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **For the Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **For the Fiscal Year Ended<br>October 31, 2024** | **For the Fiscal Year Ended<br>October 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 2952 | $34193 | 5055 | $62209 |
|  Reinvestment of distributions | 70 | 841 | 36 | 396 |
|  Shares redeemed | (1447) | (17428) | (1384) | (16723) |
|  | 1575 | 17606 | 3707 | 45882 |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 1210 | 14100 | 79626 | 906654 |
|  Reinvestment of distributions | 6421 | 76983 | 5081 | 56292 |
|  Shares redeemed | (1120) | (13425) | (5864) | (70561) |
|  | 6511 | 77658 | 78843 | 892385 |
|  **Investor Shares** |  |  |  |  |
|  Shares sold |  |  |  |  |
|  Reinvestment of distributions | 51 | 605 | 41 | 462 |
|  Shares redeemed |  |  |  |  |
|  | 51 | 605 | 41 | 462 |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold |  |  |  |  |
|  Reinvestment of distributions | 56 | 674 | 48 | 532 |
|  Shares redeemed |  |  |  |  |
|  | 56 | 674 | 48 | 532 |
|  **Class R Shares** |  |  |  |  |
|  Shares sold |  |  |  |  |
|  Reinvestment of distributions | 24 | 296 | 18 | 188 |
|  Shares redeemed |  |  |  |  |
|  | 24 | 296 | 18 | 188 |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 4677 | 57760 | 113698 | 1350523 |
|  Reinvestment of distributions | 3809 | 45633 | 3051 | 33781 |
|  Shares redeemed | (100800) | (1177660) | (44602) | (527679) |
|  | (92314) | (1074267) | 72147 | 856625 |
|  **NET INCREASE (DECREASE) IN SHARES** | (84097) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(977428) | 154804 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1796074 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

86.0 ------

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** |
|  | **For the Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **For the Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **October 31, 2024** | **For the Fiscal Year Ended**<br> **October 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 7919 | $80559 | 3563 | $33825 |
|  Reinvestment of distributions | 1173 | 11662 | 2670 | 23462 |
|  Shares redeemed | (18017) | (182743) | (41953) | (390660) |
|  | (8925) | (90522) | (35720) | (333373) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold |  |  |  |  |
|  Reinvestment of distributions | 5 | 43 | 45 | 389 |
|  Shares redeemed |  |  | (559) | (5284) |
|  | 5 | 43 | (514) | (4895) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 87019 | 875833 | 251983 | 2404119 |
|  Reinvestment of distributions | 13758 | 136748 | 26925 | 236409 |
|  Shares redeemed | (107742) | (1087575) | (716836) | (6596573) |
|  | (6965) | (74994) | (437928) | (3956045) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 1491 | 14597 | 31861 | 290616 |
|  Reinvestment of distributions | 350 | 3481 | 969 | 8507 |
|  Shares redeemed | (3329) | (33846) | (48743) | (485070) |
|  | (1488) | (15768) | (15913) | (185947) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 234 | 2358 | 3209 | 31767 |
|  Reinvestment of distributions | 41 | 403 | 40 | 350 |
|  Shares redeemed | (1) | (9) | (1297) | (11760) |
|  | 274 | 2752 | 1952 | 20357 |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 1196 | 12018 | 6592 | 61480 |
|  Reinvestment of distributions | 94 | 921 | 333 | 2902 |
|  Shares redeemed | (5209) | (50008) | (14005) | (128502) |
|  | (3919) | (37069) | (7080) | (64120) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 28923 | 283597 | 66067 | 587570 |
|  Reinvestment of distributions | 3885 | 38617 | 11572 | 101718 |
|  Shares redeemed | (95932) | (991863) | (368741) | (3484258) |
|  | (63124) | (669649) | (291102) | (2794970) |
|  **NET DECREASE IN SHARES** | (84142) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(885207) | (786305) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7318993) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**87**

------

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **International Equity ESG Fund** | **International Equity ESG Fund** | **International Equity ESG Fund** | **International Equity ESG Fund** |
|  | **For the Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **For the Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **For the Fiscal Year Ended<br>October 31, 2024** | **For the Fiscal Year Ended<br>October 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 256182 | $7055791 | 495169 | $13385188 |
|  Reinvestment of distributions | 51707 | 1349037 | 47226 | 1226923 |
|  Shares redeemed | (1392227) | (37461389) | (1438379) | (39015402) |
|  | (1084338) | (29056561) | (895984) | (24403291) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 18635 | 458486 | 27289 | 683927 |
|  Reinvestment of distributions | 3982 | 95132 | 2614 | 62231 |
|  Shares redeemed | (55650) | (1393870) | (88902) | (2218879) |
|  | (33033) | (840252) | (58999) | (1472721) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 3259981 | 92781269 | 8891626 | 245292145 |
|  Reinvestment of distributions | 363998 | 9747856 | 229772 | 6128037 |
|  Shares redeemed | (6498725) | (183420666) | (8621651) | (240322603) |
|  | (2874746) | (80891541) | 499747 | 11097579 |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 2781 | 79387 | 13222 | 396885 |
|  Reinvestment of distributions | 910 | 24820 | 374 | 10169 |
|  Shares redeemed | (13111) | (384117) | (6918) | (194816) |
|  | (9420) | (279910) | 6678 | 212238 |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 971071 | 27633087 | 1474940 | 40842238 |
|  Reinvestment of distributions | 109754 | 2918361 | 67228 | 1780835 |
|  Shares redeemed | (1358013) | (38441815) | (1861759) | (51429116) |
|  | (277188) | (7890367) | (319591) | (8806043) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 502660 | 14137037 | 1202175 | 33326211 |
|  Reinvestment of distributions | 81944 | 2180538 | 56269 | 1491701 |
|  Shares redeemed | (814201) | (23075521) | (1347725) | (37732142) |
|  | (229597) | (6757946) | (89281) | (2914230) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 85427 | 2364313 | 161333 | 4421707 |
|  Reinvestment of distributions | 86883 | 2312822 | 59198 | 1569941 |
|  Shares redeemed | (237820) | (6695727) | (854929) | (22982527) |
|  | (65510) | (2018592) | (634398) | (16990879) |
|  **NET DECREASE IN SHARES** | (4573832) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(127735169) | (1491828) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43277347) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

88.0 ------

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **International Equity Income Fund** | **International Equity Income Fund** | **International Equity Income Fund** | **International Equity Income Fund** |
|  | **For the Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **For the Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **October 31, 2024** | **For the Fiscal Year Ended**<br> **October 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 1075332 | $19304804 | 1443354 | $23663097 |
|  Reinvestment of distributions | 19657 | 323753 | 147267 | 2388535 |
|  Shares redeemed | (792384) | (13827511) | (1795173) | (28998956) |
|  | 302605 | 5801046 | (204552) | (2947324) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 47671 | 727088 | 130178 | 1892847 |
|  Reinvestment of distributions |  |  | 10645 | 150086 |
|  Shares redeemed | (33678) | (507608) | (83001) | (1206865) |
|  | 13993 | 219480 | 57822 | 836068 |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 20460537 | 383163382 | 24005530 | 422249334 |
|  Reinvestment of distributions | 466074 | 8156287 | 1676829 | 29021536 |
|  Shares redeemed | (8908389) | (164353284) | (8913342) | (155853812) |
|  | 12018222 | 226966385 | 16769017 | 295417058 |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 9910628 | 173149733 | 13844214 | 226719775 |
|  Reinvestment of distributions | 203932 | 3344495 | 797641 | 12925592 |
|  Shares redeemed | (4927999) | (86087926) | (8593633) | (137620093) |
|  | 5186561 | 90406302 | 6048222 | 102025274 |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 4210164 | 78310661 | 3038657 | 53796066 |
|  Reinvestment of distributions | 46233 | 807684 | 149061 | 2576510 |
|  Shares redeemed | (1007045) | (18609158) | (1105243) | (19360109) |
|  | 3249352 | 60509187 | 2082475 | 37012467 |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 15215 | 262961 | 34591 | 587573 |
|  Reinvestment of distributions | 352 | 5832 | 2018 | 33162 |
|  Shares redeemed | (12181) | (212115) | (6541) | (102651) |
|  | 3386 | 56678 | 30068 | 518084 |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 1241972 | 23216094 | 300779 | 5315930 |
|  Reinvestment of distributions | 26745 | 466966 | 111070 | 1910660 |
|  Shares redeemed | (368943) | (6815776) | (393395) | (6831341) |
|  | 899774 | 16867284 | 18454 | 395249 |
|  **NET INCREASE IN SHARES** | 21673893 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400826362 | 24801506 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433256876 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**89**

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![LOGO](g71257dsp090.jpg)

TRUSTEES Gregory G. Weaver, Chair Cheryl K. Beebe Dwight L. Bush Kathryn A. Cassidy John G. Chou Joaquin Delgado Eileen H. Dowling Lawrence Hughes John F. Killian Steven D. Krichmar Michael Latham James A. McNamara Lawrence W. Stranghoener GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent GOLDMAN SACHS ASSET MANAGEMENT, Investment Adviser 200 West Street, New York, New York 10282 OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Robert Griffith, Secretary© 2025 Goldman Sachs. All rights reserved. EQINTEMESAR-25

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![LOGO](g88481dsp001.jpg)

Goldman Sachs FundsSemi-Annual Financial Statements April 30, 2025Goldman Sachs International EquityInsights FundsGoldman Sachs Emerging Markets Equity Insights FundGoldman Sachs International Equity Insights FundGoldman Sachs International Small Cap Insights Fund

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Goldman Sachs International Equity Insights Funds

---

| | |
|:---|:---|
| **Table of Contents** | **Page** |
|  [**Schedules of Investments**](#iei88481_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Emerging Markets Equity Insights Fund](#iei88481_2) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs International Equity Insights Fund](#iei88481_3) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs International Small Cap Insights Fund](#iei88481_4) | 18 |
|  [**Financial Statements**](#iei88481_5) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#iei88481_6) | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#iei88481_7) | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#iei88481_8) | 31 |
|  [**Financial Highlights**](#iei88481_9) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Emerging Markets Equity Insights Fund](#iei88481_10) | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs International Equity Insights Fund](#iei88481_11) | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs International Small Cap Insights Fund](#iei88481_12) | 48 |
|  [**Notes to Financial Statements**](#iei88481_13) | 54 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 95.7% | Common Stocks – 95.7% | Common Stocks – 95.7% |
| Brazil – 2.4% | Brazil – 2.4% | Brazil – 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023100 | Ambev SA ADR (Food, Beverage & Tobacco) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2588443 |
| 1488100 | Anima Holding SA (Consumer Services) | 836461 |
| 45200 | Banco Bradesco SA (Banks) | 97406 |
| 319200 | Banco Bradesco SA ADR (Banks) | 785232 |
| 1033900 | BB Seguridade Participacoes SA (Insurance) | 7791847 |
| 185600 | BRF SA (Food, Beverage & Tobacco) | 742380 |
| 151200 | Centrais Eletricas Brasileiras SA (Utilities) | 1170937 |
| 164800 | Cia De Sanena Do Parana (Utilities) | 892365 |
| 135500 | Cia Energetica de Minas Gerais ADR (Utilities) | 256095 |
| 8749200 | Cogna Educacao SA (Consumer Services) | 3977505 |
| 471100 | CSN Mineracao SA (Materials) | 509688 |
| 336650 | Embraer SA ADR (Capital Goods)\* | 15465701 |
| 90500 | Ez Tec Empreendimentos e Participacoes SA (Consumer Durables & Apparel) | 211772 |
| 304200 | Fleury SA (Health Care Equipment & Services) | 696291 |
| 231300 | Grupo SBF SA (Consumer Discretionary Distribution & Retail) | 432428 |
| 512500 | Iochpe Maxion SA (Automobiles & Components) | 1112570 |
| 64700 | Marfrig Global Foods SA (Food, Beverage & Tobacco) | 244884 |
| 208600 | Minerva SA (Food, Beverage & Tobacco)\* | 217232 |
| 497100 | Movida Participacoes SA (Transportation) | 619278 |
| 286100 | Rede D'Or Sao Luiz SA (Health Care Equipment & Services)<sup>(a)</sup> | 1614217 |
| 365400 | Transmissora Alianca de Energia Eletrica SA (Utilities) | 2312744 |
| 804500 | Vale SA ADR (Materials) | 7489895 |
| 609700 | YDUQS Participacoes SA (Consumer Services) | 1535222 |
|  |  | 51600593 |
| Chile – 0.9% | Chile – 0.9% | Chile – 0.9% |
| 99416710 | Banco de Chile (Banks) | 14594010 |
| 35824 | Banco de Credito e Inversiones SA (Banks) | 1418750 |
| 24509384 | Cia Sud Americana de Vapores SA (Transportation) | 1353738 |
| 24387164 | Enel Americas SA (Utilities) | 2394701 |
| 267136 | Engie Energia Chile SA (Utilities) | 316256 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Chile – (continued) | Chile – (continued) | Chile – (continued) | Chile – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180591 | Vina Concha y Toro SA (Food, Beverage & Tobacco) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223905 |
|  |  |  | 20301360 |
| China – 28.5% | China – 28.5% | China – 28.5% | China – 28.5% |
| 5481800 | Alibaba Group Holding Ltd. (Consumer Discretionary Distribution & Retail) |  | 81843445 |
| 1744910 | Anhui Conch Cement Co. Ltd., Class A (Materials) |  | 5777068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7148339 | Bank of Shanghai Co. Ltd., Class A (Banks) |  | 10213612 |
| 33500 | BeiGene Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)\* |  | 677018 |
| 727560 | Bilibili, Inc., Class Z (Media & Entertainment)\* |  | 12771623 |
| 241000 | BYD Co. Ltd., Class H (Automobiles & Components) |  | 11446595 |
| 29527000 | China Construction Bank Corp., Class H (Banks) |  | 24254305 |
| 562000 | China East Education Holdings Ltd. (Consumer Services)<sup>(a)</sup> |  | 425570 |
| 4952300 | China Energy Engineering Corp. Ltd., Class A (Capital Goods) |  | 1498263 |
| 2622000 | China Feihe Ltd. (Food, Beverage & Tobacco)<sup>(a)</sup> |  | 1981436 |
| 714495 | China Jushi Co. Ltd., Class A (Materials) |  | 1152192 |
| 8188000 | China Life Insurance Co. Ltd., Class H (Insurance) |  | 14964358 |
| 3330600 | China Pacific Insurance Group Co. Ltd., Class H (Insurance) |  | 9061784 |
| 2156500 | China Yongda Automobiles Services Holdings Ltd. (Consumer Discretionary Distribution & <br>Retail)<sup>(b)</sup> |  | 687509 |
| 12042000 | CITIC Ltd. (Capital Goods) |  | 14639135 |
| 1227000 | CMOC Group Ltd., Class H (Materials) |  | 963286 |
| 1772000 | Consun Pharmaceutical Group Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |  | 2110325 |
| 1194000 | Country Garden Services Holdings Co. Ltd. (Real Estate Management & Development) |  | 1065980 |
| 122276 | Eastroc Beverage Group Co. Ltd., Class A (Food, Beverage & Tobacco) |  | 4810328 |
| 10106000 | Geely Automobile Holdings Ltd. (Automobiles & Components) |  | 21215549 |
| 130000 | Guangzhou Automobile Group Co. Ltd., Class H (Automobiles & Components) |  | 45946 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>3</sub>

------

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 947600 | Henan Shuanghui Investment & Development Co. Ltd., Class A (Food, Beverage & Tobacco) | $3256349 |
| 147900 | Huadong Medicine Co. Ltd., Class A (Health Care Equipment & Services) | 789851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43666000 | Industrial & Commercial Bank of China Ltd., Class H (Banks) | 29911734 |
| 1200600 | Inner Mongolia Yili Industrial Group Co. Ltd., Class A (Food, Beverage & Tobacco) | 4915343 |
| 1632200 | JD.com, Inc., Class A (Consumer Discretionary Distribution & Retail) | &nbsp;&nbsp;&nbsp;&nbsp;26574547 |
| 108000 | Jiangsu Expressway Co. Ltd., Class H (Transportation) | 134393 |
| 1035600 | Kingsoft Corp. Ltd. (Media & Entertainment) | 5159780 |
| 3830000 | Lenovo Group Ltd. (Technology Hardware & Equipment) | 4429691 |
| 132500 | Li Auto, Inc., Class A (Automobiles & Components)\* | 1614469 |
| 2238060 | Meituan, Class B (Consumer Services)\*<sup>(a)</sup> | 37056539 |
| 60000 | NetDragon Websoft Holdings Ltd. (Media & Entertainment) | 76571 |
| 234850 | NetEase Cloud Music, Inc. (Media & Entertainment)\*<sup>(a)</sup> | 5492389 |
| 1074000 | NetEase, Inc. (Media & Entertainment) | 23087081 |
| 77900 | PDD Holdings, Inc. ADR (Consumer Discretionary Distribution & Retail)\* | 8223903 |
| 2479600 | People's Insurance Co. Group of China Ltd. (The), Class A (Insurance) | 2408796 |
| 37915000 | People's Insurance Co. Group of China Ltd. (The), Class H (Insurance) | 22438722 |
| 7340000 | PICC Property & Casualty Co. Ltd., Class H (Insurance) | 13516169 |
| 2984900 | Sany Heavy Industry Co. Ltd., Class A (Capital Goods) | 7769884 |
| 203100 | Shanghai Pudong Development Bank Co. Ltd., Class A (Banks) | 306122 |
| 193500 | Sinotruk Hong Kong Ltd. (Capital Goods) | 464961 |
| 1490900 | Tencent Holdings Ltd. (Media & Entertainment) | 91319048 |
| 7270000 | Tingyi Cayman Islands Holding Corp. (Food, Beverage & Tobacco) | 13132031 |
| 4391000 | Uni-President China Holdings Ltd. (Food, Beverage & Tobacco) | 5265395 |
| 92000 | Vipshop Holdings Ltd. ADR (Consumer Discretionary Distribution & Retail) | 1253040 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) | China – (continued) |
| 503000 | Want Want China Holdings Ltd. (Food, Beverage & Tobacco) | $| 329170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4911800 | Xiaomi Corp., Class B (Technology Hardware & Equipment)\*<sup>(a)</sup> |  | 31446348 |
| 525300 | XPeng, Inc., Class A (Automobiles & Components)\* |  | 4890026 |
| 392632 | Yealink Network Technology Corp. Ltd., Class A (Technology Hardware & Equipment) |  | 1794278 |
| 2167800 | Yunnan Yuntianhua Co. Ltd., Class A (Materials) |  | 6662219 |
| 3422754 | Yutong Bus Co. Ltd., Class A (Capital Goods) |  | 12637989 |
| 1348590 | Zangge Mining Co. Ltd., Class A (Materials) |  | 6711403 |
| 865500 | Zhejiang Longsheng Group Co. Ltd., Class A (Materials) |  | 1168791 |
| 6954950 | Zijin Mining Group Co. Ltd., Class A (Materials) |  | 16754943 |
| 2380000 | Zijin Mining Group Co. Ltd., Class H (Materials) |  | 5199548 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;617796850 |
| Czech Republic – 0.4% | Czech Republic – 0.4% | Czech Republic – 0.4% | Czech Republic – 0.4% |
| 126800 | Komercni Banka AS (Banks) |  | 6162709 |
| 277783 | Moneta Money Bank AS<br> (Banks)<sup>(a)</sup>  |  | 1717124 |
|  |  |  | 7879833 |
| Egypt – 0.0% | Egypt – 0.0% | Egypt – 0.0% | Egypt – 0.0% |
| 43892 | Talaat Moustafa Group (Real Estate Management & Development) |  | 44842 |
| Greece – 0.1% | Greece – 0.1% | Greece – 0.1% | Greece – 0.1% |
| 25854 | HELLENiQ ENERGY Holdings SA (Energy) |  | 223317 |
| 15708 | Optima bank SA (Banks) |  | 284717 |
| 108605 | Piraeus Financial Holdings SA (Banks) |  | 609930 |
|  |  |  | 1117964 |
| Hong Kong – 0.8% | Hong Kong – 0.8% | Hong Kong – 0.8% | Hong Kong – 0.8% |
| 15554000 | Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |  | 7811212 |
| 10855000 | WH Group Ltd. (Food, Beverage & Tobacco)<sup>(a)</sup> |  | 9706620 |
|  |  |  | 17517832 |
| Hungary – 0.0% | Hungary – 0.0% | Hungary – 0.0% | Hungary – 0.0% |
| 98062 | Magyar Telekom Telecommunications PLC (Telecommunication Services)\* |  | 463679 |
| India – 19.1% | India – 19.1% | India – 19.1% | India – 19.1% |
| 88008 | Ajanta Pharma Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |  | 2818582 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 4 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| India – (continued) | India – (continued) | India – (continued) |
| 141292 | Apollo Hospitals Enterprise Ltd. (Health Care Equipment & Services) | $&nbsp;&nbsp;&nbsp;&nbsp;11678344 |
| 53741 | Arvind Fashions Ltd. (Consumer Discretionary Distribution & Retail) | 253362 |
| 210369 | Avanti Feeds Ltd. (Food, Beverage & Tobacco) | 2176160 |
| 42242 | Bank of Baroda (Banks) | 124997 |
| 871768 | Bank of India (Banks) | 1189990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1693406 | Bharti Airtel Ltd. (Telecommunication Services) | 37353576 |
| 93736 | Biocon Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 357199 |
| 27278 | Britannia Industries Ltd. (Food, Beverage & Tobacco) | 1756131 |
| 1299310 | Chambal Fertilisers and Chemicals Ltd. (Materials) | 10652983 |
| 563072 | Cipla Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 10332780 |
| 165352 | City Union Bank Ltd. (Banks) | 346507 |
| 53905 | Dixon Technologies India Ltd. (Consumer Durables & Apparel) | 10508529 |
| 13043 | Eris Lifesciences Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)<sup>(a)</sup> | 221236 |
| 257526 | Eternal Ltd. (Consumer Services)\* | 704845 |
| 2937927 | Federal Bank Ltd. (Banks) | 6839562 |
| 145713 | Fortis Healthcare Ltd. (Health Care Equipment & Services) | 1181622 |
| 31232 | GlaxoSmithKline Pharmaceuticals Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 1096322 |
| 254084 | Glenmark Pharmaceuticals Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 4155098 |
| 281446 | Godrej Properties Ltd. (Real Estate Management & Development)\* | 7190091 |
| 1830111 | Gujarat Pipavav Port Ltd. (Transportation) | 2881919 |
| 965081 | HCL Technologies Ltd. (Software & Services) | 17900244 |
| 1086270 | HDFC Bank Ltd. (Banks) | 24673488 |
| 525981 | HDFC Life Insurance Co. Ltd. (Insurance)<sup>(a)</sup> | 4624364 |
| 2588834 | Hindalco Industries Ltd. (Materials) | 19133966 |
| 198421 | Hindustan Aeronautics Ltd. (Capital Goods) | 10521976 |
| 2179025 | Hindustan Zinc Ltd. (Materials) | 11353276 |
| 361956 | ICICI Bank Ltd. ADR (Banks) | 12147243 |
| 309724 | IDBI Bank Ltd. (Banks) | 293038 |
| 447651 | Indus Towers Ltd. (Telecommunication Services)\* | 2157290 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| India – (continued) | India – (continued) | India – (continued) |
| 603899 | IndusInd Bank Ltd. (Banks) | $5997693 |
| 42512 | Info Edge India Ltd. (Media & Entertainment) | 3556099 |
| 2715470 | Infosys Ltd. ADR (Software & Services) | &nbsp;&nbsp;&nbsp;&nbsp;47792272 |
| 76964 | JB Chemicals & Pharmaceuticals Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 1466561 |
| 56652 | Jubilant Foodworks Ltd. (Consumer Services) | 479041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1541401 | Kalyan Jewellers India Ltd. (Consumer Durables & Apparel) | 9414281 |
| 133403 | Larsen & Toubro Ltd. (Capital Goods) | 5280440 |
| 606227 | Lupin Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 15075109 |
| 63317 | Mahanagar Gas Ltd. (Utilities) | 1007790 |
| 140537 | Max Healthcare Institute Ltd. (Health Care Equipment & Services) | 1826833 |
| 81241 | Mazagon Dock Shipbuilders Ltd. (Capital Goods) | 2954680 |
| 81420 | Motilal Oswal Financial Services Ltd. (Financial Services) | 630773 |
| 125465 | Mphasis Ltd. (Software & Services) | 3664297 |
| 275978 | Muthoot Finance Ltd. (Financial Services) | 7104699 |
| 41304 | Narayana Hrudayalaya Ltd. (Health Care Equipment & Services) | 859235 |
| 127365 | Oberoi Realty Ltd. (Real Estate Management & Development) | 2472496 |
| 229812 | Patanjali Foods Ltd. (Food, Beverage & Tobacco) | 5177474 |
| 548434 | PC Jeweller Ltd. (Consumer Discretionary Distribution & Retail)\* | 79702 |
| 3271738 | Petronet LNG Ltd. (Energy) | 12146705 |
| 76923 | PI Industries Ltd. (Materials) | 3313550 |
| 25373 | PNB Housing Finance Ltd. (Financial Services)\*<sup>(a)</sup> | 304309 |
| 2277736 | Power Finance Corp. Ltd. (Financial Services) | 11018252 |
| 1288678 | Punjab National Bank (Banks) | 1528000 |
| 79028 | PVR Inox Ltd. (Media & Entertainment)\* | 881214 |
| 61329 | Ramco Cements Ltd. (The) (Materials) | 683764 |
| 32777 | REC Ltd. (Financial Services) | 163610 |
| 383980 | Reliance Industries Ltd. (Energy) | 6375728 |
| 210932 | Shriram Finance Ltd. (Financial Services) | 1528563 |
| 984402 | State Bank of India (Banks) | 9193927 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>5</sub>

------

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| India – (continued) | India – (continued) | India – (continued) | India – (continued) |
| 81271 | Sumitomo Chemical India Ltd. (Materials) | $| 489808 |
| 217414 | Tata Motors Ltd. (Automobiles & Components) |  | 1656847 |
| 324860 | Torrent Pharmaceuticals Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |  | 12775835 |
| 490522 | UPL Ltd. (Materials) |  | 3890183 |
| 38808 | Vedanta Ltd. (Materials) |  | 192702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1553414 | Wipro Ltd. (Software & Services) |  | 4436693 |
| 1048980 | Yes Bank Ltd. (Banks)\* |  | 220171 |
| 754074 | Zee Entertainment Enterprises Ltd. (Media & Entertainment) |  | 948224 |
| 914282 | Zydus Lifesciences Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |  | 9625781 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;412838061 |
| Indonesia – 1.5% | Indonesia – 1.5% | Indonesia – 1.5% | Indonesia – 1.5% |
| 18293700 | Aneka Tambang Tbk (Materials) |  | 2391086 |
| 2652600 | Astra International Tbk PT (Capital Goods) |  | 766670 |
| 18657700 | Bank Central Asia Tbk PT (Banks) |  | 9918928 |
| 35277200 | Bank Mandiri Persero Tbk PT (Banks) |  | 10417624 |
| 756400 | Bank Negara Indonesia Persero Tbk PT (Banks) |  | 190612 |
| 32090100 | Bank Rakyat Indonesia Persero Tbk PT (Banks) |  | 7432381 |
| 424100 | Indocement Tunggal Prakarsa Tbk PT (Materials) |  | 136708 |
| 719300 | Indofood CBP Sukses Makmur Tbk PT (Food, Beverage & Tobacco) |  | 491811 |
| 8473000 | Japfa Comfeed Indonesia Tbk PT (Food, Beverage & Tobacco) |  | 929609 |
| 9678200 | Surya Citra Media Tbk PT (Media & Entertainment) |  | 119075 |
|  |  |  | 32794504 |
| Kuwait – 0.3% | Kuwait – 0.3% | Kuwait – 0.3% | Kuwait – 0.3% |
| 833459 | Arzan Financial Group for Financing & Investment KPSC (Financial Services) |  | 800404 |
| 63918 | Boursa Kuwait Securities Co. KPSC (Financial Services) |  | 565773 |
| 488254 | Gulf Bank KSCP (Banks) |  | 535878 |
| 2618250 | Kuwait International Bank KSCP (Banks) |  | 1935378 |
| 883144 | National Bank of Kuwait SAKP (Banks) |  | 2746500 |
| 446130 | National Investments Co. KSCP (Financial Services) |  | 360275 |
|  |  |  | 6944208 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Mexico – 2.2% | Mexico – 2.2% | Mexico – 2.2% |
| 653179 | Arca Continental SAB de CV (Food, Beverage & Tobacco) | $6873693 |
| 504150 | Cemex SAB de CV ADR (Materials) | 3110606 |
| 181642 | Coca-Cola Femsa SAB de CV ADR (Food, Beverage & Tobacco) | 17097961 |
| 186100 | FIBRA Macquarie Mexico REIT (Equity Real Estate Investment Trusts (REITs))<sup>(a)</sup> | 291717 |
| 180525 | Fibra Uno Administracion SA de CV REIT (Equity Real Estate Investment Trusts (REITs)) | 232808 |
| 2049 | Grupo Aeroportuario del Sureste SAB de CV ADR (Transportation) | 648590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085029 | Grupo Financiero Banorte SAB de CV, Class O (Banks) | 9324040 |
| 508215 | Grupo Financiero Inbursa SAB de CV, Class O (Banks)\* | 1306398 |
| 188800 | Industrias Penoles SAB de CV (Materials)\* | 3765217 |
| 438495 | Promotora y Operadora de Infraestructura SAB de CV (Transportation) | 4904042 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;47555072 |
| Peru – 0.0% | Peru – 0.0% | Peru – 0.0% |
| 300 | Credicorp Ltd. (Banks) | 60657 |
| Philippines – 0.7% | Philippines – 0.7% | Philippines – 0.7% |
| 930379 | Bank of the Philippine Islands (Banks) | 2332764 |
| 962960 | BDO Unibank, Inc. (Banks) | 2763752 |
| 1001430 | International Container Terminal Services, Inc. (Transportation) | 6124929 |
| 146650 | Jollibee Foods Corp. (Consumer Services) | 602377 |
| 1632960 | Metropolitan Bank & Trust Co. (Banks) | 2249657 |
|  |  | 14073479 |
| Poland – 1.5% | Poland – 1.5% | Poland – 1.5% |
| 167272 | Alior Bank SA (Banks) | 4532712 |
| 5633 | Bank Handlowy w Warszawie SA (Banks) | 175690 |
| 132038 | Bank Millennium SA (Banks)\* | 510776 |
| 145995 | Bank Pekao SA (Banks)\* | 7317507 |
| 170523 | Cyfrowy Polsat SA (Media & Entertainment)\* | 836305 |
| 488494 | Orange Polska SA (Telecommunication Services) | 1253334 |
| 592998 | ORLEN SA (Energy) | 10708568 |
| 155355 | Powszechny Zaklad Ubezpieczen SA (Insurance) | 2423664 |
| 13268 | Santander Bank Polska SA (Banks) | 2040729 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 6 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Poland – (continued) | Poland – (continued) | Poland – (continued) | Poland – (continued) |
| 380833 | Tauron Polska Energia SA (Utilities)\* | $| 597690 |
| 42272 | XTB SA (Financial Services)<sup>(a)</sup> |  | 918403 |
|  |  |  | 31315378 |
| Qatar – 0.5% | Qatar – 0.5% | Qatar – 0.5% | Qatar – 0.5% |
| 426278 | Commercial Bank PSQC (The) (Banks) |  | 503980 |
| 379713 | Doha Bank QPSC (Banks) |  | 245911 |
| 953019 | Ooredoo QPSC (Telecommunication Services) |  | 3395292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1415436 | Qatar Gas Transport Co. Ltd. (Energy) |  | 1780083 |
| 195903 | Qatar Islamic Bank (Banks) |  | 1135818 |
| 688659 | Qatar National Bank QPSC (Banks) |  | 3158542 |
| 549657 | Vodafone Qatar QSC (Telecommunication Services) |  | 356273 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;10575899 |
| Russia – 0.0% | Russia – 0.0% | Russia – 0.0% | Russia – 0.0% |
| 106118 | PhosAgro PJSC, GDR (Materials)\*<sup>(c)</sup> |  |  |
| 683 | PhosAgro PJSC NPV (Materials)\*<sup>(c)</sup> |  |  |
| 18426 | Polyus PJSC, GDR<br> (Materials)\*<sup>(c)</sup>  |  |  |
| 2789380 | Sberbank of Russia PJSC<br> (Banks)<sup>(c)</sup>  |  |  |
| 54816 | VTB Bank PJSC (Banks)\*<sup>(c)</sup> |  |  |
| Saudi Arabia – 4.4% | Saudi Arabia – 4.4% | Saudi Arabia – 4.4% | Saudi Arabia – 4.4% |
| 689766 | Al Rajhi Bank (Banks) |  | 17918717 |
| 15895 | Aldrees Petroleum and Transport Services Co. (Consumer Discretionary Distribution & Retail) |  | 584212 |
| 954920 | Alinma Bank (Banks) |  | 7396115 |
| 1899535 | Arab National Bank (Banks) |  | 10895609 |
| 16682 | Bank AlBilad (Banks) |  | 128916 |
| 488077 | Banque Saudi Fransi (Banks) |  | 2390767 |
| 13407 | East Pipes Integrated Co. for Industry (Materials) |  | 482119 |
| 741222 | Etihad Etisalat Co. (Telecommunication Services) |  | 12409854 |
| 2919129 | Riyad Bank (Banks) |  | 23963898 |
| 241634 | Riyadh Cement Co. (Materials) |  | 2187039 |
| 146011 | SABIC Agri-Nutrients Co. (Materials) |  | 3846310 |
| 949301 | Saudi Awwal Bank (Banks) |  | 8882997 |
| 84151 | Saudi Investment Bank (The) (Banks) |  | 338089 |
| 114958 | Saudi National Bank (The) (Banks) |  | 1095323 |
| 67638 | Saudi Telecom Co. (Telecommunication Services) |  | 858716 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Saudi Arabia – (continued) | Saudi Arabia – (continued) | Saudi Arabia – (continued) | Saudi Arabia – (continued) |
| 85544 | United Electronics Co. (Consumer Discretionary Distribution & Retail) | $| 2143760 |
|  |  |  | 95522441 |
| South Africa – 2.6% | South Africa – 2.6% | South Africa – 2.6% | South Africa – 2.6% |
| 21468 | Capitec Bank Holdings Ltd. (Banks) |  | 3984595 |
| 35311 | Clicks Group Ltd. (Consumer Staples Distribution & Retail) |  | 750992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5101325 | FirstRand Ltd. (Financial Services) |  | 19973430 |
| 288702 | Gold Fields Ltd. ADR (Materials) |  | 6507343 |
| 1126279 | Harmony Gold Mining Co. Ltd. ADR (Materials) |  | 17919099 |
| 231838 | Momentum Group Ltd. (Insurance) |  | 423263 |
| 7909 | Naspers Ltd., Class N (Consumer Discretionary Distribution & Retail) |  | 2079611 |
| 2957274 | Old Mutual Ltd. (Insurance)<sup>(b)</sup> |  | 1801272 |
| 287878 | Sanlam Ltd. (Insurance) |  | 1310722 |
| 289124 | Telkom SA SOC Ltd. (Telecommunication Services)\* |  | 612433 |
| 102059 | Tiger Brands Ltd. (Food, Beverage & Tobacco) |  | 1591136 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;56953896 |
| South Korea – 9.5% | South Korea – 9.5% | South Korea – 9.5% | South Korea – 9.5% |
| 76771 | Cafe24 Corp. (Software & Services)\* |  | 3237642 |
| 86570 | DB Insurance Co. Ltd. (Insurance) |  | 5577299 |
| 222724 | Hana Financial Group, Inc. (Banks) |  | 10100562 |
| 3654 | Hanwha Aerospace Co. Ltd. (Capital Goods) |  | 2053563 |
| 6437 | Hanwha Corp. (Capital Goods) |  | 218322 |
| 133151 | Hanwha General Insurance Co. Ltd. (Insurance)\* |  | 381746 |
| 310004 | Hanwha Life Insurance Co. Ltd. (Insurance)\* |  | 578273 |
| 22838 | HD Hyundai Heavy Industries Co. Ltd. (Capital Goods)\* |  | 6459259 |
| 21498 | HD HYUNDAI MIPO (Capital Goods) |  | 2525441 |
| 154350 | HD Korea Shipbuilding & Offshore Engineering Co. Ltd. (Capital Goods) |  | 29526644 |
| 20866 | Hyundai Rotem Co. Ltd. (Capital Goods) |  | 1644638 |
| 55623 | JB Financial Group Co. Ltd. (Banks) |  | 668313 |
| 177524 | KB Financial Group, Inc. (Banks) |  | 11219295 |
| 240847 | KT&G Corp. (Food, Beverage & Tobacco) |  | 19439794 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>7</sub>

------

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| South Korea – (continued) | South Korea – (continued) | South Korea – (continued) | South Korea – (continued) |
| 44422 | LIG Nex1 Co. Ltd. (Capital Goods) | $| 10035792 |
| 56800 | NAVER Corp. (Media & Entertainment) |  | 7992079 |
| 7287 | Orion Corp. (Food, Beverage & Tobacco) |  | 631629 |
| 77808 | Samsung E&A Co. Ltd. (Capital Goods) |  | 1052071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1109531 | Samsung Electronics Co. Ltd. (Technology Hardware & Equipment) |  | 43291169 |
| 291913 | Samsung Heavy Industries Co. Ltd. (Capital Goods)\* |  | 2990827 |
| 171654 | Shinhan Financial Group Co. Ltd. (Banks) |  | 6203576 |
| 315155 | SK Hynix, Inc. (Semiconductors & Semiconductor Equipment) |  | 39322865 |
| 18175 | SK Square Co. Ltd. (Capital Goods)\* |  | 1123666 |
| 5282 | SM Entertainment Co. Ltd. (Media & Entertainment) |  | 459278 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;206733743 |
| Taiwan – 16.9% | Taiwan – 16.9% | Taiwan – 16.9% | Taiwan – 16.9% |
| 245000 | Accton Technology Corp. (Technology Hardware & Equipment) |  | 4563452 |
| 202455 | Advantech Co. Ltd. (Technology Hardware & Equipment) |  | 2120953 |
| 1777000 | ASE Technology Holding Co. Ltd. (Semiconductors & Semiconductor Equipment) |  | 7572152 |
| 3320000 | Asia Cement Corp. (Materials) |  | 4676371 |
| 7554000 | Cathay Financial Holding Co. Ltd. (Insurance) |  | 13918329 |
| 17103000 | China Airlines Ltd. (Transportation) |  | 11266793 |
| 5979000 | Compal Electronics, Inc. (Technology Hardware & Equipment) |  | 5151940 |
| 1054000 | CTBC Financial Holding Co. Ltd. (Banks) |  | 1298781 |
| 6133000 | E.Sun Financial Holding Co. Ltd. (Banks) |  | 5439830 |
| 4467000 | Eva Airways Corp. (Transportation) |  | 5365447 |
| 826000 | Far Eastern Department Stores Ltd. (Consumer Discretionary Distribution & Retail) |  | 606313 |
| 2083000 | First Financial Holding Co. Ltd. (Banks) |  | 1658709 |
| 10917750 | Fubon Financial Holding Co. Ltd. (Insurance) |  | 28936746 |
| 1236000 | Gamania Digital Entertainment Co. Ltd. (Media & Entertainment) |  | 2838195 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Taiwan – (continued) | Taiwan – (continued) | Taiwan – (continued) | Taiwan – (continued) |
| 242000 | Global Mixed Mode Technology, Inc. (Semiconductors & Semiconductor Equipment) | $| 1679004 |
| 245000 | Goldsun Building Materials Co. Ltd. (Materials) |  | 300956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1082000 | Hon Hai Precision Industry Co. Ltd. (Technology Hardware & Equipment) |  | 4820632 |
| 66000 | Integrated Service Technology, Inc. (Semiconductors & Semiconductor Equipment) |  | 209592 |
| 234000 | International Games System Co. Ltd. (Media & Entertainment) |  | 6066664 |
| 357000 | ITE Technology, Inc. (Semiconductors & Semiconductor Equipment) |  | 1452299 |
| 5886000 | KGI Financial Holding Co. Ltd. (Insurance) |  | 3052926 |
| 68000 | Lion Travel Service Co. Ltd. (Consumer Services) |  | 290954 |
| 681000 | MediaTek, Inc. (Semiconductors & Semiconductor Equipment) |  | &nbsp;&nbsp;&nbsp;&nbsp;28937802 |
| 538000 | Realtek Semiconductor Corp. (Semiconductors & Semiconductor Equipment) |  | 8844223 |
| 7159000 | Ruentex Development Co. Ltd. (Real Estate Management & Development) |  | 7369068 |
| 75000 | Shinkong Insurance Co. Ltd. (Insurance) |  | 250463 |
| 146000 | Synnex Technology International Corp. (Technology Hardware & Equipment) |  | 323907 |
| 383760 | Taishin Financial Holding Co. Ltd. (Banks) |  | 200541 |
| 1452000 | Taiwan Mobile Co. Ltd. (Telecommunication Services) |  | 5155339 |
| 6741000 | Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) |  | 191003229 |
| 37000 | Topco Scientific Co. Ltd. (Semiconductors & Semiconductor Equipment) |  | 284221 |
| 604000 | Tripod Technology Corp. (Technology Hardware & Equipment) |  | 3487338 |
| 2599000 | Uni-President Enterprises Corp. (Food, Beverage & Tobacco) |  | 6245821 |
| 82000 | United Integrated Services Co. Ltd. (Capital Goods) |  | 1131392 |
|  |  |  | 366520382 |
| Thailand – 1.4% | Thailand – 1.4% | Thailand – 1.4% | Thailand – 1.4% |
| 18176200 | Charoen Pokphand Foods PCL (Food, Beverage & Tobacco) |  | 14397047 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 8 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Thailand – (continued) | Thailand – (continued) | Thailand – (continued) | Thailand – (continued) |
| 3106200 | Com7 PCL, Class F (Consumer Discretionary Distribution & Retail) | $| 1912134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10675900 | Krung Thai Bank PCL (Banks) |  | 6966640 |
| 89200 | Minor International PCL (Consumer Services) |  | 71794 |
| 1923200 | SCB X PCL (Banks) |  | 6852904 |
| 2298600 | Supalai PCL (Real Estate Management & Development) |  | 1083901 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;31284420 |
| Turkey – 1.0% | Turkey – 1.0% | Turkey – 1.0% | Turkey – 1.0% |
| 129806 | Anadolu Efes Biracilik Ve Malt Sanayii AS (Food, Beverage & Tobacco) |  | 539846 |
| 92040 | Aygaz AS (Utilities) |  | 306045 |
| 272907 | BIM Birlesik Magazalar AS (Consumer Staples Distribution & Retail) |  | 3206181 |
| 5699361 | Enka Insaat ve Sanayi AS (Capital Goods) |  | 9508772 |
| 109825 | KOC Holding AS (Capital Goods) |  | 395418 |
| 3062947 | Kocaer Celik Sanayi Ve Ticaret AS (Materials) |  | 982034 |
| 157225 | Pegasus Hava Tasimaciligi AS (Transportation)\* |  | 914381 |
| 530787 | Torunlar Gayrimenkul Yatirim Ortakligi AS REIT (Equity Real Estate Investment Trusts (REITs)) |  | 847525 |
| 463830 | Turkcell Iletisim Hizmetleri AS (Telecommunication Services) |  | 1087938 |
| 14827460 | Turkiye Is Bankasi AS, Class C (Banks) |  | 3992224 |
| 993010 | Turkiye Sigorta AS (Insurance) |  | 452204 |
|  |  |  | 22232568 |
| United Arab Emirates – 0.9% | United Arab Emirates – 0.9% | United Arab Emirates – 0.9% | United Arab Emirates – 0.9% |
| 502754 | Abu Dhabi Commercial Bank PJSC (Banks) |  | 1593153 |
| 270222 | Air Arabia PJSC (Transportation) |  | 257111 |
| 11935477 | Deyaar Development PJSC (Real Estate Management & Development) |  | 2998269 |
| 206088 | Dubai Investments PJSC (Capital Goods) |  | 130369 |
| 1050848 | Dubai Islamic Bank PJSC (Banks) |  | 2165054 |
| 575809 | Emaar Development PJSC (Real Estate Management & Development) |  | 2098378 |
| 1910607 | Emirates NBD Bank PJSC (Banks) |  | 10692672 |
|  |  |  | 19935006 |
| United States – 0.1% | United States – 0.1% | United States – 0.1% | United States – 0.1% |
| 207863 | GCC SAB de CV (Materials) |  | 1743100 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| United States – (continued) | United States – (continued) | United States – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24602 | Titan Cement International SA (Materials) | $1142094 |
|  |  | 2885194 |
| TOTAL COMMON STOCKS<br>(Cost $1,793,902,067) | TOTAL COMMON STOCKS<br>(Cost $1,793,902,067) | 2074947861 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description**  | **Rate** | **Value** |
| Preferred Stocks – 2.0% | Preferred Stocks – 2.0% | Preferred Stocks – 2.0% | Preferred Stocks – 2.0% |
| Brazil – 1.6% | Brazil – 1.6% | Brazil – 1.6% | Brazil – 1.6% |
| 1157100 | Azul SA (Transportation)\* | 0.00% | 299717 |
| 473200 | Isa Energia Brasil SA (Utilities) | 9.84 | 2000311 |
| 5158280 | Itau Unibanco Holding SA (Banks) | 6.73 | 32339516 |
| 142600 | Marcopolo SA (Capital Goods) | 8.38 | 176895 |
|  |  |  | 34816439 |
| South Korea – 0.4% | South Korea – 0.4% | South Korea – 0.4% | South Korea – 0.4% |
| 29618 | Mirae Asset Securities Co. Ltd., N.A. (Financial Services) | 5.13 | 101128 |
| 192460 | Samsung Electronics Co. Ltd. (Technology Hardware & Equipment) | 3.11 | 6353230 |
| 6980 | Samsung Fire & Marine Insurance Co. Ltd. (Insurance) | 6.74 | 1386590 |
|  |  |  | 7840948 |
| TOTAL PREFERRED STOCKS<br>(Cost $38,824,858) | TOTAL PREFERRED STOCKS<br>(Cost $38,824,858) |  | 42657387 |
| **Units** | **Description**  | **Expiration Month** | **Value** |
| Right – 0.0% | Right – 0.0% | Right – 0.0% | Right – 0.0% |
| Brazil – 0.0% | Brazil – 0.0% | Brazil – 0.0% | Brazil – 0.0% |
| 137,162<br>**(Cost $33,520)** | Minerva SA\* | 06/25 | 46163 |
| TOTAL INVESTMENTS BEFORE SECURITIES<br>LENDING REINVESTMENT VEHICLE<br>(Cost $1,832,760,445) | TOTAL INVESTMENTS BEFORE SECURITIES<br>LENDING REINVESTMENT VEHICLE<br>(Cost $1,832,760,445) | TOTAL INVESTMENTS BEFORE SECURITIES<br>LENDING REINVESTMENT VEHICLE<br>(Cost $1,832,760,445) | 2117651411 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>9</sub>

------

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares**  | **Dividend Rate**  | **Value** |
| Securities Lending Reinvestment Vehicle – 0.1%<sup>(d)</sup> | Securities Lending Reinvestment Vehicle – 0.1%<sup>(d)</sup> | Securities Lending Reinvestment Vehicle – 0.1%<sup>(d)</sup> |
| Goldman Sachs Financial Square Government<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund - Institutional Shares | Goldman Sachs Financial Square Government<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund - Institutional Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1763880 | 4.248% | $1763880 |
| (Cost $1,763,880) | (Cost $1,763,880) |  |
| TOTAL INVESTMENTS – 97.8%<br>(Cost $1,834,524,325) | TOTAL INVESTMENTS – 97.8%<br>(Cost $1,834,524,325) | $2119415291 |
| OTHER ASSETS IN EXCESS OF LIABILITIES – 2.2% | OTHER ASSETS IN EXCESS OF LIABILITIES – 2.2% | 48236553 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $2167651844 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | 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) | All or a portion of security is on loan. |
| (c) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
| (d) | Represents an affiliated issuer. |

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—American Depositary Receipt |
| GDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Global Depositary Receipt |
| PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Public Limited Company |
| REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Real Estate Investment Trust |

---

---

| | |
|:---|:---|
| **Sector Name** | **% of<br>Market<br>Value** |
|  Financials | 27.4% |
|  Information Technology | 21.9 |
|  Consumer Discretionary | 11.1 |
|  Communication Services | 10.7 |
|  Industrials | 8.3 |
|  Materials | 7.1 |
|  Consumer Staples | 6.1 |
|  Health Care | 4.1 |
|  Energy | 1.5 |
|  Real Estate | 1.2 |
|  Utilities | 0.5 |
|  Securities Lending Reinvestment Vehicle | 0.1 |
|  **TOTAL INVESTMENTS** | 100.0% |

---

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS— At April 30, 2025, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  MSCI Emerging Markets Index | 603 | 06/20/25 | $33466500 | $1058706 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 10 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 96.9% | Common Stocks – 96.9% | Common Stocks – 96.9% |
| Australia – 7.3% | Australia – 7.3% | Australia – 7.3% |
| 109588 | AGL Energy Ltd. (Utilities) | $746843 |
| 458622 | ANZ Group Holdings Ltd. (Banks) | 8769891 |
| 158747 | Aristocrat Leisure Ltd. (Consumer Services) | 6779935 |
| 735627 | BHP Group Ltd. (Materials) | &nbsp;&nbsp;&nbsp;&nbsp;17532682 |
| 161722 | CAR Group Ltd. (Media & Entertainment) | 3451844 |
| 147675 | Commonwealth Bank of Australia (Banks) | 15740555 |
| 583066 | Computershare Ltd. (Commercial & Professional Services) | 15236341 |
| 952979 | Glencore PLC (Materials)\* | 3124569 |
| 259318 | Goodman Group REIT (Equity Real Estate Investment Trusts (REITs)) | 4964344 |
| 141148 | GPT Group (The) REIT (Equity Real Estate Investment Trusts (REITs)) | 418413 |
| 375936 | Insurance Australia Group Ltd. (Insurance) | 1974593 |
| 18379 | Macquarie Group Ltd. (Financial Services) | 2271187 |
| 646660 | National Australia Bank Ltd. (Banks) | 14931835 |
| 905321 | Northern Star Resources Ltd. (Materials) | 11120675 |
| 625886 | Perseus Mining Ltd. (Materials) | 1341406 |
| 42233 | Pro Medicus Ltd. (Health Care Equipment & Services) | 6192640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2426887 | Qantas Airways Ltd. (Transportation) | 13721429 |
| 16050 | REA Group Ltd. (Media & Entertainment) | 2550021 |
| 1519719 | Suncorp Group Ltd. (Banks) | 19762565 |
| 3383573 | Telstra Group Ltd. (Telecommunication Services) | 9765323 |
| 280021 | Westpac Banking Corp. (Banks) | 5876291 |
|  |  | 166273382 |
| Austria – 0.2% | Austria – 0.2% | Austria – 0.2% |
| 31476 | BAWAG Group AG (Banks)\*<sup>(a)</sup> | 3450023 |
| China – 1.2% | China – 1.2% | China – 1.2% |
| 222500 | AAC Technologies Holdings, Inc. (Technology Hardware & Equipment) | 1065099 |
| 216000 | China Tobacco International HK Co. Ltd. (Consumer Discretionary Distribution & Retail) | 695000 |
| 423952 | Prosus NV (Consumer Discretionary Distribution & Retail)\* | 19876832 |
| 3778300 | Yangzijiang Shipbuilding Holdings Ltd. (Capital Goods)\* | 6472088 |
|  |  | 28109019 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Denmark – 2.2% | Denmark – 2.2% | Denmark – 2.2% |
| 37337 | Genmab A/S (Pharmaceuticals, Biotechnology & Life Sciences)\* | $7916892 |
| 518622 | Novo Nordisk A/S, Class B (Pharmaceuticals, Biotechnology & Life Sciences) | &nbsp;&nbsp;&nbsp;&nbsp;34675878 |
| 19207 | Pandora A/S (Consumer Durables & Apparel) | 2859212 |
| 34273 | Sydbank AS (Banks) | 2194855 |
| 85113 | Vestas Wind Systems A/S (Capital Goods) | 1134744 |
|  |  | 48781581 |
| Finland – 1.6% | Finland – 1.6% | Finland – 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1796493 | Nokia OYJ (Technology Hardware & Equipment) | 8980981 |
| 1721962 | Nordea Bank Abp (Banks) | 23847378 |
| 221148 | Wartsila OYJ Abp (Capital Goods) | 4086004 |
|  |  | 36914363 |
| France – 10.1% | France – 10.1% | France – 10.1% |
| 156654 | Air Liquide SA (Materials) | 32188998 |
| 7518 | Airbus SE (Capital Goods) | 1275734 |
| 541328 | AXA SA (Insurance)\* | 25602608 |
| 13338 | Capgemini SE (Software & Services) | 2129444 |
| 69667 | Cie de Saint-Gobain SA (Capital Goods) | 7574062 |
| 479609 | Cie Generale des Etablissements Michelin SCA (Automobiles & Components) | 17537259 |
| 233462 | Danone SA (Food, Beverage & Tobacco) | 20088577 |
| 41103 | Dassault Aviation SA (Capital Goods) | 14820380 |
| 130423 | Dassault Systemes (Software & Services) | 4887751 |
| 20589 | Eiffage SA (Capital Goods) | 2801602 |
| 731079 | Engie SA (Utilities) | 15110185 |
| 3712 | Gaztransport Et Technigaz SA (Energy) | 605066 |
| 65854 | Klepierre SA REIT (Equity Real Estate Investment Trusts (REITs)) | 2410466 |
| 140485 | Legrand SA (Capital Goods) | 15439285 |
| 121230 | Safran SA (Capital Goods) | 32261692 |
| 26465 | SCOR SE (Insurance) | 833891 |
| 47719 | Thales SA (Capital Goods) | 13367165 |
| 155004 | TotalEnergies SE (Energy) | 8828285 |
| 367683 | Valeo SE (Automobiles & Components) | 3651521 |
| 38508 | Vinci SA (Capital Goods) | 5409116 |
| 1150079 | Vivendi SE (Media & Entertainment)\* | 3586477 |
|  |  | 230409564 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>11</sub>

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Georgia – 0.0% | Georgia – 0.0% | Georgia – 0.0% |
| 8810 | Lion Finance Group PLC<br>(Banks) | $706676 |
| Germany – 12.0% | Germany – 12.0% | Germany – 12.0% |
| 7149 | Allianz SE (Insurance) | 2956661 |
| 144025 | Continental AG (Automobiles & Components) | 11259109 |
| 30009 | Deutsche Bank AG (Financial Services) | 786847 |
| 26829 | Deutsche Boerse AG (Financial Services) | 8641461 |
| 454235 | Deutsche Post AG (Transportation) | 19408566 |
| 122260 | Deutsche Telekom AG (Telecommunication Services) | 4391279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155378 | E.ON SE (Utilities) | 20207091 |
| 24989 | Freenet AG (Telecommunication Services) | 1039121 |
| 207232 | Fresenius Medical Care AG (Health Care Equipment & Services) | 10543052 |
| 416976 | Fresenius SE & Co. KGaA (Health Care Equipment & Services)\* | 19805091 |
| 53848 | GEA Group AG (Capital Goods) | 3513027 |
| 69246 | Hannover Rueck SE (Insurance) | 22227955 |
| 30085 | Henkel AG & Co. KGaA (Household & Personal Products) | 2123404 |
| 360956 | Infineon Technologies AG (Semiconductors & Semiconductor Equipment) | &nbsp;&nbsp;&nbsp;&nbsp;11955962 |
| 62964 | Knorr-Bremse AG (Capital Goods) | 6244567 |
| 167521 | Mercedes-Benz Group AG (Automobiles & Components) | 10015881 |
| 1051 | MTU Aero Engines AG (Capital Goods) | 363757 |
| 26585 | Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen (Insurance)\* | 18200349 |
| 44458 | Nemetschek SE (Software & Services) | 5907793 |
| 6682 | Rheinmetall AG (Capital Goods) | 11379803 |
| 173435 | SAP SE (Software & Services) | 50745134 |
| 114112 | Scout24 SE (Media & Entertainment)<sup>(a)</sup> | 13599509 |
| 6768 | Siemens AG (Capital Goods) | 1558409 |
| 111615 | Siemens Energy AG (Capital Goods)\* | 8614861 |
| 12523 | Siemens Healthineers AG (Health Care Equipment & Services)<sup>(a)</sup> | 675082 |
| 54141 | Symrise AG (Materials) | 6244162 |
|  |  | 272407933 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Hong Kong – 2.0% | Hong Kong – 2.0% | Hong Kong – 2.0% |
| 1615400 | AIA Group Ltd. (Insurance) | $12104057 |
| 329000 | CK Asset Holdings Ltd. (Real Estate Management & Development) | 1344085 |
| 249400 | Hong Kong Exchanges & Clearing Ltd. (Financial Services) | &nbsp;&nbsp;&nbsp;&nbsp;10896211 |
| 324500 | Sun Hung Kai Properties Ltd. (Real Estate Management & Development) | 3078341 |
| 256000 | Swire Pacific Ltd., Class A (Capital Goods) | 2213803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1942000 | Swire Properties Ltd. (Real Estate Management & Development) | 4291766 |
| 99000 | Techtronic Industries Co. Ltd. (Capital Goods) | 996335 |
| 11959500 | WH Group Ltd. (Food, Beverage & Tobacco)<sup>(a)</sup> | 10694272 |
|  |  | 45618870 |
| Israel – 0.1% | Israel – 0.1% | Israel – 0.1% |
| 37715 | Plus500 Ltd. (Financial Services) | 1546025 |
| Italy – 2.9% | Italy – 2.9% | Italy – 2.9% |
| 2120294 | A2A SpA (Utilities) | 5392480 |
| 65760 | Banca Generali SpA (Financial Services) | 3901394 |
| 427857 | Banca Mediolanum SpA (Financial Services)<sup>(b)</sup> | 6396403 |
| 47050 | Banca Monte dei Paschi di Siena SpA (Banks) | 397891 |
| 219858 | Banco BPM SpA (Banks) | 2454170 |
| 538628 | BPER Banca SpA (Banks) | 4374785 |
| 220530 | Coca-Cola HBC AG (Food, Beverage & Tobacco)\* | 11483819 |
| 14129 | Ferrari NV (Automobiles & Components) | 6467984 |
| 218180 | FinecoBank Banca Fineco SpA (Banks) | 4365984 |
| 411293 | Hera SpA (Utilities) | 1947156 |
| 1058479 | Intesa Sanpaolo SpA (Banks) | 5650469 |
| 98691 | Leonardo SpA (Capital Goods) | 5130780 |
| 387437 | Pirelli & C SpA (Automobiles & Components)<sup>(a)</sup> | 2395329 |
| 97448 | UniCredit SpA (Banks) | 5669611 |
|  |  | 66028255 |
| Japan – 20.4% | Japan – 20.4% | Japan – 20.4% |
| 97800 | Advantest Corp. (Semiconductors & Semiconductor Equipment) | 4091556 |
| 380300 | Aisin Corp. (Automobiles & Components) | 4830314 |
| 190600 | Asahi Group Holdings Ltd. (Food, Beverage & Tobacco) | 2634530 |
| 56800 | Asics Corp. (Consumer Durables & Apparel) | 1220862 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 12 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) |
| 1268200 | Astellas Pharma, Inc. (Pharmaceuticals, Biotechnology & Life Sciences) | $12699943 |
| 154900 | Bandai Namco Holdings, Inc. (Consumer Durables & Apparel) | 5383170 |
| 99700 | Central Japan Railway Co. (Transportation) | 2098073 |
| 206000 | Chugai Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 11867569 |
| 157000 | Chugoku Electric Power Co., Inc. (The) (Utilities) | 834623 |
| 37700 | Credit Saison Co. Ltd. (Financial Services) | 880406 |
| 991200 | Dai-ichi Life Holdings, Inc. (Insurance) | 7156907 |
| 52300 | Daiichi Sankyo Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 1337867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1808200 | Daiwa Securities Group, Inc. (Financial Services) | 11890591 |
| 187700 | DeNA Co. Ltd. (Media & Entertainment) | 5074595 |
| 23200 | DIC Corp. (Materials) | 452746 |
| 35600 | Gunma Bank Ltd. (The) (Banks) | 296895 |
| 58700 | H2O Retailing Corp. (Consumer Staples Distribution & Retail) | 802882 |
| 151300 | Hachijuni Bank Ltd. (The) (Banks) | 1142011 |
| 37200 | Hazama Ando Corp. (Capital Goods) | 370498 |
| 1354000 | Hitachi Ltd. (Capital Goods) | &nbsp;&nbsp;&nbsp;&nbsp;33464807 |
| 137300 | Hokuriku Electric Power Co. (Utilities) | 705604 |
| 586400 | Hulic Co. Ltd. (Real Estate Management & Development) | 6131929 |
| 551400 | Isetan Mitsukoshi Holdings Ltd. (Consumer Discretionary Distribution & Retail) | 7087957 |
| 545000 | Isuzu Motors Ltd. (Automobiles & Components) | 7329398 |
| 81900 | Iyogin Holdings, Inc. (Banks) | 949975 |
| 135700 | J Front Retailing Co. Ltd. (Consumer Discretionary Distribution & Retail) | 1660989 |
| 26200 | Japan Exchange Group, Inc. (Financial Services) | 291495 |
| 109700 | Japan Post Bank Co. Ltd. (Banks) | 1127930 |
| 805400 | Japan Post Holdings Co. Ltd. (Insurance) | 7828701 |
| 45500 | Kakaku.com, Inc. (Media & Entertainment) | 804707 |
| 11400 | Kaken Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 324578 |
| 274500 | Kawasaki Kisen Kaisha Ltd. (Transportation) | 3764580 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) |
| 47800 | KDDI Corp. (Telecommunication Services) | $847189 |
| 1365200 | Kirin Holdings Co. Ltd. (Food, Beverage & Tobacco) | &nbsp;&nbsp;&nbsp;&nbsp;20650946 |
| 77100 | Konami Group Corp. (Media & Entertainment) | 11011114 |
| 16300 | Lintec Corp. (Materials) | 311799 |
| 73200 | Lion Corp. (Household & Personal Products) | 897210 |
| 36200 | Medipal Holdings Corp. (Health Care Equipment & Services) | 613434 |
| 186600 | MEIJI Holdings Co. Ltd. (Food, Beverage & Tobacco) | 4587905 |
| 424700 | Mitsubishi Heavy Industries Ltd. (Capital Goods) | 8372046 |
| 807300 | Mitsubishi UFJ Financial Group, Inc. (Banks) | 10171277 |
| 16000 | Mitsui Mining & Smelting Co. Ltd. (Materials) | 434992 |
| 54000 | MIXI, Inc. (Media & Entertainment) | 1199863 |
| 57700 | Mizuho Financial Group, Inc. (Banks) | 1442652 |
| 196800 | Modec, Inc. (Energy) | 5972454 |
| 817800 | MS&AD Insurance Group Holdings, Inc. (Insurance) | 18588441 |
| 107500 | Namura Shipbuilding Co. Ltd. (Capital Goods) | 1516996 |
| 418800 | NEC Corp. (Software & Services) | 10194775 |
| 551800 | NGK Insulators Ltd. (Capital Goods) | 6809219 |
| 219600 | Nippon Steel Corp. (Materials) | 4622078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9099800 | Nippon Telegraph & Telephone Corp. (Telecommunication Services) | 9511813 |
| 63800 | Nippon Yusen KK (Transportation) | 2084532 |
| 635400 | Nomura Holdings, Inc. (Financial Services) | 3541443 |
| 59800 | NS Solutions Corp. (Software & Services) | 1418743 |
| 1091000 | Obayashi Corp. (Capital Goods) | 16927059 |
| 117300 | Obic Co. Ltd. (Software & Services) | 4106848 |
| 21700 | Open House Group Co. Ltd. (Consumer Durables & Apparel) | 962220 |
| 63000 | Oracle Corp. Japan (Software & Services) | 7573950 |
| 650400 | ORIX Corp. (Financial Services) | 13047044 |
| 33500 | Otsuka Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 1633151 |
| 290800 | Rakuten Group, Inc. (Consumer Discretionary Distribution & Retail)\* | 1714654 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>13</sub>

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) |
| 42300 | Recruit Holdings Co. Ltd. (Commercial & Professional Services) | $2344067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194000 | Santen Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 1964908 |
| 73600 | Sawai Group Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 1060534 |
| 233300 | SBI Holdings, Inc. (Financial Services) | 6134501 |
| 160700 | Secom Co. Ltd. (Commercial & Professional Services) | 5909008 |
| 583000 | Sekisui House Ltd. (Consumer Durables & Apparel) | &nbsp;&nbsp;&nbsp;&nbsp;13403288 |
| 91900 | Shikoku Electric Power Co., Inc. (Utilities) | 755237 |
| 157000 | Shionogi & Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 2637680 |
| 489600 | Shizuoka Financial Group, Inc. (Banks) | 5440699 |
| 233300 | SoftBank Group Corp. (Telecommunication Services) | 11797901 |
| 30300 | Sony Group Corp. (Consumer Durables & Apparel) | 799399 |
| 253700 | Subaru Corp. (Automobiles & Components) | 4593979 |
| 850800 | Sumitomo Electric Industries Ltd. (Automobiles & Components) | 13675257 |
| 50400 | Sumitomo Forestry Co. Ltd. (Consumer Durables & Apparel) | 1451230 |
| 258500 | Sumitomo Mitsui Financial Group, Inc. (Banks) | 6167090 |
| 439000 | Sumitomo Mitsui Trust Group, Inc. (Banks) | 10860303 |
| 284600 | Sumitomo Rubber Industries Ltd. (Automobiles & Components) | 3584046 |
| 21500 | Suntory Beverage & Food Ltd. (Food, Beverage & Tobacco) | 751228 |
| 242400 | Suzuki Motor Corp. (Automobiles & Components) | 2904841 |
| 31700 | T&D Holdings, Inc. (Insurance) | 674532 |
| 52000 | Taiheiyo Cement Corp. (Materials) | 1400119 |
| 149300 | TIS, Inc. (Software & Services) | 4309274 |
| 141200 | Tohoku Electric Power Co., Inc. (Utilities) | 1014742 |
| 96200 | Tokio Marine Holdings, Inc. (Insurance) | 3855925 |
| 104400 | Tokyu Corp. (Transportation) | 1266170 |
| 61400 | Toyo Tire Corp. (Automobiles & Components) | 1147983 |
| 767900 | Toyota Motor Corp. (Automobiles & Components) | 14666444 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) | Japan – (continued) |
| 81900 | Tsuruha Holdings, Inc. (Consumer Staples Distribution & Retail) | $| 6587968 |
| 66600 | Ulvac, Inc. (Semiconductors & Semiconductor Equipment) |  | 2258716 |
| 541900 | Unicharm Corp. (Household & Personal Products) |  | 5031619 |
| 63900 | Yahagi Construction Co. Ltd. (Capital Goods) |  | 650080 |
| 71800 | Yamaichi Electronics Co. Ltd. (Semiconductors & Semiconductor Equipment) |  | 1008946 |
| 270800 | Yokogawa Electric Corp. (Technology Hardware & Equipment) |  | 5860153 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;463272402 |
| Luxembourg – 0.3% | Luxembourg – 0.3% | Luxembourg – 0.3% | Luxembourg – 0.3% |
| 107388 | Eurofins Scientific SE (Pharmaceuticals, Biotechnology & Life Sciences) |  | 6776869 |
| Netherlands – 3.3% | Netherlands – 3.3% | Netherlands – 3.3% | Netherlands – 3.3% |
| 574873 | Aegon Ltd. (Insurance) |  | 3697555 |
| 47107 | ASML Holding NV (Semiconductors & Semiconductor Equipment) |  | 31535417 |
| 29717 | Euronext NV (Financial Services)<sup>(a)</sup> |  | 4967113 |
| 36038 | Heineken Holding NV (Food, Beverage & Tobacco) |  | 2817806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642340 | ING Groep NV (Banks) |  | 12473809 |
| 111120 | Wolters Kluwer NV (Commercial & Professional Services) |  | 19619246 |
|  |  |  | 75110946 |
| New Zealand – 0.2% | New Zealand – 0.2% | New Zealand – 0.2% | New Zealand – 0.2% |
| 152079 | Fisher & Paykel Healthcare Corp. Ltd. (Health Care Equipment & Services) |  | 3067893 |
| 14379 | Xero Ltd. (Software & Services)\* |  | 1514298 |
|  |  |  | 4582191 |
| Norway – 1.4% | Norway – 1.4% | Norway – 1.4% | Norway – 1.4% |
| 874168 | DNB Bank ASA (Banks) |  | 21852553 |
| 13092 | Kongsberg Gruppen ASA (Capital Goods) |  | 2109237 |
| 156886 | Mowi ASA (Food, Beverage & Tobacco) |  | 2876737 |
| 219068 | Norsk Hydro ASA (Materials) |  | 1162028 |
| 176306 | Orkla ASA (Food, Beverage & Tobacco) |  | 1966245 |
| 55634 | Storebrand ASA (Insurance) |  | 671703 |
|  |  |  | 30638503 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 14 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Portugal – 0.0% | Portugal – 0.0% | Portugal – 0.0% |
| 1272614 | Banco Comercial Portugues SA, Class R (Banks) | $813962 |
| Singapore – 1.9% | Singapore – 1.9% | Singapore – 1.9% |
| 296400 | Oversea-Chinese Banking Corp. Ltd. (Banks) | 3668177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1335700 | Singapore Exchange Ltd. (Financial Services) | 14693849 |
| 1312200 | Singapore Technologies Engineering Ltd. (Capital Goods) | 7450990 |
| 2227100 | Singapore Telecommunications Ltd. (Telecommunication Services) | 6443438 |
| 412600 | United Overseas Bank Ltd. (Banks) | 10958179 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;43214633 |
| Spain – 1.1% | Spain – 1.1% | Spain – 1.1% |
| 2373 | Aena SME SA (Transportation)<sup>(a)</sup> | 596136 |
| 370187 | Banco Bilbao Vizcaya Argentaria SA (Banks) | 5080465 |
| 81091 | Cellnex Telecom SA (Telecommunication Services)\*<sup>(a)</sup> | 3281701 |
| 176206 | Industria de Diseno Textil SA (Consumer Discretionary Distribution & Retail)<sup>(b)</sup> | 9475475 |
| 59866 | Merlin Properties Socimi SA REIT (Equity Real Estate Investment Trusts (REITs)) | 678897 |
| 2936666 | Unicaja Banco SA (Banks)<sup>(a)</sup> | 5597437 |
|  |  | 24710111 |
| Sweden – 2.6% | Sweden – 2.6% | Sweden – 2.6% |
| 78919 | Boliden AB (Materials)\* | 2418082 |
| 133717 | Essity AB, Class B (Household & Personal Products) | 3866969 |
| 2997 | Evolution AB (Consumer Services)\*<sup>(a)</sup> | 207616 |
| 650279 | Hexagon AB, Class B (Technology Hardware & Equipment)\*<sup>(b)</sup> | 6328885 |
| 213788 | Investor AB, Class B (Financial Services) | 6334210 |
| 308840 | SSAB AB, Class A (Materials)<sup>(b)</sup> | 1951510 |
| 1156658 | Svenska Handelsbanken AB, Class A (Banks) | 15140444 |
| 218686 | Swedbank AB, Class A (Banks) | 5459245 |
| 2133060 | Telefonaktiebolaget LM Ericsson, Class B (Technology Hardware & Equipment) | 18018769 |
|  |  | 59725730 |
| Switzerland – 5.0% | Switzerland – 5.0% | Switzerland – 5.0% |
| 345341 | ABB Ltd. (Capital Goods) | 18237715 |
| 20540 | Baloise Holding AG (Insurance) | 4569585 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Switzerland – (continued) | Switzerland – (continued) | Switzerland – (continued) | Switzerland – (continued) |
| 4041 | Belimo Holding AG (Capital Goods) | $| 3433485 |
| 12451 | BKW AG (Utilities)\* |  | 2496268 |
| 5932 | Cembra Money Bank AG (Financial Services) |  | 716044 |
| 102711 | Cie Financiere Richemont SA (Consumer Durables & Apparel) |  | 18149570 |
| 61003 | DSM-Firmenich AG (Materials) |  | 6626953 |
| 4871 | Geberit AG (Capital Goods) |  | 3374242 |
| 2312 | Givaudan SA (Materials) |  | &nbsp;&nbsp;&nbsp;&nbsp;11153923 |
| 6107 | Kuehne + Nagel International AG (Transportation) |  | 1406424 |
| 1906 | PSP Swiss Property AG (Real Estate Management & Development) |  | 339403 |
| 15952 | Schindler Holding AG (Capital Goods) |  | 5834364 |
| 36388 | Sika AG (Materials) |  | 9093638 |
| 891218 | UBS Group AG (Financial Services) |  | 27053252 |
|  |  |  | 112484866 |
| United Kingdom – 11.7% | United Kingdom – 11.7% | United Kingdom – 11.7% | United Kingdom – 11.7% |
| 57378 | 3i Group PLC (Financial Services) |  | 3252820 |
| 24266 | Admiral Group PLC (Insurance) |  | 1055388 |
| 139762 | Associated British Foods PLC (Food, Beverage & Tobacco) |  | 3852562 |
| 330408 | AstraZeneca PLC ADR (Pharmaceuticals, Biotechnology & Life Sciences) |  | 23719990 |
| 181899 | Auto Trader Group PLC (Media & Entertainment)<sup>(a)</sup> |  | 2043610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002439 | Aviva PLC (Insurance) |  | 7510678 |
| 253182 | Babcock International Group PLC (Capital Goods) |  | 2727476 |
| 482661 | BAE Systems PLC (Capital Goods) |  | 11189361 |
| 228289 | Barclays PLC (Banks) |  | 909422 |
| 175985 | Barratt Redrow PLC (Consumer Durables & Apparel) |  | 1097124 |
| 787974 | Beazley PLC (Insurance) |  | 9336445 |
| 1301970 | BT Group PLC (Telecommunication Services) |  | 3021818 |
| 36602 | DCC PLC (Capital Goods) |  | 2392230 |
| 308051 | easyJet PLC (Transportation) |  | 2042394 |
| 182032 | Entain PLC (Consumer Services) |  | 1556176 |
| 176040 | Halma PLC (Technology Hardware & Equipment) |  | 6497928 |
| 115848 | Hiscox Ltd. (Insurance) |  | 1705013 |
| 1446192 | HSBC Holdings PLC (Banks) |  | 16121255 |
| 100055 | IG Group Holdings PLC (Financial Services) |  | 1426081 |
| 684975 | Imperial Brands PLC (Food, Beverage & Tobacco) |  | 28106617 |
| 168366 | Informa PLC (Media & Entertainment) |  | 1644757 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **15** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| United Kingdom – (continued) | United Kingdom – (continued) | United Kingdom – (continued) | United Kingdom – (continued) |
| 37132 | InterContinental Hotels Group PLC (Consumer Services) | $| 3962355 |
| 105136 | Investec PLC (Financial Services) |  | 660166 |
| 172142 | JET2 PLC (Transportation) |  | 3642781 |
| 263031 | Kingfisher PLC (Consumer Discretionary Distribution & Retail) |  | 1010959 |
| 100557 | Lancashire Holdings Ltd. (Insurance) |  | 754490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16554745 | Lloyds Banking Group PLC (Banks) |  | &nbsp;&nbsp;&nbsp;&nbsp;16264689 |
| 573257 | M&G PLC (Financial Services) |  | 1590724 |
| 964361 | Man Group PLC (Financial Services) |  | 2104872 |
| 703196 | Marks & Spencer Group PLC (Consumer Staples Distribution & Retail) |  | 3654193 |
| 488294 | National Grid PLC (Utilities) |  | 7048090 |
| 2328292 | NatWest Group PLC (Banks) |  | 14976251 |
| 74231 | Next PLC (Consumer Discretionary Distribution & Retail) |  | 12246381 |
| 121954 | Pearson PLC (Consumer Services) |  | 1955074 |
| 283833 | RELX PLC (Commercial & Professional Services) |  | 15490237 |
| 1083819 | Rolls-Royce Holdings PLC (Capital Goods) |  | 10970937 |
| 137845 | Sage Group PLC (The) (Software & Services) |  | 2285283 |
| 194060 | Smiths Group PLC (Capital Goods) |  | 4835900 |
| 396405 | SSE PLC (Utilities) |  | 8937379 |
| 198721 | Standard Chartered PLC (Banks) |  | 2862230 |
| 618223 | Taylor Wimpey PLC (Consumer Durables & Apparel) |  | 971420 |
| 2897144 | Tesco PLC (Consumer Staples Distribution & Retail) |  | 14337986 |
| 228270 | TP ICAP Group PLC (Financial Services) |  | 783866 |
| 103546 | Trainline PLC (Consumer Services)\*<sup>(a)</sup> |  | 405594 |
| 347832 | Vodafone Group PLC ADR (Telecommunication Services) |  | 3394840 |
|  |  |  | 266355842 |
| United States – 9.4% | United States – 9.4% | United States – 9.4% | United States – 9.4% |
| 263309 | BP PLC ADR (Energy) |  | 7230465 |
| 9740 | Experian PLC (Commercial & Professional Services) |  | 484575 |
| 501756 | GSK PLC ADR (Pharmaceuticals, Biotechnology & Life Sciences) |  | 19994977 |
| 192518 | Holcim AG (Materials)\* |  | 21513498 |
| 470981 | Nestle SA (Food, Beverage & Tobacco) |  | 50129986 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| United States – (continued) | United States – (continued) | United States – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368735 | Novartis AG (Pharmaceuticals, Biotechnology & Life Sciences) | $42056922 |
| 77149 | Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences) | 25226683 |
| 93376 | Sanofi SA (Pharmaceuticals, Biotechnology & Life Sciences) | 10214576 |
| 98256 | Schneider Electric SE (Capital Goods) | 22957110 |
| 496405 | Shell PLC (Energy) | 16148306 |
|  |  | 215957098 |
| TOTAL COMMON STOCKS<br>(Cost $1,917,896,600) | TOTAL COMMON STOCKS<br>(Cost $1,917,896,600) | 2203888844 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Rate** | **Value** |
| Preferred Stocks – 0.5% | Preferred Stocks – 0.5% | Preferred Stocks – 0.5% | Preferred Stocks – 0.5% |
| Germany – 0.5% | Germany – 0.5% | Germany – 0.5% | Germany – 0.5% |
| 120885 | Henkel AG & Co. KGaA (Household & Personal Products) | 2.99% | 9388703 |
| 8623 | Sartorius AG (Pharmaceuticals, Biotechnology & Life Sciences) | 0.33 | 2238485 |
| TOTAL PREFERRED STOCKS<br>(Cost $11,061,538) | TOTAL PREFERRED STOCKS<br>(Cost $11,061,538) | TOTAL PREFERRED STOCKS<br>(Cost $11,061,538) | 11627188 |
| **Shares** | **Dividend Rate**  |  | **Value** |
| Investment Company – 0.4%<sup>(c)</sup> | Investment Company – 0.4%<sup>(c)</sup> | Investment Company – 0.4%<sup>(c)</sup> | Investment Company – 0.4%<sup>(c)</sup> |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |
| 8437509 | 4.248% |  | 8437509 |
| (Cost $8,437,509) | (Cost $8,437,509) | (Cost $8,437,509) |  |
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $1,937,395,647) | TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $1,937,395,647) | TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $1,937,395,647) | 2223953541 |
| Securities Lending Reinvestment Vehicle – 0.9%<sup>(c)</sup> | Securities Lending Reinvestment Vehicle – 0.9%<sup>(c)</sup> | Securities Lending Reinvestment Vehicle – 0.9%<sup>(c)</sup> | Securities Lending Reinvestment Vehicle – 0.9%<sup>(c)</sup> |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |
| 19778230 | 4.248% |  | 19778230 |
| (Cost $19,778,230) | (Cost $19,778,230) | (Cost $19,778,230) |  |
| TOTAL INVESTMENTS – 98.7%<br>(Cost $1,957,173,877) | TOTAL INVESTMENTS – 98.7%<br>(Cost $1,957,173,877) | TOTAL INVESTMENTS – 98.7%<br>(Cost $1,957,173,877) | $2243731771 |
|  **OTHER ASSETS IN EXCESS OF LIABILITIES<br>– 1.3%** | **OTHER ASSETS IN EXCESS OF LIABILITIES<br>– 1.3%** | **OTHER ASSETS IN EXCESS OF LIABILITIES<br>– 1.3%** | 29203978 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | NET ASSETS – 100.0% | $2272935749 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 16 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

(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.

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—American Depositary Receipt |
| PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Public Limited Company |
| REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Real Estate Investment Trust |

---

---

| | |
|:---|:---|
| **Sector Name** | **% of<br>Market<br>Value** |
|  Financials | 25.5% |
|  Industrials | 18.6 |
|  Health Care | 11 |
|  Consumer Discretionary | 9.8 |
|  Consumer Staples | 9.2 |
|  Information Technology | 8.6 |
|  Materials | 5.9 |
|  Communication Services | 4.4 |
|  Utilities | 2.9 |
|  Energy | 1.8 |
|  Real Estate | 1 |
|  Investment Company | 0.4 |
|  Securities Lending Reinvestment Vehicle | 0.9 |
|  **TOTAL INVESTMENTS** | 100.0% |

---

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2025, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  EURO STOXX 50 Index | 421 | 06/20/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24356818 | $1167294 |
|  FTSE 100 Index | 78 | 06/20/25 | 8798384 | 244242 |
|  Hang Seng Index | 15 | 05/29/25 | 2135812 | (2548) |
|  MSCI Singapore Index | 25 | 05/29/25 | 738171 | 8080 |
|  SPI 200 Index | 30 | 06/19/25 | 3911519 | 147259 |
|  TOPIX Index | 68 | 06/12/25 | 12672122 | 608340 |
|  **Total Futures Contracts** |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2172667 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **17** |

---

------

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – 96.8% | Common Stocks – 96.8% | Common Stocks – 96.8% |
| Australia – 9.3% | Australia – 9.3% | Australia – 9.3% |
| 1391182 | AGL Energy Ltd. (Utilities) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9480916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18645665 | AMP Ltd. (Financial Services) | 15400513 |
| 375924 | Ansell Ltd.<br>(Health Care Equipment & Services) | 7292758 |
| 705950 | Austal Ltd. (Capital Goods)\* | 2391782 |
| 412821 | Bank of Queensland Ltd. (Banks) | 1971990 |
| 1401894 | Capricorn Metals Ltd. (Materials)\* | 8294254 |
| 4347286 | Charter Hall Group REIT (Equity Real Estate Investment Trusts (REITs)) | 47002635 |
| 7230903 | Charter Hall Retail REIT (Equity Real Estate Investment Trusts (REITs)) | 17271874 |
| 828392 | Cleanaway Waste Management Ltd. (Commercial & Professional Services) | 1378616 |
| 123725 | Downer EDI Ltd. (Commercial & Professional Services) | 451803 |
| 3310857 | Emerald Resources NL (Materials)\* | 8501431 |
| 2801460 | Evolution Mining Ltd. (Materials) | 14049389 |
| 11741743 | Gold Road Resources Ltd. (Materials) | 22780655 |
| 112705 | GrainCorp Ltd., Class A (Consumer Staples Distribution & Retail) | 479847 |
| 280866 | HUB24 Ltd. (Financial Services) | 12975676 |
| 394368 | IRESS Ltd. (Software & Services) | 2008272 |
| 300232 | JB Hi-Fi Ltd. (Consumer Discretionary Distribution & Retail) | 19895708 |
| 81994 | Judo Capital Holdings Ltd. (Banks)\* | 93483 |
| 602311 | Mirvac Group REIT (Equity Real Estate Investment Trusts (REITs)) | 878563 |
| 766578 | New Hope Corp. Ltd. (Energy) | 1798279 |
| 879557 | Nine Entertainment Co. Holdings Ltd. (Media & Entertainment) | 806080 |
| 295289 | NRW Holdings Ltd. (Capital Goods) | 511819 |
| 100218 | Orica Ltd. (Materials) | 1040248 |
| 18765668 | Perseus Mining Ltd. (Materials) | 40218798 |
| 402894 | Pinnacle Investment Management Group Ltd. (Financial Services) | 4646424 |
| 969243 | Premier Investments Ltd. (Consumer Discretionary Distribution & Retail) | 12910553 |
| 17901330 | Ramelius Resources Ltd. (Materials) | 30124488 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Australia – (continued) | Australia – (continued) | Australia – (continued) | Australia – (continued) |
| 306954 | Regis Healthcare Ltd. (Health Care Equipment & Services) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1342605 |
| 5756658 | Regis Resources Ltd. (Materials)\* |  | 16643019 |
| 2134578 | Resolute Mining Ltd. (Materials)\* |  | 696807 |
| 67056 | Super Retail Group Ltd. (Consumer Discretionary Distribution & Retail) |  | 575094 |
| 2120228 | Technology One Ltd. (Software & Services) |  | 40925009 |
| 471929 | Temple & Webster Group Ltd. (Consumer Discretionary Distribution & Retail) |  | 5385395 |
| 390897 | Tuas Ltd. (Telecommunication Services)\* |  | 1411647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22138928 | Vault Minerals Ltd. (Materials)\* |  | 6091971 |
| 7394733 | Ventia Services Group Pty Ltd. (Capital Goods) |  | 20021144 |
| 2518781 | Waypoint REIT Ltd. REIT (Equity Real Estate Investment Trusts (REITs)) |  | 4124963 |
| 3608753 | West African Resources Ltd. (Materials)\* |  | 5522881 |
| 8817924 | Westgold Resources Ltd. (Materials) |  | 16751660 |
| 1343964 | Worley Ltd. (Capital Goods) |  | 10707480 |
|  |  |  | 414856529 |
| Austria – 1.0% | Austria – 1.0% | Austria – 1.0% | Austria – 1.0% |
| 331247 | BAWAG Group AG (Banks)\*<sup>(a)</sup> |  | 36307332 |
| 11965 | DO & CO AG (Commercial & Professional Services)\* |  | 1911260 |
| 33652 | Porr AG (Capital Goods) |  | 1178348 |
| 40764 | Raiffeisen Bank International AG (Banks) |  | 1088859 |
| 109754 | voestalpine AG (Materials) |  | 2892245 |
|  |  |  | 43378044 |
| Belgium – 1.3% | Belgium – 1.3% | Belgium – 1.3% | Belgium – 1.3% |
| 9069 | Ackermans & van Haaren NV (Capital Goods) |  | 2218164 |
| 341674 | Aedifica SA REIT (Equity Real Estate Investment Trusts (REITs)) |  | 27390710 |
| 208742 | Cofinimmo SA REIT (Equity Real Estate Investment Trusts (REITs)) |  | 16690861 |
| 229325 | Colruyt Group NV (Consumer Staples Distribution & Retail) |  | 11027707 |
| 16893 | Umicore SA (Materials) |  | 153558 |
|  |  |  | 57481000 |
| China – 0.1% | China – 0.1% | China – 0.1% | China – 0.1% |
| 6492000 | VSTECS Holdings Ltd. (Technology Hardware & Equipment) |  | 4998502 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 18 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) | China – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2167500 | Yanlord Land Group Ltd. (Real Estate Management & Development)\* | $| 780768 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5779270 |
| Denmark – 1.9% | Denmark – 1.9% | Denmark – 1.9% | Denmark – 1.9% |
| 148530 | Bavarian Nordic A/S (Pharmaceuticals, Biotechnology & Life Sciences)\* |  | 3531495 |
| 37368 | FLSmidth & Co. A/S (Capital Goods) |  | 1769085 |
| 131305 | GN Store Nord AS (Consumer Durables & Apparel)\* |  | 1982477 |
| 340508 | NKT A/S (Capital Goods)\* |  | 27724810 |
| 148136 | Royal Unibrew A/S (Food, Beverage & Tobacco) |  | 11769494 |
| 572323 | Sydbank AS (Banks) |  | 36651776 |
|  |  |  | 83429137 |
| Faroe Islands – 0.1% | Faroe Islands – 0.1% | Faroe Islands – 0.1% | Faroe Islands – 0.1% |
| 88344 | Bakkafrost P/F (Food, Beverage & Tobacco) |  | 4454809 |
| Finland – 1.6% | Finland – 1.6% | Finland – 1.6% | Finland – 1.6% |
| 472698 | Hiab OYJ, Class B (Capital Goods) |  | 22492282 |
| 196028 | Huhtamaki OYJ (Materials) |  | 7217302 |
| 265024 | Kalmar OYJ, Class B (Capital Goods) |  | 8396220 |
| 533888 | Konecranes OYJ (Capital Goods) |  | 35769459 |
|  |  |  | 73875263 |
| France – 3.8% | France – 3.8% | France – 3.8% | France – 3.8% |
| 256377 | Canal+ SA (Media & Entertainment)\* |  | 582415 |
| 724687 | Coface SA (Insurance) |  | 14853743 |
| 49036 | Exosens SAS (Capital Goods)\* |  | 1908472 |
| 44414 | Gaztransport Et Technigaz SA (Energy) |  | 7239606 |
| 247626 | IPSOS SA (Media & Entertainment) |  | 11723777 |
| 320109 | Mercialys SA REIT (Equity Real Estate Investment Trusts (REITs))\* |  | 4285331 |
| 179086 | Nexans SA (Capital Goods) |  | 19674116 |
| 78673 | Rubis SCA (Utilities) |  | 2560867 |
| 549119 | SCOR SE (Insurance) |  | 17302304 |
| 494607 | SPIE SA (Commercial & Professional Services) |  | 24241971 |
| 278789 | Ubisoft Entertainment SA (Media & Entertainment)\* |  | 3284782 |
| 3352490 | Valeo SE (Automobiles & Components) |  | 33294138 |
| 9319815 | Vivendi SE (Media & Entertainment)\* |  | 29063480 |
|  |  |  | 170015002 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Georgia – 0.7% | Georgia – 0.7% | Georgia – 0.7% |
| 242962 | Lion Finance Group PLC (Banks) | $&nbsp;&nbsp;&nbsp;&nbsp;19488699 |
| 212968 | TBC Bank Group PLC (Banks) | 13469067 |
|  |  | 32957766 |
| Germany – 2.8% | Germany – 2.8% | Germany – 2.8% |
| 158949 | Bechtle AG (Software & Services) | 6781191 |
| 330366 | Freenet AG (Telecommunication Services) | 13737655 |
| 351885 | Hensoldt AG (Capital Goods) | 27260116 |
| 118618 | Krones AG (Capital Goods) | 17338178 |
| 318708 | Nordex SE (Capital Goods)\* | 5967277 |
| 897326 | Softwareone Holding AG (Technology Hardware & Equipment)\* | 6211470 |
| 94278 | Stroeer SE & Co. KGaA (Media & Entertainment) | 5629477 |
| 2122913 | TeamViewer SE (Software & Services)\*<sup>(a)</sup> | 32613739 |
| 845578 | thyssenkrupp AG (Materials) | 9697312 |
| 35864 | United Internet AG (Telecommunication Services) | 813282 |
|  |  | 126049697 |
| Hong Kong – 1.1% | Hong Kong – 1.1% | Hong Kong – 1.1% |
| 168000 | DFI Retail Group Holdings Ltd. (Consumer Staples Distribution & Retail) | 424056 |
| 640000 | Hang Lung Group Ltd. (Real Estate Management & Development) | 918703 |
| 1690000 | Hysan Development Co. Ltd. (Real Estate Management & Development) | 2754863 |
| 1848000 | Johnson Electric Holdings Ltd. (Automobiles & Components) | 3366684 |
| 5359000 | Kerry Properties Ltd. (Real Estate Management & Development) | 12585245 |
| 428000 | Luk Fook Holdings International Ltd. (Consumer Discretionary Distribution & Retail) | 933944 |
| 106000 | Stella International Holdings Ltd. (Consumer Durables & Apparel) | 189979 |
| 828000 | SUNeVision Holdings Ltd. (Software & Services) | 692301 |
| 534000 | Vitasoy International Holdings Ltd. (Food, Beverage & Tobacco) | 688014 |
| 893000 | VTech Holdings Ltd. (Technology Hardware & Equipment) | 5999324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15330500 | Yue Yuen Industrial Holdings Ltd. (Consumer Durables & Apparel) | 22009983 |
|  |  | 50563096 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **19** |

---

------

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Indonesia – 0.4% | Indonesia – 0.4% | Indonesia – 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20890000 | First Pacific Co. Ltd. (Food, Beverage & Tobacco) | $&nbsp;&nbsp;&nbsp;&nbsp;14056212 |
| 3915600 | First Resources Ltd. (Food, Beverage & Tobacco) | 4530281 |
|  |  | 18586493 |
| Ireland – 0.1% | Ireland – 0.1% | Ireland – 0.1% |
| 1785645 | Greencore Group PLC (Food, Beverage & Tobacco) | 4402501 |
| Israel – 3.4% | Israel – 3.4% | Israel – 3.4% |
| 99041 | Airport City Ltd. (Real Estate Management & Development)\* | 1472123 |
| 495905 | Alony Hetz Properties & Investments Ltd. (Real Estate Management & Development) | 4142059 |
| 604625 | Amot Investments Ltd. (Real Estate Management & Development) | 3199404 |
| 11766275 | Bezeq The Israeli Telecommunication Corp. Ltd. (Telecommunication Services) | 17892230 |
| 20819 | Big Shopping Centers Ltd. (Real Estate Management & Development)\* | 3039812 |
| 11964 | Camtek Ltd. (Semiconductors & Semiconductor Equipment)\* | 794465 |
| 4079 | Clal Insurance Enterprises Holdings Ltd. (Insurance) | 111920 |
| 22595 | Delek Group Ltd. (Energy) | 3604686 |
| 616339 | El Al Israel Airlines (Transportation)\* | 1883850 |
| 9553 | Elco Ltd. (Capital Goods) | 424009 |
| 19701 | Fattal Holdings 1998 Ltd. (Consumer Services)\* | 2572863 |
| 152922 | First International Bank Of Israel Ltd. (The) (Banks) | 8399147 |
| 16922 | Fox Wizel Ltd. (Consumer Discretionary Distribution & Retail) | 1423272 |
| 211479 | G City Ltd. (Real Estate Management & Development) | 732870 |
| 662633 | Harel Insurance Investments & Financial Services Ltd. (Insurance) | 11014261 |
| 52712 | Israel Canada T.R Ltd. (Real Estate Management & Development) | 171577 |
| 10822 | Israel Corp. Ltd. (Materials) | 3406702 |
| 26140 | Melisron Ltd. (Real Estate Management & Development) | 2223921 |
| 2288750 | Mivne Real Estate KD Ltd. (Real Estate Management & Development) | 6678068 |
| 7045 | Next Vision Stabilized Systems Ltd. (Technology Hardware & Equipment) | 185579 |
| 771366 | Phoenix Financial Ltd. (Insurance) | 15190558 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Israel – (continued) | Israel – (continued) | Israel – (continued) | Israel – (continued) |
| 1146477 | Plus500 Ltd. (Financial Services) | $| 46996741 |
| 1184656 | Shufersal Ltd. (Consumer Staples Distribution & Retail) |  | 11091779 |
| 59210 | Strauss Group Ltd. (Food, Beverage & Tobacco) |  | 1340081 |
| 130566 | Tower Semiconductor Ltd. (Semiconductors & Semiconductor Equipment)\* |  | 4772022 |
| 7176 | YH Dimri Construction & Development Ltd. (Real Estate Management & Development) |  | 605512 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;153369511 |
| Italy – 4.4% | Italy – 4.4% | Italy – 4.4% | Italy – 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17933528 | A2A SpA (Utilities) |  | 45609800 |
| 111468 | ACEA SpA (Utilities) |  | 2618679 |
| 741134 | Banca Generali SpA (Financial Services) |  | 43969821 |
| 583412 | De' Longhi SpA (Consumer Durables & Apparel) |  | 18054752 |
| 7018208 | Hera SpA (Utilities) |  | 33225818 |
| 372476 | Iren SpA (Utilities) |  | 1063393 |
| 347965 | Iveco Group NV (Capital Goods) |  | 5559122 |
| 236887 | MFE-MediaForEurope NV, Class A (Media & Entertainment) |  | 861625 |
| 7037864 | Pirelli & C SpA (Automobiles & Components)<sup>(a)</sup> |  | 43511594 |
| 10679 | Reply SpA (Software & Services) |  | 1906517 |
| 220130 | Technogym SpA (Consumer Durables & Apparel)<sup>(a)</sup> |  | 2974581 |
|  |  |  | 199355702 |
| Ivory Coast – 0.2% | Ivory Coast – 0.2% | Ivory Coast – 0.2% | Ivory Coast – 0.2% |
| 345258 | Endeavour Mining PLC (Materials) |  | 9271128 |
| Japan – 36.1% | Japan – 36.1% | Japan – 36.1% | Japan – 36.1% |
| 98500 | 77 Bank Ltd. (The) (Banks) |  | 3087072 |
| 611900 | Acom Co. Ltd. (Financial Services) |  | 1714606 |
| 5129 | Activia Properties, Inc. REIT (Equity Real Estate Investment Trusts (REITs)) |  | 12298598 |
| 17400 | ADEKA Corp. (Materials) |  | 313669 |
| 363800 | Alfresa Holdings Corp. (Health Care Equipment & Services) |  | 5491973 |
| 470800 | Alps Alpine Co. Ltd. (Technology Hardware & Equipment) |  | 4782503 |
| 188600 | Amano Corp. (Technology Hardware & Equipment) |  | 5491306 |
| 9500 | Ariake Japan Co. Ltd. (Food, Beverage & Tobacco) |  | 399159 |
| 238300 | Artience Co. Ltd. (Materials) |  | 4917731 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 20 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) |
| 78100 | ASKUL Corp. (Consumer Discretionary Distribution & Retail) | $831257 |
| 155600 | Autobacs Seven Co. Ltd. (Consumer Discretionary Distribution & Retail) | 1614738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000700 | Azbil Corp. (Technology Hardware & Equipment) | &nbsp;&nbsp;&nbsp;&nbsp;25839907 |
| 587500 | Bic Camera, Inc. (Consumer Discretionary Distribution & Retail) | 6300107 |
| 10300 | Canon Marketing Japan, Inc. (Technology Hardware & Equipment) | 364619 |
| 66800 | Central Glass Co. Ltd. (Capital Goods) | 1397596 |
| 438900 | Chugin Financial Group, Inc. (Banks) | 4930654 |
| 716900 | Chugoku Electric Power Co., Inc. (The) (Utilities) | 3811091 |
| 226200 | CKD Corp. (Capital Goods) | 3297133 |
| 827700 | Credit Saison Co. Ltd. (Financial Services) | 19329232 |
| 73000 | Daido Steel Co. Ltd. (Materials) | 550049 |
| 183500 | Daiichikosho Co. Ltd. (Media & Entertainment) | 2146019 |
| 32400 | Daikokutenbussan Co. Ltd. (Consumer Staples Distribution & Retail) | 1719749 |
| 13636 | Daiwa House REIT Investment Corp. REIT (Equity Real Estate Investment Trusts (REITs)) | 22839938 |
| 203300 | Daiwabo Holdings Co. Ltd. (Technology Hardware & Equipment) | 3442483 |
| 32200 | DCM Holdings Co. Ltd. (Consumer Discretionary Distribution & Retail) | 306176 |
| 808000 | DeNA Co. Ltd. (Media & Entertainment) | 21844821 |
| 490700 | DIC Corp. (Materials) | 9575960 |
| 39200 | DTS Corp. (Software & Services) | 1114921 |
| 144800 | EDION Corp. (Consumer Discretionary Distribution & Retail) | 1932348 |
| 50000 | EXEO Group, Inc. (Capital Goods) | 583857 |
| 1529 | Frontier Real Estate Investment Corp. REIT (Equity Real Estate Investment Trusts (REITs)) | 848828 |
| 210000 | Fujita Kanko, Inc. (Consumer Services) | 13264489 |
| 807800 | Furukawa Electric Co. Ltd. (Capital Goods) | 25511635 |
| 399100 | Glory Ltd. (Capital Goods) | 7027235 |
| 4044 | GLP J REIT (Equity Real Estate Investment Trusts (REITs)) | 3488140 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) |
| 110300 | GMO internet group, Inc. (Software & Services) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2593733 |
| 350000 | Gunma Bank Ltd. (The) (Banks) | 2918915 |
| 687700 | H.U. Group Holdings, Inc. (Health Care Equipment & Services) | 13493682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2466900 | H2O Retailing Corp. (Consumer Staples Distribution & Retail) | 33741578 |
| 1229900 | Hachijuni Bank Ltd. (The) (Banks) | 9283276 |
| 2252300 | Hazama Ando Corp. (Capital Goods) | 22432037 |
| 118200 | Heiwa Corp. (Consumer Services) | 1839881 |
| 19000 | Heiwa Real Estate Co. Ltd. (Real Estate Management & Development) | 626123 |
| 47700 | Heiwado Co. Ltd. (Consumer Staples Distribution & Retail) | 888084 |
| 1561600 | HIS Co. Ltd. (Consumer Services)<sup>(b)</sup> | 18611129 |
| 168600 | Hokuhoku Financial Group, Inc. (Banks) | 3023713 |
| 2211900 | Hokuriku Electric Power Co. (Utilities) | 11367262 |
| 59800 | Hosiden Corp. (Technology Hardware & Equipment) | 802887 |
| 233600 | Iida Group Holdings Co. Ltd. (Consumer Durables & Apparel) | 3697608 |
| 1516200 | Iino Kaiun Kaisha Ltd. (Transportation) | 11050556 |
| 194100 | Infomart Corp. (Commercial & Professional Services) | 517362 |
| 3589200 | Isetan Mitsukoshi Holdings Ltd. (Consumer Discretionary Distribution & Retail) | 46137279 |
| 50000 | Itoham Yonekyu Holdings, Inc. (Food, Beverage & Tobacco) | 1567018 |
| 1369800 | Iyogin Holdings, Inc. (Banks) | 15888600 |
| 79100 | Izumi Co. Ltd. (Consumer Discretionary Distribution & Retail) | 1821117 |
| 1148900 | J Front Retailing Co. Ltd. (Consumer Discretionary Distribution & Retail) | 14062712 |
| 35200 | Jaccs Co. Ltd. (Financial Services) | 932275 |
| 153000 | Japan Airport Terminal Co. Ltd. (Transportation) | 4400732 |
| 829800 | Japan Aviation Electronics Industry Ltd. (Technology Hardware & Equipment) | 13292629 |
| 1752 | Japan Logistics Fund, Inc. REIT (Equity Real Estate Investment Trusts (REITs)) | 1145754 |
| 713700 | JGC Holdings Corp. (Capital Goods) | 5708110 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **21** |

---

------

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) |
| 311300 | Kaga Electronics Co. Ltd. (Technology Hardware & Equipment) | $5575657 |
| 872000 | Kakaku.com, Inc. (Media & Entertainment) | &nbsp;&nbsp;&nbsp;&nbsp;15422084 |
| 598000 | Kaken Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 17026133 |
| 184400 | Kamigumi Co. Ltd. (Transportation) | 4514029 |
| 36037 | KDX Realty Investment Corp. REIT (Equity Real Estate Investment Trusts (REITs)) | 37527763 |
| 114300 | Keihan Holdings Co. Ltd. (Capital Goods) | 2799419 |
| 230900 | Kewpie Corp. (Food, Beverage & Tobacco) | 5251896 |
| 136300 | Kinden Corp. (Capital Goods) | 3528023 |
| 8300 | Kintetsu Group Holdings Co. Ltd. (Transportation) | 178720 |
| 76300 | Konoike Transport Co. Ltd. (Transportation) | 1400844 |
| 149100 | Koshidaka Holdings Co. Ltd. (Consumer Services) | 1061510 |
| 190000 | K's Holdings Corp. (Consumer Discretionary Distribution & Retail) | 1819636 |
| 57900 | Kumagai Gumi Co. Ltd. (Capital Goods) | 1725442 |
| 21100 | Kureha Corp. (Materials) | 369321 |
| 458500 | Kyokuto Kaihatsu Kogyo Co. Ltd. (Capital Goods) | 7701764 |
| 611400 | Kyoritsu Maintenance Co. Ltd. (Consumer Services) | 12976330 |
| 6948 | LaSalle Logiport REIT REIT (Equity Real Estate Investment Trusts (REITs)) | 6628025 |
| 198400 | Life Corp. (Consumer Staples Distribution & Retail) | 2873888 |
| 741600 | Lintec Corp. (Materials) | 14185895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1152200 | Lion Corp. (Household & Personal Products) | 14122483 |
| 232400 | Lixil Corp. (Capital Goods) | 2738513 |
| 490600 | Maruha Nichiro Corp. (Food, Beverage & Tobacco) | 11209963 |
| 649000 | Medipal Holdings Corp. (Health Care Equipment & Services) | 10997746 |
| 250600 | Megmilk Snow Brand Co. Ltd. (Food, Beverage & Tobacco) | 4607955 |
| 19800 | Meidensha Corp. (Capital Goods) | 543955 |
| 252300 | MEITEC Group Holdings, Inc. (Commercial & Professional Services) | 5178606 |
| 273100 | MIRAIT ONE Corp. (Capital Goods) | 4294778 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) |
| 5448 | Mitsubishi Estate Logistics REIT Investment Corp. REIT (Equity Real Estate Investment Trusts (REITs)) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4448225 |
| 362200 | Mitsubishi Logistics Corp. (Transportation) | 2499684 |
| 55200 | Mitsubishi Research Institute, Inc. (Software & Services) | 1733351 |
| 60600 | Mitsubishi Shokuhin Co. Ltd. (Consumer Staples Distribution & Retail) | 2268663 |
| 1372100 | Mitsui E&S Co. Ltd. (Capital Goods) | 17507070 |
| 150600 | Mitsui Mining & Smelting Co. Ltd. (Materials) | 4094362 |
| 997300 | MIXI, Inc. (Media & Entertainment) | 22159700 |
| 244500 | Mizuho Leasing Co. Ltd. (Financial Services) | 1801478 |
| 1576200 | Modec, Inc. (Energy) | 47834260 |
| 1349 | Mori Trust Reit, Inc. REIT (Equity Real Estate Investment Trusts (REITs)) | 598778 |
| 555800 | Morinaga & Co. Ltd. (Food, Beverage & Tobacco) | 9909836 |
| 160100 | Nagase & Co. Ltd. (Capital Goods) | 2819938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2486400 | Namura Shipbuilding Co. Ltd. (Capital Goods)<sup>(b)</sup> | 35087048 |
| 70900 | Nankai Electric Railway Co. Ltd. (Transportation) | 1122557 |
| 2911000 | NGK Insulators Ltd. (Capital Goods) | 35921779 |
| 649100 | Nippn Corp. (Food, Beverage & Tobacco) | 10231160 |
| 713100 | Nippon Kayaku Co. Ltd. (Materials) | 6718551 |
| 202900 | Nippon Light Metal Holdings Co. Ltd. (Materials) | 2115422 |
| 8181 | Nippon Prologis REIT, Inc. REIT (Equity Real Estate Investment Trusts (REITs)) | 13529945 |
| 109100 | Nippon Shinyaku Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 2813077 |
| 1452500 | Nippon Shokubai Co. Ltd. (Materials) | 17022051 |
| 16400 | Nishi-Nippon Railroad Co. Ltd. (Transportation) | 252128 |
| 871300 | Nisshinbo Holdings, Inc. (Capital Goods) | 5208375 |
| 976700 | Nissui Corp. (Food, Beverage & Tobacco) | 5940524 |
| 89300 | NOF Corp. (Materials) | 1344220 |
| 230500 | Nojima Corp. (Consumer Discretionary Distribution & Retail) | 4144323 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 22 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) |
| 773300 | NOK Corp. (Automobiles & Components) | $&nbsp;&nbsp;&nbsp;&nbsp;10686097 |
| 37424 | Nomura Real Estate Master Fund, Inc. REIT (Equity Real Estate Investment Trusts (REITs)) | 37257786 |
| 26300 | Noritsu Koki Co. Ltd. (Capital Goods) | 830476 |
| 1084400 | NS Solutions Corp. (Software & Services) | 25727167 |
| 760400 | NS United Kaiun Kaisha Ltd. (Transportation) | 20118787 |
| 36000 | NSD Co. Ltd. (Software & Services) | 847528 |
| 58100 | OBIC Business Consultants Co. Ltd. (Software & Services) | 2792960 |
| 622500 | Okamura Corp. (Commercial & Professional Services) | 8643503 |
| 2297400 | Okasan Securities Group, Inc. (Financial Services) | 10257897 |
| 1717100 | Oki Electric Industry Co. Ltd. (Technology Hardware & Equipment) | 11436350 |
| 146600 | Open House Group Co. Ltd. (Consumer Durables & Apparel) | 6500529 |
| 782300 | Orient Corp. (Financial Services) | 4294630 |
| 1461200 | Pigeon Corp. (Household & Personal Products) | 17694942 |
| 5400 | PKSHA Technology, Inc. (Software & Services)\* | 107423 |
| 1905400 | Resorttrust, Inc. (Consumer Services) | 19609428 |
| 18100 | Rinnai Corp. (Consumer Durables & Apparel) | 405412 |
| 572600 | Saizeriya Co. Ltd. (Consumer Services) | 18458390 |
| 112500 | San-In Godo Bank Ltd. (The) (Banks) | 999472 |
| 50400 | Sanki Engineering Co. Ltd. (Capital Goods) | 1287769 |
| 244300 | Sankyo Co. Ltd. (Consumer Durables & Apparel) | 3718382 |
| 347800 | Sansan, Inc. (Software & Services)\* | 4751437 |
| 2459000 | Santen Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 24905713 |
| 18000 | Sapporo Holdings Ltd. (Food, Beverage & Tobacco) | 999603 |
| 2356500 | Sawai Group Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 33955811 |
| 140300 | Seiko Group Corp. (Consumer Durables & Apparel) | 3703457 |
| 1779700 | Seino Holdings Co. Ltd. (Transportation) | 28009428 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) |
| 11283 | Sekisui House Reit, Inc. REIT (Equity Real Estate Investment Trusts (REITs))<sup>(b)</sup> | $6086948 |
| 100600 | Seria Co. Ltd. (Consumer Discretionary Distribution & Retail) | 2042397 |
| 36300 | Shibaura Mechatronics Corp. (Semiconductors & Semiconductor Equipment) | 1702552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1384600 | Shikoku Electric Power Co., Inc. (Utilities) | &nbsp;&nbsp;&nbsp;&nbsp;11378685 |
| 74700 | Shimamura Co. Ltd. (Consumer Discretionary Distribution & Retail) | 4970462 |
| 1028400 | Shimizu Corp. (Capital Goods) | 10986495 |
| 371500 | Ship Healthcare Holdings, Inc. (Health Care Equipment & Services) | 5389527 |
| 3552500 | SKY Perfect JSAT Holdings, Inc. (Media & Entertainment) | 28718915 |
| 95100 | Socionext, Inc. (Semiconductors & Semiconductor Equipment) | 1022856 |
| 1360600 | Sohgo Security Services Co. Ltd. (Commercial & Professional Services) | 10753724 |
| 17900 | Sotetsu Holdings, Inc. (Transportation) | 272918 |
| 10700 | Starts Corp., Inc. (Real Estate Management & Development) | 291021 |
| 706400 | Sugi Holdings Co. Ltd. (Consumer Staples Distribution & Retail) | 14838529 |
| 235900 | Sumitomo Forestry Co. Ltd. (Consumer Durables & Apparel) | 6792561 |
| 1093700 | Sumitomo Heavy Industries Ltd. (Capital Goods) | 22772832 |
| 457700 | Sumitomo Osaka Cement Co. Ltd. (Materials) | 12499139 |
| 18500 | Sumitomo Riko Co. Ltd. (Automobiles & Components) | 211571 |
| 2291300 | Sumitomo Rubber Industries Ltd. (Automobiles & Components) | 28854968 |
| 275000 | Suzuken Co. Ltd. (Health Care Equipment & Services) | 9935099 |
| 470300 | Taiheiyo Cement Corp. (Materials) | 12662998 |
| 1402500 | Takashimaya Co. Ltd. (Consumer Discretionary Distribution & Retail) | 10813492 |
| 17700 | TechMatrix Corp. (Software & Services) | 252766 |
| 1055200 | Teijin Ltd. (Materials) | 8847516 |
| 923200 | Toa Corp. (Capital Goods) | 8919468 |
| 429500 | Tobu Railway Co. Ltd. (Transportation) | 7837493 |
| 903800 | Toda Corp. (Capital Goods) | 5758039 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **23** |

---

------

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) | Japan – (continued) |
| 39900 | Toei Co. Ltd. (Media & Entertainment) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1461806 |
| 139100 | Toho Gas Co. Ltd. (Utilities) |  | 4160881 |
| 296700 | Toho Holdings Co. Ltd. (Health Care Equipment & Services)<sup>(b)</sup> |  | 9699544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2345400 | Tokai Tokyo Financial Holdings, Inc. (Financial Services) |  | 7746498 |
| 225900 | Tokyo Tatemono Co. Ltd. (Real Estate Management & Development) |  | 4050009 |
| 88700 | TOMONY Holdings, Inc. (Banks) |  | 339891 |
| 15000 | TOTO Ltd. (Capital Goods) |  | 395527 |
| 184300 | Towa Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |  | 3419844 |
| 578700 | Toyo Seikan Group Holdings Ltd. (Materials) |  | 10103350 |
| 1829600 | Toyo Tire Corp. (Automobiles & Components) |  | 34207656 |
| 718000 | TRE Holdings Corp. (Commercial & Professional Services) |  | 7737742 |
| 593900 | Tsumura & Co. (Pharmaceuticals, Biotechnology & Life Sciences) |  | 17859202 |
| 529100 | Tsuruha Holdings, Inc. (Consumer Staples Distribution & Retail)<sup>(b)</sup> |  | 42560362 |
| 276800 | TV Asahi Holdings Corp. (Media & Entertainment) |  | 5034671 |
| 387100 | Ulvac, Inc. (Semiconductors & Semiconductor Equipment) |  | 13128363 |
| 27600 | United Super Markets Holdings, Inc. (Consumer Staples Distribution & Retail) |  | 177512 |
| 14900 | UT Group Co. Ltd. (Commercial & Professional Services) |  | 209440 |
| 70600 | Welcia Holdings Co. Ltd. (Consumer Staples Distribution & Retail) |  | 1244758 |
| 45300 | Yamaguchi Financial Group, Inc. (Banks) |  | 535190 |
| 113900 | Yokohama Rubber Co. Ltd. (The) (Automobiles & Components) |  | 2490404 |
|  |  |  | 1618816532 |
| Netherlands – 1.7% | Netherlands – 1.7% | Netherlands – 1.7% | Netherlands – 1.7% |
| 170003 | Aalberts NV (Capital Goods) |  | 5645229 |
| 449008 | Arcadis NV (Commercial & Professional Services) |  | 21772901 |
| 1833030 | Koninklijke BAM Groep NV (Capital Goods)\* |  | 12416571 |
| 380582 | Koninklijke Heijmans N.V (Capital Goods) |  | 19493047 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Netherlands – (continued) | Netherlands – (continued) | Netherlands – (continued) | Netherlands – (continued) |
| 284203 | Van Lanschot Kempen NV (Financial Services) | $| &nbsp;&nbsp;&nbsp;&nbsp;16593908 |
|  |  |  | 75921656 |
| Nigeria – 0.2% | Nigeria – 0.2% | Nigeria – 0.2% | Nigeria – 0.2% |
| 3545881 | Airtel Africa PLC (Telecommunication Services)<sup>(a)</sup> |  | 8114736 |
| Norway – 1.3% | Norway – 1.3% | Norway – 1.3% | Norway – 1.3% |
| 5574820 | Aker Solutions ASA (Energy) |  | 15130653 |
| 26751 | Crayon Group Holding ASA (Software & Services)\*<sup>(a)</sup> |  | 320406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215454 | Europris ASA (Consumer Discretionary Distribution & Retail)<sup>(a)</sup> |  | 9011814 |
| 1876005 | MPC Container Ships ASA (Transportation) |  | 2758990 |
| 99446 | Norconsult Norge AS (Capital Goods) |  | 449418 |
| 489310 | Nordic Semiconductor ASA (Semiconductors & Semiconductor Equipment)\* |  | 4906501 |
| 211679 | Schibsted ASA, Class A (Media & Entertainment) |  | 6441989 |
| 96793 | Schibsted ASA, Class B (Media & Entertainment) |  | 2781889 |
| 110504 | Stolt-Nielsen Ltd. (Transportation) |  | 2481047 |
| 1032654 | Storebrand ASA (Insurance) |  | 12467865 |
| 200949 | TGS ASA (Energy) |  | 1498761 |
|  |  |  | 58249333 |
| Portugal – 0.5% | Portugal – 0.5% | Portugal – 0.5% | Portugal – 0.5% |
| 20072526 | Banco Comercial Portugues SA, Class R (Banks) |  | 12838354 |
| 213186 | NOS SGPS SA (Telecommunication Services) |  | 889715 |
| 7426623 | Sonae SGPS SA (Consumer Staples Distribution & Retail) |  | 9431333 |
|  |  |  | 23159402 |
| Singapore – 1.4% | Singapore – 1.4% | Singapore – 1.4% | Singapore – 1.4% |
| 18853400 | ComfortDelGro Corp. Ltd. (Transportation) |  | 22118397 |
| 21909 | Kenon Holdings Ltd. (Utilities) |  | 674595 |
| 1043100 | Mapletree Industrial Trust REIT (Equity Real Estate Investment Trusts (REITs)) |  | 1613551 |
| 6429500 | SATS Ltd. (Transportation) |  | 13865302 |
| 8836500 | Seatrium Ltd. (Capital Goods)\* |  | 12976855 |
| 1448400 | Sheng Siong Group Ltd. (Consumer Staples Distribution & Retail) |  | 1951472 |
| 5373900 | Suntec Real Estate Investment Trust REIT (Equity Real Estate Investment Trusts (REITs)) |  | 4737989 |
| 299600 | Venture Corp. Ltd. (Technology Hardware & Equipment) |  | 2659555 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 24 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Singapore – (continued) | Singapore – (continued) | Singapore – (continued) | Singapore – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250900 | Yangzijiang Financial Holding Ltd. (Financial Services) | $| 682016 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;61279732 |
| Spain – 2.0% | Spain – 2.0% | Spain – 2.0% | Spain – 2.0% |
| 7934 | Distribuidora Internacional de Alimentacion SA (Consumer Staples Distribution & Retail)\* |  | 204927 |
| 571390 | Fluidra SA (Capital Goods) |  | 13228589 |
| 677582 | Indra Sistemas SA (Software & Services) |  | 21603961 |
| 1362724 | Inmobiliaria Colonial Socimi SA REIT (Equity Real Estate Investment Trusts (REITs)) |  | 8831952 |
| 1416331 | Merlin Properties Socimi SA REIT (Equity Real Estate Investment Trusts (REITs))<sup>(b)</sup> |  | 16061595 |
| 14573633 | Unicaja Banco SA (Banks)<sup>(a)(b)</sup> |  | 27778096 |
| 8489 | Vidrala SA (Materials) |  | 925284 |
|  |  |  | 88634404 |
| Sweden – 4.3% | Sweden – 4.3% | Sweden – 4.3% | Sweden – 4.3% |
| 307072 | AAK AB (Food, Beverage & Tobacco) |  | 8030510 |
| 92206 | Ambea AB (Health Care Equipment & Services)<sup>(a)</sup> |  | 1113899 |
| 1210188 | Arjo AB, Class B (Health Care Equipment & Services)<sup>(b)</sup> |  | 4054198 |
| 471576 | Axfood AB (Consumer Staples Distribution & Retail)<sup>(b)</sup> |  | 13183550 |
| 1590607 | Betsson AB, Class B (Consumer Services)\* |  | 27818247 |
| 172212 | BoneSupport Holding AB (Pharmaceuticals, Biotechnology & Life Sciences)\*<sup>(a)</sup> |  | 5633814 |
| 20152 | Bravida Holding AB (Commercial & Professional Services)<sup>(a)</sup> |  | 192025 |
| 214488 | Castellum AB (Real Estate Management & Development)\* |  | 2610365 |
| 695485 | Hemnet Group AB (Media & Entertainment)\* |  | 23873039 |
| 1392215 | Hexpol AB (Materials)<sup>(b)</sup> |  | 12105961 |
| 222120 | Inwido AB (Capital Goods) |  | 4707322 |
| 164443 | JM AB (Consumer Durables & Apparel) |  | 2623480 |
| 320963 | Loomis AB (Commercial & Professional Services) |  | 13358940 |
| 342234 | Mycronic AB (Technology Hardware & Equipment) |  | 13665749 |
| 299773 | NCC AB, Class B (Capital Goods) |  | 5581013 |
| 236091 | Sectra AB, Class B (Health Care Equipment & Services)\* |  | 7243441 |
| 1142158 | SSAB AB, Class A (Materials)<sup>(b)</sup> |  | 7217110 |
| 2795528 | SSAB AB, Class B (Materials)<sup>(b)</sup> |  | 17376699 |
| 738986 | Storskogen Group AB, Class B (Capital Goods) |  | 973633 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Sweden – (continued) | Sweden – (continued) | Sweden – (continued) | Sweden – (continued) |
| 598981 | Sweco AB, Class B (Capital<br>Goods)<sup>(b)</sup> | $| 10537246 |
| 990643 | Truecaller AB, Class B (Software & Services) |  | 7455050 |
| 121914 | Vitrolife AB (Pharmaceuticals, Biotechnology & Life Sciences) |  | 1984290 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;191339581 |
| Switzerland – 4.7% | Switzerland – 4.7% | Switzerland – 4.7% | Switzerland – 4.7% |
| 302989 | Accelleron Industries AG (Capital Goods) |  | 16265801 |
| 54022 | Allreal Holding AG (Real Estate Management & Development) |  | 11903213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4299737 | Aryzta AG (Food, Beverage & Tobacco)\* |  | 10784439 |
| 59547 | Belimo Holding AG (Capital Goods) |  | 50594828 |
| 15962 | Burckhardt Compression Holding AG (Capital Goods) |  | 10852420 |
| 170865 | Cembra Money Bank AG (Financial Services) |  | 20624902 |
| 1834 | dormakaba Holding AG (Capital Goods) |  | 1547084 |
| 208094 | Galenica AG (Health Care Equipment & Services)<sup>(a)</sup> |  | 21796334 |
| 28716 | Kardex Holding AG (Capital Goods) |  | 7234231 |
| 217066 | PSP Swiss Property AG (Real Estate Management & Development) |  | 38653077 |
| 36896 | R&S Group Holding AG (Capital Goods)\* |  | 887147 |
| 88569 | Tecan Group AG (Pharmaceuticals, Biotechnology & Life Sciences) |  | 17249623 |
| 23185 | Vontobel Holding AG (Financial Services) |  | 1675432 |
|  |  |  | 210068531 |
| United Kingdom – 11.6% | United Kingdom – 11.6% | United Kingdom – 11.6% | United Kingdom – 11.6% |
| 407357 | Allfunds Group PLC (Financial Services) |  | 2299706 |
| 2266894 | B&M European Value Retail SA (Consumer Discretionary Distribution & Retail) |  | 10195090 |
| 4244833 | Babcock International Group PLC (Capital Goods) |  | 45728691 |
| 542986 | Balfour Beatty PLC (Capital Goods) |  | 3321108 |
| 146829 | Baltic Classifieds Group PLC (Media & Entertainment) |  | 665973 |
| 4174667 | Beazley PLC (Insurance) |  | 49464259 |
| 95267 | Berkeley Group Holdings PLC (Consumer Durables & Apparel) |  | 5310500 |
| 105818 | Big Yellow Group PLC REIT (Equity Real Estate Investment Trusts (REITs)) |  | 1424615 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **25** |

---

------

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| United Kingdom – (continued) | United Kingdom – (continued) | United Kingdom – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1269087 | British Land Co. PLC (The) REIT (Equity Real Estate Investment Trusts (REITs)) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6676489 |
| 125982 | Computacenter PLC (Software & Services) | 4074710 |
| 696647 | Currys PLC (Consumer Discretionary Distribution & Retail)\* | 1032460 |
| 1879825 | Deliveroo PLC (Consumer Services)\*<sup>(a)</sup> | 4268736 |
| 25081 | Diploma PLC (Capital Goods) | 1330837 |
| 170422 | Direct Line Insurance Group PLC (Insurance) | 643684 |
| 669169 | Drax Group PLC (Utilities) | 5519944 |
| 6356771 | easyJet PLC (Transportation) | 42145711 |
| 867665 | Firstgroup PLC (Transportation) | 1996995 |
| 416505 | Greggs PLC (Consumer Services) | 10368890 |
| 2108428 | Hiscox Ltd. (Insurance) | 31031156 |
| 2217270 | IG Group Holdings PLC (Financial Services) | 31602693 |
| 1482568 | Inchcape PLC (Consumer Discretionary Distribution & Retail) | 13284685 |
| 233286 | Investec PLC (Financial Services) | 1464840 |
| 1099759 | JET2 PLC (Transportation) | 23272538 |
| 44929 | Kainos Group PLC (Software & Services) | 437362 |
| 67473 | Keller Group PLC (Capital Goods) | 1284835 |
| 1102083 | Lancashire Holdings Ltd. (Insurance) | 8269045 |
| 9223581 | Man Group PLC (Financial Services) | 20131941 |
| 6008505 | Mitie Group PLC (Commercial & Professional Services) | 11586613 |
| 156587 | OSB Group PLC (Financial Services) | 995307 |
| 1620350 | Paragon Banking Group PLC (Financial Services) | 18305226 |
| 793891 | Primary Health Properties PLC REIT (Equity Real Estate Investment Trusts (REITs)) | 1083412 |
| 7915523 | QinetiQ Group PLC (Capital Goods) | 41664064 |
| 206164 | Rightmove PLC (Media & Entertainment) | 2036110 |
| 226823 | Safestore Holdings PLC REIT (Equity Real Estate Investment Trusts (REITs)) | 1909073 |
| 11775550 | Serco Group PLC (Commercial & Professional Services) | 27024526 |
| 5514629 | Shaftesbury Capital PLC REIT (Equity Real Estate Investment Trusts (REITs)) | 10017245 |
| 335494 | Softcat PLC (Software & Services) | 7493122 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| United Kingdom – (continued) | United Kingdom – (continued) | United Kingdom – (continued) | United Kingdom – (continued) |
| 560597 | Subsea 7 SA (Energy) | $| 8488017 |
| 139547 | Target Healthcare REIT PLC REIT (Equity Real Estate Investment Trusts (REITs)) |  | 183383 |
| 2215909 | Tate & Lyle PLC (Food, Beverage & Tobacco) |  | 16515213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12434451 | Taylor Wimpey PLC (Consumer Durables & Apparel) |  | 19538379 |
| 3260477 | TP ICAP Group PLC (Financial Services) |  | 11196289 |
| 2726286 | Trainline PLC (Consumer Services)\*<sup>(a)</sup> |  | 10678973 |
| 131119 | UNITE Group PLC (The) REIT (Equity Real Estate Investment Trusts (REITs)) |  | 1506430 |
| 122958 | WH Smith PLC (Consumer Discretionary Distribution & Retail) |  | 1487929 |
| 27128 | XPS Pensions Group PLC (Financial Services) |  | 139733 |
|  |  |  | 519096537 |
| United States – 0.8% | United States – 0.8% | United States – 0.8% | United States – 0.8% |
| 1694148 | Signify NV (Capital Goods)<sup>(a)</sup> |  | 35118137 |
| **TOTAL COMMON STOCKS**<br> **(Cost $3,774,926,369)** | **TOTAL COMMON STOCKS**<br> **(Cost $3,774,926,369)** |  | 4337623529 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Description**  | **Rate** | **Value** |
| Preferred Stock – 0.3% | Preferred Stock – 0.3% | Preferred Stock – 0.3% | Preferred Stock – 0.3% |
| Germany – 0.3% | Germany – 0.3% | Germany – 0.3% | Germany – 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372156 | Jungheinrich AG (Capital Goods) |  |  |
| (Cost $13,317,167) | (Cost $13,317,167) | 2.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13525194 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend Rate**  | **Value** |
| Investment Company – 0.0%<sup>(c)</sup> | Investment Company – 0.0%<sup>(c)</sup> | Investment Company – 0.0%<sup>(c)</sup> |
| Goldman Sachs Financial Square Government<br>Fund - Institutional Shares | Goldman Sachs Financial Square Government<br>Fund - Institutional Shares | Goldman Sachs Financial Square Government<br>Fund - Institutional Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7273 | 4.248% | 7273 |
| (Cost $7,273) | (Cost $7,273) | (Cost $7,273) |
| **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE**<br> **(Cost $3,788,250,809)** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE**<br> **(Cost $3,788,250,809)** | 4351155996 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 26 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend Rate**  | **Value** |
| Securities Lending Reinvestment Vehicle – 2.6%<sup>(c)</sup> | Securities Lending Reinvestment Vehicle – 2.6%<sup>(c)</sup> | Securities Lending Reinvestment Vehicle – 2.6%<sup>(c)</sup> |
| Goldman Sachs Financial Square Government<br>Fund - Institutional Shares | Goldman Sachs Financial Square Government<br>Fund - Institutional Shares | Goldman Sachs Financial Square Government<br>Fund - Institutional Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115565840 | 4.248% | $115565840 |
| (Cost $115,565,840) | (Cost $115,565,840) | (Cost $115,565,840) |
| **TOTAL INVESTMENTS – 99.7%**<br> **(Cost $3,903,816,649)** | **TOTAL INVESTMENTS – 99.7%**<br> **(Cost $3,903,816,649)** | $4466721836 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES<br>– 0.3%** | **OTHER ASSETS IN EXCESS OF LIABILITIES<br>– 0.3%** | 14890479 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $4481612315 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | 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) | All or a portion of security is on loan. |
| (c) | Represents an affiliated issuer. |

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Public Limited Company |
| REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Real Estate Investment Trust |

---

---

| | |
|:---|:---|
| Sector Name | **% of<br>Market<br>Value** |
|  Industrials | 24.2% |
|  Financials | 14.7 |
|  Consumer Discretionary | 12.6 |
|  Real Estate | 9.3 |
|  Materials | 7.8 |
|  Consumer Staples | 6.9 |
|  Information Technology | 6.7 |
|  Communication Services | 5.2 |
|  Health Care | 5.1 |
|  Utilities | 3.0 |
|  Energy | 1.9 |
|  Investment Company | 0.0 |
|  Securities Lending Reinvestment Vehicle | 2.6 |
| TOTAL INVESTMENTS | 100.0% |

---

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2025, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  EURO STOXX 50 Index | 640 | 06/20/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37026993 | $(123685) |
|  FTSE 100 Index | 148 | 06/20/25 | 16694369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33074 |
|  Hang Seng Index | 10 | 05/29/25 | 1423874 | 8951 |
|  MSCI Singapore Index | 42 | 05/29/25 | 1240127 | 7132 |
|  SPI 200 Index | 47 | 06/19/25 | 6128047 | 76200 |
|  TOPIX Index | 109 | 06/12/25 | 20312666 | 43567 |
| Total Futures Contracts |  |  |  | $45239 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **27** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Emerging Markets<br>Equity Insights Fund** | **International Equity<br>Insights Fund** | **International Small Cap<br>Insights Fund** |
| Assets: |  |  |  |
|  Investments in unaffiliated issuers, at value (cost $1,832,760,445, $1,928,958,138 and $3,788,243,536, respectively)<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2117651411 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2215516032 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4351148723 |
|  Investments in affiliated issuers, at value (cost $–, $8,437,509 and $7,273, respectively) |  | 8437509 | 7273 |
|  Investments in affiliated securities lending reinvestment vehicle, at value which equals cost | 1763880 | 19778230 | 115565840 |
|  Cash | 104928 | 33733918 | 64936092 |
|  Foreign Currency, at value (cost $50,152,155, $15,490,188 and $18,200,704, respectively) | 50167300 | 15458938 | 18118050 |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 68267016 | 108363889 | 21983753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains taxes | 4418639 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 3924905 | 10164210 | 34729531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 1540311 | 2380684 | 23131812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts | 1497178 | 11878 | 6023577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims | 466360 | 8568611 | 10683807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 75137 | 34343 | 65795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 4927 | 41484 | 88627 |
|  Variation margin on futures contracts | 79307 | 108052 | 1231084 |
|  Other assets | 67614 | 69684 | 90153 |
|  **Total assets** | 2250028913 | 2422667462 | 4647804117 |
| Liabilities: |  |  |  |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 78166188 | 117346732 | 44107001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned | 1763880 | 19778230 | 115565840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 1404272 | 11796396 | 4712711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 794376 | 683796 | 1453864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 47811 | 58529 | 87924 |
|  Accrued expenses | 200542 | 68030 | 264462 |
|  **Total liabilities** | 82377069 | 149731713 | 166191802 |
| Net Assets: |  |  |  |
|  Paid-in capital | 2246173543 | 1918153783 | 4084699562 |
|  Total distributable earnings (loss) | (78521699) | 354781966 | 396912753 |
|  **NET ASSETS** | $2167651844 | $2272935749 | $4481612315 |
|  Net Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $30275645 | $88530949 | $72979006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 2396011 | 4672208 | 4579296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 1318047203 | 1071733514 | 3854385923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service |  | 2083213 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 130123299 | 178258191 | 110573182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 613174992 | 490583382 | 406431869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 21862098 | 6973499 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 51772596 | 430100793 | 32663039 |
|  Total Net Assets | $2167651844 | $2272935749 | $4481612315 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 3382897 | 5737153 | 5241876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 270724 | 307648 | 337985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 148086848 | 67062866 | 278069247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service |  | 132873 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 14645622 | 11783649 | 8008147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 68970996 | 30731914 | 29236720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 2498496 | 467754 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 5823716 | 26967035 | 2350147 |
|  Net asset value, offering and redemption price per share:<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $8.95 | $15.43 | $13.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 8.85 | 15.19 | 13.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 8.90 | 15.98 | 13.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service |  | 15.68 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 8.88 | 15.13 | 13.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 8.89 | 15.96 | 13.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 8.75 | 14.91 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 8.89 | 15.95 | 13.90 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 28 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities (continued) *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Includes loaned securities having a market value of $1,653,087, $18,823,493 and $108,364,769 for Emerging Markets Equity Insights Fund, International Equity Insights Fund and International Small Cap Insights Fund, respectively. 

<sup>(b)</sup> Maximum public offering price per share for Class A Shares of the Emerging Markets Equity Insights Fund, International Equity Insights Fund and International Small Cap Insights Fund is $9.47, $16.33 and $14.73, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value ("NAV") or the original purchase price of the shares. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **29** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations *For the Six Months Ended April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Emerging Markets<br>Equity Insights<br>Fund** | **International Equity<br>Insights Fund** | **International Small<br>Cap Insights Fund** |
| Investment income: |  |  |  |
| Dividends — unaffiliated issuers (net of foreign withholding taxes of $3,848,663, $4,522,878 and $10,289,462, respectively) | $25876298 | $34291289 | $71526510 |
|  Dividends — affiliated issuers | 39033 | 189934 | 126002 |
|  Securities lending income, net of rebates received or paid to borrowers – affiliated issuer | 22566 | 165589 | 218741 |
|  **Total Investment Income** | 25937897 | 34646812 | 71871253 |
| Expenses: |  |  |  |
|  Management fees | 10805142 | 7593064 | 16296732 |
|  Custody, accounting and administrative services | 774372 | 234955 | 622804 |
|  Transfer Agency fees<sup>(a)</sup> | 490303 | 469863 | 881832 |
|  Distribution and/or Service (12b-1) fees<sup>(a)</sup> | 102759 | 135862 | 106011 |
|  Professional fees | 85818 | 89401 | 92481 |
|  Registration fees | 63561 | 62850 | 85891 |
|  Printing and mailing costs | 49289 | 39096 | 250890 |
|  Trustee fees | 15824 | 15526 | 17774 |
|  Service fees — Class C | 3569 | 6075 | 6640 |
|  Shareholder Administration fees — Service Shares |  | 2445 |  |
|  Other | 51384 | 30846 | 79603 |
|  **Total expenses** | 12442021 | 8679983 | 18440658 |
|  Less — expense reductions | (1165063) | (439967) | (872947) |
|  **Net expenses** | 11276958 | 8240016 | 17567711 |
|  **NET INVESTMENT INCOME** | 14660939 | 26406796 | 54303542 |
| Realized and Unrealized gain (loss): |  |  |  |
|  Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (24057345) | 54488377 | 98758600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 310412 | (362155) | 5841656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (941053) | 379066 | (141048) |
|  Net change in unrealized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers (including the effects of the net change in foreign capital gains tax liability of $(7144999), $– and $–, respectively) | 21976889 | 144031054 | 238740640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 96250 | 900170 | 2209984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 631981 | 1952398 | 918364 |
|  **Net realized and unrealized gain (loss)** | (1982866) | 201388910 | 346328196 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12678073 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227795706 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400631738 |

---

<sup>(a)</sup> Class specific Distribution and/or Service and Transfer Agency fees were as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** |
| **Fund** | **Class A** | **Class C** | **Service** | **Class R** | **Class A** | **Class C** | **Institutional** | **Service** | **Investor** | **Class R6** | **Class R** | **Class P** |
|  Emerging Markets Equity Insights Fund | $36967 | $10709 | $– | $55083 | $22180 | $2142 | $265465 | $– | $80173 | $95673 | $16525 | $8145 |
|  International Equity Insights Fund | 98639 | 18225 | 2445 | 16553 | 59183 | 3645 | 184170 | 391 | 91647 | 65540 | 4966 | 60321 |
|  International Small Cap Insights Fund | 86091 | 19920 |  |  | 51655 | 3984 | 687568 |  | 76755 | 56863 |  | 5007 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 30 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** |
|  | <br> **For the<br>Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **For the Fiscal<br>Year Ended<br>October 31, 2024** | <br> **For the<br>Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **For the Fiscal<br>Year Ended<br>October 31, 2024** |
| From operations: |  |  |  |  |
|  Net investment income | $14660939 | $37684396 | $26406796 | $32755756 |
|  Net realized gain (loss) | (24687986) | 117099275 | 54505288 | 189201022 |
|  Net change in unrealized gain | 22705120 | 228862959 | 146883622 | 116958288 |
| **Net increase in net assets resulting from operations** | 12678073 | 383646630 | 227795706 | 338915066 |
| Distributions to shareholders: |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (291615) | (987303) | (4094370) | (1901154) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (6272) | (92251) | (233062) | (113202) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (18082515) | (44413799) | (48365276) | (20182549) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares |  |  | (101351) | (56767) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (1385679) | (1997983) | (6549437) | (1916004) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (8650106) | (17515640) | (22553843) | (7577922) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares | (166795) | (738041) | (345512) | (141376) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (756233) | (2787817) | (22023969) | (10730751) |
|  **Total distributions to shareholders** | (29339215) | (68532834) | (104266820) | (42619725) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 327074159 | 562785498 | 493343751 | 362948714 |
|  Reinvestment of distributions | 24848326 | 59020622 | 96400674 | 29400825 |
|  Cost of shares redeemed | (319801860) | (498098725) | (251232066) | (360458380) |
| **Net increase in net assets resulting from share transactions** | 32120625 | 123707395 | 338512359 | 31891159 |
|  **TOTAL INCREASE** | 15459483 | 438821191 | 462041245 | 328186500 |
| Net Assets: |  |  |  |  |
|  Beginning of period | $2152192361 | $1713371170 | $1810894504 | $1482708004 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2167651844 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2152192361 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2272935749 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1810894504 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **31** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** |
|  | <br> **For the<br>Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **For the Fiscal<br>Year Ended<br>October 31, 2024** |
| From operations: |  |  |
|  Net investment income | $54303542 | $105264425 |
|  Net realized gain | 104459208 | 313156569 |
|  Net change in unrealized gain | 241868988 | 351800827 |
|  **Net increase in net assets resulting from operations** | 400631738 | 770221821 |
| Distributions to shareholders: |  |  |
|  From distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (2800932) | (1857791) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (185801) | (192065) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (150930334) | (82101317) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (4458794) | (2363189) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (15649313) | (14626286) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (1590983) | (1174223) |
|  **Total distributions to shareholders** | (175616157) | (102314871) |
| From share transactions: |  |  |
|  Proceeds from sales of shares | 757050256 | 1045699623 |
|  Reinvestment of distributions | 171264755 | 98971715 |
|  Cost of shares redeemed | (642848581) | (838884619) |
|  **Net increase in net assets resulting from share transactions** | 285466430 | 305786719 |
|  **TOTAL INCREASE** | 510482011 | 973693669 |
| Net Assets: |  |  |
|  Beginning of period | $3971130304 | $2997436635 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4481612315 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3971130304 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 32 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | <br> **Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** |
|  | <br> **Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $9.01 | $7.59 | $6.86 | $11.87 | $10.25 | $9.34 |
|  Net investment income<sup>(a)</sup> | 0.04 | 0.14 | 0.17 | 0.21 | 0.18 | 0.10 |
|  Net realized and unrealized gain (loss) | (0.01) | 1.57 | 0.72 | (3.18) | 1.53 | 0.96 |
|  Total from investment operations | 0.03 | 1.71 | 0.89 | (2.97) | 1.71 | 1.06 |
|  Distributions to shareholders from net investment income | (0.09) | (0.29) | (0.16) | (0.17) | (0.09) | (0.15) |
|  Distributions to shareholders from net realized gains |  |  |  | (1.87) |  |  |
|  Total distributions | (0.09) | (0.29) | (0.16) | (2.04) | (0.09) | (0.15) |
|  Net asset value, end of period | $8.95 | $9.01 | $7.59 | $6.86 | $11.87 | $10.25 |
|  **Total Return<sup>(b)</sup>** | 0.34% | 23.06% | 12.89% | (29.83)% | 16.60% | 11.56% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30276 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31584 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26139 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27678 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50146 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52068 |
|  Ratio of net expenses to average net assets | 1.37 %<sup>(c)</sup> | 1.39% | 1.42% | 1.46% | 1.46% | 1.47% |
|  Ratio of total expenses to average net assets | 1.49 %<sup>(c)</sup> | 1.50% | 1.52% | 1.51% | 1.51% | 1.53% |
|  Ratio of net investment income to average net assets | 1.01 %<sup>(c)</sup> | 1.64% | 2.19% | 2.30% | 1.45% | 1.13% |
|  Portfolio turnover rate<sup>(d)</sup> | 78% | 168% | 165% | 167% | 189% | 178% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **33** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | <br> **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** |
|  | <br> **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $8.87 | $7.47 | $6.75 | $11.69 | $10.10 | $9.19 |
|  Net investment income<sup>(a)</sup> | 0.01 | 0.07 | 0.11 | 0.14 | 0.09 | 0.04 |
|  Net realized and unrealized gain (loss) | (0.01) | 1.55 | 0.71 | (3.13) | 1.50 | 0.94 |
|  Total from investment operations | –<sup>(b)</sup> | 1.62 | 0.82 | (2.99) | 1.59 | 0.98 |
|  Distributions to shareholders from net investment income | (0.02) | (0.22) | (0.10) | (0.08) |  | (0.07) |
|  Distributions to shareholders from net realized gains |  |  |  | (1.87) |  |  |
|  Total distributions | (0.02) | (0.22) | (0.10) | (1.95) |  | (0.07) |
|  Net asset value, end of period | $8.85 | $8.87 | $7.47 | $6.75 | $11.69 | $10.10 |
|  **Total Return<sup>(c)</sup>** | (0.02)% | 22.12% | 12.03% | (30.36)% | 15.74% | 10.65% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2396 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3198 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3279 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3163 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5817 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5905 |
|  Ratio of net expenses to average net assets | 2.12 %<sup>(d)</sup> | 2.14% | 2.17% | 2.21% | 2.21% | 2.21% |
|  Ratio of total expenses to average net assets | 2.24 %<sup>(d)</sup> | 2.26% | 2.26% | 2.26% | 2.26% | 2.28% |
|  Ratio of net investment income to average net assets | 0.16 %<sup>(d)</sup> | 0.87% | 1.44% | 1.56% | 0.74% | 0.41% |
|  Portfolio turnover rate<sup>(e)</sup> | 78% | 168% | 165% | 167% | 189% | 178% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 34 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | <br> **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** |
|  | <br> **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $8.98 | $7.56 | $6.85 | $11.86 | $10.24 | $9.33 |
|  Net investment income<sup>(a)</sup> | 0.06 | 0.17 | 0.19 | 0.24 | 0.23 | 0.14 |
|  Net realized and unrealized gain (loss) | (0.02) | 1.57 | 0.72 | (3.17) | 1.52 | 0.96 |
|  Total from investment operations | 0.04 | 1.74 | 0.91 | (2.93) | 1.75 | 1.10 |
|  Distributions to shareholders from net investment income | (0.12) | (0.32) | (0.20) | (0.21) | (0.13) | (0.19) |
|  Distributions to shareholders from net realized gains |  |  |  | (1.87) |  |  |
|  Total distributions | (0.12) | (0.32) | (0.20) | (2.08) | (0.13) | (0.19) |
|  Net asset value, end of period | $8.90 | $8.98 | $7.56 | $6.85 | $11.86 | $10.24 |
|  **Total Return<sup>(b)</sup>** | 0.48% | 23.59% | 13.28% | (29.64)% | 17.07% | 11.90% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1318047 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1328131 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074796 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925443 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029785 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961138 |
|  Ratio of net expenses to average net assets | 1.02 %<sup>(c)</sup> | 1.06% | 1.09% | 1.09% | 1.09% | 1.09% |
|  Ratio of total expenses to average net assets | 1.13 %<sup>(c)</sup> | 1.14% | 1.15% | 1.13% | 1.14% | 1.16% |
|  Ratio of net investment income to average net assets | 1.36 %<sup>(c)</sup> | 1.96% | 2.49% | 2.76% | 1.88% | 1.53% |
|  Portfolio turnover rate<sup>(d)</sup> | 78% | 168% | 165% | 167% | 189% | 178% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **35** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | <br> **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** |
|  | <br> **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $8.96 | $7.55 | $6.84 | $11.83 | $10.22 | $9.32 |
|  Net investment income<sup>(a)</sup> | 0.05 | 0.15 | 0.19 | 0.22 | 0.22 | 0.13 |
|  Net realized and unrealized gain (loss) | (0.02) | 1.57 | 0.71 | (3.14) | 1.51 | 0.95 |
|  Total from investment operations | 0.03 | 1.72 | 0.90 | (2.92) | 1.73 | 1.08 |
|  Distributions to shareholders from net investment income | (0.11) | (0.31) | (0.19) | (0.20) | (0.12) | (0.18) |
|  Distributions to shareholders from net realized gains |  |  |  | (1.87) |  |  |
|  Total distributions | (0.11) | (0.31) | (0.19) | (2.07) | (0.12) | (0.18) |
|  Net asset value, end of period | $8.88 | $8.96 | $7.55 | $6.84 | $11.83 | $10.22 |
|  **Total Return<sup>(b)</sup>** | 0.53% | 23.37% | 13.16% | (29.69)% | 16.96% | 11.76% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130123 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106734 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48549 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64188 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89556 |
|  Ratio of net expenses to average net assets | 1.12 %<sup>(c)</sup> | 1.14% | 1.17% | 1.21% | 1.21% | 1.22% |
|  Ratio of total expenses to average net assets | 1.24 %<sup>(c)</sup> | 1.25% | 1.27% | 1.26% | 1.26% | 1.28% |
|  Ratio of net investment income to average net assets | 1.30 %<sup>(c)</sup> | 1.74% | 2.44% | 2.51% | 1.78% | 1.39% |
|  Portfolio turnover rate<sup>(d)</sup> | 78% | 168% | 165% | 167% | 189% | 178% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 36 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | <br> **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | <br> **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $8.97 | $7.56 | $6.84 | $11.85 | $10.23 | $9.33 |
|  Net investment income<sup>(a)</sup> | 0.06 | 0.17 | 0.20 | 0.24 | 0.23 | 0.14 |
|  Net realized and unrealized gain (loss) | (0.02) | 1.56 | 0.72 | (3.17) | 1.52 | 0.95 |
|  Total from investment operations | 0.04 | 1.73 | 0.92 | (2.93) | 1.75 | 1.09 |
|  Distributions to shareholders from net investment income | (0.12) | (0.32) | (0.20) | (0.21) | (0.13) | (0.19) |
|  Distributions to shareholders from net realized gains |  |  |  | (1.87) |  |  |
|  Total distributions | (0.12) | (0.32) | (0.20) | (2.08) | (0.13) | (0.19) |
|  Net asset value, end of period | $8.89 | $8.97 | $7.56 | $6.84 | $11.85 | $10.23 |
|  **Total Return<sup>(b)</sup>** | 0.49% | 23.46% | 13.29% | (29.55)% | 17.10% | 11.81% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613175 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602473 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487451 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417309 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572973 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465604 |
|  Ratio of net expenses to average net assets | 1.01 %<sup>(c)</sup> | 1.05% | 1.08% | 1.08% | 1.08% | 1.08% |
|  Ratio of total expenses to average net assets | 1.12 %<sup>(c)</sup> | 1.13% | 1.14% | 1.13% | 1.13% | 1.15% |
|  Ratio of net investment income to average net assets | 1.37 %<sup>(c)</sup> | 1.92% | 2.52% | 2.72% | 1.90% | 1.53% |
|  Portfolio turnover rate<sup>(d)</sup> | 78% | 168% | 165% | 167% | 189% | 178% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **37** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | <br> **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | <br> **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $8.80 | $7.42 | $6.72 | $11.66 | $10.08 | $9.20 |
|  Net investment income<sup>(a)</sup> | 0.03 | 0.12 | 0.15 | 0.18 | 0.13 | 0.08 |
|  Net realized and unrealized gain (loss) | (0.01) | 1.53 | 0.70 | (3.10) | 1.52 | 0.95 |
|  Total from investment operations | 0.02 | 1.65 | 0.85 | (2.92) | 1.65 | 1.03 |
|  Distributions to shareholders from net investment income | (0.07) | (0.27) | (0.15) | (0.15) | (0.07) | (0.15) |
|  Distributions to shareholders from net realized gains |  |  |  | (1.87) |  |  |
|  Total distributions | (0.07) | (0.27) | (0.15) | (2.02) | (0.07) | (0.15) |
|  Net asset value, end of period | $8.75 | $8.80 | $7.42 | $6.72 | $11.66 | $10.08 |
|  **Total Return<sup>(b)</sup>** | 0.20% | 22.80% | 12.61% | (30.08)% | 16.43% | 11.19% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21862 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23786 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19937 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17352 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24710 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29635 |
|  Ratio of net expenses to average net assets | 1.62 %<sup>(c)</sup> | 1.64% | 1.67% | 1.71% | 1.71% | 1.72% |
|  Ratio of total expenses to average net assets | 1.74 %<sup>(c)</sup> | 1.76% | 1.76% | 1.76% | 1.76% | 1.78% |
|  Ratio of net investment income to average net assets | 0.74 %<sup>(c)</sup> | 1.37% | 1.92% | 2.08% | 1.11% | 0.91% |
|  Portfolio turnover rate<sup>(d)</sup> | 78% | 168% | 165% | 167% | 189% | 178% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 38 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | <br> **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | <br> **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $8.97 | $7.56 | $6.84 | $11.85 | $10.23 | $9.33 |
|  Net investment income<sup>(a)</sup> | 0.06 | 0.16 | 0.20 | 0.25 | 0.24 | 0.14 |
|  Net realized and unrealized gain (loss) | (0.02) | 1.57 | 0.72 | (3.18) | 1.51 | 0.95 |
|  Total from investment operations | 0.04 | 1.73 | 0.92 | (2.93) | 1.75 | 1.09 |
|  Distributions to shareholders from net investment income | (0.12) | (0.32) | (0.20) | (0.21) | (0.13) | (0.19) |
|  Distributions to shareholders from net realized gains |  |  |  | (1.87) |  |  |
|  Total distributions | (0.12) | (0.32) | (0.20) | (2.08) | (0.13) | (0.19) |
|  Net asset value, end of period | $8.89 | $8.97 | $7.56 | $6.84 | $11.85 | $10.23 |
|  **Total Return<sup>(b)</sup>** | 0.48% | 23.47% | 13.27% | (29.55)% | 17.10% | 11.80% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51773 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56286 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53221 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78229 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139870 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112229 |
|  Ratio of net expenses to average net assets | 1.01 %<sup>(c)</sup> | 1.05% | 1.08% | 1.08% | 1.08% | 1.08% |
|  Ratio of total expenses to average net assets | 1.12 %<sup>(c)</sup> | 1.13% | 1.14% | 1.13% | 1.13% | 1.15% |
|  Ratio of net investment income to average net assets | 1.34 %<sup>(c)</sup> | 1.91% | 2.55% | 2.73% | 1.92% | 1.48% |
|  Portfolio turnover rate<sup>(d)</sup> | 78% | 168% | 165% | 167% | 189% | 178% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **39** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | <br> **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | <br> **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $14.66 | $12.14 | $10.75 | $14.76 | $11.40 | $12.46 |
|  Net investment income<sup>(a)</sup> | 0.17 | 0.23 <sup>(b)</sup> | 0.27 <sup>(c)</sup> | 0.31 | 0.22 | 0.14 |
|  Net realized and unrealized gain (loss) | 1.36 | 2.63 | 1.54 | (3.46) | 3.35 | (0.92) |
|  Total from investment operations | 1.53 | 2.86 | 1.81 | (3.15) | 3.57 | (0.78) |
|  Distributions to shareholders from net investment income | (0.29) | (0.34) | (0.42) | (0.41) | (0.21) | (0.28) |
|  Distributions to shareholders from net realized gains | (0.47) |  |  | (0.45) |  |  |
|  Total distributions | (0.76) | (0.34) | (0.42) | (0.86) | (0.21) | (0.28) |
|  Net asset value, end of period | $15.43 | $14.66 | $12.14 | $10.75 | $14.76 | $11.40 |
|  **Total Return<sup>(d)</sup>** | 11.11% | 23.79% | 17.17% | (22.56)% | 31.50% | (6.44)% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88531 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77367 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68093 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69254 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103852 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204087 |
|  Ratio of net expenses to average net assets | 1.17 %<sup>(e)</sup> | 1.18% | 1.19% | 1.18% | 1.17% | 1.17% |
|  Ratio of total expenses to average net assets | 1.22 %<sup>(e)</sup> | 1.23% | 1.24% | 1.22% | 1.21% | 1.23% |
|  Ratio of net investment income to average net assets | 2.35 %<sup>(e)</sup> | 1.58 %<sup>(b)</sup> | 2.26 %<sup>(c)</sup> | 2.44% | 1.55% | 1.22% |
|  Portfolio turnover rate<sup>(f)</sup> | 75% | 167% | 157% | 151% | 164% | 160% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.16% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from withholding tax reclaims which amounted to $0.04 per share and 0.33% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 40 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | <br> **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | <br> **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $14.36 | $11.88 | $10.49 | $14.42 | $11.13 | $12.13 |
|  Net investment income<sup>(a)</sup> | 0.10 | 0.11 <sup>(b)</sup> | 0.18 <sup>(c)</sup> | 0.21 | 0.15 | 0.05 |
|  Net realized and unrealized gain (loss) | 1.36 | 2.59 | 1.51 | (3.39) | 3.24 | (0.90) |
|  Total from investment operations | 1.46 | 2.70 | 1.69 | (3.18) | 3.39 | (0.85) |
|  Distributions to shareholders from net investment income | (0.16) | (0.22) | (0.30) | (0.30) | (0.10) | (0.15) |
|  Distributions to shareholders from net realized gains | (0.47) |  |  | (0.45) |  |  |
|  Total distributions | (0.63) | (0.22) | (0.30) | (0.75) | (0.10) | (0.15) |
|  Net asset value, end of period | $15.19 | $14.36 | $11.88 | $10.49 | $14.42 | $11.13 |
|  **Total Return<sup>(d)</sup>** | 10.79% | 22.85% | 16.26% | (23.16)% | 30.53% | (7.08)% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4672 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5443 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6529 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8393 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14406 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13484 |
|  Ratio of net expenses to average net assets | 1.92 %<sup>(e)</sup> | 1.93% | 1.94% | 1.93% | 1.92% | 1.92% |
|  Ratio of total expenses to average net assets | 1.97 %<sup>(e)</sup> | 1.98% | 1.99% | 1.97% | 1.96% | 1.98% |
|  Ratio of net investment income to average net assets | 1.37 %<sup>(e)</sup> | 0.82 %<sup>(b)</sup> | 1.48 %<sup>(c)</sup> | 1.69% | 1.05% | 0.42% |
|  Portfolio turnover rate<sup>(f)</sup> | 75% | 167% | 157% | 151% | 164% | 160% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.16% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from withholding tax reclaims which amounted to $0.04 per share and 0.33% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **41** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | <br> **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | <br> **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $15.18 | $12.56 | $11.11 | $15.23 | $11.76 | $12.83 |
|  Net investment income<sup>(a)</sup> | 0.20 | 0.29 <sup>(b)</sup> | 0.33 <sup>(c)</sup> | 0.36 | 0.33 | 0.18 |
|  Net realized and unrealized gain (loss) | 1.41 | 2.72 | 1.59 | (3.57) | 3.40 | (0.93) |
|  Total from investment operations | 1.61 | 3.01 | 1.92 | (3.21) | 3.73 | (0.75) |
|  Distributions to shareholders from net investment income | (0.34) | (0.39) | (0.47) | (0.46) | (0.26) | (0.32) |
|  Distributions to shareholders from net realized gains | (0.47) |  |  | (0.45) |  |  |
|  Total distributions | (0.81) | (0.39) | (0.47) | (0.91) | (0.26) | (0.32) |
|  Net asset value, end of period | $15.98 | $15.18 | $12.56 | $11.11 | $15.23 | $11.76 |
|  **Total Return<sup>(d)</sup>** | 11.33% | 24.24% | 17.61% | (22.27)% | 31.93% | (6.07)% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1071734 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877283 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667420 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675506 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1227429 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810510 |
|  Ratio of net expenses to average net assets | 0.81 %<sup>(e)</sup> | 0.82% | 0.82% | 0.81% | 0.80% | 0.79% |
|  Ratio of total expenses to average net assets | 0.86 %<sup>(e)</sup> | 0.87% | 0.87% | 0.85% | 0.84% | 0.85% |
|  Ratio of net investment income to average net assets | 2.75 %<sup>(e)</sup> | 1.96 %<sup>(b)</sup> | 2.60 %<sup>(c)</sup> | 2.74% | 2.25% | 1.54% |
|  Portfolio turnover rate<sup>(f)</sup> | 75% | 167% | 157% | 151% | 164% | 160% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.16% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from withholding tax reclaims which amounted to $0.04 per share and 0.33% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 42 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | <br> **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | <br> **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $14.86 | $12.31 | $10.88 | $14.91 | $11.52 | $12.57 |
|  Net investment income<sup>(a)</sup> | 0.15 | 0.22 <sup>(b)</sup> | 0.26 <sup>(c)</sup> | 0.30 | 0.25 | 0.12 |
|  Net realized and unrealized gain (loss) | 1.40 | 2.66 | 1.57 | (3.52) | 3.33 | (0.91) |
|  Total from investment operations | 1.55 | 2.88 | 1.83 | (3.22) | 3.58 | (0.79) |
|  Distributions to shareholders from net investment income | (0.26) | (0.33) | (0.40) | (0.36) | (0.19) | (0.26) |
|  Distributions to shareholders from net realized gains | (0.47) |  |  | (0.45) |  |  |
|  Total distributions | (0.73) | (0.33) | (0.40) | (0.81) | (0.19) | (0.26) |
|  Net asset value, end of period | $15.68 | $14.86 | $12.31 | $10.88 | $14.91 | $11.52 |
|  **Total Return<sup>(d)</sup>** | 11.05% | 23.66% | 17.03% | (22.69)% | 31.25% | (6.50)% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2083 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2153 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1887 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2927 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3675 |
|  Ratio of net expenses to average net assets | 1.31 %<sup>(e)</sup> | 1.32% | 1.32% | 1.31% | 1.30% | 1.29% |
|  Ratio of total expenses to average net assets | 1.36 %<sup>(e)</sup> | 1.37% | 1.37% | 1.35% | 1.34% | 1.35% |
|  Ratio of net investment income to average net assets | 2.01 %<sup>(e)</sup> | 1.54 %<sup>(b)</sup> | 2.13 %<sup>(c)</sup> | 2.33% | 1.71% | 1.03% |
|  Portfolio turnover rate<sup>(f)</sup> | 75% | 167% | 157% | 151% | 164% | 160% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.16% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from withholding tax reclaims which amounted to $0.04 per share and 0.33% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **43** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | <br> **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | <br> **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $14.41 | $11.94 | $10.58 | $14.55 | $11.19 | $12.23 |
|  Net investment income<sup>(a)</sup> | 0.20 | 0.27 <sup>(b)</sup> | 0.30 <sup>(c)</sup> | 0.34 | 0.25 | 0.16 |
|  Net realized and unrealized gain (loss) | 1.32 | 2.57 | 1.51 | (3.42) | 3.30 | (0.89) |
|  Total from investment operations | 1.52 | 2.84 | 1.81 | (3.08) | 3.55 | (0.73) |
|  Distributions to shareholders from net investment income | (0.33) | (0.37) | (0.45) | (0.44) | (0.19) | (0.31) |
|  Distributions to shareholders from net realized gains | (0.47) |  |  | (0.45) |  |  |
|  Total distributions | (0.80) | (0.37) | (0.45) | (0.89) | (0.19) | (0.31) |
|  Net asset value, end of period | $15.13 | $14.41 | $11.94 | $10.58 | $14.55 | $11.19 |
|  **Total Return<sup>(d)</sup>** | 11.28% | 24.10% | 17.48% | (22.39)% | 31.90% | (6.21)% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178258 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112897 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61176 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69844 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96352 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311446 |
|  Ratio of net expenses to average net assets | 0.92 %<sup>(e)</sup> | 0.93% | 0.94% | 0.93% | 0.92% | 0.92% |
|  Ratio of total expenses to average net assets | 0.97 %<sup>(e)</sup> | 0.98% | 0.99% | 0.97% | 0.96% | 0.98% |
|  Ratio of net investment income to average net assets | 2.82 %<sup>(e)</sup> | 1.91 %<sup>(b)</sup> | 2.47 %<sup>(c)</sup> | 2.73% | 1.86% | 1.42% |
|  Portfolio turnover rate<sup>(f)</sup> | 75% | 167% | 157% | 151% | 164% | 160% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.16% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from withholding tax reclaims which amounted to $0.04 per share and 0.33% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 44 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | <br> **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | <br> **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $15.17 | $12.55 | $11.10 | $15.22 | $11.75 | $12.82 |
|  Net investment income<sup>(a)</sup> | 0.20 | 0.29 <sup>(b)</sup> | 0.33 <sup>(c)</sup> | 0.37 | 0.33 | 0.19 |
|  Net realized and unrealized gain (loss) | 1.41 | 2.72 | 1.59 | (3.58) | 3.40 | (0.94) |
|  Total from investment operations | 1.61 | 3.01 | 1.92 | (3.21) | 3.73 | (0.75) |
|  Distributions to shareholders from net investment income | (0.35) | (0.39) | (0.47) | (0.46) | (0.26) | (0.32) |
|  Distributions to shareholders from net realized gains | (0.47) |  |  | (0.45) |  |  |
|  Total distributions | (0.82) | (0.39) | (0.47) | (0.91) | (0.26) | (0.32) |
|  Net asset value, end of period | $15.96 | $15.17 | $12.55 | $11.10 | $15.22 | $11.75 |
|  **Total Return<sup>(d)</sup>** | 11.28% | 24.35% | 17.55% | (22.28)% | 31.97% | (6.06)% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490583 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325565 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327287 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407364 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627430 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522707 |
|  Ratio of net expenses to average net assets | 0.80 %<sup>(e)</sup> | 0.81% | 0.81% | 0.80% | 0.79% | 0.78% |
|  Ratio of total expenses to average net assets | 0.85 %<sup>(e)</sup> | 0.86% | 0.86% | 0.84% | 0.83% | 0.84% |
|  Ratio of net investment income to average net assets | 2.75 %<sup>(e)</sup> | 1.96 %<sup>(b)</sup> | 2.59 %<sup>(c)</sup> | 2.85% | 2.24% | 1.61% |
|  Portfolio turnover rate<sup>(f)</sup> | 75% | 167% | 157% | 151% | 164% | 160% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.16% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from withholding tax reclaims which amounted to $0.04 per share and 0.33% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **45** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | <br> **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | <br> **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $14.18 | $11.76 | $10.41 | $14.32 | $11.08 | $12.10 |
|  Net investment income<sup>(a)</sup> | 0.14 | 0.19 <sup>(b)</sup> | 0.24 <sup>(c)</sup> | 0.27 | 0.21 | 0.11 |
|  Net realized and unrealized gain (loss) | 1.32 | 2.54 | 1.50 | (3.37) | 3.21 | (0.89) |
|  Total from investment operations | 1.46 | 2.73 | 1.74 | (3.10) | 3.42 | (0.78) |
|  Distributions to shareholders from net investment income | (0.26) | (0.31) | (0.39) | (0.36) | (0.18) | (0.24) |
|  Distributions to shareholders from net realized gains | (0.47) |  |  | (0.45) |  |  |
|  Total distributions | (0.73) | (0.31) | (0.39) | (0.81) | (0.18) | (0.24) |
|  Net asset value, end of period | $14.91 | $14.18 | $11.76 | $10.41 | $14.32 | $11.08 |
|  **Total Return<sup>(d)</sup>** | 11.04% | 23.46% | 16.93% | (22.79)% | 31.19% | (6.69)% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6973 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6541 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5254 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5383 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7896 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8321 |
|  Ratio of net expenses to average net assets | 1.42 %<sup>(e)</sup> | 1.43% | 1.44% | 1.43% | 1.42% | 1.42% |
|  Ratio of total expenses to average net assets | 1.47 %<sup>(e)</sup> | 1.48% | 1.49% | 1.47% | 1.46% | 1.48% |
|  Ratio of net investment income to average net assets | 2.04 %<sup>(e)</sup> | 1.35 %<sup>(b)</sup> | 1.99 %<sup>(c)</sup> | 2.20% | 1.56% | 0.99% |
|  Portfolio turnover rate<sup>(f)</sup> | 75% | 167% | 157% | 151% | 164% | 160% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.16% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from withholding tax reclaims which amounted to $0.04 per share and 0.33% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 46 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | <br> **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | <br> **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $15.15 | $12.54 | $11.09 | $15.21 | $11.74 | $12.81 |
|  Net investment income<sup>(a)</sup> | 0.19 | 0.29 <sup>(b)</sup> | 0.33 <sup>(c)</sup> | 0.38 | 0.33 | 0.19 |
|  Net realized and unrealized gain (loss) | 1.43 | 2.71 | 1.59 | (3.59) | 3.40 | (0.94) |
|  Total from investment operations | 1.62 | 3.00 | 1.92 | (3.21) | 3.73 | (0.75) |
|  Distributions to shareholders from net investment income | (0.35) | (0.39) | (0.47) | (0.46) | (0.26) | (0.32) |
|  Distributions to shareholders from net realized gains | (0.47) |  |  | (0.45) |  |  |
|  Total distributions | (0.82) | (0.39) | (0.47) | (0.91) | (0.26) | (0.32) |
|  Net asset value, end of period | $15.95 | $15.15 | $12.54 | $11.09 | $15.21 | $11.74 |
|  **Total Return<sup>(d)</sup>** | 11.36% | 24.30% | 17.56% | (22.29)% | 32.00% | (6.06)% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430101 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403777 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344796 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341982 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470881 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357875 |
|  Ratio of net expenses to average net assets | 0.80 %<sup>(e)</sup> | 0.81% | 0.81% | 0.80% | 0.79% | 0.78% |
|  Ratio of total expenses to average net assets | 0.85 %<sup>(e)</sup> | 0.86% | 0.86% | 0.84% | 0.83% | 0.84% |
|  Ratio of net investment income to average net assets | 2.63 %<sup>(e)</sup> | 1.96 %<sup>(b)</sup> | 2.61 %<sup>(c)</sup> | 2.95% | 2.24% | 1.62% |
|  Portfolio turnover rate<sup>(f)</sup> | 75% | 167% | 157% | 151% | 164% | 160% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.16% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from withholding tax reclaims which amounted to $0.04 per share and 0.33% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **47** |

---

------

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | <br> **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | <br> **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $13.25 | $10.92 | $10.14 | $14.32 | $10.96 | $11.77 |
|  Net investment income<sup>(a)</sup> | 0.15 | 0.31 <sup>(b)</sup> | 0.26 | 0.32 | 0.27 | 0.08 |
|  Net realized and unrealized gain (loss) | 1.05 | 2.34 | 0.81 | (4.10) | 3.28 | (0.52) |
|  Total from investment operations | 1.20 | 2.65 | 1.07 | (3.78) | 3.55 | (0.44) |
|  Distributions to shareholders from net investment income | (0.53) | (0.32) | (0.29) | (0.40) | (0.19) | (0.37) |
|  Total distributions | (0.53) | (0.32) | (0.29) | (0.40) | (0.19) | (0.37) |
|  Net asset value, end of period | $13.92 | $13.25 | $10.92 | $10.14 | $14.32 | $10.96 |
|  **Total Return<sup>(c)</sup>** | 9.66% | 24.63% | 10.55% | (27.07)% | 32.65% | (3.98)% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72979 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70997 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71921 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69230 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150934 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120602 |
|  Ratio of net expenses to average net assets | 1.22 %<sup>(d)</sup> | 1.23% | 1.24% | 1.24% | 1.24% | 1.25% |
|  Ratio of total expenses to average net assets | 1.27 %<sup>(d)</sup> | 1.28% | 1.29% | 1.28% | 1.30% | 1.31% |
|  Ratio of net investment income to average net assets | 2.29 %<sup>(d)</sup> | 2.42 %<sup>(b)</sup> | 2.25% | 2.63% | 1.96% | 0.76% |
|  Portfolio turnover rate<sup>(e)</sup> | 82% | 165% | 163% | 156% | 185% | 149% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.16% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 48 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | <br> **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | <br> **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $12.81 | $10.55 | $9.77 | $13.81 | $10.56 | $11.34 |
|  Net investment income<sup>(a)</sup> | 0.08 | 0.19 <sup>(b)</sup> | 0.16 | 0.23 | 0.16 | – <sup>(c)</sup> |
|  Net realized and unrealized gain (loss) | 1.05 | 2.29 | 0.79 | (3.98) | 3.17 | (0.51) |
|  Total from investment operations | 1.13 | 2.48 | 0.95 | (3.75) | 3.33 | (0.51) |
|  Distributions to shareholders from net investment income | (0.39) | (0.22) | (0.17) | (0.29) | (0.08) | (0.27) |
|  Total distributions | (0.39) | (0.22) | (0.17) | (0.29) | (0.08) | (0.27) |
|  Net asset value, end of period | $13.55 | $12.81 | $10.55 | $9.77 | $13.81 | $10.56 |
|  **Total Return<sup>(d)</sup>** | 9.28% | 23.69% | 9.77% | (27.65)% | 31.67% | (4.71)% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4579 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6376 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13111 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28406 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29190 |
|  Ratio of net expenses to average net assets | 1.97 %<sup>(e)</sup> | 1.98% | 1.99% | 1.99% | 1.99% | 2.00% |
|  Ratio of total expenses to average net assets | 2.02 %<sup>(e)</sup> | 2.03% | 2.04% | 2.03% | 2.05% | 2.06% |
|  Ratio of net investment income (loss) to average net assets | 1.27 %<sup>(e)</sup> | 1.53 %<sup>(b)</sup> | 1.48% | 1.92% | 1.20% | (0.01)% |
|  Portfolio turnover rate<sup>(f)</sup> | 82% | 165% | 163% | 156% | 185% | 149% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.16% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **49** |

---

------

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | <br> **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | <br> **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $13.23 | $10.90 | $10.13 | $14.33 | $10.97 | $11.78 |
|  Net investment income<sup>(a)</sup> | 0.17 | 0.36 <sup>(b)</sup> | 0.30 | 0.38 | 0.33 | 0.12 |
|  Net realized and unrealized gain (loss) | 1.05 | 2.34 | 0.81 | (4.11) | 3.27 | (0.52) |
|  Total from investment operations | 1.22 | 2.70 | 1.11 | (3.73) | 3.60 | (0.40) |
|  Distributions to shareholders from net investment income | (0.59) | (0.37) | (0.34) | (0.47) | (0.24) | (0.41) |
|  Total distributions | (0.59) | (0.37) | (0.34) | (0.47) | (0.24) | (0.41) |
|  Net asset value, end of period | $13.86 | $13.23 | $10.90 | $10.13 | $14.33 | $10.97 |
|  **Total Return<sup>(c)</sup>** | 9.81% | 25.17% | 10.96% | (26.80)% | 33.11% | (3.61)% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3854386 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3347608 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2353230 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2097460 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2579024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1608195 |
|  Ratio of net expenses to average net assets | 0.86 %<sup>(d)</sup> | 0.87% | 0.88% | 0.87% | 0.87% | 0.87% |
|  Ratio of total expenses to average net assets | 0.91 %<sup>(d)</sup> | 0.92% | 0.93% | 0.91% | 0.92% | 0.93% |
|  Ratio of net investment income to average net assets | 2.71 %<sup>(d)</sup> | 2.82 %<sup>(b)</sup> | 2.64% | 3.14% | 2.39% | 1.13% |
|  Portfolio turnover rate<sup>(e)</sup> | 82% | 165% | 163% | 156% | 185% | 149% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.16% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 50 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | <br> **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | <br> **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $13.17 | $10.85 | $10.08 | $14.26 | $10.92 | $11.72 |
|  Net investment income<sup>(a)</sup> | 0.16 | 0.34 <sup>(b)</sup> | 0.28 | 0.36 | 0.30 | 0.10 |
|  Net realized and unrealized gain (loss) | 1.05 | 2.33 | 0.81 | (4.09) | 3.26 | (0.51) |
|  Total from investment operations | 1.21 | 2.67 | 1.09 | (3.73) | 3.56 | (0.41) |
|  Distributions to shareholders from net investment income | (0.57) | (0.35) | (0.32) | (0.45) | (0.22) | (0.39) |
|  Total distributions | (0.57) | (0.35) | (0.32) | (0.45) | (0.22) | (0.39) |
|  Net asset value, end of period | $13.81 | $13.17 | $10.85 | $10.08 | $14.26 | $10.92 |
|  **Total Return<sup>(c)</sup>** | 9.81% | 25.03% | 10.83% | (26.90)% | 32.88% | (3.72)% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110573 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104275 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74012 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89627 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141731 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131558 |
|  Ratio of net expenses to average net assets | 0.97 %<sup>(d)</sup> | 0.98% | 1.00% | 0.99% | 0.99% | 1.00% |
|  Ratio of total expenses to average net assets | 1.02 %<sup>(d)</sup> | 1.03% | 1.04% | 1.03% | 1.05% | 1.06% |
|  Ratio of net investment income to average net assets | 2.54 %<sup>(d)</sup> | 2.69 %<sup>(b)</sup> | 2.48% | 2.98% | 2.21% | 0.95% |
|  Portfolio turnover rate<sup>(e)</sup> | 82% | 165% | 163% | 156% | 185% | 149% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.16% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **51** |

---

------

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | <br> **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | <br> **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $13.26 | $10.93 | $10.15 | $14.36 | $10.99 | $11.80 |
|  Net investment income<sup>(a)</sup> | 0.18 | 0.36 <sup>(b)</sup> | 0.30 | 0.38 | 0.31 | 0.13 |
|  Net realized and unrealized gain (loss) | 1.04 | 2.34 | 0.82 | (4.12) | 3.29 | (0.52) |
|  Total from investment operations | 1.22 | 2.70 | 1.12 | (3.74) | 3.60 | (0.39) |
|  Distributions to shareholders from net investment income | (0.58) | (0.37) | (0.34) | (0.47) | (0.23) | (0.42) |
|  Total distributions | (0.58) | (0.37) | (0.34) | (0.47) | (0.23) | (0.42) |
|  Net asset value, end of period | $13.90 | $13.26 | $10.93 | $10.15 | $14.36 | $10.99 |
|  **Total Return<sup>(c)</sup>** | 9.85% | 25.10% | 11.04% | (26.81)% | 33.12% | (3.60)% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406432 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405863 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452434 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479843 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878443 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963821 |
|  Ratio of net expenses to average net assets | 0.85 %<sup>(d)</sup> | 0.86% | 0.87% | 0.86% | 0.86% | 0.86% |
|  Ratio of total expenses to average net assets | 0.90 %<sup>(d)</sup> | 0.90% | 0.92% | 0.90% | 0.91% | 0.92% |
|  Ratio of net investment income to average net assets | 2.73 %<sup>(d)</sup> | 2.85 %<sup>(b)</sup> | 2.64% | 3.06% | 2.26% | 1.19% |
|  Portfolio turnover rate<sup>(e)</sup> | 82% | 165% | 163% | 156% | 185% | 149% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.16% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 52 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | <br> **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | <br> **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $13.26 | $10.93 | $10.15 | $14.36 | $10.99 | $11.80 |
|  Net investment income<sup>(a)</sup> | 0.16 | 0.35 <sup>(b)</sup> | 0.30 | 0.38 | 0.33 | 0.12 |
|  Net realized and unrealized gain (loss) | 1.07 | 2.35 | 0.82 | (4.12) | 3.28 | (0.51) |
|  Total from investment operations | 1.23 | 2.70 | 1.12 | (3.74) | 3.61 | (0.39) |
|  Distributions to shareholders from net investment income | (0.59) | (0.37) | (0.34) | (0.47) | (0.24) | (0.42) |
|  Net asset value, end of period | $13.90 | $13.26 | $10.93 | $10.15 | $14.36 | $10.99 |
|  **Total Return<sup>(c)</sup>** | 9.87% | 25.10% | 11.04% | (26.81)% | 33.15% | (3.60)% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32663 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36012 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35815 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35538 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59410 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43631 |
|  Ratio of net expenses to average net assets | 0.85 %<sup>(d)</sup> | 0.86% | 0.87% | 0.86% | 0.86% | 0.86% |
|  Ratio of total expenses to average net assets | 0.90 %<sup>(d)</sup> | 0.90% | 0.92% | 0.90% | 0.92% | 0.92% |
|  Ratio of net investment income to average net assets | 2.52 %<sup>(d)</sup> | 2.78 %<sup>(b)</sup> | 2.65% | 3.15% | 2.41% | 1.08% |
|  Portfolio turnover rate<sup>(e)</sup> | 82% | 165% | 163% | 156% | 185% | 149% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.16% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **53** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. ORGANIZATION

Goldman Sachs Trust (the "Trust") is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the "Funds" or individually a "Fund"), along with their corresponding share classes and respective diversification status under the Act:

---

| | | |
|:---|:---|:---|
| **Fund** | **Share Classes Offered** | **Diversified/ Non-Diversified** |
| Goldman Sachs Emerging Markets Equity Insights Fund | A, C, Institutional, Investor, R6, R and P | Diversified |
| Goldman Sachs International Equity Insights Fund | A, C, Institutional, Service, Investor, R6, R and P | Diversified |
| Goldman Sachs International Small Cap Insights Fund | A, C, Institutional, Investor, R6 and P | Diversified |

---

Class A Shares are sold with a front-end sales charge of up to 5.50%. Class C Shares are sold with a contingent deferred sales charge ("CDSC") of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Investor, Class R6, Class R and Class P Shares are not subject to a sales charge.

Goldman Sachs Asset Management, L.P. ("GSAM"), an affiliate of Goldman Sachs & Co. LLC ("Goldman Sachs"), serves as investment adviser to the Funds pursuant to a management agreement (the "Agreement") with the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;A. Investment Valuation — The Funds' valuation policy is to value investments at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value ("NAV") calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These reclaims, if any, are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered, if any, are reflected as other income in the Statements of Operations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments.

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract.

&nbsp;&nbsp;&nbsp;&nbsp;C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

54.0 ------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES (continued)

by the respective share classes and include Distribution and Service, Transfer Agency and Service and Shareholder Administration fees.

&nbsp;&nbsp;&nbsp;&nbsp;D. Federal Taxes and Distributions to Shareholders — It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid at least annually.

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund's distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds' net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

&nbsp;&nbsp;&nbsp;&nbsp;E. Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. 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 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**55**

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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

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.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter ("OTC") and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

56.0 ------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;C. Fair Value Hierarchy — The following is a summary of the Funds' investments and derivatives classified in the fair value hierarchy as of April 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Emerging Markets Equity Insights Fund** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $29037947 | $27960791 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 108502185 | 1754108156 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 1538051 | 39238803 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 49298172 | 1142094 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 74262638 | 32562574 |  |
|  Securities Lending Reinvestment Vehicle | 1763880 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264402873 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1855012418 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Derivative Type |  |  |  |
|  **Assets<sup>(b)</sup>**  |  |  |  |
|  | $— | $— | $— |
|  Futures Contracts | 1058706 |  |  |
|  **Total** | $1058706 | $— | $— |
| **International Equity Insights Fund** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $— | $582467625 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 27869320 | 1218366416 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 27225442 | 188731656 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceania |  | 170855573 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Company | 8437509 |  |  |
|  Securities Lending Reinvestment Vehicle | 19778230 |  |  |
|  **Total** | $83310501 | $2160421270 | $— |
| Derivative Type |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts<sup>(b)</sup>  | $2175215 | $— | $— |
|  **Liabilities** |  |  |  |
|  Futures Contracts<sup>(b)</sup>  | $(2548) | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**57**

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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | |
|:---|:---|:---|:---|
| **International Small Cap Insights Fund** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $— | $17385864 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 189979 | 1941162421 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 33406986 | 1909028807 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America |  | 35118137 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceania |  | 414856529 |  |
|  Investment Company | 7273 |  |  |
|  Securities Lending Reinvestment Vehicle | 115565840 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149170078 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4317551758 | $— |
| Derivative Type |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts<sup>(b)</sup>  | $168924 | $— | $— |
|  **Liabilities** |  |  |  |
|  Futures Contracts<sup>(b)</sup>  | $(123685) | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount shown represents unrealized gain (loss) at period end.

For further information regarding security characteristics, see the Schedules of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of April 30, 2025. These instruments were used as part of the Funds' investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds' net exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** |  |  |  |
| **Risk** | **Statement of Assets and Liabilities** | **Assets<sup>1</sup>** | **Statement of Assets and Liabilities** | **Liabilities<sup>1</sup>** |
| Equity | Variation margin on futures contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058706 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **International Equity Insights Fund** | **International Equity Insights Fund** |  |  |  |
| **Risk** | **Statement of Assets and Liabilities** | **Assets<sup>1</sup>** | **Statement of Assets and Liabilities** | **Liabilities<sup>1</sup>** |
| Equity | Variation margin on futures contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2175215 | Variation margin on futures contracts | $(2548) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

58.0 ------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Small Cap Insights Fund** | **International Small Cap Insights Fund** |  |  |  |
| **Risk** | **Statement of Assets and Liabilities** | **Assets<sup>1</sup>** | **Statement of Assets and Liabilities** | **Liabilities<sup>1</sup>** |
| Equity | Variation margin on futures contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168924 | Variation margin on futures contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(123685) |

---

1 Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedule of Investments. Only the variation margin as of April 30, 2025 is reported within the Statements of Assets and Liabilities.

The following tables set forth, by certain risk types, the Funds' gains (losses) related to these derivatives and their indicative volumes for the six months ended April 30, 2025. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in "Net realized gain (loss)" or "Net change in unrealized gain (loss)" on the Statements of Operations:

---

| | | | |
|:---|:---|:---|:---|
| **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** |  |  |
| **Risk** | **Statement of Operations** | **Net Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | $310412 | $631981 |
| **International Equity Insights Fund** | **International Equity Insights Fund** |  |  |
| **Risk** | **Statement of Operations** | **Net Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | (362155) | 1952398 |
| **International Small Cap Insights Fund** | **International Small Cap Insights Fund** |  |  |
| **Risk** | **Statement of Operations** | **Net Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | 5841656 | 918364 |

---

For the six months ended April 30, 2025, the relevant values for each derivative type was as follows:

---

| | |
|:---|:---|
|  | **Average number of** <br> **Contracts<sup>(a)</sup>** |
| **Fund** | **Futures Contracts** |
|  Emerging Markets Equity Insights Fund | 604 |
|  International Equity Insights Fund | 310 |
|  International Small Cap Insights Fund | 951 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amounts disclosed represent average number of contracts for futures, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the six months ended April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**59**

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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;A. Management Agreement— Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds' business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund's average daily net assets.

For the six months ended April 30, 2025, contractual and effective net management fees with GSAM were at the following rates:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Contractual Management Rate**  | **Contractual Management Rate**  | **Contractual Management Rate**  | **Contractual Management Rate**  | **Contractual Management Rate**  | |  |
| **Fund** | **First<br>$1 billion** | **Next<br>$1 billion** | **Next<br>$3 billion** | **Next<br>$3 billion** | **Over<br>$8 billion** | **Effective<br>Rate** | **Effective Net<br>Management<br>Rate^** |
|  Emerging Markets Equity Insights Fund | 1.00% | 1.00% | 0.90% | 0.86% | 0.84% | 0.99% | 0.97%<sup>(1)</sup> |
|  International Equity Insights Fund | 0.81 | 0.73 | 0.69 | 0.68 | 0.67 | 0.77 | 0.77 |
|  International Small Cap Insights Fund | 0.85 | 0.85 | 0.77 | 0.73 | 0.72 | 0.81 | 0.81 |

---

^ Effective Net Management Rate includes the impact of management fee waivers of affiliated Underlying Funds, if any. The Effective Net Management Rate may not correlate to the Contractual Management Rate as a result of management fee waivers that may be in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;(1) Effective February 28, 2025, GSAM agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.92% as an annual percentage of the average daily net assets of the Fund. This waiver will be effective through at least February 28, 2026, and prior to such date GSAM may not terminate the arrangement without approval of the Trustees.

The Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds' investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund. For the six months ended April 30, 2025, GSAM waived $1,800, $6,784 and $5,383 of the Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds' management fees, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A and Class R Shares of each applicable Fund, has adopted Distribution and Service Plans subject to Rule 12b-1 under the Act. Under the Distribution and Service Plans, Goldman Sachs, which serves as distributor (the "Distributor"), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A or Class R Shares of the Funds, as applicable, as set forth below.

The Trust, on behalf of Class C Shares of each applicable Fund, has adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Funds, as set forth below.

The Trust, on behalf of Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Funds, as set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

60.0 ------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution and/or Service Plan Rates** | **Distribution and/or Service Plan Rates** | **Distribution and/or Service Plan Rates** | **Distribution and/or Service Plan Rates** |
|  | **Class A\*** | **Class C** | **Service** | **Class R\*** |
|  Distribution and/or Service Plan | 0.25% | 0.75% | 0.25% | 0.50% |

---

\* With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and/or Service Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on "service fees" imposed by the Financial Industry Regulatory Authority. 

&nbsp;&nbsp;&nbsp;&nbsp;C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares' front-end sales charge and Class C Shares' CDSC. During the six months ended April 30, 2025, Goldman Sachs retained the following amounts:

---

| | | |
|:---|:---|:---|
| **Fund** | **Front End<br>Sales Charge** | **Contingent Deferred<br>Sales Charge** |
|  | **Class A** | **Class C** |
|  Emerging Markets Equity Insights Fund | $771 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  International Equity Insights Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914 |  |
|  International Small Cap Insights Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;D. Service and Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Service Plans to allow Class C Shares and Shareholder Administration Plans to allow Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance or shareholder administration services to their customers who are beneficial owners of such shares. The Service and Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C and Service Shares of the Funds, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.15% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional and Service Shares. Prior to February 28, 2025, Goldman Sachs waived its transfer agent fee equal to 0.02% as an annual rate of the average net assets attributable to Class A, Class C, Investor, and Class R6 Shares of the Emerging Markets Equity Insights Fund.

&nbsp;&nbsp;&nbsp;&nbsp;F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain "Other Expenses" of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds are 0.014%, 0.004% and 0.014%, respectively. These Other Expense limitations will remain in place through at least February 28, 2026, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds' expenses and are received irrespective of the application of the "Other Expense" limitations described above.

For the six months ended April 30, 2025, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**61**

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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Management<br>Fee Waiver** | **Transfer Agency<br>Waiver/Credits** | **Other Expense<br>Reimbursements** | **Total Expense<br>Reductions** |
|  Emerging Markets Equity Insights Fund | $266911 | $10562 | $887590 | $1165063 |
|  International Equity Insights Fund | 6784 |  | 433183 | 439967 |
|  International Small Cap Insights Fund | 5383 |  | 867564 | 872947 |

---

&nbsp;&nbsp;&nbsp;&nbsp;G. Line of Credit Facility — As of April 30, 2025, the Funds participated in a $1,300,000,000 committed, unsecured revolving line of credit facility (the "facility") together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended April 30, 2025, the Funds did not have any borrowings under the facility. Prior to April 14, 2025 the facility was $1,150,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;H. Other Transactions with Affiliates — The following table provides information about the Funds' investments in the Goldman Sachs Financial Square Government Fund as of and for the six months ended April 30, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Emerging Markets Equity Insights Fund | Emerging Markets Equity Insights Fund | Emerging Markets Equity Insights Fund | Emerging Markets Equity Insights Fund | Emerging Markets Equity Insights Fund | Emerging Markets Equity Insights Fund | Emerging Markets Equity Insights Fund | Emerging Markets Equity Insights Fund | Emerging Markets Equity Insights Fund | Emerging Markets Equity Insights Fund |
| **Underlying<br>Fund** | **Beginning<br>value as of<br>October 31,<br>2024** | **Purchases at Cost** | **Proceeds from**<br> **Sales** | **Realized Gain**<br> (Loss) | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Ending value as of<br>April 30, 2025** | **Shares as of<br>April 30, 2025** | **Dividend<br>Income** | **Capital Gain<br>Distribution** |
|  <br> Goldman Sachs Financial Square Government Fund - Institutional Shares | <br> Goldman Sachs Financial Square Government Fund - Institutional Shares | <br> Goldman Sachs Financial Square Government Fund - Institutional Shares | <br> Goldman Sachs Financial Square Government Fund - Institutional Shares | <br> Goldman Sachs Financial Square Government Fund - Institutional Shares | <br> Goldman Sachs Financial Square Government Fund - Institutional Shares | <br> Goldman Sachs Financial Square Government Fund - Institutional Shares | <br> Goldman Sachs Financial Square Government Fund - Institutional Shares | <br> Goldman Sachs Financial Square Government Fund - Institutional Shares | <br> Goldman Sachs Financial Square Government Fund - Institutional Shares |
|  | $– | $124890990 | $(124890990) | $– | $– | $– |  | $39033 | $– |
|  **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** |  |  |  |  |  |
| **Underlying<br>Fund** | **Beginning<br>value as of<br>October 31,<br>2024** | **Purchases at Cost** | **Proceeds from<br>Sales** | **Realized Gain<br>(Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Ending value as of<br>April 30, 2025** | **Shares as of<br>April 30, 2025** | **Dividend<br>Income** | **Capital Gain<br>Distribution** |
|  <br> Goldman Sachs Financial Square Government Fund - Institutional Shares | <br> Goldman Sachs Financial Square Government Fund - Institutional Shares | <br> Goldman Sachs Financial Square Government Fund - Institutional Shares | <br> Goldman Sachs Financial Square Government Fund - Institutional Shares | <br> Goldman Sachs Financial Square Government Fund - Institutional Shares | <br> Goldman Sachs Financial Square Government Fund - Institutional Shares | <br> Goldman Sachs Financial Square Government Fund - Institutional Shares | <br> Goldman Sachs Financial Square Government Fund - Institutional Shares | <br> Goldman Sachs Financial Square Government Fund - Institutional Shares | <br> Goldman Sachs Financial Square Government Fund - Institutional Shares |
|  | 6782167 | 280595408 | (278940066) |  |  | 8437509 | 8437509 | 189934 |  |
|  **International Small Cap Insights Fund** | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** |
| **Underlying<br>Fund** | **Beginning<br>value as of<br>October 31,<br>2024** | **Purchases at Cost** | **Proceeds from<br>Sales** | **Realized Gain<br>(Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Ending value as of<br>April 30, 2025** | **Shares as of<br>April 30, 2025** | **Dividend<br>Income** | **Capital Gain<br>Distribution** |
|  <br> Goldman Sachs Financial Square Government Fund - Institutional Shares | <br> Goldman Sachs Financial Square Government Fund - Institutional Shares | <br> Goldman Sachs Financial Square Government Fund - Institutional Shares | <br> Goldman Sachs Financial Square Government Fund - Institutional Shares | <br> Goldman Sachs Financial Square Government Fund - Institutional Shares | <br> Goldman Sachs Financial Square Government Fund - Institutional Shares | <br> Goldman Sachs Financial Square Government Fund - Institutional Shares | <br> Goldman Sachs Financial Square Government Fund - Institutional Shares | <br> Goldman Sachs Financial Square Government Fund - Institutional Shares | <br> Goldman Sachs Financial Square Government Fund - Institutional Shares |
|  | 22810226 | 246712724 | (269515677) |  |  | 7273 | 7273 | 126002 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

62.0 ------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

6 . PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended April 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
|  Emerging Markets Equity Insights Fund | $1696959216 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1678335606 |
|  International Equity Insights Fund | 1733585167 | 1469947664 |
|  International Small Cap Insights Fund | 3428186683 | 3250329844 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission ("SEC") and the terms and conditions contained therein, the Funds may lend their 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 Funds' securities lending procedures, the Funds receive 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 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 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 is unable to purchase replacement securities, GSAL 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 amounts of the Funds' overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of April 30, 2025, are disclosed as "Payable upon return of securities loaned" on the Statements of Assets and Liabilities, where applicable.

Each of the Funds and GSAL received compensation relating to the lending of the Funds' securities. The amounts earned, if any, by the Funds for the six months ended April 30, 2025, are reported under Investment Income on the Statements of Operations.

The table below details securities lending activity with affiliates of Goldman Sachs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**63**

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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. SECURITIES LENDING (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **For the six months ended April 30, 2025**  | **For the six months ended April 30, 2025**  | |
| **Fund** | **Earnings of GSAL<br>Relating to<br>Securities**<br> **Loaned** | **Amounts Received<br>by the Funds<br>from Lending to<br>Goldman Sachs** | **Amounts Payable to<br>Goldman Sachs<br>Upon Return of<br>Securities Loaned as of<br>April 30, 2025** |
|  Emerging Markets Equity Insights Fund | $2508 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  International Equity Insights Fund | 18453 | 449 |  |
|  International Small Cap Insights Fund | 25012 | 17049 |  |

---

The following table provides information about the Funds' investment in the Government Money Market Fund for the six months ended April 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Beginning value as<br>of October 31, 2024** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Ending value as<br>of April 30, 2025** |
|  Emerging Markets Equity Insights Fund | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74840995 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73077115) | $1763880 |
|  International Equity Insights Fund | 19792150 | 221586794 | (221600714) | 19778230 |
|  International Small Cap Insights Fund | 23329427 | 607464389 | (515227976) | 115565840 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. TAX INFORMATION

As of the Fund's most recent fiscal year end, October 31, 2024, the Funds' capital loss carryforwards were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Emerging<br>Markets Equity<br>Insights Fund** | **International<br>Equity Insights<br>Fund** | **International<br>Small Cap Insights<br>Fund** |
|  Capital loss carryforwards: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Short-Term | $(314354623) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(240529449) |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Long-Term | (10014511) |  |  |
|  Total capital loss carryforwards | (324369134) |  | (240529449) |

---

As of April 30, 2025, the Funds' aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows.

---

| | | | |
|:---|:---|:---|:---|
|  | **Emerging Markets<br>Equity Insights Fund** | **International Equity<br>Insights Fund** | **International Small Cap<br>Insights Fund** |
|  Tax Cost | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1869538154 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1969970662 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3981203849 |
|  Gross unrealized gain | 317263192 | 307570269 | 589994769 |
|  Gross unrealized loss | (67386055) | (33809160) | (104476782) |
|  Net unrealized gain (loss) | $249877137 | $273761109 | $485517987 |

---

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains (losses) on regulated futures contracts, and differences in the tax treatment of passive foreign investment company investments and underlying fund investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

64.0 ------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. TAX INFORMATION (continued)

GSAM has reviewed the Funds' tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds' financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. OTHER RISKS

The Funds' risks include, but are not limited to, the following:

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.

Investment Style Risk — Different investment styles (e.g., "growth", "value" or "quantitative") tend to shift in and out of favor depending upon market and economic conditions and investor sentiment. The Fund may outperform or underperform other funds that invest in similar asset classes but employ different investment styles.

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.

Management Risk — A strategy used by the Investment Adviser may fail to produce the intended results.

Market and Credit Risks — In the normal course of business, a 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 a 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, 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**65**

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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. OTHER RISKS (continued)

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. Additionally, a 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.

Mid-Cap and Small-Cap Risk — Investments in mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.

Portfolio Turnover Rate Risk — A high rate of portfolio turnover may involve correspondingly greater expenses which must be borne by the Fund and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders.

Sector Risk — To the extent a Fund focuses its investments in securities of issuers in one or more sectors (such as the financial services or telecommunications sectors), the Fund may be subjected, to a greater extent than if its investments were diversified across different sectors, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that sector, such as: adverse economic, business, political, environmental or other developments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. INDEMNIFICATIONS

Under the Trust's organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. OTHER MATTERS

The Funds adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Each Fund operates in one segment. The segment derives its revenues from Fund investments made in accordance with the defined investment strategy of the Fund, as prescribed in the Funds' prospectus. The Chief Operating Decision Maker ("CODM") is the Investment Adviser. The CODM monitors and actively manages the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for the Funds' single segment, is consistent with that presented within the Funds' financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. SUBSEQUENT EVENTS

Subsequent events have been evaluated through the date of issuance, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Emerging Markets Equity Insights Fund**  | **Emerging Markets Equity Insights Fund**  | **Emerging Markets Equity Insights Fund**  | **Emerging Markets Equity Insights Fund**  |
|  | **For the Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **For the Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **For the Fiscal Year Ended<br>October 31, 2024** | **For the Fiscal Year Ended<br>October 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 396344 | $3512447 | 1052104 | $9193791 |
|  Reinvestment of distributions | 33378 | 290388 | 124725 | 984081 |
|  Shares redeemed | (552496) | (4940688) | (1115617) | (9652744) |
|  | (122774) | (1137853) | 61212 | 525128 |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 20339 | 183118 | 19803 | 171586 |
|  Reinvestment of distributions | 700 | 6038 | 11797 | 92252 |
|  Shares redeemed | (110819) | (960468) | (110081) | (932283) |
|  | (89780) | (771312) | (78481) | (668445) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 18646418 | 163374729 | 32534663 | 279879535 |
|  Reinvestment of distributions | 1778869 | 15369429 | 4813416 | 37737184 |
|  Shares redeemed | (20283412) | (178059109) | (31489873) | (266482737) |
|  | 141875 | 685049 | 5858206 | 51133982 |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 4086401 | 35724540 | 7506615 | 66541436 |
|  Reinvestment of distributions | 160565 | 1385679 | 255164 | 1997938 |
|  Shares redeemed | (1512339) | (13273922) | (2281307) | (19677061) |
|  | 2734627 | 23836297 | 5480472 | 48862313 |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 13663025 | 119259384 | 20067709 | 176275110 |
|  Reinvestment of distributions | 796497 | 6873764 | 1875263 | 14683309 |
|  Shares redeemed | (12671236) | (110806925) | (19272647) | (161119440) |
|  | 1788286 | 15326223 | 2670325 | 29838979 |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 247491 | 2134194 | 461023 | 3901916 |
|  Reinvestment of distributions | 19577 | 166795 | 95601 | 738041 |
|  Shares redeemed | (471744) | (4067752) | (539905) | (4525066) |
|  | (204676) | (1766763) | 16719 | 114891 |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 328823 | 2885747 | 3270888 | 26822124 |
|  Reinvestment of distributions | 87628 | 756232 | 356043 | 2787817 |
|  Shares redeemed | (869699) | (7692997) | (4393115) | (35709394) |
|  | (453248) | (4051018) | (766184) | (6099453) |
|  **NET INCREASE IN SHARES** | 3794311 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32120623 | 13242269 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123707395 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**67**

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *April 30, 2025 (Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **International Equity Insights Fund**  | **International Equity Insights Fund**  | **International Equity Insights Fund**  | **International Equity Insights Fund**  |
|  | **For the Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **For the Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **October 31, 2024** | **For the Fiscal Year Ended**<br> **October 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 849564 | $12317940 | 710806 | $10081919 |
|  Reinvestment of distributions | 250130 | 3505002 | 125043 | 1640559 |
|  Shares redeemed | (639905) | (9208955) | (1165571) | (16436796) |
|  | 459789 | 6613987 | (329722) | (4714318) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 13730 | 185990 | 14864 | 210948 |
|  Reinvestment of distributions | 15541 | 215416 | 7592 | 98164 |
|  Shares redeemed | (100737) | (1409820) | (193043) | (2675070) |
|  | (71466) | (1008414) | (170587) | (2365958) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 13250479 | 197212125 | 13645477 | 202460556 |
|  Reinvestment of distributions | 3158884 | 45713958 | 658887 | 8921323 |
|  Shares redeemed | (7141642) | (105624685) | (9635738) | (140256154) |
|  | 9267721 | 137301398 | 4668626 | 71125725 |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 31395 | 468175 | 32286 | 449571 |
|  Reinvestment of distributions | 6731 | 95927 | 4081 | 54354 |
|  Shares redeemed | (41317) | (618983) | (75221) | (1093126) |
|  | (3191) | (54881) | (38854) | (589201) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 4332951 | 62276052 | 3738050 | 52824814 |
|  Reinvestment of distributions | 477270 | 6549437 | 148874 | 1916004 |
|  Shares redeemed | (861571) | (12153375) | (1174001) | (16353329) |
|  | 3948650 | 56672114 | 2712923 | 38387489 |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 13304045 | 197034209 | 5060197 | 74819341 |
|  Reinvestment of distributions | 1244509 | 17957079 | 436112 | 5900598 |
|  Shares redeemed | (5281765) | (79673470) | (10106894) | (137416924) |
|  | 9266789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135317818 | (4610585) | (56696985) |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 36487 | 504201 | 99240 | 1368340 |
|  Reinvestment of distributions | 25066 | 339887 | 10942 | 139072 |
|  Shares redeemed | (55244) | (782851) | (95647) | (1315988) |
|  | 6309 | 61237 | 14535 | 191424 |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 1640273 | 23345059 | 1468063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20733225 |
|  Reinvestment of distributions | 1523660 | 22023968 | 793695 | 10730751 |
|  Shares redeemed | (2844882) | (41759927) | (3106938) | (44910993) |
|  | 319051 | 3609100 | (845180) | (13447017) |
|  **NET INCREASE IN SHARES** | 23193652 | $338512359 | 1401156 | $31891159 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

68.0 ------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **International Small Cap Insights Fund**  | **International Small Cap Insights Fund**  | **International Small Cap Insights Fund**  | **International Small Cap Insights Fund**  |
|  | **For the Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **For the Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **For the Fiscal Year Ended**<br> **October 31, 2024** | **For the Fiscal Year Ended**<br> **October 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 385050 | $4998889 | 851238 | $10854176 |
|  Reinvestment of distributions | 214444 | 2618357 | 145370 | 1729909 |
|  Shares redeemed | (715594) | (9333983) | (2225798) | (27218180) |
|  | (116100) | (1716737) | (1229190) | (14634095) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 5406 | 68747 | 10731 | 130306 |
|  Reinvestment of distributions | 15580 | 185710 | 16580 | 191994 |
|  Shares redeemed | (180665) | (2278944) | (480136) | (5917702) |
|  | (159679) | (2024487) | (452825) | (5595402) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 49681043 | 648006277 | 72157475 | 915754478 |
|  Reinvestment of distributions | 12141126 | 147393268 | 6697408 | 79297310 |
|  Shares redeemed | (36879709) | (479597670) | (41597942) | (532394344) |
|  | 24942460 | 315801875 | 37256941 | 462657444 |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 1171448 | 15056913 | 2849849 | 36785973 |
|  Reinvestment of distributions | 368495 | 4458794 | 200270 | 2363189 |
|  Shares redeemed | (1450079) | (18807346) | (1950311) | (24549725) |
|  | 89864 | 708361 | 1099808 | 14599437 |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 7025767 | 88789675 | 6293267 | 81852739 |
|  Reinvestment of distributions | 1235805 | 15052107 | 1199400 | 14236876 |
|  Shares redeemed | (9630861) | (126346345) | (18285363) | (240497090) |
|  | (1369289) | (22504563) | (10792696) | (144407475) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 10179 | 129755 | 23987 | 321951 |
|  Reinvestment of distributions | 127899 | 1556519 | 97088 | 1152437 |
|  Shares redeemed | (504095) | (6484293) | (682370) | (8307578) |
|  | (366017) | (4798019) | (561295) | (6833190) |
|  **NET INCREASE IN SHARES** | 23021239 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285466430 | 25320743 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305786719 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**69**

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![LOGO](g88481dsp070.jpg)

TRUSTEES Gregory G. Weaver, Chair Cheryl K. Beebe Dwight L. Bush Kathryn A. Cassidy John G. Chou Joaquin Delgado Eileen H. Dowling Lawrence Hughes John F. Killian Steven D. Krichmar Michael Latham James A. McNamara Lawrence W. Stranghoener OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Robert Griffith, Secretary GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser 200 West Street, New York, New York 10282 (C) 2025 Goldman Sachs. All rights reserved. INTINSSAR-25

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ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The aggregate remuneration paid to the Funds' trustees, officers and others, if any, is included in Item 7 of this report.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

Not applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

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| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.  |

---

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

------

ITEM 16. CONTROLS AND PROCEDURES.

(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

(a) Not applicable.

(b) Not applicable.

ITEM 19. EXHIBITS.

---

| | |
|:---|:---|
| (a)(1) | [Goldman Sachs Trust's Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 13(a)(1) of the registrant's Form N-CSR filed on August 26, 2022.](http://www.sec.gov/Archives/edgar/data/822977/000119312522230661/d320037dex99code.htm) |
| (a)(2) | Not Applicable. |
| (a)(3) | [Exhibit 99.CERT. Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith.](d97265dex99cert.htm) |
| (a)(4) | Not applicable to open-end investment companies. |
| (a)(5) | There was no change in the registrant's independent public accountant for the period covered by this report. |
| (b) | [Exhibit 99.906CERT. Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith.](d97265dex99906cert.htm) |
| (101) | Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document. |

---

------

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
|  | Goldman Sachs Trust |
| By: | /s/ James A. McNamara |
|  | James A. McNamara |
|  | Principal Executive Officer |
|  | Goldman Sachs Trust |
| Date: | July 2, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ James A. McNamara |
|  | James A. McNamara |
|  | Principal Executive Officer |
|  | Goldman Sachs Trust |
| Date: | July 2, 2025 |
| By: | /s/ Joseph F. DiMaria |
|  | Joseph F. DiMaria |
|  | Principal Financial Officer |
|  | Goldman Sachs Trust |
| Date: | July 2, 2025 |

---

## Ex-99.Cert

**CERTIFICATIONS** 

(Section 302)

I, James A. McNamara, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Goldman Sachs Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated: July 2, 2025

---

| |
|:---|
|  /s/ James A. McNamara |
|  James A. McNamara<br> Principal Executive Officer |

---

------

**CERTIFICATIONS** 

(Section 302)

I, Joseph F. DiMaria, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Goldman Sachs Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated: July 2, 2025

---

| |
|:---|
|  /s/ Joseph F. DiMaria |
|  Joseph F. DiMaria<br> Principal Financial Officer |

---

## Exhibit 99.906

EX-99.906CERT

**Certification Under Section 906** 

**of the Sarbanes-Oxley Act of 2002** 

James A. McNamara, Principal Executive Officer, and Joseph F. DiMaria, Principal Financial Officer, of the Goldman Sachs Trust (the "Registrant"), each certify to the best of his knowledge that:

1. The Registrant's periodic report on Form N-CSR for the period
ended April 30, 2025 (the "Form N-CSR") fully complies with the requirements of section 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all
material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| Principal Executive Officer | Principal Financial Officer |
| Goldman Sachs Trust | Goldman Sachs Trust |
| /s/ James A. McNamara | /s/ Joseph F. DiMaria |
| James A. McNamara | Joseph F. DiMaria |
| Date: July 2, 2025 | Date: July 2, 2025 |

---

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.